MBNA True Line® Mastercard® Credit Card Review
Ranking
8.6/10
With no annual fee, 0% on balance transfers for the first 12 months, and a low interest rate on purchases, the MBNA True Line® Mastercard® is a boon for credit-conscious consumers. Find out what makes it one of the best low interest credit cards in Canada.
Best for:
- No annual fee
- Low annual interest rate on purchases
- Balance transfer intro rate
About the MBNA True Line® Mastercard® credit card
If you’re looking to stay true to your budget and keep your bottom line in check, it’s worth taking a look at the MBNA True Line® Mastercard® credit card. This relative newbie to Canada’s credit card landscape offers attractive features like an ultra-low annual interest rate on purchases and no annual fee. Plus, there’s a 12 months introductory interest rate of 0% on balance transfers. While some Canadians were disappointed when MBNA decided to discontinue its popular Platinum Plus card, the MBNA True Line® Mastercard® credit card appears to be a winning replacement.
The MBNA True Line® Mastercard® Credit Card: At a Glance Annual Fee: $0 Qualifying Income: None Recommended Credit Score: Fair to Good Annual Interest Rate on Purchases: 12.99% Interest on Balance Transfers & Access Cheques: 12.99% Interest on Cash Advances: 24.99%
*This offer is not available for residents of Quebec.
Card Features & Benefits
This card has a lot going for it. Check out some of the selling features:
- $0 annual fee
- A low 12.99% standard annual interest rate on purchases
- 0% interest on balance transfers for the first 12 months and a low 12.99% interest rate on balance transfers after that
- 12.99% interest rate on access cheques
Other Perks
Other card features include:
- 24/7 customer services like emergency card replacement
- Trip Assistance, which offers lost document and ticket replacement support, lost luggage assistance and pre-trip information
- Zero liability if your card is subject to unauthorized use
- Save a minimum of 10% with Avis Rent A Car and Budget Rent A Car on qualifying car rentals when you charge the full value of your rental vehicle to your MBNA True Line® Mastercard® credit card.
- Add up to 9 authorized users without any additional annual fees
Pros and Cons
For those looking to reduce their debt load, MBNA True Line® Mastercard® credit card is a great option. It comes with a very low standard annual interest rate on purchases of 12.99% — that’s one of the lowest in Canada. It’s appealing for cardholders who might carry a balance, especially since this card doesn’t charge an annual fee, and interest on balance transfers is 0% during the first 12 months.
On the downside, just be aware that the interest rate on cash advances is a whopping 24.99%. Also, this card doesn’t offer any rewards or points-earning potential. If that’s a deal breaker, look into getting one of the best travel rewards credit cards in Canada or one of the best cash back credit cards in Canada instead.
Pros
- No annual fee
- Low annual interest rate on purchases
- 10% discount on eligible car rentals at AVIS and Budget
Cons
- No rewards
- Limited perks
The Verdict: Should You Get the MBNA True Line® Mastercard® credit card?
This card is ideal for anyone who tends to carry a credit balance. The low 12.99% interest rate on purchases and 12.99% on balance transfers gives you flexibility should you need to carry a balance, as well as breathing room to pay off your credit card debt. With no annual fee, signing up for the MBNA True Line® Mastercard® credit card is a no brainer. Just use it wisely and don’t accrue any unmanageable debt.
*This offer is not available for residents of Quebec.