Comments on: MBNA Smart Cash Credit Card – The New Cash Back King?

By: Mike

Mike — Wed, 18 Nov 2009 05:00:37 +0000

RamL,

I did call them and that is the answer I got, but after reading the terms and conditions I’m not satisfied what what they told me.

I think this is what they should be doing:
Lets say the item is $8.32, then 5% cash back is calculated like this:

8.32 * 0.01 = 0.0832
8.32 * 0.02 = 0.1664
8.32 * 0.02 = 0.1664

Add the total up (up to 2 decimal places) (0.08+0.16+0.16) = $0.4

But I’m getting even less than that, so I think it’s time to call them again.

Thanks,

Mike.

So now the grand total cash back should I get is $1.68.

Where did my 9 cents go??

Mike.

By: RamL

RamL — Tue, 17 Nov 2009 02:18:34 +0000

Mike, I do not think your interpretation is accurate. According to you, we should be getting only 4.384% cashback not 5%. I calculate my MBNA dollars every month and my final number has never exceeded more than 10 to 15 cents (per month) than what they give. So I recommend you double-check your cash back calculations. I have seen some people have reported that they get less cash back and their problems appeared to have been solved by a phone call. I read this on RFD forum.

By: Agaver

Agaver — Mon, 16 Nov 2009 22:21:20 +0000

Frugal trader, sorry for the delay this is my experience so far… 1st week of october I got my statement, and I had accumulated my first 50 dollars. To my surprise the check had not been sent with the statement… so I called them up right away :) . They told me I should get it the week after. I finally got it by the end of the 3rd week of october. This month I should be getting my second check. I guess I’ll have to call them up again… but let’s see :) I promise I’ll post again :).
Mike I know what you mean… but… compared to my other credit cards this is the only one it actually sent me a 50$ check! I couldn’t be happier for now! ;)
Thanks to million dollar journey!

By: Anis

Anis — Mon, 16 Nov 2009 17:26:36 +0000

What is considered retail purchases when it comes to recurring monthly bills and charges?

I am thinking household bills (phone, internet, cable, power bills) but also insurance coverage payments…
Do these count?

By: Mike

Mike — Mon, 16 Nov 2009 17:10:25 +0000

Careful. You don’t actually get 5% back for the first 6 months and you don’t get 3% back after that.

For the gas and groceries purchases first they give you 1% off, then they subtract that amount from the total, then they give you 2% the remaining amount and subtract that amount from your remaining total, then the give you 2% the remaining total. That does NOT = 5%. To make matters worse they calculate the cash back separately for each purchase by rounding down. They are very tricky and because of this you are loosing a huge percentage of your cash back each month. It’s borderline false advertising.

I wonder if anyone has actually done these calculations.

By: PK

PK — Sun, 04 Oct 2009 23:53:42 +0000

How long do you people think this Smart Cash Credit Card promotion will be going on?

By: Peter B

Peter B — Sun, 04 Oct 2009 20:00:36 +0000

Just called a CSR and I cannot switch my card from the World Points Platinum Plus to the Smart Cash Card without losing all my points. He suggested that I apply for the new card online then consolidate my account.

So going to redeem my points now, and after I get my rewards, call and close my account. When you do it this way they can offer you the Smart Cash Credit Card without having to apply online :-)

By: FrugalTrader

FrugalTrader — Mon, 28 Sep 2009 12:22:08 +0000

agaver, from what i’ve heard, customers are getting their first $50 cheque, but subsequent cheques are being delayed. Keep us up to date on the issue.

By: agaver

agaver — Sun, 27 Sep 2009 23:12:52 +0000

I should be getting my first 50 dollars by the end of this cycle.. will provide details later.

By: FrugalTrader

FrugalTrader — Sun, 27 Sep 2009 22:32:09 +0000

Great to see it online! I assume that it’s good to go again. However, users are still having trouble getting their cash back.. stay tuned.

By: Jordan

Jordan — Sun, 27 Sep 2009 22:22:46 +0000

Thought I’d make my first post here:

http://www.mbna.ca/smartcash_cardList.html

The card is listed on the website. Looks to me that it is once again available. Still a good card?

By: S Kiegerl

S Kiegerl — Fri, 18 Sep 2009 20:12:10 +0000

I just tried to get one too, and was told they are no longer available.

By: FrugalTrader

FrugalTrader — Fri, 11 Sep 2009 12:28:03 +0000

Renaud, how do you know this?

By: Renaud

Renaud — Fri, 11 Sep 2009 12:24:54 +0000

This card is no longer available.

By: kuku

kuku — Fri, 24 Jul 2009 17:36:40 +0000

I called the #, got english menu and pressed 1 – to apply for a new card,
the csr was very nice and was speaking from Ottawa. my application
‘auto approved’ on the spot.

By: Mike

Mike — Thu, 23 Jul 2009 00:37:23 +0000

I had a deactivated MBNA account since I had a univ credit card a long time ago, so I was able to use that to get a Smart Cash card, but before that I tried to contact the french CSRs and when I tried the Smart Cash priority code or subsequently I spoke english I got immediately disconnected.

Is it possible they’re onto us? It was the evening so its possible it was a skeleton crew? Not trying to discourage but wanted to mention! GL!

By: sneeker

sneeker — Mon, 20 Jul 2009 19:03:10 +0000

Got my card! Yay!

thanks so much to the peeps here at milliondollarjourney. i would have never known this card existed. love the site and hope to share a successful retirement story in the future.

By: Henry

Henry — Mon, 20 Jul 2009 18:54:29 +0000

agaver: There seems to be some confusing about the 1% cashback on other purchases. Some people on redflagdeals said that they did not get 1% cashback on dentist visit, online purchase, recurring charges, etc. CSRs at MNBA tell you different things.

At this moment, you might consider not using Smart Cash Mastercard on items that may be interpreted as non-retail purchases. If there has been charges made already on Smart Cash Mastercard, try to argue for 1% cash back.

By: agaver

agaver — Thu, 09 Jul 2009 20:40:53 +0000

Hi can someone provide some feedback about the 1% cashback on everything else? I’m reading my Terms and Conditions paper that I’ve received with the card and it says “d) Every one hundred dollars ($100) in Net Purchase other than Gas and Groceries Purchases shall earn one (1) MBNA dollar.”
Then on the welcome letter it says:
“Purchase means the use of your card or Account number to buy or lease good or services”
If I understand correctly telephone and internet charges should be considered services and therefore MBNA should honor the 1% cashback.
Can anyone provide any information regarding this?
Thanks a lot.

By: agaver

agaver — Wed, 08 Jul 2009 01:15:37 +0000

Hi again,
Just got my smart cash card.. today.
Will start using right away! :)
Have a good one!