I found out today that Capital One has discontinued its Aspire Cash World MasterCard. The cash back credit card was one of the best on the market and offered customers 1 percent back on all spending, plus an additional 0.5 percent cash back bonus on your card anniversary.
Capital One pulls Aspire Cash World card
Capital One wouldn’t say why it pulled the card; just that the company regularly reviews its cards and sometimes makes changes to what is being offered.
This is a big disappointment for fans of cash back rewards. Since Capital One updated this card and removed the annual fee it had surpassed MBNA’s Smart Cash card as the top no-fee cash back credit card in Canada.
Company spokesperson Laurel Ostfield said existing Capital One Aspire Cash World cardholders will continue to get the same rewards as before, but that the card is no longer available to new applicants.
Capital One has been offering MasterCard’s in Canada since 1996 and its flagship card is the Capital One Aspire Travel World MasterCard, which is the top travel rewards card in the country according to several rewards blogs (like this one) and magazines like MoneySense.
Solid cash back cards have taken a back seat to more lucrative travel rewards cards in recent years. Last year, MBNA reduced the cash back rewards offered on its popular Smart Cash card. Now with Capital One shutting down its Aspire Cash World MasterCard, the choices are dwindling even further.
Capital One continues to offer the Aspire Cash Platinum MasterCard, a slightly watered-down version of the Aspire card that offers 1 percent back on all your spending, plus an additional 0.25% cash back each year.
This change further cements the case for Scotia’s Momentum Visa Infinite to claim the crown as cash back king in Canada.