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MBNA True Line Mastercard Review 2024

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The MBNA True Line Mastercard doubles up as one of the best balance transfer credit cards in Canada, as well as a low-interest rate card.

If you are looking for a 0% balance transfer card in Canada, you’d be hard-pressed to find any. That said, the MBNA True Line Mastercard offers a promotional 0% interest rate on balance transfers for the first 12 months.

Compared to the 19.99% or more charged by the average card on the market, the MBNA True Line Mastercard also has a standard 12.99% annual interest rate on purchases.

This MBNA True Line Mastercard review covers how it works and compares it to its $39 annual fee counterpart, the MBNA True Line Gold Mastercard.

MBNA True Line Mastercard

MBNA True Line Mastercard Benefits

1. No annual fee: This card has a $0 annual fee. You can also add up to nine authorized users for free.

2. 0% balance transfer promo. Pay 0% interest for 12 months on balance transfers completed within 90 days of opening your account.

3. 12.99% standard purchase rate. Compared to the 19.99% charged by many other cards, the MBNA True Line can save you money in interest fees. Note that cash advances cost 24.99%.

4. Enjoy discounts on car rentals at participating Avis Rent A Car and Budget Rent A Car locations.

This card is easy to apply for as long as you are a Canadian resident and have reached the age of the majority in your province.

MBNA True Line vs. MBNA True Line Gold Mastercard

The MBNA True Line Gold Mastercard is another card on my list of the best balance transfer cards in Canada. 

For a $39 annual fee, it offers an industry-low annual purchase interest rate of 8.99% and a balance transfer rate of 8.99%.

In addition, you also enjoy:

  • Purchase assurance for 90 days
  • Extended warranty for up to 1 extra year
  • Car rental discounts

When you compare both cards side by side, the MBNA True Line Gold charges $39 in exchange for a purchase and balance transfer rate that is 4% lower (8.99% vs. 12.99%).

It also offers basic insurance coverage to protect your purchases. For more details, check out my MBNA True Line Gold Mastercard review.

MBNA True Line Mastercard vs Scotiabank Value Visa Card

For a comparative low-interest credit card, check out the Scotiabank Value Visa Card with its 0% promo balance transfer and standard 12.99% purchase APR.

Scotiabank Value Visa Card

Rewards: Save up to 25% off car rental rates at AVIS and Budget car rental locations.

Welcome offer: 0% balance transfer for 10 months; the annual fee is waived in the first year.

Interest rates: 12.99% on purchases and cash advances.

Annual fee: $29

MBNA True Line Mastercard vs Tangerine Money-Back Credit Card

You can also consider a no-fee credit card like the Tangerine Money-Back Credit Card, which offers a 1.95% balance transfer rate for 6 months (a 1% transfer fee applies).

Tangerine Money-Back Credit Card

Rewards: Earn up to 2% unlimited cash back in up to 3 spending categories and 0.50% on all other purchases.

Welcome offer: Get an extra 10% cash back on up to $1,000 in spending in the first 2 months ($100 value); 1.95% balance transfer rate for 6 months.

Interest rates: 19.95% for purchases, balance transfers, and cash advances.

Annual fee: $0

Conclusion

If you are looking for a credit card that cuts your interest fees so you can pay off your credit card debt, the MBNA True Line Mastercard works well.

Make sure to make the minimum payments at the very least every month.

A 3% balance transfer fee (minimum of $7.50) applies to each balance transfer transaction.

Related:

Best Credit Offers in July 2024

Get the top savings and spending account and stop paying costly bank fees ($20 Bonus)

Save on fees and access unlimited transactions, eTransfers & bill payments.

Get a $20 instant bonus after completing your first purchase.

Earn up to 5% unlimited cash back and up to 5% interest on your balance.

Guaranteed instant approval with any credit score + free budgeting app.

Earn a non-promotional 5.00% interest on your savings account

One of Canada's top high-interest savings accounts with up to 5%.

Free access to a hybrid account with unlimited transactions & e-transfers.

Access to a prepaid card that pays 0.50% cashback on all purchases.

No monthly or annual fees.

Stop paying monthly fees with a free chequing account + $400 bonus

Get a $400 cash bonus when you set up a qualifying direct deposit.

Unlimited debits, online bill payments and Interac e-Transfer transactions.

No monthly or annual account fees.

Earn a high interest rate on your savings (5.90% interest rate offer).

Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

About Savvy New Canadians

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