Tag Archives: Cash Back

Paid off my balance transfer today!

13 Sep

Back in February 2013, I was offered 0% balance transfer from MBNA Smart Cash Mastercard.  I transferred $8,000 over to my brokerage account to buy Suncor.  As the story goes, I sold out Suncor for a measly $70.05 profit plus $99.00 in dividends.  After I sold Suncor, the share price kept on climbing as Warren Buffet decided to put stake in them!  If I had kept Suncor till today, I would have profited $1510.05!!

My instincts were wrong and I fell short of achieving a great return from Suncor big time!

Today, I paid back MBNA $7,441.93 to bring my balance transfer to zero.  My 0% promotional rate ends on September 16, 2013.  There is a 1% transfer out fee, so this “0% promo rate” actually cost me $80 for the past six months.

I received a letter from MBNA.  I am invited to upgrade to the no-annual-fee MBNA Smart Cash World Mastercard!  I can start enjoying 5% cash back all over again on eligible gas and grocery purchases for the first six months.  After six months, it will revert to 2% on eligible gas and grocery purchases.  All other purchases, I can earn 1% with no limit to the cash back I can earn.

MBNA Smart Cash World

Since I am back to zero balance in my MBNA Smart Cash, I have accept their Smart Cash World offer.  For the next six months, I will put all my gas and groceries to my new card!  Let the cash back begin!  If I spend $1600 in the next six months in gas and groceries, my cash back will cancel out my $80 transfer out fee!  Easy peasy, I spend around $120/mo on gas and $130/mo on groceries.

Done deal!

By the way, CIBC Visa is offering me a 0% balance transfer promotion… tempting, but I think I better not since I have a mortgage to take out coming up very soon.

 

Alternative to MBNA Smart Cash Platinum Mastercard

8 Nov

I noticed I’ve been getting more hits as a result of my recent post:  RIP MBNA Smart Cash Mastercard  Here is my alternative card:

Earn 1% on all net purchases (no tier spending or no cap limit).  Bonus of 0.5% is awarded to you after your one year anniversary.  So the total cashback you earn is 1.5% essentially.  A nice little perk is $100 cash bonus for just signing up.  That’s what really hooked me!  Check it out:

CAPITAL ONE ASPIRE WORLD MASTERCARD

They have really good benefits.  I like how you can customize your alerts by email or text message for transactions over $20 or bill payment reminder.   You can redeem your rewards anytime you like by requesting a credit to your balance (faster way) or cheque.  As for MBNA, you have to accumulate $50 before they issue you a cheque that can take ages to arrive at your doorstep.

The only draw back is I only got a $3,000 credit limit from Capital One.  I can’t really make a big purchases with this limit such as a nice trip.  Capital One is stingy with their limits.  I’ve been with them for like six months now, and I still can’t get a credit increase.  Usually I get $5,000 minimums from most credit cards I’ve dealt with.

I don’t really qualify for this card as I don’t make anywhere close to $60k a year myself.  But if I add the combined household income… I do for the bare minimum 🙂

MBNA has really angered loyal customers.  Now we are all looking for alternatives to find a better cash back reward card!