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| Photo Credit: Håkan |
MBNA is an excellent all round
lending agency, and by far one of the largest in the loan market, to
date that you can trust. They offer a ‘cash back’ credit card
(Smart Card) option that is coupled with an unbelievable plan. Get
this; the smart card, unlike your average credit card, has no annual
fees attached and as such comes with a variety of offers to earn
‘free cash’.
That's right! it also offers
opportunities for you to earn ‘big bucks’ and I will be sure to
tell all about how you can benefit from this when you read the long
MBNA Mastercard review.
What other Fees are associated
and what are the interest rates?
The Smart card’s current
interest rate on purchases is 19.99%. Of course, these interest
payments only come into play when you don’t clear your balance on
time. So to avoid running into these on your statement, try to clear
your bill before the grace period. Remember you don’t have to wait
until the bill is due to make a payment so consider paying something
each time you get paid.
As stated before there is no
annual fee; however, there are a few other rates and fees, namely:
- A Promotional Interest Rate of 1.99% for 10 months
- A Balance Transfer Interest Rate of 21.99%
- A Balance Transfer Fee of 1% of the amount being transferred
- A Wire Transfer Fee of 1% of the amount being transferred
- A Cash Advance Fee of 1% of the cash advance total
There is a Grace Period in effect
of 21 days for all fees.
Always try to read the terms and
conditions as there are few smaller fees that may be applied. It
would be a wise move to use the card for purchases only, as this will
help in avoiding any other fees. What’s even more perfect is that
if you are able to pay off the balance on the card before the grace
period is up, you will get cash back.
How much can you earn?
Well that’s based on the
purchases you make. But in the first 6 months, you are given the
opportunity to earn up to 5% cash back on any qualifying purchase.
Qualifying purchases in this case, would be purchases of grocery and
gas. After 6 month period, it moves to 2% cash back for qualifying
purchases and up to 1% cash back on any other purchase made. The best
thing about the cash back feature is that you get it automatically in
your account. In case of other cash back credit cards you have to
‘claim’ rewards points. What’s worst is that, in mostcases,
your points will expire long before you even get a chance to redeem
them, but not with the smart card. They take care of it all for you
and once your cash reaches over $50 they automatically mail you a
cheque.
Should You Apply for The MBNA
Smart Cash MasterCard?
Why not? I admit the MBNA Smart
Cash Mastercard isn’t for everyone, but no credit card is. You have
to be disciplined, and responsible enough to monitor and spend the
money on the card. It would also help to be an organized person as it
is vital that you frequently track your purchases and that the bills
are cleared within or before the grace period. Be honest with
yourself, if you aren’t able to say that you are disciplined and
responsible enough then this card may not be the best card for you.
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