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MBNA True Line Mastercard Review 2022

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.

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.

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 15% cash back on up to $1,000 in spending in the first 2 months ($150 value).

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 December 2022

Get one of the best rewards credit cards in Canada ($450 bonus)

Earn up to 6 points per $1 spent on everyday purchases.

Get up to a $450 welcome bonus and $850 value in the first year.

Comprehensive travel insurance benefits, perks and no FX fees.

The annual fee is waived in the first year.

Get up to 5% cashback and grow your savings ($20 bonus)

Free prepaid reloadable Mastercard plus a $20 welcome bonus.

Free budgeting app with automatic savings features.

Increase your credit score with optional credit building add-on.

Earn up to 1.50% interest on your entire balance.*

The Neo Card pays up to 5% cash back at thousands of retailers

Get a $25 bonus when you are approved for the Card.

Earn up to 5% unlimited cash back at 8,000+ participating stores.

No annual account fees.

Guaranteed instant approval credit card.

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Author

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

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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  • No monthly fees.
  • Get up to 5% cash back on purchases.
  • $20 welcome bonus.
  • Earn interest on your balance.*
*Limited time offer. Terms and conditions apply.
Best No Annual Fee Prepaid Cash Back Card
Best No Annual Fee Prepaid Cash Back Card
No monthly fees. Get up to 5% cash back on purchases. $20 welcome bonus.
*Limited time offer. Terms and conditions apply.
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