Effective today one of the best Cash Back credit cards in Canada will get downgraded. The MBNA Smart Cash MasterCard, which offered up to 5% cash back on gas and grocery purchases for the first 6 months and up to 3% after that will has had that latter amount lowered to 2%. So new cardholders will still reap big bonuses for the first half a year but then after that the return will be 33% lower than people have enjoyed the past couple of years. That being said, the card retains a better level of return in those two spend categories than most other cash back cards with the Scotia Momentum Infinite and the ATB Platinum Cash being the only cards offering a higher percentage. To see how this card compares to other cards in Canada see our Cash Back Credit Card Comparison chart.Visit the MBNA Smart Cash MasterCard for more details on this card or to apply for it
Hi,
ReplyDeleteI received letter of this MBNA change, and not too impress why TD bank got to ruin the good thing.
A community page is started Facebook to build support to stop this change. Hopefully you will support this cause and help spread the word.
Here's the link
www.facebook.com/StopDummingDownMBNASmartCashMasterCard
I hope TD will change their mind when they hear our voice. Hopefully you and all the readers (including myself) will benefit.
The headline analysis is not correct. It is way more the 33% because the spend is capped (previously was unlimited). I was putting EVERYTHING on there ($3,000-$4,000 per month) so for me this is closer to a 2/3 reduction in total benefits. I will be cancelling.
ReplyDeleteI might be missing something here, but I thought the cap was $600 before the changes and is now $400 after the changes. But still 3% of $600 is $18 and 2% of 400 is $8 which is little more than a 50% reduction
DeleteCap is 2% on gas and groceries up to $400.00 month. 1% up to $1250.00 month . I cancelled and then they talked me back into opening it up again. Not going to use it as often now. Not a good deal like before.
ReplyDeleteThey won't change the card back unless people start to cancel. That is the only way .
ReplyDeleteReduction is huge. Before you were getting 3% on gas and groceries up to $600.00 works out to $18.00. December 1 for existing card holders you will recieve 2% on gas and groceries up to $400.00 works out to $8.00. Loss of 55%. Caped at 1% up to $1250.00 total including the $400.00 of gas. PC World Mastercard where now also where you get 2% back in the stores with no limit. And you get 7 cents litre Superbucks like the regular PC mastercard in Alberta only.Smart Cash is diffently losing customers.
ReplyDeleteI just got Capital One Aspire cash.Gives 1% on everything(no limits)and at the end of the year another half percent bonus.You also get 100 dollar signing bonus which you can use after 2 months.You have to earn $60000 a year or $100000 family income to qualify and there is no annual fee.I have kept my MBNA card for now,but am using it only for gas and groceries to get my 2 percent ,and will try not to exceed the $400 monthly limit.
ReplyDeleteJust got this cash back card and loving it so far. It's lot better than my previous cards. I used it at Targets for iPad and got 5% back.. I applied mine through Great Canadian Rebate and got an additional $60 cash rebate.
ReplyDeletehttps://www.greatcanadianrebates.ca/Register/143370/