Quick overview of the MBNA True Line® Gold Mastercard®
MBNA has retired its popular Platinum Plus Mastercard but introduced two excellent balance transfer credit cards to replace it. Of the two, the MBNA True Line® Gold Mastercard® credit card offers favourable interest rates over other cards on the market, even though it does have a low $39 annual fee. Despite the fee, however, the Gold card is an expert favorite thanks to that low rate, making it one of the best low rate credit cards available today.
Who is the MBNA True Line® Gold Mastercard® for?
The MBNA True Line Gold is ideal for anyone looking for an everyday low rate. While those who are trying hard to reduce their credit card debt will naturally be averse to the idea of paying a $39 annual fee, the lower interest rates of the MBNA True Line® Gold Mastercard® credit card will end up saving them far more than $39 in the long run.
Those still bristling over the annual fee should consider the MBNA True Line® Mastercard® credit card, which features no annual fee, a slightly higher 12.99% APR.
Pros and cons
Pros
-
Low interest rate on purchases and balance transfers
-
Proactive fraud protection
Cons
-
$39 annual fee
-
Penalty interest rate if minimum payments are missed
MBNA True Line® Gold credit card welcome bonus
The True Line Gold credit card from MBNA stands out from other cards in that it does not offer a welcome bonus or any other perks like a 0% APR or bonus points. However, it does provide an exceptionally low everyday APR that is significantly lower than most other options available in the Canadian market today.
Key benefits of the True Line Gold Mastercard from MBNA
The True Line Gold Mastercard's biggest benefit from MBNA is its hugely impressive everyday interest rate on purchases and balance transfers. The card's 10.99% APR is more than half the rate found with almost all other credit cards from MBNA - and any other issuer for that matter.
While 10.99% is not 0%, that transfer interest rate can help you save significant money on interest charges over the course of your card membership. According to the bank, you could save around $500 annually by transferring a $5,000 balance from a regular rewards credit card charging a 19.99% interest rate.
Beyond the low APR, the gold version of the MBNA True Line® Mastercard also features 24/7 customer support from MBNA and Mastercard and comprehensive fraud protection courtesy of the Mastercard payment network.
MBNA provides constant access to customer service via phone and online chat, so any issues a cardholder encounters during transfers or daily use can be addressed immediately. They also offer all cardholders around-the-clock protection from fraud, a service similar to those that scan statement entries in real time and warn cardholders of suspicious activity.
MBNA True Line® Gold credit card insurance coverage
The MBNA True Line Gold Mastercard offers a range of essential insurance coverage, consistent with the standards expected from a Mastercard product. This includes:
- Purchase assurance: Coverage for items purchased with your MBNA credit card within the first 90 days from the date of purchase.
- Extended warranty coverage: Cardholders can have an extended warranty of up to 1 year after the original manufacturer's Canadian warranty and the purchased service contract or extended warranty coverage period ends.
- Mastercard Zero Liability: Cardholders are not held responsible for fraudulent transactions on their MBNA True Line® Gold Mastercard®.
Extra benefits of the MBNA True Line® Gold
The MBNA True Line Gold 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 US). Quote your discount code (#C078405 for Avis or #A331704 for Budget) at the time of reservation and charge the full rental to your MBNA card.
- Trip assistance: Enjoy comprehensive support for lost luggage, lost documents and ticket replacement, pre-trip information, and legal assistance.
- 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.
How the MBNA True Line® Gold Mastercard® compares
Two Canadian credit cards that are worthy competitors of the MBNA True Line® Gold Mastercard® are the CIBC Select Visa* Card and the Scotiabank Value® Visa* Card.
MBNA True Line® Gold vs. CIBC Select Visa*
CIBC Select Visa* Card
2.9
0% interest
Welcome offerGood
Suggested credit scoreTransfer your credit card balance - Get 0% interest for up to 10 months with a 1% transfer fee† and a first year annual fee rebate†
Pros
-
0% Balance Transfer rate for a generous 10 months with a low (1%) Balance Transfer fee†
-
13.99%† Purchase Annual Interest Rate
-
A first year annual fee rebate†
-
No annual fee for additional cards (up to 3)
Cons
-
There are other low interest cards available with no annual fee whatsoever
-
Few distinguishing benefits beyond its interest rates
Eligibility
Good
Recommended Credit Score
$15,000†
Required Annual Household Income
Recommended Credit Score
Good
Required Annual Household Income
$15,000†
0%
Pay 0% interest for up to 10 months with a 1% transfer fee.†
Pay 0% interest for up to 10 months with a 1% transfer fee.†
0%
13.99%†
Purchase APR
13.99%†
Balance Transfer Rate
13.99%†
Cash Advance APR
$29
Annual Fee First year annual fee rebate† $0 for up to 3 additional cards.†.
2.5%
Foreign Transaction Fee 2.5% of the transaction in CDN
Purchase APR
13.99%†
Balance Transfer Rate
13.99%†
Cash Advance APR
13.99%†
Annual Fee
$29
Foreign Transaction Fee
2.5%
Pros
-
0% Balance Transfer rate for a generous 10 months with a low (1%) Balance Transfer fee†
-
13.99%† Purchase Annual Interest Rate
-
A first year annual fee rebate†
-
No annual fee for additional cards (up to 3)
Cons
-
There are other low interest cards available with no annual fee whatsoever
-
Few distinguishing benefits beyond its interest rates
Eligibility
Good
Recommended Credit Score
$15,000†
Required Annual Household Income
Recommended Credit Score
Good
Required Annual Household Income
$15,000†
0%
Pay 0% interest for up to 10 months with a 1% transfer fee.†
Pay 0% interest for up to 10 months with a 1% transfer fee.†
0%
13.99%†
Purchase APR
13.99%†
Balance Transfer Rate
13.99%†
Cash Advance APR
$29
Annual Fee First year annual fee rebate† $0 for up to 3 additional cards.†.
2.5%
Foreign Transaction Fee 2.5% of the transaction in CDN
Purchase APR
13.99%†
Balance Transfer Rate
13.99%†
Cash Advance APR
13.99%†
Annual Fee
$29
Foreign Transaction Fee
2.5%
The CIBC Select Visa* Card features a low Purchase Annual Interest Rate of 13.99%†, a solid 5 points percentage higher than the MBNA True Line® Gold Mastercard®. However, unlike the MBNA True Line® Gold 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: Transfer your credit card balance - Get 0% interest for up to 10 months with a 1% transfer fee† and a first year annual fee rebate†.
The MBNA True Line® Gold Mastercard® allows you to transfer up to your full authorized credit limit whereas the CIBC Select Visa* Card only lets you transfer up to 50% of your credit limit.
While the MBNA True Line® Gold Mastercard® charges a $39 annual fee, the CIBC Select Visa* Card's annual fee is $29 and CIBC offers a first year annual fee rebate.†
†Terms and Conditions Apply
Transfer your credit card balance - Get 0% interest for up to 10 months with a 1% transfer fee† and a two year annual fee rebate†
• Transfer up to 50% of your assigned credit limit†
• If you choose to carry a balance and you make your minimum payments on time, a balance transfer could save you money on interest
• Take advantage of this 0% introductory interest rate on balance transfers for your first 10 months. You’ll only have to pay a 1% fee† when you transfer your balance from another card to the CIBC Select Visa Card
The information for the CIBC Select Visa* Card has been collected independently by Money.ca. The card details on this page have not been reviewed or provided by the card issuer.
MBNA True Line Gold vs. Scotiabank Value® Visa* Card
Scotiabank Value® Visa* Card
4.0
0% intro rate
Welcome offerFair
Suggested credit scoreto receive the latest news, tips and offers by email
Pros
-
Lengthy introductory APR on balance transfers
-
A great low rate everyday
-
Available to applicants with average credit
Cons
-
No rewards program
-
Insurance coverage is an optional extra
-
Carries an annual fee
Eligibility
Fair
Recommended Credit Score
$12,000
Required Annual Personal Income
Recommended Credit Score
Fair
Required Annual Personal Income
$12,000
13.99%
Purchase APR
13.99%
Balance Transfer Rate
13.99%
Cash Advance APR
$29
Annual Fee $0.00 each Supplementary Card
2.5%
Foreign Transaction Fee
Purchase APR
13.99%
Balance Transfer Rate
13.99%
Cash Advance APR
13.99%
Annual Fee
$29
Foreign Transaction Fee
2.5%
Pros
-
Lengthy introductory APR on balance transfers
-
A great low rate everyday
-
Available to applicants with average credit
Cons
-
No rewards program
-
Insurance coverage is an optional extra
-
Carries an annual fee
Eligibility
Fair
Recommended Credit Score
$12,000
Required Annual Personal Income
Recommended Credit Score
Fair
Required Annual Personal Income
$12,000
13.99%
Purchase APR
13.99%
Balance Transfer Rate
13.99%
Cash Advance APR
$29
Annual Fee $0.00 each Supplementary Card
2.5%
Foreign Transaction Fee
Purchase APR
13.99%
Balance Transfer Rate
13.99%
Cash Advance APR
13.99%
Annual Fee
$29
Foreign Transaction Fee
2.5%
The Scotiabank Value® Visa* Card charges a low interest rate of 13.99%. Where the Value Visa wins is the balance transfer bonus of 0% introductory interest rate on balance transfers for the first 10 months (13.99% after that; annual fee $29). Plus no annual fee in the first year So if you're looking to pay down debt fast, the Scotiabank Value® Visa* Card may be your best bet.
Conditions Apply. Visit here for the Scotiabank Passport® Visa Infinite* Card to learn more. *See Card Provider's website and Card Application for complete card details, terms and current offers. Reasonable efforts are made to maintain accuracy of information.
Is the MBNA True Line® Gold Mastercard® worth it?
Those who are trying hard to reduce their credit card debt will naturally be averse to the idea of paying a $39 annual fee. In this case, they might instead be drawn to a no-fee balance transfer card, like the MBNA True Line® Mastercard® credit card. But before making that choice they should consider the likely possibility that the lower interest rates of the MBNA True Line® Gold Mastercard® credit card will end up saving them far more than $39 in the long run.
MBNA True Line® Gold Mastercard® eligibility requirements
To be eligible for the MBNA True Line® Gold Mastercard®, you must be a Canadian resident and have reached the age of majority in your resident province or territory. Additionally, you should have a credit score of at least "Good." There is no minimum income requirement. However, please note that the balance transfer promotion offer is not available for residents of Quebec.
MBNA True Line Gold Mastercard FAQs
✪, 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 is a finance writer, editor and credit card expert with nearly a decade 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, Debt.ca, AOL, MSN and Medium as well as financial podcasts like KOFE Talk.
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