Quick overview

Quick overview of the MBNA True Line® Mastercard®

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.

Who is the card for?

Who is the MBNA True Line® Mastercard® for?

The MBNA True Line® Mastercard® is ideal for those who want a no-annual-fee credit card with competitive interest rates. The card's 12 months without interest on transfers is amongst the longest balance transfer offers in Canada and provides a versatile platform for paying down existing credit card debt and the sort of everyday tools and benefits you'd expect from an MBNA credit card.

Pros and cons

Pros and cons

Pros

Pros

  • 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

Cons

Cons

  • 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

Welcome bonus

MBNA True Line® credit card welcome bonus

The balance transfer promotion offered by the MBNA True Line® Mastercard will likely be its biggest selling point for individuals seeking to reduce their credit card debt. New cardholders can take advantage of a 0% promotional annual interest ratefor 12 months on any balance transfer completed within 90 days of opening the account. Please note that a 3% transfer fee applies. After the 12-month promotional period, the interest rate increases to the standard balance transfer rate of 17.99%, which is still relatively low. Any remaining balance from the transfer will be subject to the 17.99% rate.

It is important to be aware 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 increase to the regular 17.99% rate.

Additionally, it is crucial to understand 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. While the 0% interest rate is certainly eye-catching, it is worth noting that the MBNA True Line® Mastercard offers one of the longest promotion lengths in Canada, lasting for 12 months.

However, its balance transfer fee is also one of the l among low-interest credit cards. Although it is a one-time fee, it can still represent a significant upfront cost. For example, if you were to transfer a balance of $5,000, you would pay a fee of $150. Therefore, before deciding to transfer a balance, it is crucial to carefully consider the cost of the fee compared to the interest you would pay if you chose not to transfer the balance to your MBNA True Line® Mastercard®.

Key benefits

Key benefits of the True Line® Mastercard® from MBNA

The True Line Mastercard's biggest benefit from MBNA is its lengthy 0% APR period for balance transfers. But don't sell this card short, as it offers more than a great rate. Of course, those transfers must be completed within 90 days of account opening, but that's plenty of time for most.

The card also features a great rate every day after the bonus period expires. The 12.99% APR is exceptional and makes the card a robust financing tool regardless of where (and when) you use it.

One final key benefit of this credit card is its lack of an annual fee. This is a common feature among similar cards, but it's still worth mentioning as it provides peace of mind to cardholders who won't have to pay additional fees yearly. This is especially beneficial for those looking to manage their finances effectively and keep expenses in check.

Insurance coverage

MBNA True Line® Mastercard insurance coverage

While the MBNA True Line Mastercard does not charge an annual fee, it still offers the same everyday protections and insurance benefits Canadians have come to depend on from MBNA.

  • Purchase assurance: On items purchased with your MBNA credit card within the first 90 days from the date of purchase, up to $60,000 over the life of the card
  • Extended warranty coverage: True Line cardholders have an optional extended warranty of up to 12 months after the original manufacturer's Canadian warranty and the purchased service contract or extended warranty coverage period ends.
  • Mastercard zero liability:  Cardholders are not responsible for fraudulent transactions on their MBNA True Line® Mastercard®.
Extra benefits

Extra benefits of the MBNA True Line® Mastercard®

The MBNA True Line Mastercard offers an array of additional benefits aimed at providing you with peace of mind both domestically and internationally:

  • Additional rental car savings: Using the MBNA credit card to book rental cars through Avis or Budget, you can enjoy up to a 10% discount off the base rate (10% off in Canada and 5% off in the United States). Quote your discount code (#C078405 for Avis or #A331704 for Budget) at the time of reservation and charge the full rental to your MBNA True Line credit card.
  • Emergency card replacement: Gain access to emergency card replacement and emergency support.
  • Mastercard contactless payments: Experience the convenience of making contactless payments with your Mastercard.
  • Card Verification Codes (CVC) and chip & pin technology: Benefit from an extra layer of security provided by CVC and chip & PIN technology.
What people have to say

What people have to say about the MBNA True Line® Mastercard®

  • "Probably the best 0% promo on the market." Reddit user Sneakybankster
  • "I used balance transfer cards (like the True Line) to pay off my car loan and student loan when I first started out. I rotated them, and it helped me get out of debt faster and build my credit score. You have to be very disciplined and pay attention to the due dates. It was great practice for my mortgage a few years later." Reddit user Threeboys0810
How it compares

How the MBNA True Line credit card compares

Annual fees
$0
$29 (First year annual fee rebate)
$29
Regular interest rates
12.99% for purchases; 17.99% 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.
Perks
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)

This balance transfer offer is only available at the time of your online application.† Simply tick the checkbox to select the balance transfer option when you’re filling out your application

Once you take advantage of this offer, you will have a promotional rate balance on your account. As a result, you will lose your interest-free grace period on new purchases unless you pay your amount due, including any promotional rate balances, in full each month. While you will enjoy the promotional rate on the balances you transfer by using this offer, new purchases will be subject to the purchase interest rate.

†Terms and Conditions Apply

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.

Is it worth it?

Is the MBNA True Line® Mastercard® worth it?

If you're looking for a balance transfer credit card, the MBNA True Line Mastercard is a good choice to consider. It offers a 0% balance transfer rate for 12 months in Canada, helping you pay off your credit card debt without additional interest costs. The card has no annual fee, saving you money. The low rate of 12.99% on purchases is significantly lower than other credit cards, with rates of around 22.99 to 24.99% (or higher). While there are no rewards or benefits, the primary goal of the card is debt repayment - and it's here where it shines the brightest.

Eligibility requirements

MBNA True Line® Mastercard® eligibility requirements

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 fair to good range. There is no minimum income requirement. Unfortunately, the balance transfer promotion offer is not available for residents of Quebec.  

FAQs

FAQs about the MBNA True Line card

  • What credit score do you need for a MBNA credit card?

    +

    You'll need at least a good credit score to qualify for most MBNA credit cards. This equates to a credit score of 660 or higher.

  • What bank owns MBNA?

    +

    MBNA is a subsidiary of Toronto-Dominion Bank, also known as TD Bank.

  • Does MBNA offer instant approval?

    +

    Yes. MBNA provides instant approval for most applicants.

  • Which credit bureau does MBNA check when applying?

    +

    MBNA uses TransUnion when checking your credit

 Terms and Conditions apply

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

†, ✪, 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.

Cory Santos Finance editor

Cory Santos is a finance writer, editor and credit card expert with over seven years of experience in personal finance. Cory joined Wise Publishing from BestCards, with bylines in numerous print and digital publications across North America, including the Miami Herald, St. Louis Post-Dispatch, AOL, MSN and Medium as well as financial podcasts like KOFE Talk.

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