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

If you’re currently carrying a balance on your credit card, forget about the best travel credit cards in Canada. Instead, you should apply for a low interest, balance transfer credit card.

As the name implies, these credit cards allow you to transfer over an existing balance from your other credit cards. By doing this, you end up paying less interest which means more money in your pocket.

Recently MBNA discontinued their Platinum Plus card but revamped their MBNA True Line Mastercard and MBNA True Line Gold Mastercard. The cards are similar, but offer some small differences to help you reduce your debt. Read my MBNA True Line Mastercard review now and find out why it’s one of the best balance transfer credit cards in Canada.

MBNA True Line Mastercard review

MBNA True Line Mastercard benefits

  • No annual fee
  • 12.99% interest rate on purchases and balance transfers
  • 24.99% interest rate on cash advances

MBNA True Line Gold Mastercard benefits

  • $39 annual fee
  • 8.99% interest rate on purchases and balance transfers
  • 24.99% interest rate on cash advances
  • Purchase assurance
  • Extended warranty
  • Discounts as Avis and Budget locations

As you can see, the differences between the MBNA True Line Mastercard and the MBNA True Line Gold Mastercard pretty minimal. The Gold version has an annual fee of $39, but the interest rate is just 8.99%.

Both MBNA credit cards have a 3% balance transfer fee with a minimum charge of $7.50. You also need to complete any balance transfer within 90 days of applying for the card.

If you need to do a cash advance, you’ll pay 24.99% immediately, so it’s best to avoid this if you can.

Both cards are excellent if you’re trying to reduce your debt. The $39 fee with the MBNA True Line Gold Mastercard is worth paying if you end up paying less interest overall thanks to the 8.99% interest rate after the promotional period ends.

How the MBNA True Line Mastercard compares to others

The low interest, balance transfer credit card space is tight and the MBNA credit cards face some stiff competition.

The American Express Essential card has no annual fee and a 12.99% interest rate on purchases which is the same as the MBNA True Line card.

The one advantage of the MBNA True Line Mastercard is that it’s a Mastercard and is more widely accepted compared to American Express cards.

Final thoughts

My MBNA True Line Mastercard review is positive. Both the MBNA True Line Mastercard and MBNA True Line Gold Mastercard offer low interest rates and a balance transfer option that will help you reduce your debt.

MBNA True Line Mastercard Review
Avatar

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 The Cost of Travel

Subscribe now to get your FREE eBook and learn how to see the world without spending a fortune