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MBNA Canada's Smart Cash MasterCard credit card offers a fairly generous cash back program on all purchases, with certain purchases for gas and groceries earning additional MBNA Dollar Points. The card also offers a low introductory interest rate on balance transfers, including cheque cash advances, and also offers an interest free grace period on new purchases.
Cash Back On Purchases
The Smart Cash MasterCard from MBNA Canada is a credit card for people interested in a generous cash back provision. The credit card, which is available only to residents of Canada, offers the highest percentage rate of cash back on purchases of gas and groceries made at qualifying retailers during the first so many months. This drops to a slightly lower percentage after the introductory period has expired.
Card holders also get a percent cash back on all other purchases. Cash back cheques are issued in regular set increments and some restrictions do apply to the Smart Cash Program. There is a maximum rate of accumulation of MBNA Dollar Points Rewards per calendar month. This means that you can collect the highest rate of cash back on the first so much spent each month during the introductory period. If this amount is exceeded, MBNA Dollar Points will be awarded at the standard rate of point per dollar spent for the remainder of that calendar month.
Low Introductory Interest Rate
In addition to the generous cash back program, the Smart Cash MasterCard also offers a low introductory interest rate on both balance transfers and cheque cash advances for the first so many months of the credit card account being opened. However, the interest rate can be increased before the introductory rate expires in the event of a late payment or exceeding the credit card limit. When the introductory period has expired, balance transfers and cheque advances will be subject to the card's standard rate of interest.
The card also carries default rates which means that the interest rate will be increased if payment is late more than once within 12 consecutive billing cycles. This default increase will be removed if payments are made on time for the next 12 billing cycles. The card has an interest free grace period on new purchases, so if the balance is paid off in full by the due date no interest will be incurred. The interest free grace period does not apply to balance transfers or cash advances.
Card Security Options
The MBNA Canada Smart Cash MasterCard credit card carries no annual fee and it also carries a range of additional features and benefits including around the clock fraud protection against identify theft and credit card fraud. Customers may also sign up for the optional MBNA Creditwise Coverage for an additional fee based on the average balance held on the card. Creditwise coverage helps to protect the cardholder's credit rating in the event of an unexpected unemployment or disability. It can also relieve the financial burden placed on family in the event of death or critical illness.
Online Access To Avoid Extra Charges
MBNA Canada customers can also enjoy free online access to their credit card account, which allows easy management of the Smart Cash MasterCard. This allows customers to keep a close eye on card balances and payment dates in order to avoid additional account fees which can be incurred by going over the agreed credit limit on the card, having returned payments, or having returned cheque cash advancements.
Online access also means that if a customer misplaces their monthly statement, rather than having to pay for a replacement statement for that billing cycle, they can simply view transactions online.
Additional Transaction Fees
The Smart Cash MasterCard from MBNA Canada is subject to several types of transaction fees. All transactions are billed in Canadian dollars. Any transactions made in foreign currencies are converted to Canadian dollars at the conversion rate established by MasterCard on the date of processing. All foreign currency transactions are therefore subjected to an additional fee, which is calculated as a small percentage of the transaction amount. Additional transaction fees are also added for cash advances, balances transfers and wire transfers.
The Smart Cash MasterCard from MBNA Canada offers cardholders a high rate of cash back on purchases with a no fuss cash back program. Cheques are automatically issued when cash back totals reach a set amount meaning customers do not need to worry about claiming their rewards. The card also offers a low interest rate on balance transfers and cheque cash advances for the first so many months.