MBNA's Smart Cash Card - BEST CASHBACK CREDIT CARD EVER!!! | Page 16 | Credit card reward programs | Discussion forum

Not sure how long it will last but.........MNBA has sent me a $50.00 cheque every month for the last 3 months since I got a Smart Card.

Oh, Sensei, that is a terrible customer experience, you're right! I bet you wouldn't have cared about the $2.42 in unpaid "rewards" or other credit balance if they'd closed your account in the first place. Sorry to hear that - that's another reason I'm leery about getting an MBNA card.

Other reasons include: TD's long delay in trying to integrate the portfolio and insistance on retaining the separate MBNA (bad!) & CUETS brands (probably because it's "too hard" for them to integrate or harder than they thought); other customers of MBNA have told me of problems with their MBNA online or in-branch bill payments being processed to someone else's MBNA credit card in error even though they entered the proper credit card number and credit reporting errors on the part of MBNA.

They may offer a slightly better rewards program but in all honesty, it's not worth the hassle. If I end up getting a MasterCard, honestly I think it'll be the Sears Financial MasterCard (for the no foreign currency charges and a decent full 1% cash back program) or either the Wal-Mart of PC Financial MasterCard. I've heard mostly positive reviews on their customer service, credit reporting procedures and payment handling administration.

Cheers,
Doug

Next month is the month for me to cancel that card and show that I wont let unpunished an institution that drops its rate from 3% to 2%.

No more business MDNA/TD!

Time to get in the big card and pay $120 a month for holding a plastic card in my wallet.

Oh, I see a booby trap, let's walk on it and see what happens.

I've had this card for a few months and it really isn't as great as it seems.

First, it used to be "up to 3%" after the 6-months mark (which is what a friend of mine has), and I believe (not 100% certain) he does not have a monthly cap.

When I finally got this card, terms changed. I read through the rewards terms and did some simple calculations:

****************************

Base rate: for every $1 spent, you get 1 pt to a monthly maximum of 1250 pts
g&g rate: *first 6 months* for every $1 spent, you get +4 pts (on top of base rate) to a monthly maximum of 1600 pts
g&g rate: *after 6 months* for every $1 spent, you get +1 pt (on top of base rate) to a monthly maximum of 400 pts

rebates are paid out each month for every 5000 pts accumulated, which equals to $50
if you have 5700 pts, you get a $50 cheque and 700 pts remaining to be paid out when you reach another 5000 pts
this means the ratio is 100 pts to $1 rebate

*first 6 months* maximum of 1250 pts from base rate and 1600 pts from g&g = 2850 pts = $28.50 maximum monthly rebate earned
*after 6 months* maximum of 1250 pts from base rate and 400 pts from g&g = 1650 pts = $16.50 maximum monthly rebate earned

maximum annual rebate in first year = 28.50x6 + 16.50x6 = $270 ($250 receivable)
maximum annual rebate after first year = 16.50x12 = $198 ($150 receivable)
****************************

so for example, in the first 6 months:

if monthly spending = $250 in g&g and $800 in others
rebate = (250+800)*1 base rate + 250*4 g&g rate
= 1050 + 1000
= 2050
= $20.50 rebate earned

if monthly spending = $350 in g&g and $1000 in others
rebate = (350+1000)*1 base + 350*4 g&g
= 1350 base + 1400 g&g
= 1250 base + 1400 g&g (because base is capped at 1250)
= 2650
= $26.50 rebate earned

Same examples after first 6 months:

if monthly spending = $250 in g&g and $800 in others
rebate = (250+800)*1 base rate + 250*1 g&g rate
= 1050 + 250
= 1300
= $13 rebate earned

if monthly spending = $350 in g&g and $1000 in others
rebate = (350+1000)*1 base + 350*1 g&g
= 1350 base + 350 g&g
= 1250 base + 350 g&g (because base is capped at 1250)
= 1600
= $16.00 rebate earned

For a few years now I have since moved on to MBNAs RTP/RWE as it gives 2% back on all purchases, no cap, and no annual fee.

This smart cash card has turned to chit with better options out there.

Djino

Max said

Thanks Djino!

I wasn't aware of that card. And your post is falling at the right time because since the 1st of July I now qualify with the requirements to get this card.

Do you pay the annual fee of $89 or you call them to cancel/renew and they lift of the fees?

Max

djino said

For a few years now I have since moved on to MBNAs RTP/RWE as it gives 2% back on all purchases, no cap, and no annual fee.

This smart cash card has turned to chit with better options out there.

Djino

Back in 2012, they were for a limited time allowing conversions to this card with no annual fee for life plus $100 bonus. They have since stopped that.

Right now they offer it for $89/year with first year fee waived and $100 bonus. I have heard some who have signed up a year ago are successful in getting MBNA to wave the fee for life after having threatened to cancel and go to Capital One similar product. YMMV obviously.

This card is pretty awesome in that you do not need to wait for cheques in the mail. Whenever you hit 5000 points, you just log in online and request a$50 statement credit which will appear next business day.

Good luck.

Djino

Djino

JustMe said

Their site does not provide any sensible info. Maybe I am to thick but I cannot find it. This card might work for some of you but if I cannot have everything in writing very quickly I become very suspicious.
To many rules, buy groceries at certain stores, buy gas at certain pumps, etc. Missing benefit payments, etc. If I have to spend every months hours with customer service to get few bucks back, or to get 'more info' they are pulling out of the thin air, this card is not exactly for me.
Again, some folks might be very happy with this card but some will not. I still believe Walmart Master Card is the most efficient. You get 1% back (Walmart money) and you can spend it in chunks of $5 as soon as you accumulate $5. No standing on one leg, looking into sun while puling middle pinky...

As a few of us just reported above your post, this card is no longer as good as it once was. There are better options out there including MBNA's RWE/RTP which gives 2% back on all purchases.

djino

jmb2027 said

Hi djino, where do I acquire the RWE/RTP card? What does RWE/RTP stand for? Thanks.

RWE = Rewards World Elite
- 2% Cash back (on all purchases, no cap)
- $89 Annual Fee (First year waived)
- $100 Welcome Bonus
- Price Protection
- Concierge Service
- (Requires $70K Individual Income OR $120K Household Income OR $25K Annual Spending)

RTP = Rewards Travel Platinum
- 2% Cashback (on all purchases, no cap)
- $89 Annual Fee (First Year waived)
- $100 Welcome Bonus
- (Requires $35K Individual Income)

Apply here -> https://www.applyonlinenow.com/CACCapp/Ctl/entry?sc=CP3W&lc=en_CA

Depending on your income, you'll get one or the other.

djino

JustMe said

Hi djino,

How could this new card rwe/rtp could be better??????? It has a FEE. Did you calculated how much money you have to SPEND in order just to get even with 2% return.
Sorry, I never paid a fee and will continue to be satisfied with card(s) I have and their 1% return or gas savings.
But, thank you for info!!!

Depending on how much you spend, paying an annual fee could make you come out ahead.

Example : I spend $900 /month on Gas and Groceries and $1600 /month everywhere else ($2500 total).

With the normal Smart Cash Card World Card I would get back $29 back. (or $348 annually)

With the RWE, I would get back $50/month (or $600 annually minus the $89 fee = $511)

A significant difference.

Djino

If only the Amazon VISA for Canada was just as good as their VISA for the US!