The popular MBNA Smart Cash has added an annual fee. It may still say MasterCard on the MBNA website, but most people should have been converted to a Visa by now.
This is an unfortunate turn of events and it will probably discourage new applicants from signing up. As a result, I will also be taking this card off my top cash back cards list.
As for existing cardholders, if you did not receive a letter in the mail stating that an annual fee is being implemented, then you should be grandfathered (i.e. business as usual, your previous terms and conditions still apply to you).
Going forward, below are the highlights of the MBNA Smart Cash:
- $39 annual fee
- Earn 5% cash back (on the first 6 months) on gas and grocery purchases on $400 worth of monthly (calendar month) purchases
- Earn 2% cash back (after the first 6 months) on gas and grocery purchases on $400 worth of monthly (calendar month) purchases
- Earn 1% cash back for all other purchases on $1,250 worth of monthly (calendar month) purchases