When MBNA recently decided to stop taking applications for their Platinum Plus Mastercard, many customers were disappointed since it was one of the best low-interest balance transfer credit cards in Canada. However, it didn’t take MBNA long to come out with two replacement cards as they revamped their True Line cards with an interest rate of zero per cent for balance transfers in the first six months.
If you’re looking to consolidate and reduce your debt, then the MBNA True Line® Mastercard® and MBNA True Line® Gold Mastercard® credit cards are worth considering, as they offer some of the lowest interest rates on the market.
Sign Up Bonus and Earning Rate: N/A
Since this is a low interest credit card, you don’t earn any points or cash back. That being said, if your goal is to reduce debt, these cards are excellent choices.
The MBNA True Line® Mastercard® has no annual fee, but after the introduction interest rate of zero per cent ends after six months, your interest rate climbs to 12.99 per cent for balance transfers and purchases.
On the other hand, MBNA True Line® Gold Mastercard® holders pay an annual fee of $39, but your purchase and balance transfer interest rate is lower – 8.99 per cent for balance transfers and purchases when the introduction interest rate of zero per cent ends after the first six months of cardmembership.
Balance Transfer Feature: Great
The MBNA True Line® Mastercard® and MBNA True Line® Gold Mastercard® are designed as low-interest balance transfer cards, and they don’t disappoint.
With both cards, balance transfers completed in the first 90 days of cardmembership come with an interest rate of zero per cent for the first six months.
As mentioned, the interest rate goes up to 8.99 per cent and 12.99 per cent respectively for the MBNA True Line® Mastercard® and MBNA True Line® Gold Mastercard® when the introductory rate ends, but it’s worth noting that those rates are considerably lower than the average interest rate of 19.99 per cent that most credit cards charge.
A one per cent fee applies to the amount being transferred with a minimum fee of $7.50, but even with this charge, you’ll still likely end up paying much less in interest than you would with a credit card that has a standard balance transfer interest rate.
Since the MBNA True Line® Mastercard®s are meant to be balance transfer credit cards, the benefits included are limited, but average compared to similar credit cards.
You’ll get around-the-clock fraud protection which means MBNA will alert you if they detect any suspicious activity so you can investigate right away.
There’s also 24/7 customer service available via phone and email which is great since some credit card companies only offer customer service on weekdays at certain hours.
Both credit cards do not come with any travel or consumer insurance, so keep that in mind if having a comprehensive insurance package is important to you before applying for the card.
If your goal is to reduce your debt, then the MBNA True Line® Mastercard®s are a great way to help you reduce the amount of interest you pay.