The MBNA True Line® Mastercard® is an ideal fit for those who want a no annual fee credit card that comes with competitive interest rates. Its standard purchase interest rate of 12.99% is about half of what most credit cards charge, so if you happen to periodically carry a balance from month to month you’ll at least be able to keep interest charges at a manageable level. Furthermore, the card’s balance transfer promotion of 0% for 12 months (a 3% transfer fee applies) can help you get any outstanding balances you have with other credit cards under control.

Pros and cons



  • Solid welcome offer: 12 months of 0% APR† on balance transfers✪ made within the first 90 days (3% transfer fee applies)

  • No annual fee or minimum income requirement

  • Low standard interest rate of 12.99% for all new purchases charged to the card

  • Some extra perks like fraud protection and a discount on car rentals



  • 3% balance transfer fee is comparatively high

  • Very high cash advance interest rate of 24.99%

  • No insurance benefits

  • Can’t transfer a balance owed to either MBNA or TD

Balance transfer promotion

The MBNA True Line® Mastercard’s balance transfer promotion will likely be its biggest selling point for those looking to reduce their credit card debt. New cardholders can enjoy a 0% promotional annual interest rate (a 3% transfer fee applies) for 12 months on any balance transfer completed within 90 days of opening the account. After 12 months the promotional rate ends and the interest rate increases to the standard balance transfer rate of 12.99%, which is still relatively low. Any balance still remaining from the transfer will be subject to the 12.99% rate. It’s important to note that if you miss a minimum payment, the promotional balance transfer rate will end on the first day of the second statement period and your 0% interest rate will jump to the regular 12.99%.

It’s also important to be aware that taking advantage of the balance transfer promotion is not free. You will be charged a transaction fee of 3% (minimum $7.50) of the dollar amount of each balance transfer that you initiate.

The 0% interest is certainly eye catching, and the MBNA True Line® Mastercard’s promotion length of 12 months is among the longest offered in Canada. But its balance transfer fee is also one of the highest among low interest credit cards, and though it’s a one-time fee it can nonetheless amount to a significant upfront cost. For example, if you were to transfer a balance of $5,000, you would pay a fee of $150. Before deciding to transfer a balance, it’s crucial to weigh the cost of that fee against the interest you would pay if you elected not to transfer the balance to your MBNA True Line® Mastercard®.

Fees and interest rates

Perhaps the most impressive aspect of the MBNA True Line® Mastercard® is that, despite its balance transfer promo and low purchase interest rate, the card doesn’t charge an annual fee.

Unfortunately, the card’s cash advance interest rate is a relatively high 24.99%, so it’s best to avoid using the card for cash advances (which are generally not advised with credit cards anyway, since interest starts accruing immediately). Other fees to be aware of are a 2.5% foreign transaction fee and a $29 fee for any statement period when you go over the credit limit.

Perks and features

Aforementioned welcome offer and regular interest rates aside, other perks and features of the MBNA True Line® Mastercard® include:

  • Add up to nine authorized users with no additional annual fee
  • Save a minimum 10% off base rental car rates in Canada and the U.S., and a minimum of 5% off base rental rates internationally on eligible car rentals at participating Avis and Budget locations
  • Cardholders can use available credit on their credit card to transfer funds directly to their chequing account. Interest rates will apply.
  • Around-the-clock fraud protection

How to apply

You’ll need to provide personal details like your date of birth and your contact and employment information.

If you want to take advantage of the balance transfer promotion you will need to include additional details like the payee name and account number from the credit card balance you want to be transferred. When you apply, there’s a section on the application called “Transfer to Credit Card” that allows you to move balances from up to three other credit cards onto your MBNA True Line® Mastercard®.

Note that if your requested balance transfers exceed your approved credit limit, balance transfer requests will be fulfilled in the order that you list them on the application form and any transfers that will exceed your credit limit will be automatically cancelled. You must complete the balance transfer transactions within 90 days of opening your account for them to be eligible for the welcome offer of 0% interest for 12 months. Any balance transfers made after the promotional period will be subject to the standard 12.99% rate.

Who is eligible?

To be eligible for the MBNA True Line® Mastercard® you must be a Canadian resident and have reached the age of majority in your province or territory. Furthermore, you should have a credit score in the range of fair to good. There is no minimum income requirement. Unfortunately, the balance transfer promotion offer is not available for residents of Quebec.

How it compares

Annual fees
$29 (First year annual fee rebate)
Regular interest rates
12.99% for purchases; 12.99% on balance transfers; 24.99% for cash advances
13.99% Purchase Annual Interest Rate; 13.99% Cash Advance Annual Interest Rate; 13.99% Balance Transfer Annual Interest Rate
12.99% for purchases, (12.99%) on balance transfers, and 12.99% on cash advances
Balance transfer promotion
0% intereston balance transfers for 12 months + 3% transfer fee (min. $7.50)
0% interest on balance transfers for 10 months + 1% transfer fee
0% introductory interest rate on Cash Advances, including Balance Transfers, for the first 6 months (12.99% after that; annual fee $29).¹ Plus no annual fee in the first year.¹ Offer ends October 31, 2023.
Up to 10% discount on Avis Rent A Car and Budget Rent A Car
$100,000 Common Carrier Accident Insurance
Discount of up to 25% off base rates at participating AVIS and Budget locations in Canada and the U.S

Two Canadian credit cards that are worthy competitors of the MBNA True Line® Mastercard® are the CIBC Select Visa* Card and the Scotiabank Value® Visa* Card.

The CIBC Select Visa* Card features a low Purchase Annual Interest Rate 13.99%, which is a percent higher than the MBNA True Line® Mastercard®. However, unlike the MBNA True Line® Mastercard®, the CIBC Select Visa* Card offers this low 13.99% Cash Advance Annual Interest Rate as well, compared to MBNA’s sky-high rate of 24.99%. The CIBC Select Visa* Card also features a balance transfer promotion of 0% interest for up to 10 months with a 1% transfer fee. The 1% fee is a better bargain than the MBNA True Line® Mastercard®’s 3% fee, however, the CIBC Select Visa* Card only lets you transfer up to 50% of your credit limit, whereas the MBNA True Line® Mastercard® allows you to transfer up to your full authorized credit limit. And unlike the MBNA True Line® Mastercard®, the CIBC Select Visa* Card does charge an annual fee of $29 (though it’s rebated for the first year).

 Terms and Conditions apply

Quebec Residents – Learn More about this CIBC product here

Résidents du Québec : Pour en savoir plus sur ce produit CIBC, suivez ce lien

Similar to the MBNA True Line® Mastercard®, the Scotiabank Value® Visa* Card also has a low purchase interest rate of 12.99%, however, unlike the MBNA True Line® Mastercard®, the rate on cash advances is also low at 12.99% (which is almost 50% lower than what the MBNA True Line® Mastercard® charges).

The Scotiabank Value® Visa* Card also features a balance transfer promotion: 0% introductory interest rate on Cash Advances, including Balance Transfers, for the first 6 months (12.99% after that; annual fee $29).¹ Plus no annual fee in the first year.¹ Offer ends October 31, 2023.

While the interest rate and length of the promotion is not as good as MBNA True Line® Mastercard®’s 0%† interest rate (with 3% transfer fee) for 12 months, the Scotiabank Value® Visa* Card charges a lower balance transfer fee (1% ) on balance transfers transferred during the promotional period. So, when considering what card works best for you, you’ll need to figure out whether or not you can pay down your entire balance transfer amount in 6 months and whether the 0% interest rate will end up costing you less than a 3%, one-time transfer fee. You’ll also need to take into account the Scotiabank Value® Visa* Card’s annual fee of $29.

¹ Conditions Apply. Visit here for the Scotiabank Value® Visa* Card to learn more.

Final word

If you’re looking for a low interest credit card, the MBNA True Line® Mastercard® offers a low purchase APR of 12.99%, as well as a good balance transfer promo with one of the longest promotion lengths (12 months) in the country. However, the 3% balance transfer fee can add up and definitely detracts from the money you could save by doing a balance transfer. For some people, it might be wise to first consider other balance transfer credit cards that feature a lower upfront transfer fee, even if the cards have a shorter interest free/low interest period, provided you can pay off the transferred balance within the promotional window. If you can’t pay off your balance during a short promo period, however, the MBNA True Line® Mastercard’s 12 months of 0%† might be worth the 3% transfer fee. Finally, the card may also be a smart pick for those who don’t need a balance transfer promotion but just want a card with a low purchase interest rate and no annual fee.

†, ✪, Terms and Conditions apply.

This offer is not available for residents of Quebec. 

Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the “Apply Now” button

The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank. ®MBNA and other-trademarks are the property of The Toronto-Dominion Bank.

About our author

Sandra MacGregor
Sandra MacGregor, Freelance Contributor

Sandra MacGregor has been writing about finance and travel for nearly a decade. Her work has appeared in a variety of publications like the New York Times, the UK Telegraph, the Washington Post, and the Toronto Star. She spends her free time travelling, and has lived around the globe, including in Paris, South Korea and Cape Town.


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