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MBNA Smart Cash World Mastercard Review

MBNA Smart Cash World Mastercard review

Justin da Rosa

Apr 9, 2025

While we adhere to strict editorial guidelines, partners on this page may provide us earnings.

Overall rating

First year value

$417

Get this card if you:

  • want to earn cash back on everyday purchases
  • want comprehensive insurance coverage
  • want to avoid paying a high annual fee

Scores by category

Groceries 3.9

Cash Back 3.3

Gas 2.9

Welcome Bonus 2.4

Rewards 2.3

At a glance

The MBNA Smart Cash World Mastercard® is a cash back credit card offering elevated earn rates on gas and grocery purchases, with a monthly cap on bonus cash back earnings. Cardholders benefit from a welcome bonus, rental vehicle collision damage waiver, and price protection services, though the card carries an annual fee and requires a higher income for eligibility.

Highlights

$417

First year value

5% cash back

Welcome bonus

$39

Annual fee

$39

Interest Rates

19.99%

Purchase APR

22.99% - 3%

Balance transfer APR

3% of the balance transferred

24.99%

Cash advance APR

Eligibility

Good

Recommended credit score

$50,000

Required annual personal income

$80,000

Required annual household income

Quick overview of the MBNA Smart Cash World Mastercard

The MBNA Smart Cash World Mastercard offers enhanced cash back rewards on gas and grocery purchases with a modest $39 annual fee. Cardholders can add up to nine additional users at no extra charge, maximizing household earning potential.

Notable benefits include Rental Vehicle Collision Damage Waiver coverage, the flexible MBNA Payment Plan for managing larger purchases, and Price Protection for eligible items.

Limitations include the $50,000 personal/$80,000 household income requirement, higher-than-average interest rates, and a $500 per month monthly cap on premium cash back rates for gas and grocery categories.

Who is the MBNA Smart Cash World Mastercard for?

Many Canadians will find the MBNA Smart Cash World Mastercard particularly beneficial:

  • Frequent spenders on gas and groceries, where this card offers the highest cash back rewards
  • Budget-conscious consumers who typically pay off their balance monthly to avoid high interest charges
  • Domestic travellers who value practical perks like rental car insurance included with the card
  • Those wanting flexibility to add multiple authorized users without paying additional fees

Pros and cons

Pros

Pros

  • Welcome Bonus: Accelerated cash back rate during the initial six months of account opening

  • Above-average cash back rates after the initial six months bonus offer - up to 2% cash back on eligible purchases

  • The first additional card comes with no extra fee, making it a good option for families.

  • Rental Vehicle Collision Damage Waiver - beneficial for those who frequently rent cars.

  • Price Protection Service

  • Low annual fee

Cons

Cons

  • High-interest rates mean carrying a balance can be expensive – and quickly negate the benefits of earning cash back.

  • Monthly spend cap on higher cash back rate

  • Limited insurance benefits

  • Welcome Bonus cap

  • Regional variations in interest rates

Welcome bonus of the MBNA Smart Cash card

  • Earn 5% Cash Back on gas and groceries for the first 6 months ($500 monthly spend cap).T

  • Full welcome bonus details

    +

    Earn 5% Cash Back on gas and groceries for the first 6 months ($500 monthly spend cap).

    Limit one-time bonus MBNA Dollars offer per new account. This promotion is offered by MBNA and may be amended or cancelled at any time without notice.

    Bonus MBNA Dollars are posted 8 to 10 weeks from the transaction date.

How to earn MBNA Rewards points with the Smart Cash World Mastercard

The MBNA Smart Cash World Card shines in its ability to earn double the rewards on key categories:

  • Earn cash 2% on gas and groceries ($500 monthly cap)
  • Earn 1% cash back on all other purchases

The cap on gas and groceries is frustrating, particularly since Statistics Canada data shows that the average Canadian household spends around $750 per month on these categories. Once the cap is reached, gas and groceries earn the base rate: 1% back, with no caps.

How to redeem cash back

Redeeming cash back with the is simple and straightforward. Cash back earned is applied as MBNA Dollars in your rewards account, with MBNA Dollars applying towards:

  • Statement credits reducing your card balance
  • Direct deposits to your bank account
  • Gift cards and merchandise through the MBNA rewards portal

Your earned cash back can be tracked and redeemed through your online MBNA account

Key benefits of the Smart Cash World Mastercard from MBNA

  • Attractive welcome bonus of 5% cash back on gas and groceries for the first six months.
  • Competitive cash back rates on everyday spending categories like gas and groceries.
  • No fee for adding up to nine authorized users, ideal for families.
  • Includes rental vehicle collision damage waiver benefits, adding value for travelers.

Smart Cash World Mastercard insurance coverage

Protection Coverage
Extended warranty 1 year
Purchase protection 90 days
Travel accident $1 million
Trip interruption $2,000
Rental car $200,000

Extra benefits of the MBNA Smart Cash World Mastercard

  • MBNA Payment Plan: This allows you to manage large purchases by breaking them down into monthly payments. You can choose from three Payment Plan terms: 6, 12, or 18 months. This can be a great tool for budgeting and managing large expenses without the annoyance and expense of high interest rates.
  • Save with Avis Rent A Car and Budget Rent A Car: Up to 10% of base rates in North America and 5% internationally. 

How this card compares

10% cash back

Welcome Bonus

$343

First Year Value

$243

Annual Value

Welcome Bonus: Earn 10% cash back for 2 months† (up to $100). Expires Apr 30, 2025

Learn More

When choosing between the MBNA Smart Cash World Mastercard and the Tangerine World Mastercard, consider your spending habits. The MBNA card offers 2% cash back on gas and groceries for the first $500 spent monthly, and 1% on other purchases. In contrast, the Tangerine card allows you to choose two categories for 2% cash back on purchases. If your major expenses align with the Tangerine card's customizable categories, it might be more beneficial – though having to choose your categories may be annoying. The Tangerine card gets a leg up on the MBNA card because it has no yearly fee. It also has more flexibility with its rewards. 

Disclosures:

  • See your Information Box in the Tangerine application for full details. Rates and fees are subject to change.

up to 10% cash back

Welcome Bonus

$1,025

First Year Value

$570

Annual Value

Welcome Bonus: Get up to 10% cash back in your first 3 months, $75 cash back bonus when you spend $25,000 in your first year, and the $120 annual fee waived in the first year†. Expires Jun 01, 2025

Learn More Apply Now On BMO's Secure Site

We won’t beat around the bush here: the BMO card is the winner in terms of cash back rewards. Where MBNA offers 2% on gas and groceries, BMO offers 5% on groceries, 3% on gas, 4% on transit, and 2% on recurring bills. However, the BMO card has a significant annual fee of $120 (though it is waived for the first year). The high fee of the BMO card is only worth it if you spend enough to offset the cost with earned rewards. The MBNA card, with its lower fee, might be more appealing for those who prefer a simpler, cost-effective option. 

Disclosures:

  • *Terms and conditions apply.
  • BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.

$243

First Year Value

$0

Annual Value

Learn More Apply Now On Neo's Secure Site

The Neo Credit Card offers 1.5% cash back when you shop with their partners and 0.5% on gas and groceries. The fact that Neo’s rewards vary by partner might limit its effectiveness depending on where you shop. The MBNA card offers more predictability with its fixed categories. The Neo card does have an advantage in that it has no annual fee.

Disclosures:

  • Neo Credit and Neo Secured Credit cards are issued by Neo Financial™ pursuant to license by Mastercard International Incorporated. 

Is the Smart Cash World Mastercard credit card worth it?

The MBNA Smart Cash World Mastercard delivers solid value for gas and grocery shoppers with its 2% cash back on these categories (up to $500 monthly) and 1% on everything else.

At just $39 annually, the fee is easily offset through regular spending in bonus categories. Additional perks like rental car insurance and the MBNA Payment Plan further enhance this card's appeal.

The monthly cap on premium categories and modest base rate are limitations to consider. However, for Canadians who spend regularly on gas and groceries without exceeding the monthly threshold, this card represents excellent value for everyday essential spending.

Eligiblity requirements

  • Age: 18+ (age of majority in your province or territory)
  • Residence: Canadian resident
  • Credit score: Good
  • Income: $50,000 personal/$80,000 household

FAQs

  • Does MBNA offer 0% intro APR?

    +

    Yes, several MBNA credit cards feature introductory APR rates on balance transfers, inclduing the True Line cards.

  • Is the MBNA Smart Cash World Mastercard switching to Visa?

    +

    As of the latest information available, there are no public announcements or indications that the MBNA Smart Cash World Mastercard is switching to a Visa card. It remains a Mastercard product, offering the benefits and features associated with Mastercard.

  • What is the annual fee for the MBNA Smart Cash World Mastercard, and is it worth it?

    +

    The MBNA Smart Cash World Mastercard has an annual fee of $39 Whether this fee is worth it depends on your spending habits. If you spend regularly on gas and groceries, the cash back you earn, especially with the 5% welcome bonus in the first 6 months, can easily offset the annual fee.

Justin da Rosa Freelance Writer

Justin is a writer and editor who has been covering personal finance for over 10 years. He's written for companies such as KOHO, Ratehub, BMO, Zoocasa, and Questrade, among others. Justin also created a course in Content Creation, which he taught at York University for four years. When not writing, Justin can be found at a live concert, on the golf course, riding a motorcycle, or sailing.

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