The MBNA Smart Cash Platinum Plus® Mastercard® offers a fantastic opportunity to earn cash back on everyday purchases with a simple and rewarding structure. With a focus on maximizing savings on gas and grocery purchases, this card ensures you make the most of your spending.

This credit card stands out with its welcome offer, competitive cash-back rewards, and the flexibility it offers to cardholders. From earning 5% cash back on eligible gas and grocery purchases to offering a range of added benefits, this card is designed to work for you.

Key information about the MBNA Smart Cash Platinum Plus® Mastercard®

How does the annual fee work?

One of the standout features of the MBNA Smart Cash Platinum Plus® Mastercard® is its $0 annual fee. This is a significant advantage for individuals who want to avoid additional costs. Many credit cards charge an annual fee, which can add up over time, but the MBNA Smart Cash Platinum Plus® offers all its benefits without this extra financial burden.

If you’re accustomed to credit cards with annual fees, this no-fee structure will likely feel like a welcome change. It allows you to keep more of your money, freeing up cash that can be used elsewhere. This fee-free design provides added value, making the card an excellent choice for cost-conscious consumers.

How is the credit limit determined?

Credit limits for traditional credit cards are typically determined based on factors like your credit history, income, and overall financial situation. Financial institutions assess these aspects to decide how much credit they’re willing to extend.

For cards like the MBNA Smart Cash Platinum Plus® Mastercard®, your credit limit will generally be based on your creditworthiness, which includes your credit score and income level. This helps ensure the limit aligns with your financial capacity, providing both flexibility and control.

For prepaid cards, however, the situation is quite different. With prepaid cards, the limit is set by the customer based on the amount they deposit into the account. This offers a more flexible and user-controlled approach, allowing individuals to decide how much they wish to load onto the card. This can be especially helpful for those who prefer a clear and controlled spending limit.

Benefits of the MBNA Smart Cash Platinum Plus® Mastercard®

• Earn 5% cash back on eligible gas and grocery purchases for the first six months (up to $500 each month)
• Earn 2% cash back on gas and groceries thereafter
• Earn 0.5% cash back on all other eligible purchases
• No annual fee, allowing you to save on yearly expenses
• Flexibility with authorized users: Add up to 9 authorized users without any extra fees
• Convenient payment plan options: Pay off large purchases over time through monthly installments

These benefits show that the MBNA Smart Cash Platinum Plus® Mastercard® not only helps you earn cash back but also offers flexibility and convenience, ensuring that your financial needs are met while you enjoy exclusive perks.

Outstanding benefit: Cash Back Rewards

The standout feature of this credit card is its cash back rewards. You’ll earn 5% cash back on your gas and grocery purchases for the first six months, a truly lucrative deal for those who make frequent trips to the pump or supermarket.

After that, you’ll continue to earn 2% cash back on these categories, along with 0.5% on all other eligible purchases. This makes the card an ideal choice for individuals looking to maximize their everyday spending.

Disadvantages

• Spending limits on cash back: While the 5% and 2% cash back rates are enticing, they are limited to $500 per month for each category, which may not suit high spenders.
• Interest rates: The interest rates for purchases, cash advances, and balance transfers (19.99%, 24.99%, and 22.99% respectively) can be high for those who carry balances month-to-month.

Main disadvantage: Spending limits

The main disadvantage of the MBNA Smart Cash Platinum Plus® Mastercard® is the cap on cash back earnings. While the 5% rate is attractive, it’s limited to $500 in monthly spending for gas and grocery purchases.

Once you hit that limit, the rewards drop to 2%, which may be disappointing for those who spend heavily in these categories. However, this cap ensures the program remains manageable for both the card issuer and customers.

Who can apply for the MBNA Smart Cash Platinum Plus® Mastercard®?

To apply for this card, you need to meet a few eligibility requirements:

• Residency: You must be a Canadian resident.
• Age: You must be of the age of majority in your province or territory.
• Credit Status: You need to have a good credit history.
• Income Requirements: A minimum income may be required, though exact thresholds are not typically specified.

This card is available to most Canadians, but it’s important to ensure your credit is in good standing before applying. If you have a less-than-perfect credit score, your application may be declined.

How to apply for the MBNA Smart Cash Platinum Plus® Mastercard®

Online application

Applying for the MBNA Smart Cash Platinum Plus® Mastercard® is quick and easy. Visit the MBNA website and fill out the secure online application form. You’ll need to provide basic personal information, including your income details and credit history, for a smooth application process.

Through the mobile app

You can also apply for the card via the MBNA mobile app. It’s a convenient way to complete your application if you prefer to use your smartphone or tablet. Simply download the app, navigate to the credit card section, and follow the application prompts.

In person at a branch

If you prefer to apply in person, you can visit a bank branch that offers MBNA services. While many people opt for online applications, applying in person can provide more guidance and immediate answers to any questions you may have about the card.

This comprehensive look at the MBNA Smart Cash Platinum Plus® Mastercard® reveals the reasons why it could be a great fit for those who want to earn cash back on everyday purchases. Whether you’re making grocery runs or filling up the gas tank, the rewards are there to enhance your spending.