New MBNA Futura Card

[halflife150]

Came across this card while paying my bill.

https://wwwa.applyonlinenow.com/CACCapp/Ctl/entry?sc=bvkm&lc=en_CA

MBNA Futura Card
Up to 2% towards Futura Rewards which can be redeemed for payments towards retirement, school loans, education funds, and charity. Max reward is $750. No fee.

Since it says "up to" it means the rate is tiered, but I don't know how badly tiered it is. If it is tiered like the Gold Amex card then I would say this is a pretty good card assuming you regularly contribute to an RRSP, RESP, have school loans, and/or give to charity.

[dmxlite]

There's a link to https://www.futurarewards.ca/ for more info, but the site is down... now I'm kind of interested in it....

[halflife150]

There's a link to https://www.futurarewards.ca/ for more info, but the site is down... now I'm kind of interested in it....

Doesn't provide any info regarding the cc, just on the program. You would have to call to find out the tiers on the card because that would decide if the cc is good or not.

[dmxlite]

Doesn't provide any info regarding the cc, just on the program. You would have to call to find out the tiers on the card because that would decide if the cc is good or not.

Just letting people know what the program is.

BTW, the site is up now.

It looks like GCR and DG, etc.: Spend money, get certain amount cash back.

What's interesting is, it seems like spending on the CC will be changed into reward points. This raises the question of double dipping (use link on futurareward's website + pay with this CC), and as you mentioned, tiers.

[Bravoxena]

Has anyone gotten any further information on this card?
I'll too lazy to call! lol

[Code of Conduct]

0.5% on $1 - $5K
1.0% on $5K - $15K
1.5% on $15K - $30K
2.0% on $30K - $50K

up to a maximum of $750/year

http://findarticles.com/p/articles/mi_pwwi/is_200708/ai_n19487507

[Drew_W]

Marginally better than the CIBC Dividend Platinum.

[halflife150]

Marginally better than the CIBC Dividend Platinum.

Except MBNA isn't completely cash back, only can be used towards savings, student debt, resp, or charity. So slightly more restrictive.

[Code of Conduct]

Except MBNA isn't completely cash back, only can be used towards savings, student debt, resp, or charity. So slightly more restrictive.

This is where I got a little lost while reading the literature. Hopefully you (or anyone) can clarify. The website mentions sending you a cheque. Is there actually anything that stops you from cashing that cheque and just using the money? Or is this just a cashback card with a new angle of saving towards something.

[Bravoxena]

I have no idea, but it's possible that they have some way of getting proof that you've put the money where they want it put.

I don't think I want to bother with this card right now.

[Thalo]

I have no idea, but it's possible that they have some way of getting proof that you've put the money where they want it put.

I don't think I want to bother with this card right now.

It could be they require your RRSP info and send your cheque directly to your financial institution, or something like that.

From what I read, it seems the card only gets points while using it in specific stores. Or does it also get cash back when used anywhere?

[halflife150]

This is where I got a little lost while reading the literature. Hopefully you (or anyone) can clarify. The website mentions sending you a cheque. Is there actually anything that stops you from cashing that cheque and just using the money? Or is this just a cashback card with a new angle of saving towards something.

I did call a CSR awhile back and she said you can deposit it into your bank account and use for anything. Warning, this is from a CSR, so I took it with a grain of salt. CSR's are so unreliable. Best to google this program and find a group of people who participate in this program and know for sure.

I also looked at their financial statements, they lose millions of dollars every year for a company that has revenue of about half a million dollars. They also have a massive increasing deficit which is completely funded by equity, but people will only buy so much of a losing company. It has lasted for several years but I don't see how it can continue to function like this in the future.

So given the above 2 things, I decided to skip this program.

[conscious_karma]

This is where I got a little lost while reading the literature. Hopefully you (or anyone) can clarify. The website mentions sending you a cheque. Is there actually anything that stops you from cashing that cheque and just using the money? Or is this just a cashback card with a new angle of saving towards something.

This is a totally different card. MBNA has the futura card for student loans etc and a Premier Rewards 1% cash back card that is straight cash (platinum benefits included) and yes you can get a cheque, or just a credit on your account- its your choice.

[Code of Conduct]

This is a totally different card. MBNA has the futura card for student loans etc and a Premier Rewards 1% cash back card that is straight cash (platinum benefits included) and yes you can get a cheque, or just a credit on your account- its your choice.

I wasn't referring to the Premier Rewards card. I was referring to the Futura card. If you go through the Futura card website literature, you'll notice they mention cheques and only infer that you can use the cheque to pay for school, rrsp, etc.