Personal Finance

No Fee Canadian Credit Card With Unbelievable Rewards and Insurance

[Edit from Mike:  Please note this post has no affiliate links and no compensation was received for this post from MNBA or anyone else – Henry just really likes the card]

I was pleasantly surprised when I first read about MBNA Smart Cash Credit Card on 3% cashback on groceries and gas up to 600 dollars spent a month. Yup, that is correct. Comprehensive insurance benefits that includes 1 million dollar travel accident insurance. Yup, that is correct. No annual fee. Yup, that is correct.  MNBA already offered one of the best no-fee Canadian rewards cards but this one is even better.

What is included?

  • 3% cashback on groceries and gas (600 dollars spending limit)
  • 1% cashback on other purchases
  • Cashback is mailed out in 50 dollar accumulated increments
  • No annual fees

Sign Up Bonus:

5% cashback on groceries and gas for the first six month (600 dollars spending limit) which gets lowered to the normal 3% after 6 months.

Platinum Plus’ Insurance Package

  • MasterRental: Auto-Collision Rental Insurance with $200,000 Accidental Death Benefit
  • MasterTrip: $1,000,000 Common Carrier Travel Accident Insurance
  • MasterPurchase: Purchase Assurance and Extended Warranty

What is missing from this card?

  • No road side assistance.
  • No trip interruption insurance.
  • No luggage insurance.

Who is eligible to get this card?

  • Regular Card: Students who is looking for their first credit card.
  • Platinum Plus Card: People with established Credit.

If you are a student then apply for the regular card – once you establish a credit history, you can call in and they can upgrade your card to Platinum Plus. MBNA is willing to give students Platinum Plus Card, once a credit history is established.

Final Thoughts

I am a proud owner of MBNA Smart Cash Platinum Plus Mastercard and I use it all the time. If you don’t have a premium credit card, MBNA Smart Cash Platinum Plus Mastercard is the card to get. For best application results, you should call during the day to reach a consultant at MBNA Ottawa Call Center and make a follow up call on the next day to get your credit card approved. I got my card within two weeks of application. Use your card as much as possible during the first six months to get the bonus cashback. Last not least, be ready for those cashback cheques in the mail!!!

More information – American cash back credit cards

Best cash back credit cards

13 replies on “No Fee Canadian Credit Card With Unbelievable Rewards and Insurance”

i’ve read you can max out the 3% on groceries and gas by buying gift cards for other stores at the checkout.

pessimist: Most places accept Mastercard in Canada. In fact, No Frills and Tim Horton only accept Mastercard. I have a regular Visa with me just in case someone does not accept Mastercard.

I got mine a little over a month ago, it’s pretty great for gas. Unfortunately, as a currently unemployed recent graduate, I only qualified for a $500 limit, but once I’m working again I’ll try for a credit increase.

World Credit: You are absolutely correct. You should not consume on borrowed money. According to my understanding, Smart Cash Platinum Plus Mastercard is able to provide such a great reward program due a higher interchange rate charge on the merchant side.

I thought about this card but decided to stay with the MBNA Starwood Preferred Guest card.

I recently booked a room at a Sheraton hotel for 8000 points a night on the club level. I’m not sure what the room would go for, but a regular room at the best rate I could get was $200/night, I would assume the club level would be a bit more. Anyways, would work out to a 2.5% return. Had I booked a week earlier before the regular rooms were full, there was also an option of using 2800 points and $45 US for one of the 200/night rooms. That would have been a great deal, but I waited too long in deciding.

I believe the card has all of the extra benefits of the smart cash card (rental insurance, extended warranties, etc…) as it too is a platinum card.

When I travel, I normally look for the lowest priced deals, so it’s nice to be able to stay in a little bit nicer hotel for free from time to time. So this card works out well for me.

Marc: MBNA Starwood Preferred Guest Mastercard is really good for those who are traveling a lot. You can get 5000 bonus points for every 10,000 dollars you spent on the card up to 15000 bonus points a year. Someone on Redflagdeals said that Starwood Preferred Guest Mastercard is about 5.5% to 6.5% cashback if you are able to max out the bonus points system and use it to book hotel rooms. I believe Frugal Trader uses MBNA Starwood Preferred Guest Mastercard. However, I do not travel a lot so I prefer MBNA Smart Cash Platinum Plus Mastercard.

Just double check with MBNA that you have a Platinum Plus account. All Platinum Plus cards have rental collision insurance, extended warrant, common carrier travel accident insurance, etc.

Glad I found your post. I was going to apply for the PremiumRewards online. This Smart Cash Card is much better. I currently have a Students Card with MBNA but have not been using it because it has no rewards and my TD card has cashback. This Smart Card gives way better cashbacks than my TD card and I will kiss good-bye to the TD Card as soon as I get this new one. Thanks a lot for this post. Otherwise I would not have found out about this amazing card.

Thanks for reading my review. I recommend that you keep TD Dividend Card, because it is Visa (not everywhere in Canada accepts Mastercard) and it has your credit history on it. You probably can upgrade your old MBNA student card to MBNA Smart Cash Mastercard. Ask if you can get either the platinum plus or gold version for the insurance benefits.

Don’t forget to tell your friends about MBNA Smart Cash Mastercard and about my review as well.

Best Luck.

Thanks. Finally, I applied & received this amazing card with no annual fee, with insurance + an average >1% cash back. I am wondering where can I get a copy of the Insurance Certificates of this card(masterrental, masterpurchase etc), as MBNA did not included with the card.

Are they going to send it later?

Henry: Thanks for this post. I applied for (and received) this card and have been happy with it so far (I seem to get everything you recommend! 🙂

L: I got a copy included with my card. Maybe call them and ask them to send you a copy (or look on their website).

Question: Are there any limits on the annual spend that qualifies for the cash backs with the MBNA Smart Cash card? – THX

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