MBNA Smart Cash World MasterCard Review

3.05

$39

Annual Fee

$324

Annual Rewards

N/A

Intro Offer

$39

Annual fee

$324

Annual rewards

N/A

Intro offer


Pros


  • No annual fee
  • Earn 2% cash back on grocery and gas purchases
  • Earn 0.5% cash back on all other purchases
  • Redeem rewards incrementally after reaching $50
  • Access to World Mastercard benefits
  • Balance transfer at 0% for 12 months (with 1% transaction fee)

Cons


  • Limited promotional cash back period (5 months at 5%)
  • Lower cash back rate (0.5%) on all non-grocery/gas purchases
  • $50 minimum redemption threshold
  • No additional insurance benefits
  • May offer less appealing rewards compared to other cards with annual fees

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 has earned a 3.05 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 are insurance and fees.

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 the most important factors for scoring this card are its insurance and fees.

Rewards

With the MBNA Smart Cash World MasterCard, 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 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 is worth up to $0.01, depending on how you redeem.

This $324 in rewards value puts the MBNA Smart Cash World MasterCard 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 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 for every spend category and compared it to the average for all Canadian credit cards.
Redemption methodAnnual rewards
Redeem for travel$324
Gift cards$295
Merchandise$275
Electronics gift cards$321
Cash – World Elite$269
Cash – Platinum Plus$162

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 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 has a $39 annual fee.

The average card charges $85. So, the MBNA Smart Cash World MasterCard 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 scored a 2.1 out of 5 for perks, putting it in the top 30% of cards.

The average card scores 1.6 out of 5 for perks.

Interest Rates

Purchase19.99%
Cash Advance24.99%
Balance Transfer22.99%

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

For cash advances it costs 24.99% compared to the average of 19.96%.

Testing the MBNA Smart Cash World MasterCard with a $2,000 starting balance, you can see in the graph how the {{purchase_interest_diff}} 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, 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 is a cash back credit card tailored for Canadians who seek to optimize their rewards on everyday spending. The card’s earning potential, generous rewards rates, and additional benefits make it an attractive choice.

However, there are a few drawbacks that potential users should be aware of. In this review, we will discuss the earning potential, four major benefits, and two significant drawbacks of the MBNA Smart Cash World MasterCard.

Earning potential

The card earns cash back at different rates depending on the spending category. Cardholders will receive 5% cash back on gas and grocery purchases (up to $500 per month) and 1% cash back on all other purchases. There is no limit to the cash back you can earn in the 1% category.

Benefits

  1. Competitive Cash Back Structure: The first major advantage of this card is the competitive cash back structure. The 5% cash back on gas and grocery purchases is one of the highest rates in the market for these categories.

    This higher rate makes it an ideal choice for families with significant monthly expenses in these areas.
  2. No Annual Fee: The second major advantage of this card is the $0 annual fee. With no annual fee, cardholders can maximize their rewards without any additional costs, making it perfect for those who prefer to avoid yearly fees.
  3. Purchase Protection and Extended Warranty Coverage: The card provides purchase protection and extended warranty coverage, offering peace of mind when making purchases. These complimentary benefits can be of great value if you encounter issues with products or need to replace items within the warranty period.
  4. Additional World MasterCard: Cardholders can take advantage of additional World MasterCard benefits, such as travel insurance and the Mastercard Priceless Cities program. These perks enhance your overall travel experience and offer exclusive access to memorable activities and events.

Drawbacks

  1. Drawback: The first significant drawback of this card is the limited scope of the 5% cash back rate. Cardholders can only earn this rate on gas and grocery purchases, and it is capped at $500 per month. As a result, high spenders may not benefit from the maximum earning potential in these categories.
  2. Drawback: Another drawback is that there are no introductory bonuses or promotional offers for the MBNA Smart Cash World MasterCard. Potential users who prioritize sign-up bonuses or perks like interest-free periods may be dissatisfied with this card’s offerings.

Additional information: 

The MBNA Smart Cash World MasterCard is best suited for Canadians who prioritize cash back on everyday expenses, particularly gas and groceries.

The card’s broad rewards system and no annual fee make it attractive, but potential cardholders should also consider their monthly spending habits and preferences for additional benefits and promotions.

Interested in other credit cards? If the MBNA Smart Cash World MasterCard credit card isn’t perfect for you, you might want to consider the MBNA Smart Cash World MasterCard (QC).

Plus, many Canadian’s that like the MBNA Smart Cash World MasterCard like the TD Aeroplan Visa Infinite Card Privilege Card, and the TD Cash Back Visa Card.

FAQ

The MBNA Smart Cash World MasterCard credit card allows you to redeem your points for various rewards. Primarily, you can use your points for cash back in the form of a statement credit or a direct deposit into your chequing or savings account.

Other redemption options include gift cards, charitable donations, and merchandise from the MBNA rewards catalog. As a cardholder, you have the flexibility to choose your preferred reward option and maximize the value of your earned points.

The MBNA Smart Cash World MasterCard comes with a foreign transaction fee. The fee is charged for transactions made in a foreign currency or transactions made outside of Canada. The foreign transaction fee for this card is 2.5% of the transaction amount, in addition to the converted transaction amount.

The MBNA Smart Cash World MasterCard credit card does have a minimum income requirement. Applicants must have a minimum personal income of $60,000 CAD or a minimum household income of $100,000 CAD in order to be eligible for the card.

Key benefits

  • Issued by MBNA
  • World Mastercard branding
  • Regular APR: 19.99% (purchases)
  • Cash advance APR: 22.99%
  • Grace period: 21 days
  • Minimum credit limit: $5,000
  • Cash back rewards program
  • Balance transfer offer: 0% for 12 months (1% fee)
  • Currency conversion fee: 2.5%
  • Accepted worldwide
  • Online access to account management and rewards redemption
  • Contactless payment capability
  • Fraud protection services

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