MBNA Smart Cash Platinum Plus MasterCard Credit Card
There are a lot of credit cards to choose from. One of the best cash back credit cards that offers excellent rewards or points is the MBNA Smart Cash Platinum MasterCard. A lot of people may think that credit cards are evil. They are just a tool and they are only useful for person that can responsibly hold the card. Using a credit card for every purchase would possibly give you free points. However, you must make sure to pay off the full balance every month.
Cash back credit cards using an MBNA 1% Premier Rewards Platinum Plus card. It offers 1% cash back from the first dollar spent with no maximum rebate. It also provides a comprehensive insurance package. The card does not have any annual fee. But there is a new cash back card coming from MBNA.
The credit card is known as the MBNA Smart Cash MasterCard. It offers all the perks of the Premier Rewards platinum card but offers more cash back. This card also has no annual fee. MBNA has an even improved offering coming from MBNA Smart Cash credit card. It provides you 3% cash back on grocery store and gas purchases and 1% back on all other purchases you have made using the card. It has no annual fee and there is no fee when you request for additional cards for your authorize cardholders.
The MBNA Smart Cash credit card is not publicized and does not have an official web page. You will have to do your research for this card by reading forum posts and other sources of information. It is only available to individual who already have utilized a MBNA MasterCard. If you belong to this category, you can inquire their customer service and ask them to convert your on hand card to a Smart Cash card. They will then technically send you a new card. Furthermore, you do not have to complete another application form. And while you are taking the time to do this, keep in mind that you can tell your credit card company to discontinue sending you promotional ads and paper statements.
The Rewards of the Credit Card
The card offers 3% cash back on the first $600 spent on groceries and/or gasoline each month. You will also get 1% afterwards. Aside from that, 5% cash back on groceries and/or gasoline for the first 6 months from the time you have started to use the card for any transactions. 1% cash back on all other purchases with no maximum rebate is also entitled to the cardholder. You can request cash back after you have $50 accumulated in your account. And lastly, the card has no annual fee.
Comprehensive Insurance Package
The card will provide the cardholder with a Travel Accident Insurance worth $1,000,000 common carrier travel accident insurance. For Car Rental Insurance, a collision damage waiver is given. Purchase Protection for 90 days insurance in case of theft or damage up to $4,500 is also part of the card insurance package. Extended Warranty where it doubles up to 1 yr without any extra charge. 1.99% introductory annual interest rate on balance transfers and cheque cash advances for 10 months. Obtain up to 5% cash back on qualifying net retail gas and grocery purchases for the first 6 months. You will also get up to 3% cash back on qualifying net retail gas and grocery purchases thereafter. Get another up to 1% cash back for all other qualifying net retail purchases.
You will feel secure having the round-the-clock fraud protection and enjoy free online access to your credit card account which means you can do it as long as you have tool that has internet and can log to the official website.
Annual Interest Rates of the Card
MBNA Best Western Platinum Plus does have a standard rate 19.99% for purchases. If you avail its balance transfer feature, the rate is at 19.99% including cheque cash advances. The same rate goes for cash advances as well as cash equivalents. For the default rate, your interest rate will increase by 5% if you pay off your balance late more than once within the 12 consecutive billing cycles. However, if you pay off the minimum amount on time for 12 consecutive billing cycles having the rate increase already, your current interest rates will be reduced by 5%. This means that it is necessary for you to take note of your due date and pay off your balance to keep away from interest rate increase. The following interest rate being presented will be applied on the day your account has been activated.
Credit Card Interest-Free Grace Period
The cardholder is given an interest-free grace period on new purchases you have made for at least 21 days. This will pursue if you can pay off the total balance found on your billing statement before or on the due date. For balance transfer, cash advances or cash equivalents, the interest-free grace period is not available. Only allow for purchases transactions only. Every cardholder must take advantage of this grace period since it does not charge you interest which in turn can be considered as a savings for you.
Minimum Payment of the Credit Card
The minimum payment for this card will be the sum of the current payment due plus the past due amount. This is subjected to a minimum of $15. The current payment due will be the sum of 1% of your balance not including the new interest charges. If the balance is less than $15, the minimum payment will equal the balance. In this way, the credit cardholder will not get into trouble with paying off the balance but if this goes on for quite sometime and the cardholder experiences financial problems, this could be dangerous for your credit status. You will have a huge debt with the credit card company.
Foreign Currency Conversion
The card company will bill you for all transactions in Canadian dollars. Any transactions that the cardholder has made in a foreign currency will be converted to Canadian dollars utilizing the currency conversion rate established by MasterCard. This conversion rate reflects the fee retained by MasterCard as a cost of performing the conversion service. In addition to the conversion rate, the company will charge an extra fee of 2.5% of the transaction amount after the amount has been converted.
Annual and Other Fees
The credit card does not have any annual fee. If ever there is an annual fee charged, it will be charged on your first statement and annually afterwards on your anniversary date. The card does have other fees to charge on. Transaction fees are given once you are going to avail cash advance including automated teller machine and over the counter advances. The rat is at 1% of the amount of cash advance having a minimum fee of $7.50. For balance transfer including cheque and cash advances, the rate is also 1% of the amount transferred or advanced having the same minimum fee under cash advances. For cash equivalents and wired transfer, the rate and minimum fee are more or less the same at 1% with $7.50 fee.
The card also has account fees. When you go beyond your credit limit, you will be charged $25 per billing cycle. In time of return occurrence, the fee would only be $20 per transaction as well as return cheque cash advance. In case you lost your monthly statement or sales draft, you can get another copy for only $2.50. For inactive balance cases, you will still be charged starting on the date that your account was last active. The fee is at $25.
See Also
Student Credit Cards Canada
Rewards Credit Cards Canada
Prepaid Credit Cards Canada
Points Credit Cards Canada
Platinum Credit Cards Canada
Gold Credit Cards Canada
Bad Credit Cards Canada
Balance Transfer Credit Cards Canada
Best Low Interest Rate Credit Cards Canada
Rewards Program Canada
External Links
Mbna.ca
Milliondollarjourney.com
Redflagdeals.com
