One of the most important things for many Canadians to look at when trying to choose a credit card is the presence or absence of an annual fee. The MBNA Platinum Plus credit card line is a small but high-value line of no-fee credit cards that most people will find perfectly satisfactory for their credit needs.
For Extra Cash, Try the MBNA Smart Cash Platinum Plus MasterCard
If you’d like to earn some extra cash by using your credit card frequently, the MBNA Smart Cash Platinum Plus MasterCard can help you do that. The first 3 months in which you have this card will be by far your most lucrative, since there is an introductory offer available that allows you to score 5% cash back on gas and groceries up to a limit of $500 in spending each month (or to put it another way, $25 in cash back each month). Once you’ve passed that spending limit, you’ll only receive 0.5% cash back instead, a considerable downgrade. This is the standard rate that you’ll get most of the time after the welcome offer is over, but thankfully, you can still get a bonus rate of 2% cash back on those same grocery and gas purchases for every month thereafter – although the same $500 spend limit will still apply, and you will still be downgraded to the 0.5% rate after that point.
One of the best things about this card is that it gives you extra cash back on some of the most common spending categories around; this generous bonus spread allows most consumers to earn a hefty amount of cash rewards without necessarily having to spend much at all. While your earning ability will plateau eventually over the course of each month and you will start to earn far less than you were originally, you will see a lot of rewards stack up very quickly under this system. That really helps incentivize spending and keep people coming back to use the card regularly.
Get Points Fast With the MBNA Rewards Platinum Plus MasterCard
Although cash back rewards are popular, they’re still not everyone’s cup of tea. In that case, the MBNA Rewards Platinum Plus MasterCard is here to provide something different in this line. You can use the points you earn with this card to get yourself all kinds of different treats, depending on your tastes – you can choose from merchandise, gift cards and even things like charitable donations if they suit you. You can buy all of these things with cash back rewards as well, of course, but often you will be able to acquire for these things at a lesser equivalent price in points than you would pay for them in standard currency.
As for earning these points, the reward rates on this card are very similar to those on the cash back version. You’ll get 2 points per dollar you spend on gas, groceries, and restaurants, allowing you to receive many points while following even the most basic of budgets. This card also caps the amount of spending that is eligible for the boosted rate, but it does it on a yearly instead of monthly basis. You’ll need to get to the point where you’ve spent at least $5,000 in a single calendar year to drop back down to the basic earnings rate of 1 point per dollar spent. That actually works out to a less generous limit than what applies to the cash back card ($500 a month for 12 months comes out to $6,000 in yearly spending), but it does favour you if your spending fluctutes heavily over the year. You still won’t earn as much as you could be earning in your leaner months, but you can make up for it later with greater spending when you do have the cash on hand. You can also get 5,000 points as part of the welcome bonus if you make any purchase with your card in the first 90 days and sign up for paperless billing as well; this early injection of points will allow you to accumulate enough to redeem them for something rather quickly.
The Importance of Good No-Fee Cards
Both of the MBNA Platinum Plus cards are no-fee cards, meaning that they charge no annual fee to cardholders just for having them. This makes them especially important parts of the Canadian credit market. More and more residents are having trouble finding space in their budget for anything besides the bare necessities, and even those must sometimes be cut back on. An annual fee is the only credit card fee that is impossible to avoid if the card you have charges one, so that makes no-fee status a very important stipulation in some people’s credit card search.
If you’re also having your budget stretched very thin from month to month, a credit card can actually help you to manage your cash flow more easily, but you shouldn’t have to pay for that privilege. Either of these free cards could help you out tremendously, and you’ll never pay a dime for either of them. You will be giving up some potential rewards and all chance at additional benefits in exchange, but neither of those things is really worth complaining about. What really matters in your situation is that you minimize the expense of having credit, and that’s what these cards will help you to do. Use them responsibly (in other words, pay off your balance in full every month) and they will never cost you a penny even if you keep them for years.
Choose and Apply For an MBNA Platinum Plus Card
Either of these MBNA Platinum Plus cards is relatively easy to qualify for, and you can find that out for yourself by applying for one through Bonsai Finance. Once you decide to do so, it will take you only a few minutes to accomplish this. There’s no reason to continue going without one of these valuable free credit cards – get started applying right now and you could be earning rewards before you know it.