If you’re looking for a credit card that combines low interest rates with a variety of benefits, the MBNA True Line® Mastercard® might just be what you need. With no annual fee and a competitive interest rate, it’s designed to help Canadians manage their finances more effectively. Whether you’re transferring balances or making everyday purchases, this card offers valuable features that make it a smart financial tool.

With a 0% promotional interest rate on balance transfers for the first 12 months, the MBNA True Line® Mastercard® makes it easier to save on interest payments. Keep reading to explore its key features, how it works, and the advantages that could make it the right fit for your needs.

Key features of the MBNA True Line® Mastercard®

How does the annual fee work?

The MBNA True Line® Mastercard® stands out for its no annual fee feature, which is becoming increasingly rare for many credit cards. This means you don’t have to worry about extra charges simply for owning the card, making it an excellent option for those who want to minimize costs. This is an important factor to consider, as it helps keep your overall spending in check while still offering a range of valuable benefits.

How is the credit limit determined?

The credit limit for the MBNA True Line® Mastercard® is determined based on a variety of factors, including your credit score, income, and financial history. As with most conventional credit cards, MBNA evaluates your ability to repay debt before deciding on the credit limit.

In contrast, for prepaid cards, the customer has direct control over the limit, which is determined by the amount they load onto the card. However, in the case of a traditional credit card like the MBNA True Line®, it’s important to note that the financial institution makes the final decision.

Advantages of the MBNA True Line® Mastercard®

When it comes to credit cards, the MBNA True Line® Mastercard® brings a variety of advantages that can help improve your financial flexibility. Here are some of the top benefits:

• No Annual Fee: This makes the card a cost-effective option for anyone looking to avoid extra charges.
• 0% Interest on Balance Transfers: For the first 12 months, you can transfer balances and pay them off with 0% interest, making it easier to consolidate debt.
• Low Purchase Interest Rates: At just 12.99%, the interest rate on purchases is competitive, saving you money over time.
• Flexible Payment Plans: Pay for large purchases in installments, with three different terms to choose from (6, 12, or 18 months).
• Security and Privacy Protections: MBNA provides a range of security features, such as fraud protection and data encryption.

The standout advantage: 0% interest on balance transfers

One of the most attractive features of the MBNA True Line® Mastercard® is its 0% interest on balance transfers for the first 12 months. If you have existing credit card debt or loans with high-interest rates, transferring the balance to this card can save you a significant amount in interest payments. This offer can help you pay off your debt faster, without the additional burden of high rates, making it a great financial tool for those looking to regain control over their finances.

Disadvantages

While the MBNA True Line® Mastercard® has many appealing features, there are a few disadvantages to consider. Here are some to keep in mind:

• High Cash Advance Interest Rates: The interest rate on cash advances is higher at 24.99%, which is something to be cautious about if you plan to use this feature.
• Balance Transfer Offer Has a Time Limit: The 0% interest rate on balance transfers only lasts for the first 12 months, after which the standard interest rate will apply.
• Limited Benefits for Everyday Purchases: While it has a low interest rate on purchases, the MBNA True Line® Mastercard® doesn’t offer the same level of rewards or cash-back opportunities as other cards in the market.

The standout disadvantage: High cash advance interest rates

One of the most significant drawbacks of the MBNA True Line® Mastercard® is its high cash advance interest rate of 24.99%. If you’re considering using your credit card for cash advances, this rate can quickly add up and lead to costly fees. It’s important to only use this feature in case of emergencies, as the interest can become a burden if not repaid promptly.

Who can apply for the MBNA True Line® Mastercard®?

To apply for the MBNA True Line® Mastercard®, you must meet certain eligibility requirements:

• Canadian Resident: You must be a resident of Canada.
• Age Requirement: You must be of the age of majority in your province or territory.
• Good Credit History: Your credit history will be reviewed to determine your eligibility.
• Income Verification: You’ll need to provide proof of income during the application process.
• No Negative Credit History: If you have a negative credit history, your chances of approval may be lower, although this depends on the specific situation.

How to apply for the MBNA True Line® Mastercard®

Applying for the MBNA True Line® Mastercard® is a straightforward process. You can submit your application online, through the mobile app, or in person.

Online application

To apply online, visit the MBNA website, fill out the application form, and submit the required documentation. It’s a quick and secure way to get started.

Mobile app application

You can also apply for the card through the MBNA mobile app, which makes the process even more convenient. Simply download the app, follow the instructions, and complete the application from your phone.

In-Person application

If you prefer, you can apply in person at an MBNA branch or partner location. This option gives you the chance to speak with a representative and get assistance with your application. By following these steps, you can easily apply for the MBNA True Line® Mastercard® and take advantage of its low interest rates and valuable features. Whether you apply online, through the app, or in person, the process is designed to be simple and convenient for all Canadians.