To apply for the MBNA True Line Mastercard®, follow these steps:
- Verify Eligibility:
- Age: You must be at least the age of majority in your province or territory.
- Residency: Canadian resident.
- Credit Standing: A good credit history is recommended.
- Prepare Necessary Information:
- Personal Details: Full name, date of birth, and contact information.
- Employment Information: Current employment status and income details.
- Financial Information: Existing debts and financial obligations.
- Submit Your Application:
- Online: Visit the MBNA True Line Mastercard page and click “Apply now” to access the secure online application form.
- By Phone: Contact MBNA customer service at 1-888-876-6262 for assistance with your application.
- Await Approval:
- After submission, MBNA will review your application, which may include a credit check.
- Approval notifications are typically sent within a few business days.
Alternative Options
While the MBNA True Line Mastercard is a strong contender, there are other alternatives to consider based on individual preferences and financial goals.
- Scotiabank Value Visa: Another low-interest option that might offer longer promotional periods.
- Cashback Mastercard: Provides cashback on purchases, which could be more appealing for those who value rewards.
- RBC Visa Classic Low Rate: A card offering low purchase interest rates and potential rewards.
Frequently Asked Questions (FAQ) about the MBNA True Line® Mastercard®
What are the fees and interest rates for the MBNA True Line Mastercard?
- Annual Fee: $0 — this card has no annual fee.
- Purchase Interest Rate: 12.99% (fixed)
- Balance Transfer Rate: Promotional rates may vary (often 0% for the first 12 months), then reverts to 12.99%.
- Cash Advance Rate: 24.99%
- Foreign Transaction Fee: 2.5% of the transaction amount in Canadian dollars.
This card stands out for its low, fixed purchase interest rate and no annual fee, making it a budget-friendly choice.
Does the MBNA True Line Mastercard offer insurance coverage?
No, the MBNA True Line Mastercard does not include travel or purchase insurance. If you’re looking for insurance benefits like trip cancellation or rental car coverage, you might want to consider premium cards such as the MBNA Rewards Platinum Plus or travel-specific credit cards.
How does the MBNA True Line Mastercard compare to other low-interest cards?
| Card | Annual Fee | Purchase Rate | Balance Transfer Promo |
|---|---|---|---|
| MBNA True Line | $0 | 12.99% | 0% for 12 months (on approval) |
| Scotiabank Value Visa | $29 | 12.99% | 0% for 10 months |
| RBC Visa Classic Low Rate | $20 | 12.99% | No major promo |
The MBNA True Line stands out by combining a low purchase interest rate and no annual fee, plus a competitive balance transfer offer.
Is this card good for balance transfers?
Yes! The MBNA True Line Mastercard is one of the top balance transfer cards in Canada. It frequently offers 0% interest on balance transfers for up to 12 months (a 3% transfer fee applies). This is ideal if you’re trying to pay off credit card debt without accumulating additional interest.
Can I use the MBNA True Line card abroad?
Yes, you can use the card internationally anywhere Mastercard is accepted. However, keep in mind the 2.5% foreign transaction fee applies to purchases made in a currency other than Canadian dollars.
Does the MBNA True Line Mastercard come with rewards?
No, this card does not offer a rewards program. It’s purely focused on low interest and balance transfers, making it a solid choice for debt management rather than rewards accumulation.
Who should consider the MBNA True Line Mastercard?
This card is best suited for:
- People who regularly carry a balance and want a low, fixed interest rate
- Those seeking to consolidate debt through a balance transfer
- Applicants who prefer a no-annual-fee credit card
- Users who don’t need rewards or travel benefits
Conclusion
In conclusion, the MBNA True Line Mastercard is a commendable choice for those focused on balance transfers and low-interest rates. Weighing its pros and cons against personal financial goals will help determine if it’s the right fit for your needs.
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