MBNA Smart Cash World Mastercard review
Jun 27, 2025
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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
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
21.99%
Purchase APR
22.99%
Balance transfer APR
22.99%
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.
Important Notice: Effective from the first day of your statement period beginning September 2025 and reflected on your October 2025 statement: Standard Annual Interest Rates of 21.99% on eligible purchases, 22.99% on balance transfers✪, and 22.99% on cash advances
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
- 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
- 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
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
$120
Welcome Bonus
$363
First Year Value
$243
Annual Value
Welcome Bonus: Get $120 with a Money-Back World Mastercard®* when you spend $1,500 in your first 3 months. Expires Jan 30, 2026
Get this card if you...
- want flexible cash back categories
- want great perks like lounge access
- want to avoid paying an annual fee
Annual Fee & Annual Interest Rates
$0
Annual Fee
20.95%
Purchase
22.95%
Cash Advance
22.95%
Balance Transfer
Our Take
The Tangerine® Money-Back World Mastercard®* is a no-annual-fee cash back credit card that allows cardholders to earn a higher cash back rate in two spending categories of their choice, such as groceries, gas, or restaurants, and a lower rate on all other purchases. By opting to deposit cash back rewards into a Tangerine Savings Account, cardholders can select a third higher rate cash back category. Additional benefits include mobile device insurance, access to over one million Wi-Fi hotspots worldwide through Boingo, and Mastercard Travel Pass provided by DragonPass, which offers access to over 1,300 airport lounges globally (though usage fees apply).
Eligibility
Good (620 - 670)
Recommended Credit Score
$60,000
Required Annual Personal Income
$100,000
Required Annual Household Income
Pros
- No annual fee
- Unlimited money-back rewards
- High 2% earn rate
- Exclusive experiences through MasterCard
Cons
- $60,000 minimum income requirement
- Travel insurance would be a welcome addition to the travel-related benefits
Annual Interest Rates
20.95%
Purchase
22.95%
Cash Advance
22.95%
Balance Transfer
1.95%
Balance Transfer (Introductory)
Fees
$0
Annual Fee
2.50%
Foreign Transaction
3.00%
Balance Transfer
$3.5
Cash Advance
$25
Over The Limit Penalty
$25
Return Penalty
Rewards cash back
2%
Earn 2% cash back in two categories of your choice (e.g. groceries, restaurants, gas, entertainment, recurring bill payments and more)
3
Get a Tangerine Savings account and get a 3rd 2% cash back category.
1
Boingo Hotspot membership for Wi-Fi at airports and on planes
1
A DragonPass membership to airport lounges (no passes)
$1000
Mobile device insurance up to $1,0000
$60,000
Purchase assurance and extended warranty protection up to $60,000 lifetime
Insurance Benefits
$1,000
Mobile device insurance amount
$60,000
Rental car insurance amount
Get $120 with a Money-Back World Mastercard®* Spend $1,500 in your first 3 months to enjoy this Bonus.
Also, pay 1.95% interest for 6 months on Balance Transfers† – Transfer any high-interest credit card balances to your Tangerine Credit Card and enjoy a promotional 1.95% interest.
Terms and Conditions Apply.
Our Take
The Tangerine® Money-Back World Mastercard®* is a no-annual-fee cash back credit card that allows cardholders to earn a higher cash back rate in two spending categories of their choice, such as groceries, gas, or restaurants, and a lower rate on all other purchases. By opting to deposit cash back rewards into a Tangerine Savings Account, cardholders can select a third higher rate cash back category. Additional benefits include mobile device insurance, access to over one million Wi-Fi hotspots worldwide through Boingo, and Mastercard Travel Pass provided by DragonPass, which offers access to over 1,300 airport lounges globally (though usage fees apply).
Eligibility
Good (620 - 670)
Recommended Credit Score
$60,000
Required Annual Personal Income
$100,000
Required Annual Household Income
Pros
- No annual fee
- Unlimited money-back rewards
- High 2% earn rate
- Exclusive experiences through MasterCard
Cons
- $60,000 minimum income requirement
- Travel insurance would be a welcome addition to the travel-related benefits
Annual Interest Rates
20.95%
Purchase
22.95%
Cash Advance
22.95%
Balance Transfer
1.95%
Balance Transfer (Introductory)
Fees
$0
Annual Fee
2.50%
Foreign Transaction
3.00%
Balance Transfer
$3.5
Cash Advance
$25
Over The Limit Penalty
$25
Return Penalty
Rewards cash back
2%
Earn 2% cash back in two categories of your choice (e.g. groceries, restaurants, gas, entertainment, recurring bill payments and more)
3
Get a Tangerine Savings account and get a 3rd 2% cash back category.
1
Boingo Hotspot membership for Wi-Fi at airports and on planes
1
A DragonPass membership to airport lounges (no passes)
$1000
Mobile device insurance up to $1,0000
$60,000
Purchase assurance and extended warranty protection up to $60,000 lifetime
Insurance Benefits
$1,000
Mobile device insurance amount
$60,000
Rental car insurance amount
Get $120 with a Money-Back World Mastercard®* Spend $1,500 in your first 3 months to enjoy this Bonus.
Also, pay 1.95% interest for 6 months on Balance Transfers† – Transfer any high-interest credit card balances to your Tangerine Credit Card and enjoy a promotional 1.95% interest.
Terms and Conditions Apply.
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 $650 in value†
Welcome Bonus
$1,220
First Year Value
$570
Annual Value
Welcome Bonus: Get up to $650 in value including $40 cash back each month in your first year. Plus get the $120 annual fee waived in the first year.†
Get this card if you...
- are a high-earner looking to earn cash back
- want great perks like travel insurance and concierge services
- value a great welcome offer
Annual Fee & Annual Interest Rates
$120
Annual Fee
21.99%
Purchase
23.99%
Cash Advance
23.99%
Balance Transfer
Our Take
The BMO CashBack® World Elite®* Mastercard®* is a premium credit card offering elevated cash back rates on categories such as groceries, transit, gas, and recurring bill payments. Cardholders benefit from complimentary roadside assistance, comprehensive insurance coverage, and flexible cash back redemption options, so you can maximize your rewards on everyday spending.
Eligibility
Excellent (740+)
Recommended Credit Score
$80,000
Required Annual Personal Income
$150,000
Required Annual Household Income
Pros
- Valuable sign-up bonus
- High 5% cash back rate on groceries
- Free roadside assistance
- Excellent extended warranty and purchase protection terms
Cons
- Restrictive spending limits for most cash back categories
- Sign-up bonus structure is head-scratchingly complicated
- High minimum income requirements
Annual Interest Rates
21.99%
Purchase
23.99%
Cash Advance
23.99%
Balance Transfer
Fees
$120
Annual Fee
2.50%
Foreign Transaction
Rewards cash back
5%
Groceries: 5% cash back up to $500 spent per month ($25 in cash back)*
4%
Transit: 4% cash back up to $300 spent per month ($12 in cash back)*
3%
Gas: 3% cash back up to $300 spent per month ($9 in cash back)*
2%
Recurring Bills: 2% cash back up to $500 spent per month ($10 in cash back)*
1%
Everything Else: 1% cash back, unlimited*
Insurance Benefits
$2,000,000
Emergency medical insurance amount
$500,000
Travel accident insurance amount
$65,000
Rental car insurance amount
Get up to $650 in value including $40 cash back each month in your first year. Plus get the $120 annual fee waived in the first year.†
Plus, get a 0% introductory interest rate on Balance transfers for 12 months with a 2% transfer fee.*
Also, enjoy six months of Instacart+ and a $10 monthly Instacart credit when you enroll your eligible BMO Credit Card.*
*Terms and Conditions apply,
Our Take
The BMO CashBack® World Elite®* Mastercard®* is a premium credit card offering elevated cash back rates on categories such as groceries, transit, gas, and recurring bill payments. Cardholders benefit from complimentary roadside assistance, comprehensive insurance coverage, and flexible cash back redemption options, so you can maximize your rewards on everyday spending.
Eligibility
Excellent (740+)
Recommended Credit Score
$80,000
Required Annual Personal Income
$150,000
Required Annual Household Income
Pros
- Valuable sign-up bonus
- High 5% cash back rate on groceries
- Free roadside assistance
- Excellent extended warranty and purchase protection terms
Cons
- Restrictive spending limits for most cash back categories
- Sign-up bonus structure is head-scratchingly complicated
- High minimum income requirements
Annual Interest Rates
21.99%
Purchase
23.99%
Cash Advance
23.99%
Balance Transfer
Fees
$120
Annual Fee
2.50%
Foreign Transaction
Rewards cash back
5%
Groceries: 5% cash back up to $500 spent per month ($25 in cash back)*
4%
Transit: 4% cash back up to $300 spent per month ($12 in cash back)*
3%
Gas: 3% cash back up to $300 spent per month ($9 in cash back)*
2%
Recurring Bills: 2% cash back up to $500 spent per month ($10 in cash back)*
1%
Everything Else: 1% cash back, unlimited*
Insurance Benefits
$2,000,000
Emergency medical insurance amount
$500,000
Travel accident insurance amount
$65,000
Rental car insurance amount
Get up to $650 in value including $40 cash back each month in your first year. Plus get the $120 annual fee waived in the first year.†
Plus, get a 0% introductory interest rate on Balance transfers for 12 months with a 2% transfer fee.*
Also, enjoy six months of Instacart+ and a $10 monthly Instacart credit when you enroll your eligible BMO Credit Card.*
*Terms and Conditions apply,
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
Get this card if you...
- already have a savings account with Neo so you can earn more cash back
- are a smart shopper who is good at checking for Neo partners to earn more rewards
- want to avoid paying a high annual fee
Annual Fee & Annual Interest Rates
$0
Annual Fee
19.99% - 29.99%
Purchase
22.99% - 31.99%
Cash Advance
Our Take
The Neo Financial Mastercard is a no-annual-fee credit card that offers cash back rewards on everyday purchases, with higher rates available when shopping at participating partners. Cardholders can redeem cash back at any time without minimum balance requirements, and the card is accessible to Canadians nationwide, including Quebec.
Eligibility
Fair (300 - 619)
Recommended Credit Score
Pros
- No annual fee
- Cash back rewards on purchases
- Even more cash back potential with 10,000 Neo partners
Cons
- Potentially high APR
Annual Interest Rates
19.99% - 29.99%
Purchase
22.99% - 31.99%
Cash Advance
Fees
$0
Annual Fee
Rewards cash back
1%
Earn 1% cashback on gas and groceries.
Up to 15%
Earn up to 15% back at over 10,000 Neo partners across Canada.
Our Take
The Neo Financial Mastercard is a no-annual-fee credit card that offers cash back rewards on everyday purchases, with higher rates available when shopping at participating partners. Cardholders can redeem cash back at any time without minimum balance requirements, and the card is accessible to Canadians nationwide, including Quebec.
Eligibility
Fair (300 - 619)
Recommended Credit Score
Pros
- No annual fee
- Cash back rewards on purchases
- Even more cash back potential with 10,000 Neo partners
Cons
- Potentially high APR
Annual Interest Rates
19.99% - 29.99%
Purchase
22.99% - 31.99%
Cash Advance
Fees
$0
Annual Fee
Rewards cash back
1%
Earn 1% cashback on gas and groceries.
Up to 15%
Earn up to 15% back at over 10,000 Neo partners across Canada.
The Neo Credit Card offers 1% cash back when you shop with their partners and 1% 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
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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†Terms and Conditions apply.