MBNA Smart Cash World MasterCard (QC) Review

3.11

$39

Annual Fee

$324

Annual Rewards

N/A

Intro Offer

$39

Annual fee

$324

Annual rewards

N/A

Intro offer


Pros


  • No annual fee
  • Cashback on eligible gas, groceries, and recurring bills
  • 5% cashback during the first three months for the first $2,000 in purchases
  • 1% cashback on all other eligible purchases
  • Up to nine authorized users at no additional cost
  • Mobile device insurance coverage
  • Purchase assurance and extended warranty
  • Travel accident insurance

Cons


  • Limited categories for bonus cashback
  • Cashback rate drops after the introductory period
  • Rewards redemption limited to statement credits or direct deposits
  • Lower cashback rate than some competitors with annual fees
  • No travel-specific rewards

Performance test results

At DollarWise, for each credit card we test 7 different factors including the rewards, value for money, perks, insurance, strengths and weaknesses of the card.

You can see our full testing methodology here to learn why we’re the most trusted source for credit card reviews.

The MBNA Smart Cash World MasterCard (QC) has earned a 3.11 DollarWise Rating out of 5. This score is based on a weighted average of the two highest scoring factors (excluding acceptance and approval).

Rewards

Fees

Perks

Interest rates

Insurance

Acceptance

Approval

The highest scoring categories for the MBNA Smart Cash World MasterCard (QC) are insurance and interest.

These factors are weighted 70% to the highest scoring factor and 30% to the second highest score to get an overall review score.

This weighting allows us to judge cards on their merits and the customers they are designed for.

For the MBNA Smart Cash World MasterCard (QC) the most important factors for scoring this card are its insurance and interest.

Rewards

With the MBNA Smart Cash World MasterCard (QC), here’s the rates at which you earn rewards for different spending categories per dollar you spend:

Bills1%
Pharmacy1%
Gas2%
Groceries2%
Restaurants1%
Specific Stores1%
Travel1%
All Other Spend1%

Calculating your annual rewards

We estimate that spending $2,000 per month with the MBNA Smart Cash World MasterCard (QC) would earn $324 in rewards over the year.

Our performance testing research uses an accurate estimation of the average Canadian households spending patterns to predict the rewards a card will earn.

We found that you’d earn this per category:

Gas$48
Groceries$120
All Other Spend$156

Our study investigating the value found that each dollar spent on the MBNA Smart Cash World MasterCard (QC) is worth up to $0.01, depending on how you redeem.

This $324 in rewards value puts the MBNA Smart Cash World MasterCard (QC) in the top 50% of credit cards in Canada based on rewards earned.

The average credit card in our database earns $337 in rewards for the same spend that the MBNA Smart Cash World MasterCard (QC) earns $324 in rewards value.

We can compare this card to other options by looking at the earn rate by category.

This earn rate is the percentage return that you would get when you spend on this card, assuming you redeem at the predicted maximum value.

For example, if a card earned 5 points per dollar on gas and each point is worth up to $0.02, then the earn rate is 5 points multiplied by $0.02 each, divided by the dollar you spent.

In this example, that’s a 10% earn rate on gas.

SpendThis CardAverage
Bills1.00%1.25%
Pharmacy1.00%1.17%
Gas2.00%1.48%
Groceries2.00%1.71%
Restaurant1.00%1.53%
Store1.00%1.94%
Travel1.00%1.19%
Other1.00%1.08%
Above, we’ve calculated the earn rate for the MBNA Smart Cash World MasterCard (QC) for every spend category and compared it to the average for all Canadian credit cards.
Redemption methodAnnual rewards
Apply to statement credit$405

For an annual spend of $24,000, we estimated annual rewards value at up to $324.

That’s equivalent to a 1.35% return on spending.

The MBNA Smart Cash World MasterCard (QC) has an annual fee of $39. After deducting this, we predicted net annual rewards of $285.

This puts it in the top 50% of credit cards for net rewards after fees.

In comparison, the average card earns net annual rewards of $254.

Fees

The MBNA Smart Cash World MasterCard (QC) has a $39 annual fee.

The average card charges $85. So, the MBNA Smart Cash World MasterCard (QC) is in the top 50% of cards based on the cost of the annual fee.

Perks

We manually review the perks of each credit card to determine how they compare to other cards.

The MBNA Smart Cash World MasterCard (QC) scored a 1.2 out of 5 for perks, putting it in the bottom 50% of cards.

The average card scores 1.6 out of 5 for perks.

Interest Rates

Purchase20.99%
Cash Advance20.99%
Balance Transfer20.99%

The average (median) credit card has a purchase interest rate of 19.99% and so the MBNA Smart Cash World MasterCard (QC) charges 1% more than the average.

For cash advances it costs 20.99% compared to the average of 19.96%.

Testing the MBNA Smart Cash World MasterCard (QC) with a $2,000 starting balance, you can see in the graph how the 1% more in interest rates impacts the interest over a year, compared to the average card.

Insurance coverage

InsuranceThis CardAverage
Extended Warranty1 year1 year
Purchase Protection90 days90 days
Travel Accident$1,000,000$500,000
Trip Interruption$2,000$2,000
Rental Car Theft & DamageYesNo
Rental Car Personal Effects$1,000$1,000
Rental Car Accident$200,000$200,000
Price Protection InsuranceYes90 days

We scored it 3.2 out of 5 for insurance.

It offers 8 types of insurance, whereas the average card has 5 types of coverage.

Approval and qualifying

Do I qualify?
Estimated Credit Score725 – 759
Personal Income$60,000
Household Income$100,000
Fees
Annual Fee$39
Extra Card Fee$0
Card typeMasterCard

We scored it 2.5 out of 5 for approval.

We predict that you will require a credit score of at least 725 to qualify for the MBNA Smart Cash World MasterCard (QC), while the average card requires 652 to qualify.

This puts it in the top top 50% of cards by approval difficulty.

The personal income requirements are $60,000, while the average card requires $23,896.

This puts it in the top 20% of cards by the income required to qualify.

The MBNA Smart Cash World MasterCard (QC) is designed to offer Canadians a rewarding earning potential and notable benefits. In this review, we’ll discuss its earning potential, benefits, drawbacks, and other relevant information.

Earning potential

The MBNA Smart Cash World MasterCard (QC) offers a generous cash back program for its users. The cardholder can earn 5% cash back on their gas and grocery purchases for the first 3 months, and 2% cash back on these spending categories afterward, which is a great rate compared to many other cards in the market.

Cardholders also earn 1% cash back on all other purchases.

Benefits

  1. Enhanced Cash Back Rate for Gas and Groceries: The first major advantage of this card is the enhanced cash back rate of 5% on gas and grocery purchases for the first 3 months, and a steady 2% cash back rate on these categories after the promotional period ends.

    This ensures that everyday spending will always yield a substantial return.
  2. Cash Back on All Purchases: The second major advantage of the MBNA Smart Cash World MasterCard (QC) is that it offers 1% cash back on all other purchases, beyond gas and groceries, making it convenient for cardholders who frequently use their card for multiple purchase categories.
  3. No Annual Fee: The third major advantage of this card is that it has no annual fee. This is perfect for users who want a great cash back credit card without having to pay an added cost per year for the benefits.
  4. Purchase Protection and Extended Warranty: The fourth major advantage of this card is the added feature of purchase protection and extended warranty protection on eligible items bought with the card.

    This provides added peace of mind and security when making purchases using the MBNA Smart Cash World MasterCard (QC).

Drawbacks

  1. High Interest Rate: A significant drawback of the MBNA Smart Cash World MasterCard (QC) is its higher interest rate, at 19.99% for purchases and 22.99% for cash advances, which can be problematic if cardholders don’t clear their balances each month.
  2. Limitation on High Cash Back Rate: Another drawback is that the 5% cash back promotional rate only applies for the first 3 months, and the cash back on certain bonus rates is limited at a maximum of $500 in monthly spending per category, which may not suit users with higher spends.

Additional information

The MBNA Smart Cash World MasterCard (QC) offers price protection service, allowing cardholders to receive a reimbursement for the price difference if they find a lower price for a recently purchased item within certain conditions. This additional benefit offers a better shopping experience by ensuring cardholders get the best deal.

In conclusion, the MBNA Smart Cash World MasterCard (QC) is a solid cash back credit card offering strong rewards for everyday spending with no annual fee, purchase protection, and extended warranty features.

However, prospective users should consider the high interest rate and limitations on certain cash back rates based on their spending habits.

Not the right fit? You could consider the TD First Class Travel Visa Infinite Card. Or, if you’re looking for other options check out the MBNA Rewards World Elite MasterCard, and the MBNA Rewards Platinum Plus MasterCard (QC).

FAQ

With the MBNA Smart Cash World MasterCard (QC), you can redeem your points for a variety of rewards, including:

  • Cash Back Rewards: You can receive cash back as a statement credit, which will reduce your outstanding balance or be deposited directly into your account.
  • Merchandise: Choose from an array of products, including electronics, home appliances, and travel accessories, among others.
  • Travel Rewards: Redeem points towards flights, hotels, car rentals, and vacation packages.
  • Gift Cards and Experiences: Use your points for a selection of gift cards and unique experiences, such as dining experiences, spa days, and other leisure activities.
  • Charitable Donations: You can choose to donate a portion or all of your points to a registered charity of your choice.

The MBNA Smart Cash World MasterCard (QC) credit card charges a foreign transaction fee of 2.5% on each transaction made in a foreign currency or foreign country. This fee is applied to both purchases and withdrawals made while traveling internationally or shopping online from foreign merchants.

The MBNA Smart Cash World MasterCard (QC) does have a minimum income requirement. Applicants must have a minimum annual income of C$60,000 individually, or a combined household income of C$100,000 to be eligible for this credit card.

Key benefits

  • Mastercard global acceptance
  • Up to 21-day interest-free grace period
  • Minimum credit limit: $5,000
  • Purchase APR: 19.99%
  • Cash advance APR: 24.99%
  • Balance transfer APR: 22.99% (first 6 months 1.99% promotion)
  • Foreign currency conversion fee: 2.5%
  • Card eligibility: Must be a Quebec resident
  • Paperless statement option
  • Secure online account access
  • Fraud protection with Zero Liability
  • Concierge service available
  • Contactless payments with Tap & Go feature
  • Collision Damage Waiver for car rentals
  • Emergency medical and trip cancellation coverage offered

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