Quick overview of the MBNA Smart Cash Platinum Plus Mastercard
Ready to earn a little extra on some of your priciest expenses? The MBNA Smart Cash Platinum Plus Mastercard rewards you with 5% cash back on gas and grocery purchases for the first six months, up to a $500 monthly spend. After the welcome bonus, you’ll continue earning 2% on those categories and 0.5% on all other purchases. With gas and groceries at all-time-highs, it’d be nice to earn a little cash back when opening your wallet for these expenses, don’t you think? Another benefit of this card is that it has no annual fee.
One drawback, however, is its high interest for purchases and cash advances. Additionally, the $500 monthly cap on higher cash back rates might limit your earning potential, especially if your monthly spend on gas and groceries exceeds this amount.
Who is the MBNA Smart Cash Platinum Plus card for?
The MBNA Smart Cash Platinum Plus Mastercard might be for you if you spend a lot on gas and groceries, since you’ll earn cash back on those expenses. With 5% back in the first six months and 2% afterward on these categories, it’ll suit your everyday shopping needs. Another benefit is that it has no yearly fee, a rarity for cash back rewards cards. However, if your spending stretches beyond gas and groceries, or if you tend to carry a balance, you may want to consider another card.
Pros and cons
Pros
-
Generous Welcome Bonus to earn accelerated rewards during the initial six months of account opening
-
No annual fee
-
Ongoing cash back rewards after the welcome bonus - up to 2% cash back on eligible purchases
-
Car rental discounts
-
MBNA Payment Plan: Flexible payment options for purchases over $100, which is a nice perk for budget management.
-
Purchase assurance and extended warranty
Cons
-
Monthly spend cap on the welcome bonus rewards earn rate
-
Limited reward categories
-
Potential fees for payment plan
-
No travel rewards or premium perks
Welcome bonus for the MBNA Smart Cash Platinum Plus Mastercard
The welcome offer is attractive: 5% cash back on gas and grocery purchases for the first six months, up to a $500 monthly spend. This can be a great way to maximize rewards early on.
How to earn MBNA Rewards points with the Smart Cash Plus card
Earning points is fairly straightforward:
- 5% cash back on gas and groceries in the first six months (up to $500 spend per month).
- After that, 2% cash back on these categories (with the same monthly cap, though you’ll earn 0.5% on all gas and grocery purchases in excess of $500).
- All other eligible purchases earn 0.5% cash back.
Key benefits of the Smart Cash Platinum Plus credit card from MBNA
- No annual fee: This makes it an economical choice.
- MBNA Payment Plan: Offers flexibility in managing large purchases.
- Mastercard benefits: Includes various perks associated with Mastercard products.
MBNA Smart Cash Platinum Plus Mastercard insurance coverage
- Purchase assurance: This coverage protects most items purchased with your MBNA credit card for the first 90 days from the date of purchase. It’s worth nothing that there’s a lifetime total accumulative limit of $60,000 per account.
- Extended warranty benefit: This benefit extends the written warranties for up to one additional year on most new purchases made with your MBNA credit card.
Extra benefits of the Smart Cash Plus Mastercard
- Car rental discounts: Cardholders enjoy a minimum of 10% off base rates in Canada and the U.S., and a minimum of 5% off internationally at participating Avis and Budget locations. Reservations can be made through dedicated links for Avis and Budget, using specific discount codes, with the rental charged to the MBNA card.
- MBNA Payment Plan: Offers the flexibility to pay for eligible purchases of $100 or more in monthly installments over 6, 12, or 18 months. This plan helps you manage your budget and potentially save on interest, with specific conditions and fees applicable.
How the MBNA Smart Cash Platinum Plus Mastercard compares
MBNA Smart Cash Platinum Mastercard vs. MBNA Smart Cash World Mastercard
If you're considering a cash-back credit card, the MBNA Smart Cash Platinum Mastercard and the MBNA Smart Cash World Mastercard are two popular options. The Smart Cash Platinum Mastercard, great for those with modest spending habits, has no annual fee and offers up to 2% cash back on eligible gas and grocery purchases, and 0.5% cash back on all other eligible purchases. This card is a great fit if you prefer simplicity and minimal costs – and keep your spending in check each month, since rewards maximums are capped at $500 a month.
On the other hand, the Smart Cash World Mastercard, with its $39 annual fee, is better suited to bigger spenders. It offers a welcome bonus of 5% cash back on gas and groceries for the first six months (up to $500 monthly spend), then 2% on these categories thereafter (with the same monthly cap), and 1% on all other purchases. This card is more suitable if your monthly expenses are higher, especially in the bonus categories, as the higher cash back rates can offset the annual fee. The keyword here being “can” – it might be a good idea to have a look at your monthly spending to see if the rewards would offset the card cost.
MBNA Smart Cash Platinum Mastercard vs. Neo Credit Card
Comparing the MBNA Smart Cash Platinum Mastercard to the Neo Credit Card is a little more difficult since they both have different rewards structures. The MBNA card offers up to 2% cash back on gas and groceries and 0.5% on other purchases, making it a solid choice for everyday spending. It's particularly beneficial if you frequently spend on these categories and prefer a straightforward cash-back program.
The Neo Credit Card, on the other hand, offers an average of 5% cash back at thousands of partners and 1% cash back on essentials, like gas and groceries. It also offers a one-time cash back bonus of 15% the first time you shop with participating partners. This card might be more appealing if you frequently shop at Neo's partner merchants, as the potential rewards can be significantly higher. The annoying thing is that Neo doesn’t publish its list of cash back partners – you’ll need to create an account to view the most updated list.
MBNA Smart Cash Platinum Mastercard vs. Tangerine World Mastercard
If you’re considering the Tangerine World Mastercard, consider your spending habits and preferences in reward flexibility.
The Tangerine World Mastercard allows you to choose two categories (if you deposit your rewards into a Tangerine Savings account) for higher cash back rates of 2%, and 0.5% cash back on all other purchases. This card offers flexibility to tailor your rewards to your spending habits. If your major spending categories vary or are outside the typical gas and groceries, the Tangerine card might be more advantageous.
Each card has its strengths and its weaknesses; the best choice depends on your individual spending habits and how you prefer to earn your rewards.
Is the MBNA Smart Cash Platinum Plus Mastercard worth it?
The MBNA Smart Cash Platinum Mastercard is worth considering if the majority of your money is spent on gas and groceries. With no annual fee and up to 2% cash for those expenses, it's a great choice. However, this card isn’t as appealing if your spending is diverse or exceeds the $500 monthly cap. The card's simplicity and straightforward rewards make it a solid option for those looking for uncomplicated cash back in a card that can be had for no yearly fee.
FAQs
null
Compare other MBNA credit cards
Compare other cash back credit cards
Compare other rewards credit cards
Latest Articles
This is how a reverse mortgage works
Canadian economy loses steam after strong start to year, grows 0.2% in February
Uranium miner Cameco reports $7M Q1 loss, revenue down from year ago
S&P/TSX composite down more than 150 points, U.S. stock markets also fall
Loblaw-owned Dominion grocery workers' new deal an 'important victory': labour expert
London Drugs probes if personal data was breached in cyber incident that shut stores
Disclaimer
The content provided on Money.ca is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter.