Canadian High Interest Savings Bank Accounts

I was in the process of applying online for the Smart Cash card but then read the terms and conditions and cancelled the application for now since I became concerned with the privacy terms

In the privacy section of the terms and conditions it states :

"MBNA Canada Bank collects, discloses, uses and processes Personal Information to:

(g) promote and market products and services offered by selected companies (also known as secondary marketing), such as, but not limited to long distance or cellular telephone service, credit insurance, and card registry services including by means of direct marketing through ordinary mail, e-mail, telephone and/or other available communication channels (for example, wireless device, land line telephone, fax machine or a data terminal) at the coordinates you have provided us."

later on it states :

You consent to our collection, disclosure, use and processing of Personal Information about you for the purposes described above. You consent to receive telemarketing communications from us, our affiliates and any of our respective agents and service providers at the numbers provided on and in connection with your application and all other numbers that may be provided by you to us from time to time, notwithstanding the registration of any such numbers on the National Do Not Call List.

I was wondering if anyone with the Smart Cash card had any problems with telemarketing from MBNA or affiliates ? Is this standard terms and conditions for a credit card ?

i've had nothing but good experience with mbna and this card. i applied for it online, i got a phone call (which i missed) so i called back said i was approved and sent me the card. all within 2 weeks or so. pretty pleased. and as for the income line… they ask for total household income.. i dont make a lot of money… but with the entire household being higher they didnt have any complaints.

Hi,

I'm from BC and i'm going to turn 19 (Legal age) in a few weeks so I want to be able to get a credit card asap to build my credit score. I've done a lot of research and found this to be the best credit card to get on the market. Would I be able to get it right away or do I need to build my credit score up first?

Peter said:

It really depends on your spending level and there is no simple calculation because of a few variables.

However, here's a starting point. Assuming that 1) there are no recurring payments on your credit card; and 2) you would be maxing out the $600 in grocery and gas payments each month:

MNBA: 7200 * .03 + (x – 7200) * .01 = Scotiabank: x * 0.02 – 39

216 + .01x – 72 = .02x – 39

183 = .01x

x = 18,300

This means that if you spend over $18,300 annually in groceries and gas, then Scotiabank is better. Anything less than that in such purchases means that MBNA is better. This threshold is lower if you have recurring payments.

This is not entirely true. I spend $1200 per month on food and gas. $400 per month on recurring bills and about $1000 on everything else.

MBNA: $600x.03 = $18.00 $2000 x .01 = $20 for the remainder = $38.00/month

Scotiabank $1600 x .02 = $32.00 for food, gas and recurring
$1000 x .01 = $10.00 for everything else = $42.00/month

Bob said:

Ken: I believe MBNA's Smart Cash card requires cardholders to have a certain income threshold. You should check if you meet this before applying.

Hey thanks for the response,

I checked the income threshold for the total household income and I definitely meet it. Is there anything else I need to be warry off? I'm new to credit cards so i'm not very informed

Hi guys; I have a PC Master card that I don't use any more, and I just heard about Smart MBNA Master card with 5% cash back for the first 6 mts, etc. Can anyone tell me if I can switch my PC Master card for MBNA Smart Cash MAster Card? They're both 'MAster Card', but from other companies. Thanks;