Capital One Aspire Cash World MasterCard Review

The Capital One Aspire Cash World MasterCard was introduced back in August 2011 as a premium cash back rewards card with an annual fee of $120.  I was just sent some new information from Capital One Canada on an exciting change to this card, which makes it one of the top cash back credit cards in Canada.

New Capital One Aspire Cash World MasterCard

The new Aspire Cash World MasterCard is now available and Capital One is now offering this product with no annual fee.  Cardholders will still receive the same World MasterCard benefits as before, including travel medical insurance.

Other changes to the Capital One Aspire Cash World MasterCard include:

  • Earn 1% in cash rewards on all purchases (previously 1.5% cash rewards)
  • Anniversary bonus of 50% extra cash rewards every year (previously 20% extra cash rewards)
  • $100 bonus cash reward on their first purchase (no change)

The 50% anniversary cash rewards bonus is based on the amount of cash rewards earned that year on total net purchases.  For example, if you earned $300 in cash back rewards, you will receive an additional $150 on your membership anniversary date.

There is still no limit on the amount of cash a cardholder can earn.  Just like with the Capital One Aspire Travel World MasterCard, you can redeem as often as you want with no minimum or maximum amount.

How Much Cash Back Can I Earn?

The Capital One Aspire Cash World MasterCard is a good choice for people who make over $70,000 in annual income, spend at least $2,000 per month on their credit card and pay off their balance in full each month.

I spend approximately $2,600 each month on my credit card.  Here’s what my potential cash rebate will be from the Capital One Aspire Cash World MasterCard in the first year:

  • First purchase bonus – $100
  • 1% cash rewards on all net purchases – $312
  • 50% anniversary bonus – $156

Total cash rebate in the first year = $568

After the first year, the cash back rewards fall to $468 per year.

Compare that to the cash back rewards earned from the no fee MBNA Smart Cash MasterCard in the first year and beyond:

  • 5% rebate on gas and groceries for the first 6 months – $120
  • 2% rebate on gas and groceries thereafter – $48
  • 1% rebate on all additional purchases – $102

Total cash rebate in first year = $270

After the first year, the cash back rewards fall to $198 per year.

Final Thoughts

When you take all of these changes into account (no annual fee, 50% extra cash rewards, World MasterCard benefits, no restrictions on earning and redeeming cash rewards) it looks like the Aspire Cash World MasterCard is the new king in the category of best cash back rewards credit card (no annual fee).

With Capital One, I also like that you can redeem your cash back rewards by cheque or statement credit, with no minimum.  The MBNA Smart Cash MasterCard only sends cheques once you reach the $50 minimum threshold.

I am definitely considering switching to the new Capital One Aspire Cash World MasterCard.  The travel benefits alone make switching cards worthwhile, and now with no annual fee and the best cash back rewards in their category, this card looks like a winner.

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