The MBNA Smart Cash World Mastercard® is a credit card designed to reward your everyday spending. With a competitive welcome offer, you can earn 5% cash back on eligible gas and grocery purchases for the first six months, which could save you significantly on everyday expenses. After the introductory period, you continue to enjoy cash back rewards on gas and groceries at 2%, plus 1% on all other purchases.

In addition to these impressive cash back rates, the card offers a host of benefits like low annual fees and the flexibility of managing large purchases with the MBNA Payment Plan. Read on to find out everything you need to know about this versatile card.

Main features of the MBNA Smart Cash World Mastercard®

The MBNA Smart Cash World Mastercard® comes with several features that make it a smart choice for consumers. From the welcome offer to the ongoing cash back, it’s designed to help you earn as you spend. Let’s explore the card’s main characteristics in detail.

How does the annual fee work?

The annual fee for the MBNA Smart Cash World Mastercard® is $39, which is quite low compared to many other rewards cards. This fee is charged annually, but there are no additional fees for adding authorized users—up to 9! This can be a great way to share the benefits with family or friends without worrying about extra costs. If you’re looking for ways to reduce the annual fee, the MBNA offers various promotions or offers that could help, so it’s worth keeping an eye out for those opportunities.

How is the credit limit determined?

Your credit limit is typically determined based on your income, credit score, and overall financial profile. For conventional credit cards, MBNA may offer a starting credit limit based on these factors. For prepaid cards, however, you have control over the limit, as you fund the card by depositing money into your account. If you’re applying for the MBNA Smart Cash World Mastercard®, the institution will assess your financial situation before approving the card and assigning a limit, ensuring it aligns with your ability to repay.

Benefits of the MBNA Smart Cash World Mastercard®

The MBNA Smart Cash World Mastercard® comes with several advantages that can enhance your financial flexibility and rewards. Here are a few of the key perks:

• 5% cash back on gas and groceries for the first 6 months
• 2% cash back on gas and groceries thereafter
• 1% cash back on all other eligible purchases
• Low annual fee of $39
• Rental vehicle collision damage waiver benefits
• The ability to add up to 9 authorized users at no extra charge

These benefits are a great way to earn back a percentage of your spending, and the low annual fee means you don’t need to worry about high costs eating into your rewards.

Key Advantage: Cash Back Program

One of the most compelling reasons to choose the MBNA Smart Cash World Mastercard® is its cash back rewards program. For the first six months, you’ll earn 5% cash back on eligible gas and grocery purchases (up to a $500 monthly spend cap), allowing you to save money on everyday essentials. Afterward, the card continues to reward you with 2% cash back on gas and groceries, and 1% on all other eligible purchases.

The cash back you earn is automatically applied to your account, which makes it easy to track and redeem. Whether you’re filling up your tank or grocery shopping, the MBNA Smart Cash World Mastercard® ensures that you’re making the most of your spending.

Disadvantages of the MBNA Smart Cash World Mastercard®

While the MBNA Smart Cash World Mastercard® offers many benefits, there are a few drawbacks that may affect some users. Here are some potential downsides:

• Interest rates: Purchases are charged an interest rate of 19.99%, which could be costly if you carry a balance.
• Monthly spend caps: The 5% cash back offer is limited to $500 in gas and grocery purchases per month. Once you exceed this amount, the cash back rate drops to 2%.
• Foreign transaction fees: If you use the card for purchases outside of Canada, you may be subject to foreign transaction fees.

Key Disadvantage: Interest Rates

One of the main disadvantages of the MBNA Smart Cash World Mastercard® is the relatively high interest rates, especially if you tend to carry a balance. The interest rates on purchases (19.99%), cash advances (24.99%), and balance transfers (22.99%) can add up quickly if you don’t pay off your balance in full each month. This is something to keep in mind if you’re not always able to pay on time.

Who can apply for this card?

To apply for the MBNA Smart Cash World Mastercard®, there are a few eligibility requirements to keep in mind. You must meet the following criteria:

• Minimum personal annual income: $60,000
• Household annual income: $100,000 or greater
• Good credit standing: Your credit score should be strong enough to qualify for a rewards credit card
• Age: You must be at least 18 years old (or the age of majority in your province)
• No recent bankruptcies: A clean financial history will help with the approval process

This card is ideal for those who meet these income requirements and are looking to earn cash back on their everyday purchases.

How to apply for the MBNA Smart Cash World Mastercard®

Applying for the MBNA Smart Cash World Mastercard® is simple and can be done online or through the mobile app. Here’s how to apply:

Apply Online

You can easily apply for the card by visiting the official MBNA website. The online application is straightforward and secure. Simply fill out the required information, including your personal details and financial information, and submit your application for review.

Apply via the Mobile App

For added convenience, you can also apply for the card through the MBNA mobile app. Just download the app, create an account, and follow the step-by-step instructions to complete your application.

Apply in Person at a Branch

Alternatively, if you prefer a face-to-face interaction, you can visit an MBNA branch and apply for the card in person. A representative will guide you through the application process and answer any questions you might have.

With this guide, you now have all the information you need to make an informed decision about the MBNA Smart Cash World Mastercard®. Whether you’re looking for generous cash back rewards or a low annual fee, this card could be the right fit for your financial needs.