MBNA is a brand that’s been in Canada for decades but they recently made some changes to their cards that have mostly been negative. That’s unfortunate as they used to have some of the most popular cards in Canada, but with such a competitive credit card market, things can quickly change.

I’m not saying MBNA’s credit cards aren’t good, I’m just saying that Canadians are aware they have more choices and are willing to shop around before they commit. In this MBNA Smart Cash World Mastercard review, I go over all the details of MBNA’s top cash back card and how it compares to others.

MBNA Smart Cash World Mastercard review

MBNA Smart Cash World Mastercard Benefits

  • $39 annual fee
  • Earn 5% cash back on eligible gas and grocery purchases for the first 6 months (until the total gas and grocery purchases in the applicable month reaches $500)
  • Earn 2% cash back on eligible gas and grocery purchases thereafter (until the total gas and grocery purchases in the applicable month reaches $500)
  • Get 1% cash back for all other purchases
  • Comprehensive insurance package

It’s been a recent trend for cash back credit cards to offer bonus cash back when signing up, but with the MBNA Smart Cash World Mastercard, your extra cash is available all year round. This is appealing to many people since you’ll be able to earn 5% cash back on eligible gas and grocery purchases for the first 6 months.

That being said, there’s a cap on that 5% cash back of $500 in purchases each month. After you reach that cap, you earn 1% cash back on all purchases. That means you have a cap of $25 per month at the higher rate. Since you get the promotion for six months, that’s a total of $150 in cash back you can earn at a higher rate.

Once the promotional period ends, you earn 2% cash back on eligible gas and grocery purchases thereafter with the same $500 in purchases cap per month in place. Don’t forget, the card also has an annual fee of $39.

What’s nice about the MBNA Smart Cash World Mastercard is that it comes with quite a bit of insurance including travel accident, trip interruption, car rental theft, damage & accident, extended warranty, and price protection. However, note that it doesn’t include travel medical or trip cancellation. If travel insurance is important to you, then look at my list of the best travel credit cards in Canada.

How the MBNA Smart Cash World Mastercard compares to others

The MBNA Smart Cash World Mastercard has some stiff competition. The card that best compares is the Scotiabank Momentum Visa which also has an annual fee of $39. The Scotiabank card has the same earn rate of 2% cash back on gas and grocery purchases, but you also earn 2% on drug store purchases and recurring bill payments. All other purchases earn you 1% cash back. The Scotiabank card clearly has a higher earn rate, but it doesn’t come with any insurance.

There’s also the MBNA Smart Cash Platinum Plus Mastercard which is MBNA’s no fee cash back card. This card is very similar to the World version, but you earn only 0.5% cash back on other purchases and you get less insurance.

I’m hesitant to compare the MBNA Smart Cash World Mastercard to some of the best cash back credit cards in Canada as many of the top cards come with a high annual fee. The no fee cards I listed such as the Tangerine Money-Back card are also different since they’re targeting different people. I advise looking at the list just so you know what else is available.

Final thoughts

My MBNA Smart Cash World Mastercard is negative. If you’re looking for a cash back credit card, there are many better options out there. That being said, if you want a credit card with a low annual fee and comes with a lot of consumer protection and insurance, then this card is worth considering.

Apply Now for the MBNA Smart Cash World Mastercard

 

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