MBNA Starwood Preferred Guest Credit Card
If you are using a rewards based credit card for the points then you are getting the best value of your dollar spent. This is excellent to use whenever you are in stores, restaurants and especially when invest on a stock.
Selecting a credit card to utilize after doing some research in the internet or personally calling the credit card company would matter on your preference and choice. Good thing that MBNA offers a card which is MBNA Starwood Preferred Guest Credit Card.
This card is great for any card applicant simply because it gives you a great return on your spending. It does not charge you any annual fee and would give you supplementary cards for free. It also includes a comprehensive insurance package and has a super fast online system in which it updates any transaction in just minutes.
The Rewards of the Credit Card
The card does have hotel points program that provides you points every time you stay in a Sheraton, Westin, Luxury Collection, St. Regis and Meridian. MBNA Starwood Preferred Guest Credit Card has been winning awards for a lot of years now as the best rewards program available. What is truly great about this program compared to other travel programs is that the points can be utilized anytime. There are no blackout dates.
In earning points with this card, you will get 1 point for every $2 spent using the card. You will also get and instant 5000 bonus points when you make your first qualified purchase transaction. Aside from that, you will also get additional 5000 points for your first stay at any hotel that is tied up with the card. More points will be awarded to you when you spend $10,000 dollars having equivalent points of 5000 and can spend up to $30,000 for 15,000 points.
Other Rewards of the Credit Card
This type of rewards typically plays around 2.5%-4% on return or redemption. The point system has a lot of great features such as cash and points. The cash and points system is where they allow you merge cash and points towards selected hotels tied with the program. It is really great for cardholders who do not have sufficient amount of points but still want to stay at hotels having considerable discount.
You can also avail the 5th night free. By booking 5 nights with any of the hotels on points, you get the 5th night free. Hence, if you booked a category 4 hotel for 5 nights, it would cost you 40,000 points instead of 50,000. The MBNA Starwood Preferred Guest Credit Card dealing with airline points transfer system also grants generous perks where they give you an additional 5000 points for every 20,000 points that you have transferred. They support a large number of airline point programs but not including Aeroplan.
Comprehensive Insurance Package
Other features would deal with comprehensive warranty or insurance program which comprises travel accident, car rental, and purchase or theft insurance along with double warranty on purchases for up to 1 year period.
Who Should Get this MBNA Starwood Preferred Guest Credit Card?
This card is most excellent for those who are fond of travelling and spend up to $30,000 on their primary credit card every year. If you do not pay off your credit cards completely every month, this card is not best for you. They will charge you 20% interest per annum which is too high to handle. This card will give you the best worth of your money. The MBNA Starwood Preferred Guest Credit Card is on top of the rewards on every credit card list.
Annual Interest Rates of the Card
MBNA Starwood Preferred Guest Credit Card 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 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
Best Credit Cards Canada
Best Balance Transfer Credit Cards Canada
Best Cash Back Credit Cards Canada
Best Capital One Credit Cards Canada
Best MasterCard Credit Cards Canada
Best MBNA Credit Cards Canada
Best Visa Credit Cards Canada
Best Secured Credit Cards Canada
Travel Credit Cards Canada
External Links
Spgpromos.com
Rewardscards.com
Creditcardsearch.ca
