Tag Archives: Rewards

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!

RIP MBNA Smart Cash Mastercard

29 Oct

I’m a current MBNA Smart Cash Mastercard who enjoys getting 3% cash back on gas and groceries and 1% for all other net purchases.  But all that is about to come to an end by December 31, 2012:

  • GAS/GROCERY:  3% cash back on your for first $600 in monthly spend will be reduced to 2% cash back for the first $400 in monthly spend 
  • You will continue to earn 1% on all net purchases, with no cash back earned limit (Ohh, how generous of them… bastards!)  <– Allan pointed out that there is now $1250 monthly spending limit on 1% cashback for Platinum Plus cardholders 😦

Earlier in the year, TD Bank bought out the Canadian division of MBNA.  With this new ownership, the awesome reward system that was currently being offered is now being slashed by greedy TD Bank.  I dislike banks with a vengeance for changing the rates.  Why can’t they just honor the terms that was first agreed in the first place?

Now, I am worried about Scotia Bank who has bought out my free online banking at ING Direct.  Will they also implement a fee to squeeze out more profit from their customers?

On a positive note:  I earned $2.33 so far from my Redflagdeal Cash Back account.  I can’t wait to get cash back for a recent purchase of a Macbook Pro for a coworker, too bad I forgot to use Redflagdeal Cash Back account for an Iphone 5 purchase through the Apple site.  Let me clarify, I’ve been put in charge using company’s credit card for buying Christmas gifts online for a set monetary bonus limit for other coworkers.  I just use it to my advantage ^_^  Might as well right?

Check it out if you like to do a lot of online shopping:   http://www.redflagdeals.com/cashback/