A card with no annual fee and cash back
However, it does offer an interesting welcome bonus, spread over the first 6 months of card ownership.
Earning the cash back
2% cash back: gas and groceries
The MBNA Smart Cash Platinum Plus Mastercard allows you to earn 2% cash back on your gas and grocery purchases at any time. Which is a good thing for a free credit card.
And since it is a Mastercard, it is accepted everywhere, unlike the card or the American Express Cobalt Card or the Scotiabank Gold American Express® Card where only Metro and Super C accept American Express.
5% during the first 6 months = welcome bonus
And for the first 6 months, instead of 2%, you’ll get 5% cash back on your gas and grocery purchases. This bonus applies until the total gas and grocery purchases for the applicable month reaches $500: above $500 per month, the usual cash back rate of 2% applies.
So, if you charge $500 worth of gas and groceries per month for 6 months, you can get up to $150 in cash back!
|Month||Grocery||Gas||Cash Back (5%)|
0.5% cash back on other purchases
You will get 0.5% for all other purchases, which is similar to most other cards on the market with no annual fee, and accessible to most people ( = it does not require an annual income of $60-80,000). Like the Tangerine Money-Back Credit Card for example.
Since it is a Mastercard, you will be able to use it for your purchases at Costco.
The MBNA Smart Cash Platinum Plus Mastercard is attractive for those who don’t want to pay an annual fee on their credit card while enjoying great cash back on everyday purchases such as gas and groceries.
Its welcome bonus, spread over the first 6 months, is also interesting since you can get up to $150.
Finally, if you are just starting out in the world credit cards, this card can be interesting to keep, year after year, so that you can have it in your credit history!