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MBNA's Smart Cash Card - BEST CASHBACK CREDIT CARD EVER!!!
May 30, 2009
3:23 pm
Jacks
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For the student cards, do you need proof of being one to be accepted?

Since I live at home and pay rent, should I bang up the household income to encompass my parents earnings?

Or the shoppers optimum card doesn't say anything about a min income (on the first page). Could that work?

May 30, 2009
8:38 pm
Corvillus
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Well, I don't know if this is standard policy, but for me they didn't bother asking for any student identification whatsoever.

June 2, 2009
9:49 am
Max
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Same for me. I applied online to the StudentAwards Mastercard and I have received it this morning. They didn't need a proof when I applied online, they just asked my school name, my programm but they never asked me to send a proof.

Right now I'm waiting on the line to speak to a rep of MBNA Canada and they seem to be "getting an unused volume of calls" that could explain their low speed to respond.

IU'm on the line right now, I'll see if they can transfer my card to the other one.

The day you become free is the day you work for fun.

June 2, 2009
10:05 am
Max
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Ok here's the summary of my conversation with the rep who seemed really competent. Maybe because I asked for a srvice in french they haven't transfered me to they Indian customer service branch so the guy was better informed about the card.

So I just asked if I could transfer the StudenAward card I had just received to a SmartCash credit card. He responded that he couldn't do that without looking at my credit report so I would have to hold on the line. He got back to me 5 minutes later telling me I had to destroy my StudentAward card I had just received and I that I will receive my new SmartCash card with no annual fee, 5% cashback on the first 6 months and 3% for the following months over groceries and gas. He jst needed my conscent that I was authorizing them to close my currency account of my StudentAwar credit card and that I am willing to open another account for the MBNA SmartCash credit card. Of course he got my authorization.

That was simple and easy.

My credit limit will probably still be only of 1500$ but with my annual income of 14,000$ this year and with the fact I have been using my own L'EARN Visa credit card for 9 months now and have always paid my bills completly before the due date and also the fack I'm olding a coinjoint account with Mastercard Ultramar from Bational Bank, I had a 1 year credit history that looked trustable enough for a SmartCash conversion.

Good thing because I will stop working on the 1st of August for 2 years because I'm getting into my clerkship and will be "working" at the hospital 80 hours per week with no salary. So I don't think I could have ever applied to that credit card from the month of August when I won't be making a salary anymore. That was just the right time to apply.

Now that I got the best reward credit card on the market, I will never have to dream about better rewards each time I'm in a store waiting at the cash to sign my name on the invoice.

YEEPEE!!!!

The day you become free is the day you work for fun.

June 2, 2009
4:31 pm
djino
Ottawa (Gatineau, Qc Area)
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Great Stuff. Glad it worked out for you.

Though I'm not sure why they said they'd need to do another credit hit when you were not applying for new credit. I would have spoken to another rep if that rep insisted this needed to be done.

But anyways, it worked. Time for you to start spending Cash Money πŸ™‚

djino

June 2, 2009
7:11 pm
Max
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djino said:

Great Stuff. Glad it worked out for you.


Though I'm not sure why they said they'd need to do another credit hit when you were not applying for new credit. I would have spoken to another rep if that rep insisted this needed to be done.


But anyways, it worked. Time for you to start spending Cash Money )


djino


I do not actually think they did another credit hit. Logically, where I work we keep the credit files when we open new accounts for new customers and we can just go through the files without pinging Equi Fax over and over again.

Do you think they do not keep the records and would do another credit hit over a new account opened within 1 week?

Max

The day you become free is the day you work for fun.

June 3, 2009
7:32 am
djino
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For that reason alone I doubt any company would require another credit hit when one was pulled so soon (As there wouldnt much change on the report in that short a time)

And with MBNA, I know for a fact they do not need to pull another report when you are NOT applying for new credit.

When my only MBNA account was their Platinum Prestige Line. I asked them to move part of my credit available from this account to create the following accounts (not at the sametime though)

1) MBNA's 0% AIR for 15 Months Offer
2) MBNA's 1.99% Life of Balance Offer
3) and MBNA's Smart Cash Card.

I have all 4 of these accounts and only got the hit for the first account since I was never applying for more credit.

djino

June 5, 2009
3:11 pm
Cartoonchicken
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hello djino,

I'm just wondering where could you find a list of the store included in MCC 5411?
I've been looking for a while and was unsuccessful. πŸ™

(Trying to see if some of the stores that are not in your list are included, eg. London Drugs, Safeway, Walmart etc.)

June 6, 2009
2:30 pm
lily
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Are you sure the MBNA is better that the Scotibank Momentum. I just looked at the Scotibank site and the Momentum pays 2% on 25000 annually. The MBNA card pays 3% on a maximum of 600$ monthly, that's only $7200. If you do the math, the Momentum pays more cashback. It also includes recurring payments, so I'm hoping that would include my rogers bill and hydro.

June 6, 2009
2:42 pm
Peter
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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.

June 8, 2009
8:41 am
Max
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Wow Peter I love that math.

Just clear and simple.

You found the treshold so easily.

This proves I did the right choice with the MBNA SmartCash

The day you become free is the day you work for fun.

June 10, 2009
10:03 am
djino
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hey Cartoonchicken,

Although Stores like Wal-mart have a Grocery department/section, it is not considered by Mastercard to be a Grocery Store, so you will only get 1% there and at stores a-like.

What I've done though is buy Gift Certificates for these types of stores at Grocery stores. Example: Old Navy is currently having a 50% off all Mens-Wear. Purchases at Old Navy would be 1%, but I stopped at Metro (Grocery Store) and picked up $100 in Gift Cards for Old Navy (which I'll get $5 back from -- the 5%) and used it to shop at Old Navy.

Most Gas/Grocery store sell gift cards for other stores, its your best alternative to getting 5% back almost everything.

djino
"Goodluck"

June 10, 2009
10:13 am
djino
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Hi lily,

True its a maximum of $600/monthly to get the 5%/3%. But do you regularly spend more than $600 monthly on Gas/Groceries?

Granted if you do, then there is no stopping anyone from using another card to maximize their cashback/rewards (if it provides more than 1%) along with the Smart Cash Card.

I'm sure you could get the best return by using Smart Cash Card for the first $600 on gas/grocery within the month and use the 2% Scotia Visa if you go above the $600 mark and for anything non-gas/groceries as well.

The reason why I'm not gonna apply for the 2% Scotia Visa is I dont think it would be worth it considering the annual fee and I believe you also do not get the cashback until the end of the year (where the Smart Cash Card you get it once you reach $50 in cashback).

djino
"But to each his own"

June 10, 2009
6:46 pm
James
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Great replies on this thread. Brilliant quick math by Peter (is there anything he CAN'T do?). And djino, great idea about using gift cards to get the 5% cash back (this could add up if you're making large department store purchases).

June 11, 2009
8:15 pm
Max
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Yeah really good idea on the gift certificates at groceries and gas stations.

If only they sold eBay gift certificates in groceries or Gas stations here in Quebec, that's where I virtually spend all my money when I have to buy stuff for 50% cheaper than in store.

The day you become free is the day you work for fun.

June 12, 2009
12:22 pm
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djino said:

For that reason alone I doubt any company would require another credit hit when one was pulled so soon (As there wouldnt much change on the report in that short a time)

And with MBNA, I know for a fact they do not need to pull another report when you are NOT applying for new credit.

When my only MBNA account was their Platinum Prestige Line. I asked them to move part of my credit available from this account to create the following accounts (not at the sametime though)

1) MBNA's 0% AIR for 15 Months Offer
2) MBNA's 1.99% Life of Balance Offer
3) and MBNA's Smart Cash Card.

I have all 4 of these accounts and only got the hit for the first account since I was never applying for more credit.

djino

<hr

Please tell me more about # 1 abd 2 from your list above. Are they still available?

June 12, 2009
1:32 pm
djino
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MBNA's 0% AIR for 15 Months

IS THIS STILL AVAILABLE?

Answer: Yes and No. This offer has been out since Early 2007 and lately its been harder to obtain. Though I think its easier to get it for 12 months now.

SO WHAT ARE THE DETAILS OF THIS ACCOUNT?

Answer: This will give you 0% on either 12 months or 15 months for any BALANCE TRANSFERS created. Balance Transfers are transfers made by MBNA to another credit card or another bank account. It can also be made by them sending you Access Cheques which you can use to deposit/pay to anything/anyone. NOTE: Any another type of transactions on this account (Purchases/Cash Advances) will get the 17.99%+ AIR towards them. Any payments made to the account will go towards paying off the 0% Balances leaving the purcahses/Cash Advances to carry interest.

ARE THERE ANY HIDDEN FEES?

Answer: No, but there is a 1% Balance Transfer fee (well the greater of 1% and $7.50). You also DO NOT want to exceed your credit limit, DO NOT make payments less then your minimum, nor make any late payments as once this occurs, you lose your 0% status, and the entire balance moves up to the 17.99% effective then.

WHAT ARE THE MONTHLY PAYMENTS?

Answer: For most all MBNA accounts, thier minimum payments are always Interest + $10. Though your 1st statement will be "Interest + $10 + 1% Balance Transfer Fee. Example: A Balance Transfer of $10,000 would include a $100 Balance Transfer Fee. Assuming your average daily balance is this $10,100, your 1st Months Minimum payment would be Interest + $10 + BT Fee = $0 + $10 + $100 = $110. Your ongoing monthly minimum payments would be $10 until the promo period is complete (Assuming no other transactions).

HOW DO I APPLY?

Answer: You will not be able to find this account online. Even when you attempt to contact the applications department, they may not find it. What you will need to say is "You found this offer in the mail or a friend of yours told you about it" as they may ask you for an OFFER CODE. Again, you may not get the 15 month offer anymore, be satisfied if they can give you 12 months. You may need to call multiple times before you are successful (I needed to call 3 times myself).

djino
"Goodluck"

June 12, 2009
1:45 pm
djino
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MBNA's 1.99% AIR For the LIFE OF THE BALANCE:

IS THIS STILL AVAILABLE?

Answer: Yes. This promo has been out for about a year now. Although I believe you can apply online ( https://wwwa.applyonlinenow.com/CACCapp/Ctl/entry?sc=cean&lc=en_CA ), I think it maybe best to call and give them promo code CEAN.

SO WHAT ARE THE DETAILS OF THIS ACCOUNT?

Answer: This will give you 1.99% For the Life of the Balance Transfer created WITHIN THE FIRST 90 Days. This means for the LIFE of the Balance - UNTIL ITS PAID OFF. Balance Transfers are transfers made by MBNA to another credit card or another bank account. It can also be made by them sending you Access Cheques which you can use to deposit/pay to anything/anyone. NOTE: Any another type of transactions on this account (Purchases/Cash Advances/Balance Transfers post 90 Days) will get the 17.99%+ AIR towards them. Any payments made to the account will go towards paying off the 1.99% Balances leaving the purcahses/Cash Advances/Post 90 Day BTs to carry interest.

ARE THERE ANY HIDDEN FEES?

Answer: No, but there is a 1% Balance Transfer fee (well the greater of 1% and $7.50). You also DO NOT want to exceed your credit limit, DO NOT make payments less then your minimum, nor make any late payments as once this occurs, you lose your 1.99% status, and the entire balance moves up to the 17.99% effective then.

WHAT ARE THE MONTHLY PAYMENTS?

Answer: For most all MBNA accounts, thier minimum payments are always Interest + $10. Though your 1st statement will be "Interest + $10 + 1% Balance Transfer Fee. Example: A Balance Transfer of $10,000 would include a $100 Balance Transfer Fee. Assuming your average daily balance is this $10,100, your 1st Months Minimum payment would be Rounded Down Interest + $10 + BT Fee = $16 + $10 + $100 = $126. Your ongoing monthly minimum payments would be $26 or less (Assuming no other transactions).

HOW DO I APPLY?

Answer: When you attempt to contact the applications department, they may not find it. What you will need to say is "You found this offer in the mail or a friend of yours told you about it" as they may ask you for an OFFER CODE "CEAN".

djino
"Goodluck"

June 15, 2009
12:58 am
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Hey,
Thanks. I have about 8000 credit card deth with 13 %+ AIR and 5000 bax taxes to pay Quebec gouverment. I want to reduce interest to pay on this. Which of the three options do you recommend or maybe 2 options is the key like you have Dino, the low interest for debt (which one. I think it will take me 2 years to pay back everything) and money back card for every day expenses?

June 15, 2009
11:58 am
PRIME TIME
Guest
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djino said:

MBNA's 0% AIR for 15 Months

IS THIS STILL AVAILABLE?

Answer: Yes and No. This offer has been out since Early 2007 and lately its been harder to obtain. Though I think its easier to get it for 12 months now.

SO WHAT ARE THE DETAILS OF THIS ACCOUNT?

Answer: This will give you 0% on either 12 months or 15 months for any BALANCE TRANSFERS created. Balance Transfers are transfers made by MBNA to another credit card or another bank account. It can also be made by them sending you Access Cheques which you can use to deposit/pay to anything/anyone. NOTE: Any another type of transactions on this account (Purchases/Cash Advances) will get the 17.99%+ AIR towards them. Any payments made to the account will go towards paying off the 0% Balances leaving the purcahses/Cash Advances to carry interest.

ARE THERE ANY HIDDEN FEES?

Answer: No, but there is a 1% Balance Transfer fee (well the greater of 1% and $7.50). You also DO NOT want to exceed your credit limit, DO NOT make payments less then your minimum, nor make any late payments as once this occurs, you lose your 0% status, and the entire balance moves up to the 17.99% effective then.

WHAT ARE THE MONTHLY PAYMENTS?

Answer: For most all MBNA accounts, thier minimum payments are always Interest + $10. Though your 1st statement will be "Interest + $10 + 1% Balance Transfer Fee. Example: A Balance Transfer of $10,000 would include a $100 Balance Transfer Fee. Assuming your average daily balance is this $10,100, your 1st Months Minimum payment would be Interest + $10 + BT Fee = $0 + $10 + $100 = $110. Your ongoing monthly minimum payments would be $10 until the promo period is complete (Assuming no other transactions).

HOW DO I APPLY?

Answer: You will not be able to find this account online. Even when you attempt to contact the applications department, they may not find it. What you will need to say is "You found this offer in the mail or a friend of yours told you about it" as they may ask you for an OFFER CODE. Again, you may not get the 15 month offer anymore, be satisfied if they can give you 12 months. You may need to call multiple times before you are successful (I needed to call 3 times myself).

djino
"Goodluck"


Thanks. What is offer code for this?

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