MBNA True Line® Mastercard® credit card

Card Features

  • Standard Annual Interest Rates of 12.99% on eligible purchases, 12.99% on balance transfers✪and access cheques, and 24.99% on cash advances
  • No annual fee
  • You could get a 0% promotional annual interest rate (“AIR”)† for 6 months on balance transfers✪ completed within 90 days of account opening, with a fee of 1% of the amount advanced (minimum fee of $7.50). Limited time offer, apply online by December 31, 2018.
  • Around-the-clock fraud protection
  • Access to 24/7 customer service
  • Immediate cash access at over 1 million ATMs internationally
  • Legal disclosures

† Promotional Rates: Balance Transfers: 0%

This Promotional Rate applies to any balance transfers made within 90 days of your account opening (each, an “eligible transaction”) and will remain in effect for 6 Statement Periods from the transaction date of each eligible transaction. The Promotional Rate will increase and the remaining balance of the eligible transaction will become subject to the Standard Rate for balance transfers either: (1) on the first day of the first Statement Period that occurs after the expiry of the Promotional Rate; or (2) on the first day of the second Statement Period following any late Minimum Payment.

Standard Rates: Purchases: 12.99%
Balance transfers and access cheques: 12.99%
Cash advances: 24.99%

Default Rates: If your Minimum Payment is late twice within any [12] consecutive Statement Periods (the "change event"), the Standard Rate(s) that apply to your account at that time will increase to the following new Standard Rate(s): Purchases: 19.99% Balance transfers and access cheques: 21.99% Cash advances: 24.99%

The new Standard Rate(s) will apply on the first day of the second Statement Period following the change event. If you then pay each Minimum Payment on time for [12] consecutive Statement Periods ("cure period"), the new Standard Rate(s) will decrease to the Standard Rate(s) that applied on your account at the time of the change event. Such rates will apply on the first day of the first Statement Period that occurs after the cure period.

✪ Balance transfers will be fulfilled in the order listed and are treated as balance transfers in accordance with your Account Agreement. The total value of balance transfers cannot exceed your authorized credit limit. If the value is greater, MBNA may send a partial payment to the named creditor/designated account. THERE WILL BE A TRANSACTION FEE EQUAL TO 1.00% OF THE DOLLAR AMOUNT OF EACH BALANCE TRANSFER INITIATED WITH THIS APPLICATION. A MINIMUM FEE OF $7.50 WILL APPLY TO EACH BALANCE TRANSFER TRANSACTION. A balance transfer may not be used to pay off or down your account balance or any other balances with us (including our affiliates, which would include any member of the TD Bank Group). The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank.

Interest Rates

Purchase APR: 12.99%

Balance Transfer APR: 12.99%

Cash Advance APR: 24.99%

Annual Fee

$0

Pros

  • 0% on balance transfers offer
  • No annual fee
  • Low rate on purchases

Cons

  • No rewards

Bonus Offer

None

Introductory Rates

0% on balance transfers for 6 billing cycles

Reward Earnings Rate

None

Additional Details

Grace Period: 21 Days

Fees

Balance Transfer Fee: 1% of amount advanced (minimum fee $7.50)

CreditCardsCanada.ca Review

This “no frills” credit card was designed for one thing – saving on interest payments. If you need to lower your interest payments and pay down your credit card debt, then a low interest rate is a great option. Whether you’re looking to finance a large purchase, or pay down debt with a balance transfer, this card is a great choice.

Here’s how a balance transfer works; By moving the outstanding balance on your existing credit card to a new credit card with a lower interest rate, you will save money on interest payments. The process is simple and is handled by the bank. You just need to provide some details about your account and the new credit card company takes care of the rest.

The MBNA True Line® Mastercard® comes with an excellent 0% promotional interest rate on balance transfers for the first 6 months. That means 100% of your monthly payments will go towards paying down your balance!

There is a 1% fee of the amount transferred, but that is competitive with other cards. There is no annual fee with the True Line® card.

For people carrying monthly credit card debt, low interest rates, or a balance transfer can be the answer to help reduce that debt. If this sounds like you, choose a card with a low promo rate like the MBNA True Line® Mastercard®.