MBNA True Line Mastercard Review

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by Enoch Omololu

Updated

Advertiser Disclosure

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 review of the card covers what you need to know and how the MBNA True Line compares 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 account 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

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.

Bottomline

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.

Apply for the MBNA True Line Mastercard.

Related posts:

Best Credit Offers this month

One of the best no-fee credit cards in Canada.

Get 2% unlimited cash back on up to 3 purchase categories.

Get 0.5% unlimited cash back on all other purchases.

Get 15% bonus cash back in first 2 months ($150 value).

1.95% balance transfer offer for 6 months.

Free prepaid reloadable Visa card.

Access to a portion of your paycheque 3 days early.

Free budgeting app with automatic savings features.

Credit building available with a subscription.

1.20% savings interest on every dollar balance.*

Get the best rates from multiple lenders.

Borrow up to $50,000 regardless of your credit score.

Pre-approvals available in as fast as 5 minutes.

Low interest rates starting at 9.9% (or 1.90% for auto loans).

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Author

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Enoch Omololu

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 has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. His writing has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, Credit Canada, MSN Money, National Post, CIBC, and many other personal finance publications.

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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