The MBNA True Line Mastercard is the perfect option for anyone looking for a credit card with no annual fee and competitive interest rates. With one of the greatest balance transfers offers available, owning this card is a good way to stay ahead of any credit card balance you may be carrying. If you owe money on your credit cards, it’s a good idea to read this review of the MBNA True Line MasterCard to learn more about the fundamentals, including its qualities, benefits, and drawbacks.

What is the MBNA True Line MasterCard?

The MBNA True Line Mastercard is one of Canada’s greatest no-fee credit cards. MBNA is a division of Toronto-Dominion Bank, one of Canada’s largest financial organizations. This card comes with competitive rates, if you happen to occasionally carry a balance from month to month, you’ll at least be able to keep interest rates at a modest level thanks to its normal purchase interest rate of 12.99%, which is almost half of what most credit cards charge.

There are no rewards associated with the MBNA True Line Mastercard. However, that is not the card’s intended use. You can reduce your credit card interest costs with this card. Transferring an outstanding balance from another credit card to this one will allow you to immediately begin saving on interest. With the card’s balance transfer deal, which offers 0% APR for 12 months, your outstanding balances on other credit cards can be managed.

How does its balance transfer work?

The balance transfer incentive offered by the MBNA True Line® Mastercard is probably it’s best-selling factor for people trying to pay off credit card debt. Any balance transfer that is finished within 90 days of opening the account will have a special annual interest rate of 0% for new cards for a period of 12 months.

After a year, the promotional rate expires and the interest rate rises to the still-reasonably-low ordinary balance transfer rate of 12.99%. The transfer’s 12.99% interest rate will apply to any balance that is left over. It’s important to keep in mind that if you don’t make the minimum payment, the promotional balance transfer rate will expire on the first day of the second statement month, and your 0% interest rate will increase to the standard 12.99%.

Additionally, you should be aware that using the balance transfer promotion is not free. For each balance transfer you make, a transaction fee of 3% of the total amount will be applied to your account. As long as you make an effort to reduce your balance, the 3% transaction charge won’t matter given the amount you’ll save.

The MBNA True Line® Mastercard’s 12-month promotional period of 0% interest is one of the longest available in Canada, and it surely attracts attention. Its balance transfer fee, however, is also among the highest among low-rate credit cards, and despite being a one-time fee, it can still add up to a sizable up-front expense.

Prior to choosing to transfer a debt to your MBNA True Line Mastercard®, it’s important to consider the cost of that fee in comparison to the interest you would have to pay if you didn’t transfer it to your MBNA True Line mastercard. When submitting your application, you should ask to transfer your balance. There is a part on the application labeled “Transfer to Credit Card.” After choosing that, enter all the information from your other credit cards.

Keep in mind that the total balance you’re attempting to transfer cannot go beyond the predetermined credit limit. Also, you can contact MBNA after receiving your card if you need to make any more balance transfers because you have 90 days to complete any balance transfers you have in order to be eligible for the promotional rate. The fact that the MBNA True Line® Mastercard® has no annual fees in spite of its balance transfer promotion and low purchase interest rate is arguably its most attractive feature.

The card’s cash advance interest rate, which is a rather high 24.99%, is regrettably excessive. Avoid making cash advances with the card whenever possible— In general, using credit cards is not recommended because interest begins to accrue right away. There are also 2.5% foreign transaction fees and a $29 cost for every statement month you go above your credit limit.

Pros

The welcoming offer is excellent: 0% APR is offered for 12 months (with a 3% fee). There are no annual fees or requirements for a minimum income. For all new purchases made with the card, the regular interest rate is low at 12.99%. Additional benefits include fraud protection and a discount on car rentals. There is no additional annual price for adding up to 9 authorized users.

Cons

It gives no rewards – This card doesn’t offer cash back or points. The balance transfer charge of 3% is quite hefty. No other benefits – Other than savings on car rentals, you receive no extra advantages. When a payment is late, the interest rate on transferred balances rises to 12.99%. No insurance coverage is provided. The interest rate on cash advances is extremely high, at 24.99%.

Eligibility

Applicants for the MBNA True Line® Mastercard® must: Be a citizen of Canada. Have attained the province’s or territory’s legal majority age. Have a credit rating that falls between fair and good. There is no requirement for a minimum income. Unfortunately, Quebec residents are not eligible for the balance transfer promotion offer.

FAQs

What is the MBNA TrueLine Mastercard’s balance transfer promotion? With one of the greatest balance transfer deals in Canada, the MBNA True Line Mastercard is a great option. For a full year, you’ll receive a low rate of 0%, which is a fantastic opportunity to reduce your credit card interest costs.

Is it possible to transfer funds from my MBNA credit card to my bank account? You are allowed to make as many transfers as you want, as long as they don’t total more than 93% of your credit limit, including your current account amount. Also, one transfer of the same amount to or from a single account is permitted once every fourteen days due to security concerns.

Conclusion

The MBNA True Line Mastercard offers a competitive purchase APR of 12.99% and a decent balance transfer promotion with one of the longest promotion terms (12 months) in the nation. However, the 3% balance transfer fee can build up over time and significantly reduces the amount of money you would be able to save. 

Even though the cards have a shorter interest-free or low-interest period, it may be wise for some people to consider them first if they can pay off the transferred balance within the promotional period. With this card, you won’t receive any extra perks like trip insurance or purchase protection. Quebec residents are ineligible for this card and a high credit score is also required.