MBNA True Line Mastercard Review: Can It Save You From Credit Card Debt?

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    We need a hero – the interest rates are too damn high! The MBNA True Line Mastercard doesn’t wear a cape or leap over tall buildings. But it can leap over interest charges and help you escape the clutches of credit card debt. This low-rate card comes with one of the best balance transfer options on the market and built-in features to help you manage your budget and control expenses. Plus, there are no annual fees or income qualifications to worry about. Let’s dive into the features, benefits, and drawbacks of the  MBNA True Line Mastercard in this comprehensive review. 

    * Please note, this card is not available in Quebec

    Card perks

    • No annual fee
    • 0% interest on balance transfers for 12 months  
    • 12.99% annual purchase interest rate
    • 21-day interest-free grace period 
    • Discounts on eligible car rentals 
    • Flexible MBNA Payment Plans
    • No minimum income requirement to qualify

    The MBNA True Line Mastercard welcome offer

    [Offer productType=”CreditCard” api_id=”5fa300347964eb6eed4655e7″ id=”180827″]

    How does 0% interest for an entire year sound? New customers who are approved for the MBNA True Line Mastercard are eligible to receive a special 0% interest rate on any balance transfers made within the first 90 days of account opening. This special rate will stay in effect for 12 months from the date of each eligible balance transfer. 

    Welcome offer limits & conditions

    After the 12 months have passed, the interest rate on any remaining transfer balance will revert back to the standard card rate of 12.99%

    You can transfer multiple balances from different credit cards, but the total of all amounts transferred cannot exceed the credit limit on your MBNA card. If you try to transfer more than your authorized credit limit, MBNA may send a partial payment to those applicable credit cards, which means you will still be responsible to make payments to the other card(s) until the balance is paid off in full.

    Make sure you list each balance you want to transfer in order of importance because MBNA will fulfill them in the order they are listed on the application. Every balance transfer you make is subject to a fee that is either 3% of the amount being transferred, or $7.50, whichever is higher. 

    * Balances owing on other MBNA or TD Bank credit cards are not eligible for the balance transfer offer.

    Do you have credit card debt? Here’s why you need the MBNA True Line Mastercard

    Are you up to your eyeballs in credit card debt? Or trapped in a high interest rate hellscape? The MBNA True Line Mastercard is the true hero for anyone who carries a credit card balance. This epic little piece of plastic might just be the debt-busting solution you’ve been desperately searching for. Here’s how the two best features can help you conquer your credit card woes once and for all. 

    The balance transfer offer

    This feature is a huge boon if you’re carrying a balance on another credit card with a higher interest rate. By transferring the balance from that card to the MBNA True Line Mastercard, you will not be charged any interest on that balance for the first 12 months. 

    That gives you an entire year to pay down your principal balance faster. During this period, every cent of your payment goes directly toward reducing the amount owed rather than getting eaten up by interest charges. You’ll stack significant savings on interest charges while becoming debt free much faster. 

    The standard interest rate

    While other cards nail you with stratospheric rates of 19.99% or higher, the MBNA True Line Mastercard keeps it earthside with a competitive 12.99% rate on purchases and balance transfers made outside the promotional period or remaining transfer balances after the introductory rate has expired.  

    A lower interest rate means less interest accrues on any balance you carry, reducing the overall amount you’ll have to pay back. Again, this allows you to pay down your debt faster and saves you money over time. Not to mention, it makes your minimum payment amount a lot lower too, which can free up your budget for other things. 

    Remember, though, the absolute best way to avoid paying interest is to pay off your full balance each month before the due date. However, if you do carry a balance, a lower interest rate like 12.99% can definitely help you manage your debt and cash flow more effectively.

    How much money could I save with the MBNA True Line Mastercard?

    Credit card debt just hit a record high in Canada. And if you’re like most people, you probably have more than one in your wallet. So let’s say you owe a total of $6,000 across 3 different credit cards that each charge 19.99% annual interest. Your minimum monthly payment is probably around $180 per month – which is a decent chunk of change. 

    If you only ever make the minimum payment, it will: 

    1) Take you over 22 years to pay off your credit cards

    2) Cost you $7,232.51 in pure interest (that’s more than you owe!)

    But if you transfer your credit card balances to the MBNA True Line Mastercard, made the same $180 payment each month and enjoyed 0% for the first year, you would:

    1) Reduce your balance by $2,160 in the first year

    2) Save $970.44 of interest in the first year

    MBNA True Line Mastercard balance transfer offer

    Once the promotional 0% rate expires and the card reverts back to the standard 12.99% rate, you still come out ahead. By making the same $180 payment each month, you will:

    1) Pay off the rest of your balance in just 2 years

    2) Save an additional $5,712.07 in interest

    Interest rates & common fees

    The beauty of the MBNA True Line Mastercard is the low-interest rate of just 12.99% on card purchases and eligible balance transfers. Cash advances and other cash-like transactions are subject to a 24.99% interest rate. Cash-like transactions include:

    • Withdrawing cash from the card through an ATM
    • Withdrawing cash from the card through a financial institution
    • Charges like gaming transactions, wire transfers, buying traveller’s cheques or money orders, buying cryptocurrency, etc.  

    If you take advantage of the balance transfer welcome offer, the promotional 0% interest rate will expire 12 months from the date of the transfer and revert to the card’s standard rate of 12.99%.

    Annual card fee

    • $0.00

    Guess what? There isn’t one! Even though you get an awesome low-interest rate, you won’t be charged anything just for owning the card. Hooray! 

    Balance transfer fees

    • 3% or $7.50

    Each balance that you transfer to your MBNA True Line Mastercard during the promotional period is subject to a fee that is equal to either 3% of the balance being transferred, or a minimum fee of $7.50 – whichever is more. 

    For example, if you were to transfer a balance of $1,000 from another card to your new MBNA card, you would pay a $30 transfer fee which is 3% of the amount being transferred. However, if you were to transfer only $200, then the minimum $7.50 fee would apply because 3% of the balance would be less than the minimum transfer fee. 

    After the promotional period has ended, the standard balance transfer fee is 1% of the amount being transferred, or $7.50, whichever is more. 

    Cash advance & cash like transaction fees

    • 1% or $7.50

    Cash advances and other cash-like transactions are subject to a fee that is either 1% of the amount of the transaction, or a minimum fee of $7.50, whichever is greater. 

    Foreign transaction fees

    • 2.5%

    Since the MBNA True Line Mastercard is accepted everywhere that MasterCard is accepted, you can use it while travelling and to shop online with foreign retailers. However, any transactions that are not in Canadian dollars will be charged a 2.5% foreign transaction fee. This is in addition to whatever the exchange rate is at the time of the transaction. 

    Interest-free grace period

    Luckily, the MBNA True Line Mastercard gives you a minimum 21-day interest-free grace period on card purchases. As long as you pay off your total outstanding balance shown on your statement no later than your payment due date, you won’t be charged any interest. 

    However, the interest-free grace period does not apply to the following transactions, which will immediately begin to accrue interest: 

    • Purchases & fees carried over from previous statements
    • Cash advances & applicable fees
    • Cash-like transactions & applicable fees
    • Balance transfers & applicable fees

    Are there any rewards? 

    On the downside, the MBNA True Line Mastercard doesn’t offer any rewards. So using this card won’t earn you any points, cash back, or travel miles. That’s because rewards cards usually come with high standard interest rates, annual fees, or both. MBNA True Line doesn’t charge you either of those things, and the tradeoff is the ability to pay down your credit card debt hella faster. 

    Additional card perks

    If you’re bummed about not getting rewards, don’t despair. The MBNA True Line Mastercard still gives you some built-in perks, such as: 

    Car rental discounts

    You can save at least 10% off a rental car when you use your MBNA True Line Mastercard at Avis and Budget locations in Canada and the United States. If you love to travel abroad, you can save at least 5% off when you rent a car from participating international Avis and Budget locations. 

    MBNA Payment Plans

    If you need to make a large purchase and know you can’t pay it off within the interest-free grace period, don’t sweat. The MBNA True Line Mastercard has your back with an alternative way to pay with flexible MBNA Payment Plans. 

    You can convert an eligible card purchase of $100 or more to a payment plan for 6, 12, or 18 months. Instead of credit card interest that’s charged monthly, you pay a one-time plan fee. Then you make fixed monthly payments for the duration of your plan. 

    So if the washer dies and you need to buy a new one that costs $995, you can give yourself some wiggle room to pay off your purchase without getting nailed in monthly interest charges. 

    MBNA True Line Mastercard Payment Plans

    Who is eligible for the MBNA True Line Mastercard? 

    The MBNA True Line Mastercard is pretty easy to get for most Canadians. To qualify, you need to be a Canadian resident and at least the age of majority in your province or territory of residence. There is no minimum annual income requirement to qualify, which makes this card a great choice for homemakers, students, newcomers, etc. 

    Pros & cons at a glance: 

    0% on balance transfers for the first 12 months

    12.99% annual interest rate

    21-day interest free grace period

    Discounted car rentals

    MBNA Payment Plan

    To get 0% interest, you must transfer balance(s) within 90 days of account opening

    Cannot transfer balances from other MBNA or TD Bank credit cards

    3% transfer balance fee

    24.99% interest + fees on cash advances & cash-like transactions

    Card does not earn rewards

    Card does not include purchase protection or insurance benefits 

    Who is the MBNA True Line Mastercard best suited for?

    There’s no shortage of credit cards on the market, so it can be hard to narrow down the right one for your needs. The MBNA True Line Mastercard is a great no-fee card that offers a low annual interest rate and a kickass balance transfer offer. But with no rewards, purchase protection, or insurance benefits, is it right for you? 

    It is if you already have credit card debt and struggling to pay it down. That soul-saving 0% interest rate on balance transfers for 12 months is a life raft for anyone swimming in a sea of debt. Just transfer your balance from other high-interest cards and watch as your debt shrinks faster, all without a penny spent on interest for a whole year!

    If you’re a savvy spender, cautious with your credit but occasionally need to carry a balance, this card has your back too. With a purchase interest rate of just 12.99%, it’s a trusty sidekick in a world of cards that often demand rates closer to 20% or higher. So if you do carry a balance, the interest charges don’t punch as hard – especially when it comes to large unexpected purchases. 

    And the MBNA Payment Plan is like kryptonite for interest. So if you need to replace a leaky fridge or get that achy tooth taken care of, you can spend without fear of outrageous interest charges. The True Line Mastercard lets you convert eligible card purchases into a fixed monthly payment plan. Instead of the usual interest sting, you pay a one-time service fee.

    [Offer productType=”CreditCard” api_id=”5fa300347964eb6eed4655e7″ id=”180827″]

    MBNA True Line Mastercard Rating

    Introductory Offer:4/5
    Purchase Interest Rate4/5
    Cash Advance Rate3/5

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    Heidi Unrau is a senior finance journalist at Hardbacon. She studied Economics at the University of Winnipeg, where she fell in love with all-things-finance. At 25, she kicked-off her financial career in retail banking as a teller. She quickly progressed to become a Credit Analyst and then Private Lender. This hands-on industry experience uniquely positions her to provide expert insight on loans, credit scores, credit cards, debt, and banking services. She has been featured in publications such as WealthRocket, Scary Mommy, Credello, and Plooto. When she's not chasing after her two little boys, you'll find her hiding in the car listening to the Freakonomics podcast, or binge-watching financial crime documentaries with a bowl of ice cream. Fun Fact: Heidi has lived in five different provinces across Canada and her blood type is coffee.