MBNA Smart Cash Platinum Plus Mastercard review

The MBNA Smart Cash Platinum Plus Mastercard is a fee-free card offered by MBNA bank. It lets you rack up 2% cash back when you spend money on gas and groceries and 0.5% on everything else. You'll also earn an accelerated 5% cash back rate on gas and groceries in your first six months

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• Think about this card if you want to get a decent return on cash back for no annual fee.

• Choose something else if you want low interest or comprehensive benefits.

• There is no minimum annual income needed to qualify for this card.

The basics

If you want a no-frills credit card that will let you earn cash back on every purchase you make, then you might like to check out the MBNA Smart Cash Platinum Plus Mastercard.

• No annual fee. There’s no annual fee to maintain this card.
• Accelerated cash back. Get an accelerated cash back rate when you shop for daily purchases.
• Welcome offer. Earn 5% cash back on eligible gas and groceries purchases in your first six months.
• Purchase assurance. Get 90 days
  protection against loss and damage on products you purchase with your card.
• Extended warranty coverage. Get up to an additional year added to your manufacturer’s warranty when you buy eligible consumer goods.
• Additional cards. There’s no fee for additional cards and you can add up to 9 on your account.

The perks

• Car rental discounts. Get a discount on any vehicle you rent through Avis or Budget.
• Enhanced security. Protect your purchases with security features like PIN and chip technology and online verification codes.
• Zero liability insurance. Avoid paying for fraudulent purchases on your account with Zero liability insurance.
• Reliable customer support. Contact MBNA at any time of day or night to speak to a customer service rep about your account.
• Trip assistance. Call in for specialized assistance with lost items (like tickets, luggage or credit cards) when you travel overseas.
• Easy to qualify. You won’t have to meet any minimum income requirements to qualify for this card.

What to watch out for

• High interest. You’ll pay 19.99% interest on purchases and 24.99% on cash advances.
• Earning caps. There’s a $500 monthly spending cap that limits the accelerated rate you can earn on gas and groceries.
• Maximum bonus. You’ll only be able to earn a maximum of $150 with the welcome bonus offer before you’re downgraded to a reduced rate.
• Few benefits. This card doesn’t offer comprehensive benefits like travel insurance, mobile device protection or roadside assistance.

MBNA Smart Cash Platinum Plus Mastercard interest rates

What should I know before I apply

• Eligibility requirements

  To apply for an MBNA Smart Cash Platinum Plus Mastercard, you need to meet the following criteria:

  • Be a Canadian citizen or permanent resident who is at least 18 years old (19 in some provinces).

• Required documents and information

  • Your name, residential status and contact information.
  • Your social insurance number and date of birth.
  • Your email address and phone number.

How to apply

1. Head to the MBNA website to begin your application.
2. Complete the application, which includes providing your name, email address, social insurance number and birth date.
3. Review and submit your application.

Bottom line

The MBNA Smart Cash Platinum Plus Mastercard lets you earn cash back on every dollar you spend on daily purchases. This card comes with a welcome offer and a handful of basic features for no annual fee. The downside is that you won’t get low interest or comprehensive benefits.

Frequently asked questions about the MBNA Smart Cash Platinum Plus Mastercard

• Does the MBNA Smart Cash Platinum Plus Mastercard have a welcome bonus?

  It sure does. You’ll earn an accelerated 5% cash back rate on gas and groceries in your first six months. Once you earn $150 in cash back at this rate, you’ll be downgraded to the normal 2% cash back rate for this spending category.

• Are there monthly spending caps?

  Yes. You’ll only earn accelerated cash back rates for gas and groceries on purchases up to $500 each month. After that, you’ll earn a reduced rate of 0.5% cash back.

• Can my cash back dollars expire?

  The short answer is no. As long as you keep your account open and in good standing, your cash back dollars won’t expire.

• Can I apply online?

  Yes, you can apply by visiting the MBNA bank website.