MBNA True Line Gold Mastercard Review

**This post may contain affiliate links. I may be compensated if you use them.

The MBNA True Line Gold Mastercard is a low interest credit card with limited benefits. This could be a good choice if you typically carry a balance on your credit card. That said, your goal should be to pay off your monthly balance in full to avoid interest charges.

Admittedly, some people will carry a balance, so having a low interest credit card could be beneficial. Read my MBNA True Line Gold Mastercard review now for the full details.

MBNA True Line Gold Mastercard

  • $39 annual fee
  • 8.99% standard interest rate
  • Purchase assurance
  • Extended warranty
  • Save with Avis Rent A Car and Budget Rent A Car

Welcome bonus and earn rate

The MBNA True Line Gold Mastercard has no welcome bonus. However, the card offers a balance transfer option for new applicants (1% fee applies, $7.50 minimum). That’s where you can transfer the balance on an existing card and move it over to your new MBNA card. The advantage is that the MBNA True Line Gold Mastercard has a balance transfer and purchase interest rate of just 8.99%. That’s significantly lower than most other credit cards that typically have an interest rate of 20% – 24%.

When it comes to the earning rate, there is none. This card doesn’t earn any cash back or rewards. It should only be used to help you pay off your debt. Once your debt is cleared, you can switch to a rewards card. On a positive note, the annual fee is just $39.

Benefits and perks 

The MBNA True Line Gold Mastercard has minimal benefits. This shouldn’t be a massive surprise since this is a low interest credit card. As a cardholder, you get the following:

Save with Avis Rent A Car and Budget Rent A Car

When paying with your MBNA True Line Gold Mastercard, you’ll get at least 10% off base rates in Canada and the U.S. and at least 5% off base rates internationally at participating Avis and Budget locations. To take advantage of this deal, you must use promo code #C078405 at the time of reservation with Avis or with #A331704 Budget Rent A Car

Purchase insurance

  • Purchase Assurance – 90 days
  • Extended warranty – Up to one additional year

When you charge the full amount of eligible purchases to your MBNA True Line Gold Mastercard, you’re covered from loss, theft, and damage for 90 days. There’s a lifetime cumulative limit of $60,000 per account. In addition, your manufacturer’s warranty is doubled up to one additional year.

Trip and legal assistance

Cardholders who are travelling and lose any documents or their luggage can contact MBNA to get assistance in replacing their documents and luggage. They can also get pre-trip information and legal assistance. Note that this is just an assistance plan. You’ll be charged for any services that MBNA needs to perform on your behalf.

Mastercard zero liability

If your card is compromised and unauthorized charges are made to your card, the included Mastercard zero liability ensures that you won’t have to pay for these transactions. Reasonable steps still need to be taken to protect the security of your card, but at least this gives you an extra layer of protection.

MBNA True Line Gold Mastercard eligibility

  • You’re a Canadian resident
  • You’re the age of majority in your province or territory of residence

The MBNA True Line Gold Mastercard has no minimum income requirement. In addition, there’s no formal credit score requirement, but I recommend your score be at least 660 before applying.

How the MBNA True Line Gold Mastercard compares to others

Since the MBNA True Line Gold Mastercard is a low interest card and offers a balance transfer, those are the types of cards you want to compare to.

MBNA True Line Gold Mastercard vs. MBNA True Line Mastercard

The MBNA True Line Mastercard is considered the lower tier True Line card, but many argue it’s better than the Gold version. That’s because the MBNA True Line Mastercard typically comes with a balance transfer option with a promotional interest rate of 0% for 10 months. Although a 3% balance transfer fee applies, this incredible interest rate will help many people pay off their debt quicker. The Gold version should be used if you typically carry a balance, while the regular version is best for paying down debt.

MBNA True Line Gold Mastercard vs. TD Low Rate Visa Card

The TD Low Rate Visa Card has an annual fee of $25 and a purchase interest rate of 12.90%. Although the annual fee is lower than the MBNA card, the interest rate is significantly higher. The one advantage that the TD Low Rate Visa Card has over the MBNA card is that it allows you to earn 50% more Stars at participating Starbucks stores. That obviously shouldn’t be a dealbreaker as clearly, the MBNA Card is better for those looking to keep their interest payments down.

MBNA True Line Gold Mastercard vs. Scotiabank Value Visa Card

The Scotiabank Value Visa is another credit card that offers a promotional interest rate of 0% on balance transfers (1% fee applies, $5 minimum). However, once the promotional period ends, your interest rate goes up to 12.99%. In other words, the Scotiabank card is appealing if you need to reduce debt by performing a balance transfer, but the MBNA True Line Gold Mastercard is better if you plan on carrying a balance on your everyday purchases. 

Final thoughts 

It’s time to wrap things up in my MBNA True Line Gold Mastercard review. The card is ideal for people in the following situations:

  • You typically carry a balance – The 8.99% purchase interest rate is one of the lowest rates in Canada for a credit card.
  • You want to reduce debt – Performing a balance transfer so you’re only paying 8.99% interest can help you lower your debt if you focus on paying down your debt.

While this card isn’t bad, it’s only a good fit for those who typically carry a balance on their card each month. That’s because the interest rate charged is much lower than traditional cards. That said, the MBNA True Line Gold Mastercard doesn’t have a promotional interest rate offer or provide any rewards and good benefits. 

About Barry Choi

Barry Choi is a Toronto-based personal finance and travel expert who frequently makes media appearances. His blog Money We Have is one of Canada’s most trusted sources when it comes to money and travel. You can find him on Twitter:@barrychoi

Leave a Comment





Get a FREE copy of Travel Hacking for Lazy People

Subscribe now to get your FREE eBook and learn how to travel in luxury for less