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Email this6:00 pm
Most companies add 2.5% to the exchange rate when you use a Canadian Credit card for foreign purchases. Find a Canadian company that issues US credit cards. Not worth paying any fee for this service. The only issuer I know is BMO USD MasterCard with no fee.
That's ok if you have some kind of USD income. But, if you occasionally shop in the states, a USD credit card will need to be paid in USD and there is always a 2.5% bank fee for conversion. Unless of course you have that fee waived in some sort of bank plan.
For most people, it's more convenient to buy on a Canadian credit card and have the exchange done that way.
6:39 pm
I just called and was told that as of about a month ago this card is no longer available. The rep I was talking to said she also tried to get it but wasn't able to because she missed the cut off as well. . .
6:47 pm
December 12, 2008
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What I suggest is signing up online using the Code I posted to the OP. If you happen to receive a different card in the mail (as this has been the case with a few people), you call back in, and ask them to convert it to Smart Cash Card.
If the rep says no, tell them you wish to cancel. The rep will then transfer you to retentions and the rep will most certainly allow you to convert it to Smart Cash.
djino
"Goodluck"
8:48 pm
djino, This time I called the number provided on the online application page (1-877-428-6060), gave them the code and it worked. Thanks for the info!
5:31 pm
I called 1-888-877-6262, hit 0....Customer rep said that I can not transfer my active card (travel rewards) to a Smart cash...I asked to cancel the account, got transfered to a Retension rep, he did it for me immediately. Balance transfer, suplementary card and all. It took all in all under 10 minutes.
5:33 pm
December 12, 2008
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Dan said:
I called 1-888-877-6262, hit 0....Customer rep said that I can not transfer my active card (travel rewards) to a Smart cash...I asked to cancel the account, got transfered to a Retension rep, he did it for me immediately. Balance transfer, suplementary card and all. It took all in all under 10 minutes.
Great stuff. I knew that would work as its been working for everyone else I've spoken too.
djino
"Welcome to Smart Cash! :lol:"
6:12 pm
Hi,
I called in today (April 28, 2010) Card is still available use the Promo Code Dijino posted, you should be good to go.
7-10 days..we'll see.
6:13 pm
I called today too 1-877-428-6060 as a new customer and was told promo code CHSS expired. New promo code is CHSF. Thanks for this great thread!
6:28 pm
December 12, 2008
Offline
Thanks. Updated the OP with the new promo code
djino
3:46 am
Great info everyone!
I tried both codes online and both are working. I did notice the CHSF promo code has a 1.99% promotional introductory rate while the CHSS promo code does not.
11:28 am
December 12, 2008
Offline
@Ken,
Regardless of which one, you DO NOT want to take advantage of their Balance Transfer promo (this is what the 1.99% introductory rate implies). Or if you do take advantage of it, then you do not want to use the same account to make purchase transactions.
WHY?
If say you were to perform a balance transfer of $5000 at the 1.99% rate. And then continued to use the card for purchase items. Any payments you make towards the account will go towards paying off the item that has the lowest interest rate (ie the $5000), leaving your purchase transactions to incur the regular 19.9% rate until you've completely paid off the $5000.
And if you decided to wait until you've paid of the $5000 before you used the card for purchase items, then you are giving up the 6 month period of 5% cashback on gas/grocery transactions.
So don't be fooled by their introductory offers, use another account for it. Keep purchase transactions and Balance Transfer transactions on separate accounts.
djino
5:21 pm
Worked for me - transferred my existing MBNA card to a Smart Cash one but ONLY after I told them I wanted to cancel my account!
Great tips - thank you!
11:06 pm
May 7, 2010
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You might think most people don't carry outstanding balances because your sample here of the little survey you would get by asking to the people here: "Do you carry a balance?" would probably give you a 95% no proportion. That's why we are here, on these forums. Because we care about finances, placements and rewards so we won't spit on our rewards by handing it back under interests on balances at the end of the month.
But from population-based statistics over a real population-wide survey, I heard the number of consumers who always kept a balance was around 60 to 70%. I couldn't believe it from what I had seen all my life about how my mom and my sister took care of their finances I thought everybody was doing so. However, when I started working at McDonald's when I was 17, I swear, EVERY EMPLOYEE OF MY AGE (about 20) had depts and loaded Studen Visa card. They had no money in their bank accounts and were waiting for their paychecks to spend for clothes, drugs, alcohol, etc... I, on my side, kept my $20,000 5 years GIC secret and shat my mouth. My brother would be in the depts if my mom wasn't taking care of his budget and finances. His ex-wife was strongly in the depts, his last 2 girlfriends from last 2 years were too. The husband of my sister has his Mastercard and Visa cards loaded and couldn't even get to pay the interest rates each month before he started going out with my sister.
FIANANCIAL INSTITUTION EARN BILLIONS IN INTERESTS PER YEAR. They handout back million? Dozen of millions at the most?
VERY TRUE AND NICELY WRITTEN.
7:48 pm
Hello friends,
I have mbna premium rewards card. I tried twice and called MBNA but they say it's not possible. However, I didn't dare to say I want to cancel it. What is your suggestion?
thanks
5:22 pm
December 12, 2008
Offline
Say you want to cancel.
djino
4:44 am
Got my card today with the 5% cash back promotion for 6 months.
Thank you so much for all the great tips.
9:16 pm
No need to bluff about cancelling your card anymore.
The MBNA Smart Cash card is back on MBNA.ca website with the regular promotion of 5% for grocery and gas for the first 6 statements.
Also 1.99% for balance transfers and cash advances for 10 months.
12:49 am
It looks like they may have already removed that code, but CHSF seems to still works.
11:22 am
December 12, 2008
Offline
Yes you are correct. I was going to come post this the other day, but forgot.
Another thing to note: On April 29th, 2010 MBNA started using another points system (which actually works out in the consumer's favour):
$1.00 Spending (non-gas/grocery) = 1.00 points (=$1 for 1 point)
$1.00 Spending (Gas/Grocery) = 3.00 points (=$1 for 3 points)
$1.00 Spending (Gas/Grocery during 6 month promo) = 5.00 points ($1 for 5 points)
On April 29th, any existing MBNA points you had was converted to the new system. Example: If you had $35.65 on April 29th, then this converted to 3565.00 points.
If one reaches 5000 points when their statement is generated/printed, then you receive $50 Cheque.
How is this better than before?
As you recall When one would spend say $37.65 at a Grocery Store, MBNA would calculate it as follows:
Base = Rounded Down to closest cent ($37.65 * 0.01) = $0.37
Bonus = Rounded Down to closest cent ($37.65 * 0.02) = $0.75
Bonus (6 month promo) = Rounded Down to closest cent ($37.65 * 0.02) = $0.75
TOTAL = $0.37 + $0.75 + $0.75 = $1.87
With this system 99% of the time we are losing cents per transaction due to the rounding down of each category.
With the new system of caculating the $37.65 at a Grocery Store, MBNA would do it as follows:
Base = $37.65 * 1 = 37.65 points
Bonus = $37.65 * 2 = 75.30 points
Bonus (6 month promo) = $37.65 * 2 = 75.30 points
TOTAL = 37.65 + 75.30 + 75.30 = 188.25
That 188.25 points = $1.88 (with a fraction of a cent added). Where as with the old system you'd only be receiving $1.87. Yes its only a penny difference. But think of the amount of transactions you've made before the old system (I signed up in April of 2009).
Now when they say 5%, 3%, 1%, we are getting exactly that with no rounding down of each category).
The only issue I've seen is MBNA not properly converting what you had before April 29th, to the new system (for some people). So go back to this date, and see if MBNA converted this correctly.
djino
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