Best 0% Balance Transfer Credit Card Offers In Canada

Best 0% Balance Transfer Credit Card offers in CanadaFor people with credit card debt, perhaps there’s no better bank beating strategy than having a bank lend you its own money for free! That’s exactly what a 0% balance transfer credit card does, by allowing you to transfer your higher interest credit card & store card debt to a balance transfer credit card with a lower interest rate, typically 0%-2.99%, for 6-12 months.

Many Canadian households have credit card balances in excess of $8,000, paying 19.99% interest or more, incurring interest charges of at least $1,600 per year on their credit cards! Enter the 0% balance transfer credit card, and you can see why so many Canadians are attracted to a 0% interest rate to save big, reduce their monthly payment and get rid of debt faster.

When looking for a low balance transfer credit card, you should always evaluate three features: the interest rate, the length of time of the promotion and the balance transfer fee. You don’t want to pay 3% in fees for the privilege of a 0% offer. At the same time, you don’t want a short promotional period that won’t give you the time to pay off your debts, before the regular interest rate comes into effect.

Top 0% Balance Transfer Cards 

1. MBNA Platinum Plus® MasterCard®

MBNA Canada continues to lead the market by offering the country’s lowest and longest 0% balance transfer credit card for a market-leading 12 months0% Balance Transfer Credit Card Offer - MBNA Platinum Plus (review here). There is no annual fee for this card. No other balance transfer credit card in Canada offers a 0% rate with a promotional term as long as 12 months.

Another unique feature of this card is that MBNA will transfer cash into your bank account at 0% for 12 months as well. You can then use that cash to pay down other debts or for ANY other purpose – just like a cash advance, only MBNA calls it a “deposit”.

There is a $7.50 or 1% balance transfer fee (whichever is greater), which is also on the low end. We also like the Platinum perks the card offers, including car rental insurance, trip interruption, extended warranty protection and price protection. 

Click here to apply for the MBNA Platinum Plus® MasterCard®

2. Scotiabank Value Visa Card

This balance transfer credit card offers a .99% interest rate on balance transfers and cash advances for 6 months. There is a $29 annual 0% balance transfer credit card offer canada Scotiabank The advantage of this card is that at the end of the 6 month introductory period, the go to interest rate will be 11.99% on your transferred balance and new purchases. We always recommend trying to pay down your balance during the promotional period. If you haven’t, we would recommend transferring your balance to another low balance transfer credit card offer (balance surfing), 1 month prior to the promotional rate expiring. That way you will be sure to beat even a low rate of 11.99%.

Click here to apply for the Scotiabank Value Visa Card

3. Best Western MasterCard®

This is another card from MBNA that offers a 1.99% APR for 10 months on balance transfers and no annual fee. After that, the Best Western Canadainterest rate (APR) on transferred balances will be 21.99%. Instead of a pure balance transfer credit card, the Best Western MasterCard is a hotel rewards card, with no annual fee and a 20,000 point sign-up bonus with your first purchase – enough for a free nights stay.  Might as well get a free hotel night while transferring your balance!

There is a $7.50 or 1% balance transfer fee. This is a good card for those looking for a very strong balance transfer offer – 10 months is the second longest one out their, but also value a free hotel night stay welcome bonus!

Click here to apply for the Best Western MasterCard

4. American Express SimplyCash Credit Card

The no annual fee SimplyCash card from American Express, offers aSimplyCash Card From American Express Cash Back 0% balance transfer rate for the first 6 months, another option if you’re at the end of your MBNA Balance transfer promotional period, and want to extend your 0% rate – surfing from one card to the other. Amex will allow you to transfer up to 50% of your available credit line, to a maximum of $7,500. Balance transfers are subject to a 1% transfer fee – par for the course.

The advantage of this card is that it can act as both a low balance transfer card & a cashback rewards card all in one. This card is great for those looking for a 0% balance transfer offer, a no annual fee card or a credit card with 5% cash back on gas, groceries and restaurants in the first 6 months, and 1.25% on all other purchases all the time – Canada’s market leading flat rate cash back card!

Click here to apply for the American Express SimplyCash Credit Card


A 0% balance transfer credit card is not easy to come by in Canada. As you can see, there are only two 0% offers in the country right now. Regardless, a 0% balance transfer rate for 12 months is better than any line of credit rate available, so are some of the .99% and 1.99% offers.

While you can’t transfer a balance from one MBNA/TD card to another, what you can do is balance surf from your MBNA card, to a Scotia card, back to an MBNA card, to an Amex card, back to an MBNA card, etc. Some folks even have multiple Platinum Plus cards, to cycle in and out of the 0% offer.

We continue to recommend balance transfers as the best strategy to pay off any high interest credit cards, store cards or fixed payment loans you may have. No other products offer interest rates as low. You could save hundreds if not thousands in one year alone. It’s one of the best bank beating strategies out there – good luck!

Brought to you by – Compare The Best Credit Card Offers In Canada


  1. I want to apply for RRSP/Line of credit my income is $41250 and my wife has $31200 . We have debt including credit cards and the car loan is $70000 and debt income ratio is below 40%. Can we get approved if apply for $15000 loan. We are employed over 10 years with credit score 724 and 700 for both of us.

    • And we already paid $12000out of $70000,we need your suggestion . Thanks….

      • Hi Rafay,

        It’s hard for us to say, especially with MBNA, since they rely less on models for adjudicating approvals than other banks. They look at FICO, income, revolving debt to income ratio, installment debt to income ratio, home ownership, stage of life, etc…

        All that said, the fact that you have a FICO above 700 and a debt to income ratio below 40% seems reasonable and right within the Canadian average. You’ll want to be at 36% debt to income or so to be considered healthy.

        Given the above, and without the benefit of any other information, it seems worth a try to apply and see if you can bring your interest rates down to 0% for 12 months.

        Hope that helps,

        GreedyRates Staff

  2. Hello I have a question?
    Can I transfer my wife credit card balance to mine I? I just got approved for the visa value from my bank scotiabank thinking that I can transfer her credit balance wich is getting 29% interest rate

    • Hi Paul,

      The names on the cards have to match to do a balance transfer. However, with the Scotia Value Visa card, you can do a cash advance, and still get the .99% rate for the first 6 months. You can then use the cash to pay down your wife’s balance, cutting the rate from 29% to .99% for 6 months. Just make sure you pay off your cash advance before the expiry of the promotional rate. You can do something similar with the MBNA card, which will give you 0% for 12 months (deposit the cash into you check account and pay down your wife’s balance from there).

      Hope that helps,

      GreedyRates Staff

  3. I have a credit rating of just under 750 and make just over $100,000 annually, but have a high debt ratio ($50,000). I am due to renegotiate my mortgage, so I don’t want to be applying for new cards right now. I was offered 0% for 7 months on my existing Canadian Tire Options MasterCard (my limit is $20k). If I accept the balance transfer offer, does it look bad on my credit rating that 40% of my debt is on what is normally a 19.9% credit card instead of on one of my lower interest lines of credit? I want to get the best mortgage and home equity line of credit rates available.
    By the way, I usually check Equifax, is there any reason to bother with TransUnion?

    • Hi CoCoJoe,

      Your ability to get approved should not be influenced by the interest rate you’re being charged on your credit card. It’s always a good idea to check both Equifax and TransUnion as not all lenders report to both bureaus.

      Hope that helps,

      GreedyRates Staff

  4. I am currently awaiting if I received approval from my bank for a $8300 personal loan to consolidate my credit card debt of that amount. Their interest isn’t as good as this 0% balance transfer and I only came across this now after I’ve started the process . Should I try to apply for this card? Would it negatively impact my credit score since I’m already in the process of obtaining a loan? Thanks in advance.

    • Hi Maria,

      Obviously 0%, with a 1% transfer fee, will likely be better than any personal loan rate you receive. If your credit is strong it should not impact you significantly, if at all really, although you might want to wait a few weeks. All else being equal, you will recover from any dip in your score from applying for multiple credit card products in a short period of time, pretty quickly.

      Hope that helps,

      GreedyRates Staff

  5. Hey there. not sure if this had been mentioned but the WestJet MasterCard (Elite) has this offer. I have been getting transfer promo offers for 0% interest for usually 12 months and a one time fee of 1.9%. They give me the option to have cheques sent to me at no extra cost. I deposit the cheques into my cheq account and use the money any way I like. Every time you use a cheq the 1.9% is re-added.

    • Hi Michelle,

      Thanks for the update. Just remember, credit card issuers often make targeted offers. In other words, you may be receiving a promotional offer that is different than the next person.

      Unfortunately, the WestJet World Elite MaterCard does not come with that 0% balance transfer offer as a standard promotion. Moreover, the 1.9% transfer fee is nearly double that of MBNA’s 1%, making MBNA’s offer more compelling. Lastly, for those looking to transfer a new balance, the WestJet World Elite comes with an annual fee of $99 – which none of the cards listed above do.

      Thanks for the market intelligence though!

      GreedyRates Staff

      • Wondering if you apply for the MBNA card do you need an account at their bank?

        • Hi Marie,

          Anyone can apply for the MBNA credit card. In actual fact, MBNA is owned by TD Canada Trust. But you do not need to have an account with TD to have an MBNA credit card.


          GreedyRates Staff

          • I did get approved for 9000 but needed 11000. Can i apply for a 2nd credit card right away? Also if you have a card from TD but not a bank account, how can i make the payment. Thank you

          • Hi Marie,

            Congratulations! First off, you can make payments to your MBNA credit card from just about any Canadian bank through online bill pay or at your branch. Second, we wouldn’t recommend applying for a second card right away. You might want to wait a few months.

            Hope that helps,

            GreedyRates Staff

            GreedyRates Staff

  6. Hi
    How long should one wait to apply for a credit card after being denied approval. It would be to a different cc company.

    • Hi lorrie,

      It really depends on your credit history, which we don;t have access to. Ideally, you will want to have cleaned up whatever issue has caused your decline in the first place. For example, if you have an outstanding delinquency, you will not get approved until it gets resolved. If all you did was apply for too many cards at once, wit a couple of months until your credit score rebounds.

      Hope that helps,

      GreedyRates Staff

  7. My application just got declined even though my credit standing good because the current total debt I have exceeds my income level when doing their set of calculations.
    My goal is exactly for that reason though which is to do a balance transfer at a 0% for a year so I could actually pay off the principal amount of my credit card debt but now I am not able to.
    Is there another way or around to solve this issue?

    • Hi Jeongyong,

      You’re in a tough spot. You have a couple of options:

      1. Call back the credit card company that declined you and ask to speak with their credit department. See if you can explain your situation and talk them out of their decision.
      2. If you already have more debt than a bank thinks your income can support (i.e. $40K of unsecured debt and a $50K income), they will be unlikely to give you additional credit, as it may all but guarantee that you you will default.
      3. You may need to pay down some of your current outstanding debt, to reduce your debt to income ratio, and make you eligible for additional unsecured credit.

      Hope that helps,

      GreedyRates Staff

      • What is the ratio of debt to income that they prefer?

        Me personally, I currently have 13grand in cc debt and my income is around 42grand. Would this qualify?

        Also, for low interest rate promotions; would the banks actually extend promotion interest rate deals? Or is it always a waste of time calling them to ask that? I tried it once and they said ‘no’ and ‘bye’…

        Also, is their any way to get the banks to ‘reduce’ or eliminate part of the debt? Is their any ‘debt cures’ or is that just bs?


        • Hi Ramone,

          1. Banks will not typically extend the term on a promotional rate. At the time of expiry you would either have to find a new deal, pay it off, or start paying the new rate.

          2. Banks will usually not eliminate your debt. They may be willing to reduce your interest rate or your minimum monthly payments before eliminating a part of your debt. Entering into a debt settlement or debt management program can also have serious implications to your credit, so be very careful.

          3. It’s really hard for us to assess whether you would qualify. There are many factors that go into your credit scoring profile. Regardless, your debt servicing capacity is a function of your incomes ability to repay all your debts and financial obligations (credit card, car loan, rent, mortgage, etc…). Without knowing your other obligations, your debt to income ratio should be 36% or less for it to be considered healthy. Your credit card debt alone is 30% of your pre-tax income.

          Hope that helps,

          GreedyRates Staff

  8. hi this is rafz i want to apply for the mbna platinum plus my equifax is 648 n have one cc of limit 2k and the car loan n consolidate laon toal $59k m not sure if this is a good time to apply with my annual income $41250.

    • Hi Rafz,

      It’s very hard for us to say whether you’ll be approved or not, since we don’t have access to your complete picture or MBNA’s scoring matrix. However, what we do know is that you do meet MBNA’s minimum income requirement for the Platinum Pkus card and the FICO score cut-off, which is 630. Just make sure you don’t have any current delinquencies or a recent bankruptcy which will automatically disqualify you as well. Our only concern, would be your debt to income servicing ratio.

      Hope that helps,

      GreedyRates Staff

  9. hi team,
    Thanks for your last reply, do you think that she can be approved for the 2nd mbna plat plus card with the score 712 although she has 44% utilization with the other credit cards and 89% utilization of the loan. And can i get it mbna card too with score 651 i have 26% utilization of the credit card and 89% utilization of the car loan. Again thanks for your consideration.

    • Hi Khan,

      We don’t have access to your entire financial picture, nor to the adjudication matrix used by MBNA, so it’s hard for us to say you will or won’t be approved.. However, 712 is an excellent credit score. A 651 credit score, if all other boxes are checked is also above MBNA’s minimum of 630, but is closer to the margin.

      Hope that helps,

      GreedyRates Staff

  10. my equifax score is 651 with total loan(70955) utilization 89% and td credit card $2000 utilization income annual $41250, i had mbna master card opened in 2006 n mised some payments in 2011 (2 pmts for 30 days and 1 payments for 60 days) mbna closed that card after that i was very regular with all the payments and paid in in full june 2015 that i consolidated with the td bank i did consolidate other credits and loan for $30000 and that one went down to $24920 and i also have a car loan went down to $28645. my wife annual income $31200 and has score 712 she has same joint loan that i have 70955 utilization 89% and she has credit card with $15300 utilization 39%. we are looking to get RSP loan / ccards with low interest if you could help to suggest for our down payments sources around $20,000. Thanks for your consideration.

    • Hi Khan,

      For the credit card balances, we would recommend you get the MBNA Platinum Plus Balance transfer offer for 0% for 12 months. You might want to have your wife apply, as her credit score of 712 is very good. Once approved, she can request MBNA to do a balance transfer (if its not a TD or MBNA card) or a deposit transfer from the Platinum Plus card to her bank account. MBNA will do the transfer on the same 0% for 12 month terms as the balance transfer. Once the funds are in her bank account, she can then use them to pay down either your credit card balance of $2,000 or hers of $15,300, depending on how big her credit line is.

      Hope that helps,

      GreedyRates Staff

      • hi GreedyRates Staff
        My wife already has mbna platinum plus and she transferred the balance can she get the same card or apply again or what about to increase the limit?. Any suggestions about how to get the loan for about 15k to 20k with the low interest ?…

        • Hi Khan,

          Yes she can get another MBNA Platinum Plus card, with the same 0% for 12 month rate, and terms. Some people have more than 10 plat plus cards.

          If she wants to use the new Plat Plus Card to pay down the old Plat Plus card, she can ask MBNA to do a deposit transfer, since no bank will allow a balance transfer from one of their own cards to another of their cards. A deposit transfer will transfer the funds from the new account into her bank account (at 0% for 12 months), which she can then use to pay down the older Plat Plus account, or for any other purpose.

          She can ask MBNA to consolidate her available credit line from her old account onto her new account.

          Hope that helps,

          GreedyRates Staff

  11. Hi,
    I’m wanting to apply for the MBNA Platinum Card. I do have allot of credit $46K that is currently maxed. If i’m able to transfer the balances I now I can pay down the principle allot quicker. My credit score is 603, I always make my payments on time. Debit ration is good. I don’t want to apply if there is a good chance I will get declined and take another hit on my score. What do you suggest?

    • Hi Kim,

      Your score of 603 is a little low. MBNA’s score cut-off is 630, Scotia’s is even higher. Keep making your payments on time and see if you can raise your score. In the meantime call your current credit card company and ask them to reduce your interest rates.

      Hope that helps,

      GreedyRates Staff

  12. Hi,

    I already have 3 credit cards from mbna and I want to apply for another platinum plus card for the balance transfer at 0% but I would also like to apply for the american simply cash credit card. My question is how long should I wait between application. My credit score is somewhere around the low 700 and I don’t need to make any big purchases for at least another three years. Also, how many mbna platinum plus can I apply for in one year? Thanks

    • Hi Tina,

      Great questions! 700+- is a pretty strong credit score. To play it safe we would wait 3-4 weeks between applications.

      Theoretically, you can apply for as many MBNA Platinum Plus cards in one year as you’d like (we confirmed with MBNA). MBNA does not have a limit. That said, practically speaking, your credit score would take a severe hit if you applied for a new credit card every other week. However, getting 3-4 Plat Plus cards in a year, shouldn’t be a problem.

      GreedyRates Staff

  13. Hi,
    I have a RBC Visa with a balance of about 6500(7500limit and insane 21.99%/24.99% rates) and was just approved for the Master card with 12 months zero transfer but for just 3000.
    Should I apply for another card on your suggested list to transfer the remainder?
    Finally, is there any catch to simply ditching a CC once the low interest ends and move to another offer? Can they attach conditions or penalties for leaving?

    • Hi Lumberjake,

      There are two things you can do. You can apply for another card, but you might want to wait a month. In the meantime, you can call RBC and ask them to reduce your rate (let them know you received a pre-approved balance transfer promotion from another bank).

      There is no catch to ditching your credit card once the low rate promo period ends and move to another offer. There is no penalty. Ripe for the picking!

      GreedyRates Staff

    • Lumberjake, just call them and ask them for a credit line increase. I was originally approved for $8000. I called and they increased it to $20,000 without a blink. Made me wonder how high I could have requested without getting turned down….

  14. Anna Delvechhio


    End of March i’ve applied for an MBNA platinum card plus to take advantage of the 0% interest promotion for balance transfer. I have transferred from my cibc infinite card approx 8000.00 to MBNA end of April. How can I extend the 0% interest promotion for another year? Also by having multiple MBNA platinum cards, will this affect my credit rating?


    Anna Delvecchio

    • Hi Anna,

      The best strategy to get an additional 12 months at 0% is to get another Platinum Plus card at the end of the promotional term.

      The reason why, is because even if MBNA offers you another balance transfer on your first card, they will charge you a 3% balance transfer fee. MBNA only charges a 1% balance transfer fee on their new Platinum Plus cards (any new cards actually).

      Hope that helps,

      GreedyRates Staff

      • Anna Delvechhio


        So next year I can go ahead and order a new card? Would I need to cancel the old card before applying for the new one? Also I’ve heard that it may affect credit ratings. Is this true?

        • Hi Anna,

          That is correct. Close to the end of your current card’s 12 month promotional term, you will want to apply for another Platinum Pus card. You do not have to cancel the old card if you don’t want to. Applying for a credit card that far apart will not affect your credit ratings. Cancelling your credit card will only affect your credit rating if by doing so your overall credit utilization (balances divided by total available credit) increases to over 30%. If there’s no harm in keeping your first account open (there is no annual fee, so there’s no cost), it’s not a big deal to do so.

          Hope that helps,

          GreedyRates Staff

          • Anna Delvecchio


            Sorry for asking so many questions. I’ve never done this and just want to make sure that i’m doing this correctly next year. By applying for another MBNA platinum card won’t they know that I have an existing card and will decline the new application next year?

          • Hi Anna,

            We love to help! Some MBNA clients have as many as 12 Platinum Plus cards, so it’s not an issue.

            That said, to transfer your balance next year, you won’t be able to move your balance from one MBNA account to another. To get around that rule (which every bank has), next year you will do a deposit transfer from your MBNA Platinum Plus card into your checking account (same 0% for 12 month terms). Then you will pay down your balance on your first Platinum plus account from your checking account.

            Does that help a little?

            GreedyRates Staff

  15. Elizabeth Taylor-Holmes

    I have the MBNA 0% interest rate and used it to pay off another TD card but I still have some left to pay.
    The next best seems to the Best Western and once again it is another TD card, is it possible to have them deposit the $ directly into our account?
    I tried to apply on line and of course the card choices to pay off do not include TD cards.
    In terms of the MBNA Platinum card once it’s paid off in terms of our credit rating should we close the account?


    • Hi Bluenoser,

      1. Yes, MBNA can do a ‘deposit’ transfer to your checking account, with the Best Western card (at 1.99% for 12 months). Just apply for the card online, and then when you receive it, call-in to ask for the deposit transfer. While the balance transfer can be done at time of application, the deposit transfer can only be done after you’ve been approved by calling in.
      2. Once your account is paid off, you can close the MBNA Platinum card if you’d like. The only thing to watch out for is to ensure your overall credit utilization remains below 30%. Credit utilization is calculated by dividing your total credit card debt, by your total credit limit. If it your credit utilization is over 30%, keep your MBNA Platinum Plus card open (or ask for a credit line consolidation with your new Best Western card).
      3. You can also apply for an additional MBNA Platinum Plus card, and do a deposit transfer at 0% for 12 months.

      GreedyRates Staff

      • Elizabeth Taylor-Holmes

        The problem is when I apply for the Best Western Card they give a list of cards you can transfer to and your account number and you have to choose one or you cannot continue with the application.
        The option for a transfer to your bank doesn’t seem to be an option.
        How do I get around this?

        • Hi Elizabeth,

          Just complete the online application, do not select balance transfer, and you’ll be able to complete the application. You do not need to do a balance transfer to complete the application. When you get approved, you then call-in to request a deposit transfer of the money into your account, if that’s the route you want to take.

          Hope that clarifies things. Let us know how it works out.

          GreedyRates Staff

  16. Hi! I recently (February) applied for and received a MBNA Platinum Plus card, the approved credit limit is a little lower then I wanted in order to pay off other debts. Should I request a limit increase or apply for another MBNA Platinum Plus card? How long do I have to wait before applying? Thanks so much for your help!

    • Hi Ann,

      The 0% for 12 month promotional rate is only available to balance transfers you do within the first 90 days after you open your account. You can ask to have your limit increased, if they do it great. Just make sure your promotional rate is still in effect. If not you can definitely apply for another Platinum Plus MasterCard after you’ve had your card for 3 months.

      Thanks for using!

      GreedyRates Staff

  17. Hi, I have an old account (store charges) back when I was younger and forgotten completely all about it. But almost done with the payments (just need less than 3000)
    And I have a Cap 1 CC that is a secured up to 800 – since I have gotten that I have been able to get from a low 400s for acredit score and now in the 600/620 range.

    My question is that if I apply will I get declined or approved for a MC from MBNA? I dont want to apply and have it ruin my credit score (not that its very impressive)….

    and thats not including the daily living part of live, so with all that said what are my chances of receiving a MC from MBNA to pay off the store charges and credit card to start over?

    • Hi Canadian,

      MBNA’s absolute minimum FICO score is a 620. They will aboviously take other factors into consideration as well, but that 620 is the automated FICO cut-off score.

      Hope that helps,

      GreedyRates Staff

  18. Hi:

    I have approximately $4,900.00 on a MBNA Gold with 19% interest.

    This stuff is so confusing to me but I found your site the most useful and I was hoping you could help me.

    I want to balance transfer. I saw that you said MBNA was the best option (but I saw on their website I cannot use it to pay off another MBNA card). I know you explained it to someone else in these comments how to get around it, but I am still not understanding 🙁

    My bank is with Scotiabank so, ideally, I would like to finish with them, but I do not know if the 6 months is long enough for me to pay it off in full.

    Also, I also read somewhere we need to be careful about not just the balance transfer rate being low; but also the purchase rate.

    If you have time, would you mind helping me out.

    • Hi Shygirl,

      We’ll help you out! Here is how to work around the issue that you cannot transfer a balance from one MBNA credit card to another MBNA credit card:

      1. Apply for the MBNA Platinum Plus card. It will give you the lowest rate of 0%, with the longest term of 12 months.
      2. Once approved, request a “deposit transfer” of $4,900 to your bank account. MBNA will then forward you the cash from your Platinum Plus credit line at the same 0% for 12 month terms.
      3. Use the $4,900 in your checking account to pay down the balance on your Gold card.
      4. Your Gold card will now be paid down to $0, and you will owe $4,900 at 0% for 12 months on your MBNA Platinum Plus card.
      5. Never use your balance transfer card for new purchases. Keep one card for new purchases, and another for balance transfers.
      6. There is no reason for you to feel loyal to Scotia bank – go with the method, card, or loan that is cheapest for you. Hopefully, the 12 months will be long enough for you to pay it off in full.

      For those looking to transfer from a non-MBNA card, they can do a simple balance transfer directly from one card to another.

      Hope that was helpful,

      GreedyRates Staff

  19. Two quick questions.

    1) I have about $4,000 with a higher rate card and am unsure about the balance transfering. Would you be recommending I apply for the MBNA Platinum Plus MasterCard for 0% for 1 year (is it 29% after that?) and then a month before that period is up transfer to a Scotiabank Value Visa Card

    2) I have about $5k in an unsecured line of cretid at a higher interest rate. Would I be able to transfer any of that into this plan?


    • Hi Torontonian.

      1)Yes, we would recommend you transfer your current $4,000 balance to the MBNA Platinum Plus at 0% for 12 months, because it is the longest 0% rate available. Before the term ends, we would actually recommend you try getting another MBNA Platinum Plus card, and pay off any remaining balance on the first card.

      You can do that by doing a deposit transfer from the second MBNA Platinum Plus card into your checking account, and then paying off the remianing balance on the first card from your checking account (avoiding the rule that you can’t do a balance tranafer from one bank’s card to the same bank).

      2) To pay off the unsecured line of credit you simply have MBNA deposit the $5K into your account, and then pay off the loan yourself. You will then owe the $5K on your MBNA Platinum Plus card at 0% for 12 months.

      Does that help?

      GreedyRates Staff

  20. hello , so is there a limit too how much we can take out and do a deposit transfer, im around 20K in debt but i pay my minimum payments but 400 extra every month. i have a rbc low interest card

    • also, lets say the one year goes by and the promotion expires how can we balance surf onto a new card? you were saying something about how you can have 10 multiple accounts, can you give an example of how you balance transfer after your promotion is over ?

      • Hi Ola,

        The way you do a abalance transfer after your promotion is over is as follows: You do a deposit transfer from your new Platinum Plus card to your bank account (you get the same 0% for 12 month terms). You then take the cash from your bank account to pay down your original Platinum Plus card.

        Your origianl MBNA Platinum Plus card now has no balance, and your new MBNA Platinum Plus card now shows the balance, except it’s at 0% for 12 months.

        Make sense?

        GreedyRates Staff

        • yes it does thank you. also i am a student, so i do not have a high annual income do you think i will have any issues being accepted? my application is currently under review.

          • Hi Ola,

            You can apply for the MBNA Platinum Plus card as a student. You will notice that on the online application itself, there is an option to describe yourself as a student. If selected, you will be adjudicated as a student, where less credit history and income is required.

            Hope that helps,

            GreedyRates Staff

    • Hi Ola,

      You can transfer up to 100% of your available credit limit. As MBNA states “You may choose an amount up to the amount, without exceeding, your available credit line.” So if you get approved for a Platinum Plus card with a $20,000 credit limit, you can transfer up to $20,000.

      Hope that helps,

      GreedyRates Staff

  21. Hi
    I have a mortgage that should have been paid off years ago! Due to a margin call ( four years ago )on a bad investment we had to re mortgage.
    I have no dept, except my monthly spending on my BMO MasterCard which I pay off every month.. I have been with the same company for 35 years. I applied on line in December, for a MBNA card and was approved near instantly after hitting submit. I think it was for $5000 I called them the next day and asked for a credit limit increase to $20,000. they approved it. When I received the card, I called them to activate it, and asked them to increase it again to $30,000. I explained that I wanted to use it for an RRSP contribution. I did a deposit to my checking account of 25 dollars to be sure the path was clear. I then transferd the rest of the avable funds. Then to my RRSP. I am blessed with good mechanical skills which I have been able to parley into a hundred grand a year income. my wife works and brings in another fifty grand. (Please don’t take this as boasting, I am a humble person except for the overuse of the of “I”). I received $9,075.00 as a tax refund. I then put $10,000 in my RRSP
    I will owe about $10,000 when the 0% period ends. I will use my unsecured BMO line of credit at 5.45% to pay the balance when the period ends. Finally the questions. Do you think they would reset the 0%/12 mt privilege? Or should cancel the card and reapply for a new one. Or as I read earlier on hear just apply for another MBNA card in December, as it was stated some people have multiple MBNA cards. I would want to pay the remaining $10,000 and advance $20,000 more for a total of 30g again to my RRSP.

    • Hi Al,
      You should apply for another Platinum Plus MasterCard. Here’s why:

      If you get a new Plat Plus MasterCard, you get 0% for 12 months with a 1% transfer fee. If you use a different balance transfer promotion on your existing account, you will pay a 3% transfer fee.

      Also, we would not recommend cancelling the old Plat Plus card before getting your new Plat Plus card and understanding what your new credit line will be. It might be easier for you to have MBNA “consolidate” or “redistribute” your credit limit from your old Plat Plus to your new Plat Plus account.

      Does that help?

      GreedyRates Staff

      • So if I understand you correctly, I would apply for a new MBNA plat plus card. they would obviously see that I have paid out the balance, they would give me a new card I already have a card with them, with a $30,000 limit, with a zero balance? Wouldn’t they question why I need another card.

        • Hi Al,

          There are people who have over 10 MBNA Platinum Plus accounts.

          The 0% for 12 month rate is only available for balance and deposit transfers for the first 90 days you have the card. After that, you would need another card to get access to 0% for 12 months. MBNA recognizes that you may have to do another balance transfer and is all too happy for you to get another card.

          They’ve done the math. They know how many people end up keeping a balance with them after the promotional rate expires, and/or how many people end up missing a payment and losing their promotional rate. For the rest of us, it’s a phenomenal deal.

          Make sense?

          GreedyRates Staff

  22. Hi, I have a balance of $10,500 with RBC credit card. Their high interest is killing me. So I would like to know what’s the minimum credit score that MBNA accepts to approve my application. My credit is bruised however I have been making my payments on time for almost 16 months now! Kindly advise?

    • Hi Nour,

      We just spoke with MBNA’s credit department to get an update on their FICO score cut-off. The absolute rock bottom is a 620 FICO score. However, having a score above that doesn’t gusranteed approval. They take other factors into consideration such as delinquencies, length of credit history, income, etc…

      Hope that helps and good luck,

      GreedyRates Staff

  23. Hi, I have about $8000 in credit debt. Salary is over $83000. Just checked Equifax and my score is 583. Can pay some off now but need it in my account so my bi-weekly mortgage payment won’t be jeopardized. I can pay it off in salary in about 4months. MBNA declined. Which card do you suggest? Or would it best to get a line of credit from my bank since my salary is direct deposited with them and I’ve been with them for nearly 20years. Thanks for any advice!!!

    • Hi Canuck,

      With a credit score below 600, none of the big credit card issuers will aprove you for an unsecured credit card. You can definitely try to see if you can get a line of credit – home equity line of credit if need be / possible. Another opportunity, if you’re not approved for a line of credit, might be to call your current credit card issuer and ask them to cut your interest rate. You won’t get it to 0% (the best option of all), but perhaps they’ll cut it to 12%-14%.

      Hope that helps,

      GreedyRates Staff

  24. Hello, I hope you have some advice for us too. We have a TD Emerald. Unfortunately, due to some financial struggles last year we missed a couple of due dates. This caused the interest rate to climb up to 24.99%. We urgently want to switch to a different option. – In addition, I should mention that our credit score is only “fair”. This was most likely caused by a cell phone provider. Our son switched to a different plan/carrier and wasn’t aware of an outstanding balance on his old plan until he received a note from a collector. The contract was on our name, because he was only 18 at that time. This is still a negative mark on our credit report. Is there any chance for us to switch to one of the lower interest balance transfer credit cards you mentioned above to get rid of the TD Emerald? Or is it impossible with a score like this? Your help would be so much appreciated!

    • Hi Lia,

      What is your actual credit score?

      GreedyRates Staff

      • Hello, I think it is 565 or 568 if I remember correctly. We urgently need a different solution. We had to renew our TD mortgage last year and were hoping they would agree to consolidate our Emerald with the mortgage renewal, but they denied and said that this would be a completely new mortgage contract with different terms and conditions. So now we are stuck with the Emerald…

        • Maybe I should add that there is an amount of $6000 on the TD credit card. Hopefully, we will get a tax refund of approx. $2000 that we could put into the cc. Is there anything you would suggest that could help lower the interest rate at least?

          • Hi Lia,

            With a credit score in the 560’s it will be very unlikely (nest to nil) any issuers will approve you for a new credit card. Those that might offer an even higher interest rate. Per TD Emrald’s terms and conditions, you will have to make 12 consecutive payments for your interest rate to automatically revert to the normal APR.

            However, you can call TD, and negotiate with them. Most credit card issuers are open to lowering your APR. We would strongly recommend you do this.

            Hope it works out for the best,

            GreedyRates Staff

            Good luck,

  25. hi I have a capital one credit card with 19.8% interest rate. please explain if I should go with the scotia bank or MBNA and what the transfer would look like.

    • Hi Joanne,

      You will save significantly more over the promotional period with the MBNA Platinum Plus balance transfer card because the interest rate is lower (0% versus .99%), the term is twice as long (12 months versus 6 months), and there is no annual fee ($0, versus $29). Which means your getting an interest free loan for a full year, and 100% of your monthly payments will go towards lowering your credit card balance, as opposed to paying interest. Both cards have standard balance transfer fees of 1%.

      By example, if you transferred $7,500 from your CapOne card to MBNA, you would save $1,322 in interest payments with the MBNA Platinum Plus and $613 in interest payments with the Scotia Value Visa card.

      In terms of doing the actual balance transfer it’s simple. On the online application itself, you select which institution you are transferring the balance from (Capital One in your case), the account number and the requested balance transfer amount. MBNA takes care of the rest.

      Hope that’s helps!

      GreedyRates Staff

    • Notice you mentioned some folks have more than one MBNA PP CCard. Can you apply for more than one MBNA platinum Plus CCard in same name ??

  26. I have a unsecured line of credit with Presidents Choice owing $12,000…am i able to use the MBNA credit card with 0% for 12 months to pay it down?
    Thanks in advance for your reply.
    Appreciate your hard work to help us all out.

    • Hi Greg,

      Yes you can pay off your President’s Choice unsecured line of credit with an MBNA credit card, even though your line of credit is not a credit card per se.

      Because your PC loan is not a credit card, all you have to do is request that MBNA do a “deposit transfer” from your MBNA credit card, to your bank account. From your bank account you can pay down your loan (or use the for anything else for that matter). You can request a transfer up to an amount equal to the credit line assigned to you by MBNA. The deposit transfer will be considered a balance transfer, and you will get it at the exact same terms, 0% for 12 months, with a 1% transfer fee. Once you get your credit card from MBNA, you can request a “deposit transfer” through your online account, or over the phone. You can’t request deposit transfer on your application – they’re only done once your account has been approved.

      Hope that helps!

      GreedyRates Staff

  27. Hi, I wanted to transfer my balance from my Choice Rewards Master Card to the MBNA free for a year card. When I went to apply, you have to choose which card you want to transfer from and mine is not in their list. Do you know of a Card that will give me interest free on a Balance transfer for a year?

    Thank you

    • Hi Fiona,

      You can still get the MBNA Platinum Plus, and get the 0% rate for 12 months. The reason why the Choice Rewards MasterCard is not included as an option on your application is because it is owned by CUETS, which is owned by TD. MBNA is owned by TD as well. TD, as with all credit card issuers, does not allow balance transfers from one of its own credit cards to another of its own credit cards.

      However, we have a simple workaround for this issue. You can still get the MBNA Platinum Plus MasterCard. Once approved, you can have MBNA perform a “deposit transfer” to your bank account. A deposit transfer is where MBNA transfers up to 97% of your available credit limit, in cash, to your checking account, at the same terms as the balance transfer – 0% for 12 months with a 1% transfer fee. You can then use the funds in your checking account to pay down your Choice Rewards MasterCard debt.

      Alternatively, you can always get one of the other balance transfer cards above, like the no annual fee Amex SimplyCash, which offers 0% for 6 months, but your only able to transfer up to 50% of your credit line. The Scotia card is still competitive at .99% for 6 months, but what distinguishes it is the 11.99% interest rate after the promo period expires – if you decide not to transfer once again.

      The Best Western credit card is also a great balance transfer card (the long 10 month promo period at 1.99% actually saves you more money than 0% for 6 months), because it has a long promo period of 10 months at 1.99%, but it’s issued by MBNA as well. If you’d like you can also do the “deposit transfer” with the Best Western card, after your done your 12 month promo period with the MBNA Platinum Plus card…

      Hope that helps,

      GreedyRates Staff

      • Thank you so much. That will help. I appreciate your website. Thank you!!

      • Hi, may need more help. I am filling out the application form and have come across this statement.
        A balance transfer may not be used to pay off or down your account balance or any other balances with us (including our affiliates, which would include any member of the TD Bank Group).”
        Is there a way around this? Won’t they know that I used the money to pay off the other credit card?

        • Hi Fiona,

          There is no issue in using the money you receive from the deposit transfer from one MBNA card to pay down the balance of another MBNA credit card. Just like some banks will allow you to use a line of credit to pay down your credit card balance from the same bank, so too are you allowed to use the proceeds from your MBNA deposit transfer for ANYTHING you’d like – there’s is no contingency or stated restriction on use of funds.

          It’s been done by many people for a long time.

          Hope that helps,

          GreedyRates Staff

          It’s been done for a long done. First, there’s nothing

  28. Hello. I am looking at doing some credit card surfing to pay things down and am looking at the best way to do this. I looked at the AMEX first as I want to try this with a $3500 debt that I believe we can pay off in 6 months. When I started reading the application it became clear (why it didn’t dawn on me to start is beyond me!) this card wouldn’t work because it is an AMEX card, albeit a different one, that I want to transfer my balance from. It said the promotion of the 0% balance transfer rate is only for new AMEX clients. I’m thinking the scotia visa will be the same, as my husband and I both have a scotia scene visa (that we don’t need to transfer balances from). I will try the MBNA Best Western MC, but am figuring this will then not allow me to use the MBNA Platinum Plus MC down the road when I have the hang of this and want to transfer my larger balance from my CIBC Visa (which I will need more than 12 months to pay off)? Are you considered a “new” client after you have cancelled your previous card? How long do you have to wait? How do you go from one card to another to get the best rates, when there is this catch to the promotional rate? And can my husband apply for a car and transfer a balance from a card that’s in my name to avoid the “new” client issue? Thanks

    • Hi Carol Ann,

      If we follow correctly, you currently have an Amex (which you can pay off in 6 months) and a CIBC card (which will take longer than 12 months to pay off) with balances. Why don’t you do the following:

      1. You apply for the MBNA Platinum Plus card, which has the best rate of 0% for 12 months, with a 1% transfer fee. Transfer either of your Amex or CIBC debts to the Plat Plus card.

      2. Your husband separately apply for the MBNA Platinum Plus card as well. He can then use the “deposit transfer” function. MBNA will transfer up to 97% of his line to his checking account (similar to a cash advance), on the same terms as the traditional balnce transfer, 0% for 12 months, with a 1% transfer fee. Your husband can then use those funds in his checking account for anything he’d like, including paying down your CIBC or Amex debt.

      By the way, MBNA may even give you a large enough credit line, so that you can transfer both your Amex and CIBC debts on to the Plat Plus card on your own. Then at the end of the 12 months, your husband can apply for the Plat Plus card, and he can do the “deposit transfer” technique to pay down your remaining balance. You’ll then have a total of 24 months, interest free at 0%!

      Hope that helps and gives you some more options.

      GreedyRates Staff

  29. hi. im just wondering because i made a balance transfer from my futureshop card to my cibc visa card last dec14 2015 like $385. after a week, i check both of my accounts and cibc took already what i transfer from my balance in my futureshop card. in the otherhand, im still owing a balance in my futureshop card until now. so i call cibc and ask what happen. they said YES they took the balance transfer already but i insist that how come im still owing a balance from my futureshop card. and cibc told me to call futureshop and verified to them. so that what i did. i call futureshop but they insist that they cant see anything about a balance transfer and ask me to call cibc to verify with them even if i just told them that i just called the cibc.. now i am confused what to do.. do you have any advice? thank you

    • Alfie,

      That’s an uncommon situation. We recommend you scan the last three statements from your Future Shop account. Ask CIBC the date upon which they executed the balance transfer, and for proof of the transaction. Send them the copies of Future Shop statements. If the statements do not reconcile, I would escalate within CIBC. Ask both issuers to suspend applying interest and the minimum payment, until the issue is resolved. It may just be a matter of time until both accounts are reconciled – but you need to know which ONE of them to pay.


      GreedyRates Staff

  30. Hi
    I am a TD customer with an Emerald Visa with $13k owing. My credit is ok, but I made a couple of late payments on another card by mistake in the last year or so.
    My income is up significantly in 2015.
    Is TD going to be willing to give me another card?

    • Hi Robert,

      The best way for you to determine the likelihood of getting approved, is by checking your credit score. If you have a score of 680 or above, you should be eligible for a new card from TD. That said, how big of a credit line they give you, given your current balance with them, is another story.

      GreedyRates Staff

  31. Hi
    I recently done my balnce transfer from MBNA 0% platinum mastercard. However since my credit limit from MBNA isn’t enough to pay off all my credit card debts, Im still be paying 19.99% from one single credit card left. Im looking for another low interest balance transfer card for this remaining balnce, but Im worried that I won’t get approve by other low interest credit card companies because I already have my MBNA platinum. At the same time if other companies will make hard inquiry then decline me, Im worried that it can make a negative impact on my score. I just don’t think that it is a good idea to ask MBNA for credit limit increase since Im only new member. What do u think is the best option for me? I do believe that I can pay off all my balance in one year. I can live frugal and discipline myself as I learned from my mistakes. Looking forward to hear from you. Thank you very much for your help.

    • Hi Shine,

      If your credit is good, even if you apply and get declined for another credit card with a balance transfer offer, your score won’t drop that much. Moreover, all else being equal, it will bounce back in a few months. That said, we don’t know how much debt your still looking to transfer, but dropping a reasonable amount of debt from 19.99% to 0% is worth the trouble. We say, go for it and apply for another card, but only if you don’t need your score (for a mortgage or auto loan) to be at the level it’s at today for the next few months – it will bounce back.

      GreedyRates Staff

  32. I have a total debt of 9,000 credit card spread on 4 different card. what would you recommand me to do or i should say the type of credit card to apply for in order to consolidate my debts?

    • Hi Patrick,

      We’d recommend you try to consolidate and transfer as much of your $9,000 debt onto the MBNA Platinum Plus MasterCard above, which offers a 0% rate for 12 months with a 1% transfer fee. It has the lowest and longest balance transfer rate in Canada, and you can transfer as many cards as you’d like on to it, up to 98% of your available credit line.

      You’ll be able to transfer up to 3 accounts on your online application, and then an unlimited number of accounts over the phone or online thereafter.

      Hope that helps. Let us know how it works out.

      GreedyRates Staff

  33. Hi I need advice. I currently have an MBNA platinum plus Mc Card. I have a high credit score. I have been thinking of getting a low interest credit card. I have been looking at the true blue card from mbna as well. My question is would it be a problem to get approved for another mnba platinum plus card since I already have one? or would it be better to apply for the true blue card? I don’t want to get rid of my current plantimum plus card.

    I appreciate your response. Have a great afternoon.

    • Hi OGL,

      You can apply for multiple MBNA Platinum Plus MasterCards, some customers have had as many as 7 Platinum Plus accounts with MBNA.

      The MBNA TrueLine credit card offers a great 9.99% interest rate, however, that’s obviously not as good as the Platinum Plus 0% for 12 months. If you need to make a new purchase, and want to get the lowest rate, as opposed to a balance transfer, do a money transfer from the Platinum Plus card to your checking account. It’s the same as a cash advance, except MBNA deposits the cash into your checking account. You can then use that money however you’d like. The advantage is, you’ll get the cash at the same 0% for 12 month rate, with a 1% transfer fee, as the balance transfer.

      You can also use the money transfer from your new Platinum Plus card, to pay of the balance from your previous Platinum card (since you can’t do a balance transfer from one MBNA card to another).

      Does that help?

      GreedyRates Staff

      • Hi there, I’m interested in applying for the mbna platinum to pay down other debt apart from credit card debt through the Money transfer feature you talk about. I understand from your other responses that I’d be able to do a money transfer (cash advance) and then use that cash as I please at the same 0 per cent rate but I’m afraid I’m not seeing that in their terms. It’s clear the 0 per cent is applicable to balance transfers but I’m not seeing the same emphasis on their money transfers…

        • Hi Concerned,

          No need to be concerned! We can confirm (we spoke with MBNA and checked their terms and conditions) that MBNA still offers the “deposit transfers / money transfers” function with its balance transfer credit cards. In fact, if you look at the terms on the application, in the Other Fees category it clearly states “Balance transfers (including transfers of funds to a bank account)”. At 0% for 12 months, it still remains the cheapest way to access cash we know of.

          Hope that helps clears things up for you.

          GreedyRates Staff

  34. I recently learned of balance transfers from an US citizen who has 34 active credit cards and a high credit rating. As a Canadian I want to be sure that transferring my credit card balance from one card to the next will not have a negative effect on my credit rating. I am wondering if there is a difference between effects on credit ratings in US vs. Canada. Is there any scenario that you know of where transferring credit from one card to the next would have a negative effect on my Canadian credit rating? I currently have an excellent credit card rating but I have fallen into credit card debit and would like to work my way out of it with minimal interest and little or no impact on my credit rating. I appreciate the insight.

    • Hi Henry,

      The act of transferring a balance does not negatively impact your credit score. Where your score can be negatively impacted is if you apply for multiple cards at once, or in a short period of time. If you have a good credit score already, one application should not impact you.

      On the positive side, 30% of your credit score is a function of credit utilization i.e. the percent of your credit line used. MBNA has a reputation for giving out some of the highest credit lines in the industry. As a result, when you transfer your balance from your old card to the new card, hopefully your credit line on the new card will be larger, thus your balance will be a lower percentage of your credit line, thereby decreasing credit utilization and positively impacting your credit score.

      But to your initial question, the act of a balance transfer itself does not impact your credit score.

      Hope that helps,

      GreedyRates Staff

  35. Hello,
    We are trying to fast track paying down debt before our next Mat leave. The Mbna card looks like a great option but what happens after the 12 months @ 0percent? If there is still a balance a) what does the rate become b) is there interest charged back from the day the balance went on the card (like those Leon’s or brick cards). We have never debt surfed before and I am not sure it would be wise to do so, but we have also never really carried debt before Mat leaves and me working part time to be home with the kids. In the next four years I will work again ft and that will be easier but until then we don’t want to be paying interest all over the place. Thanks for the advice!

    • Hi Jenn,

      MBNA’s Platinum Plus MasterCard is probably the cheapest place to start. Not sure how much debt you are looking to transfer. But you will get a 0% interest rate for 12 months, with a 1% balance transfer fee. So long as you’re not late, you will continue to get the 0% rate for the 12 billing cycles, and will not be charged any retroactive interest. You will be required to make minimum payments each billing cycle equal to the greater of $15 or 1% of your balance. If you really want to get ahead of your debt, this is the time (while all your payments will be going to paying down your principle/balance, instead of interest) to pay the maximum amount you can afford each and every month.

      If you’re worried about making your payments on time, make the maximum payments you can through Pre-authorized debit (PAD). This will make sure of two things. You’re never late, and you have the discipline to make larger payments to recude your balance as quickly as possible. If you have extra change lying around, you can then make additional payments any time.

      Once the 12 month, 0% promotional period is over, the interest rate will jump to 21.99%. However, prior to that you should do one of two things.

      1. Transfer the balance to another card with a low promotion rate (but it will have to be to a card from another bank). Just make sure you apply for the new card a good 4-6 weeks in advance of the expiry of your promotional rate, to ensure you have enough time to get approved and activated for your new card. By the way, once you’ve done that, you can then re-apply for a new Platinum Plus MBNA card, and transfer the remaining balance BACK to MBNA at the 0% for 12 month promotional rate!

      2. You can pay the balance down with a line of credit from your bank, you’re rate will be determined by the bank.

      3. You can try applying for a fixed term, fixed payment loan from one of the new marketplace lenders. Our experience with them is that their interest rates, while advertised as low as 5.5% or so, are typically as high as 11% plus, and end up being no better than the banks. The rate will be determined by the lender. Regardless, they’re all better than the 19.99% interest you would find on your standard rewards credit card.

      Hope that helps,

      GreedyRates Staff

  36. Hi,

    I am looking to apply for mnba platinum card in Canada. I am a “stay at home mom” but my household income (with husband) is high being over 150k. I have a long credit history with different types of credit that have been flawless until only recently. Long story but I had a 400 dollar amount from a service provider that went to collections. It is currently unpaid. My credit score dropped but I’m still at 785. I have no open credit cards right now as this will be my first card again in awhile. (Looking to transfer money from my husbands card to take advantage of low balance transfer rate) What are my chances of being approved? Does mnba have a pre approval application that does a soft credit check to see if I would be approved? Should I pay the collections account first or would it matter? Or should I apply for a basic/repair credit card first beforehand to establish a more recent credit history again?



    • Hi Sarah,

      There are a few missing pieces of information. That said, your credit score of 785, if recent, is very healthy and on its own should be strong enough to get you acceped for most any card. It clearly seems to work in your favour that you have a 785 credit score, despite having this outstanding debt in collections from some time ago (hard for us to reconcile the two). Moreover, your household income of $150K is plenty.

      Unfortunately, MBNA does not offer soft approvals when you apply. That said, you can always apply, and see what happens. If you get approved, great. If you get declined, your credit score will take a minor temporary hit, but should go back to “normal” within 2 months.

      Assuming you really do owe the amount in collections, we would always recommend paying off your debts as soon as possible, just to avoid future interest charges and situations like this.

      Let us know how it goes,

      GreedyRates Staff

  37. I have an MBNA card that I got 2 years ago, but I wasn’t able to use the 0% offer. The time has come up, and I want to use the 0% offer, is it possible to cancel the card and get another card with the 0% interest for one year or is it a one time only offer?

    • Hi Ivan,

      It shouldn’t be an issue. There is no language in their legal disclosures which say otherwise. On some other cards, MBNA and TD require you to have applied for the first card for at least 6 months, before cancelling and re-applying for the same card. You fit well within that rule of thumb.

      By the way, if your current card is not the MBNA platinum Plus card, you can apply for it without cancelling your current MBNA card.

      GreedyRates Staff

  38. Hello,

    I have an offer from MBNA for 0.99% interest + 1% transfer fee for balance transfers until December, 2016 (offer on existing account). I’ve been advised to stop using the card for purchases until the transfer is paid off, if I choose to use this offer. From my understanding, purchases would be charged high interest as my payments would go towards the transferred amount first. Is this correct?

    Side note: as of October 5, 2015, MBNA still shows 1% transfer fee for me in Canada.

    • Hi Rain,

      Let’s answer your question in 3 parts. First, the law has changed in Canada to benefit consumers somewhat on how payments are allocated to credit cards. Any payments would be divided equally between your promotioan balance transfer rate balance and purchase rate balance. Second, like on all balance transfer credit cards, new purchases carried as a balance, would be charged the Purchase Interest rate of 19.99%, as opposed to the 0% interest rate for 12 months on transferred balances, unless indicated otherwise. Third, all new applicants to the 0% for 12 months offer of the MBNA Platinum Plus Mastercard, are charged the standard 1% fee. It’s only if MBNA decides to offer cardholders a special rate not disclosed on their application (not really applicable to new Platinum Plus applicants since it’s at 0%) that they may be charged a different fee. Hope that helps.

      GreedyRates Staff

      • Hi there,

        I had the same offer on my account from MBNA for 0.99% till Dec 2016. Was advised by MBNA to pay off my remaining balance untll I can take advantage of the new offer, which I did. When I went back to take advantage of the offer, it was no longer available on my account, even though the offer was valid till end of Dec 2015 to take advantage of, what should be my next step?


        • Hi Taj,

          I’d either try to escalate it within MBNA, or apply for a new credit card with a Balance Transfer offer, like the MBNA SmartCash card above with the .99% balance transfer rate for 10 months. MBNA allows customers to hold multiple accounts (of different credit cards) at the same time. You might even be better off doign it that way since you’ll only be charged the 1% transfer fee, as opposed to when MBNA makes a BT offer to an exisitng client on an existing card the transfer fee could be as high as 3%! The other option is to close the Platinum Plus account and re-apply for the 0% rate for 12 months. Is that helpful?


          GreedyRates Staff

  39. Thank you for the great advice. I’m wondering, can you continue to transfer balances to different cards? That is, say you transfer one existing credit card to the MBNA card and pay off as much as you can for the 12 month period. Then at the 11 month period, transfer your remaining MBNA balance to..say..the Scotiabank card. In theory, you would always have a low interest card until you could pay off the entire debt.
    Is this possible? Even with weekly payments of $100, I would not eliminate my credit card debt completely.

    • Hi Donna,

      Yes you can continue to transfer your balance from card to card. It’s actually called balance surfing or rate surfing. It requires discipline. It’s very common in the U.S. and U.K. where there are a much larger number of 12, 24 and even 36 month 0% balance transfer cards. In Canada, once you get past the MBNA Platinum Plus card, there aren’t that many 0% promo rates, and really none that offer 12 months to everyone. Rate surfing every 6 months is tedious, but obviously if it’s helpful and you believe you have the discipline to do it, go for it.


      GreedyRates Staff

  40. hi, i just want to know if you have any suggestions about which could be best to do? i have lots of credit cards – all 19.99% and one of them is american express which has almost $3000 debt, then the other is scotia visa that has $2500 and home depot $2000. i had been denied for a line of credit for 3x already. i want to lessen my debt esp close my american express coz of its $99 annual fee. which will be good? applying for mbna card? but i might need my credit card for my future expenses. if i have apply for mbna, is the minimum payment for each month depends on how big your debt is (equally distributed each month) or its up to me how much i pay each month?

    • Hi Aireen,

      If you’re paying 19.99% on your current balances then yes, the MBNA Platinum Plus card will reduce your monthly payments significantly during the 0% for 12 month promotional period. You will only have to pay the 1% transfer fee, plus a minimum of 1% of the outstanding balance monthly (around $75/month in your case), which will go towards paying down your credit card outstandings. That said, the only disconcerting piece is that you also mentioned you’ve been declined for a line of credit 3 times. Not sure what your credit score is, but MBNA does not typically approve applicants with weak credit scores/histories.

      Hope that helps,

      GreedyRates Staff

      • is it an online bank or there are branches here in canada (especifically in winnipeg). i just think if i had some issues, is it gonna be hard to talk to them?

        • Hi Aireen,

          MBNA is owned by TD Canada Trust. That said, regardless of the credit card, most issues you’ll have with your credit card will likely have to be resolved over the phone, whether it be TD, BMO, Scotia, CIBC or RBC. American Express and Discover have no branches, and have consistently won awards for best customer service in credit card worldwide – so it shouldn’t be too much of a concern.

          Hope that helps,

          GreedyRates Staff

  41. Hi,

    Wondering if you have any advice on obtaining your credit score. Can this be done for free without appearing to be credit searching.


    • Hi Jordan,

      It looks like Equifax has a 30 free trial offer available at this link . It provides both your credit score and report during the first 30 days, which seem to be free. Just double check the link yourself, as their offer and landing page may change.

      Worse comes to worse you can sign up with either TransUnion or Equifax and pay for the first month ($14.95~), get your score and report and then cancel.

      Checking your credit score and report does not impact your credit score, it’s considered a soft hit, so no worries there.


      GreedyRates Staff

  42. Claus Felix Huberty

    I enjoyed reading all your good advise good service to mankind Claus

  43. 2048374652 home phone


    ARE THERE ANY CANADIAN BANKS THAT OFFER 21 MONTH @ 0% INTEREST balance transfers and 3 % fee?

    • Hi Bryan,

      Unfortunately, Canada is not as competitive with balance transfer offers as the United States or the UK for that matter. The longest 0% offer in Canada is MBNA’s Platinum Plus at 0% for 12 months – which is still very attractive and helpful to any Canadian with an existing credit card balance.

      GreedyRates Staff

  44. Hi,

    I plan on applying for the MBNA Platinum Plus Card to get the benefits of transferring over my other credit cards to this card. Do you know if there is a case where a person does not get approved, because it just seems the purpose of this card is to transfer your other credit cards onto it in order to reduce interest rates. I would just like to know that if for some reason their is a possibility of not getting approve what those reasons may be. I know every bodies case is different. Thanks

    • Hi Josh,

      With every credit product, if you do not have a good credit history or you do not meet the credit underwriting guidelines of the lender, there is a chance you will not get approved. That said, if your credit history and score are fine and if you’re not applying for a multitude of credit cards at the same time, you should be fine. Chances are, if you already have credit cards, and you’re not delinquent (pay bills on time) or haven’t declared bankruptcy, you’ll be ok.

      GreedyRates Staff

  45. Hello
    I am interested in the credit transfers with MBNA. I have balances on 3 different cards. Would I be able to transfer all three balances to the MBNA card? Also what would be the steps to apply for the card?

    • Hi Diane,

      Yes you can transfer balances from as many cards as you’d like. The only limitation is that the amount of total balance you transfer cannot exceed the credit limit MBNA extends to you. That said, MBNA tends to offer the highest credit limits in the industry. To apply for the card, just click on the MBNNA Platinum Plus link above, and it will take you to the online application for the MBNA Platinum Plus card with the 0% offer for 12 months. You apply online and can actually add the cards and balances you want transferred on your application. Alternatively, you can call MBNA once you’ve been approved, and transfer your balances then.

      Hope that helps. Let us know if you have ANY other questions.

      GreedyRates Staff

  46. I am looking for a credit card to repair my credit. I’ve been bankrupt 2 times because of businesses that have failed in the past. I know there are secured cards but I’m hoping for unsecured cards. I know there is Capital One and Home Trust but are there any others for people trying to rebuild?

  47. I had an MBNA Mastercard in 2010 and ran into financial difficulty and filed a consumer proposal. This MBNA card was included in the proposal but I now have great credit and all those old derogatory items have been removed from my credit report. I am looking to apply for the 0% card but I’m wondering if I would be automatically declined because of that past account or does the application just take into consideration my credit rating at this time?
    Thank You!

    • Hi Dave,

      If you currently have good credit, and the derogatory items have been removed from your credit report, we would recommend you try to apply for another card with MBNA. If you have emerged from consumer proposal for some time now, they should look at your current credit file. Let us know how it works.



    • Thanks for the response. I did apply and had an instant approval of $14,000. Mbna will use your current credit even if you have had them included in a consumer proposal in the past.

  48. Hi there! i don’t know if you are aware, but starting September 2015, MBNA is going to be charging customers 3% balance transfer fee instead of 1%. This will definitely change how valuable MBNA will be as a balance transfer card. That’s why anyone planning to use MBNA should do so before the change takes place!

    • Hi Wes,

      We have heard that MBNA has sent out letters to existing customers indicating they will be raising their BT transfer fees from 1% to 3%. We’re still trying to understand exactly who it will be applied to and when. As soon as we confirm we will update you. In the meantime, not a bad idea to take adavantage of the 1% transfer fee before September rolls around.

      Thanks for sharing,

      GreedyRates Staff,

  49. Hello, my son who is 20 was able to get a credit card from royal bank visa with a 3000 dollar credit limit. He has racked it up several times, and is unable to pay if off, as he works as a labourer and does not have a steady income.Which option would be better for him, the RBC visa low rate or the MBNA 0% balance transfer?
    I want to help but feel I would not be teaching him anything if I paid his debt.
    Can you tell us the best options?
    Thanks any advice would be greatly appreciated.

    • Hi Bonnie,

      If he is able to make his payments on time we would recommend the MBNA Platinum Plus at 0% for 12 months (it has both the lowest interest rate, and longest promotional period of any card in Canada). The trick to using this card is not to make any additional purchases on the card. The 0% rate only applies to transferred balances. But, he will get a full 12 months to start chipping away at his existing balance without having to worry about paying any interest. If he is undisciplined, he should schedule automatic payments from his bank account to MBNA, so he doesn’t have to worry about making a late payment.


      GreedyRates Staff

  50. Hi I have a MBNA card of 22000 @9% in debt and a BMO card of 5000, @18% i am looking to consolidate or something to help lower payments and get this taken care of faster, any suggestions?

    • Hi Sarah,

      It’s hard to say exactly what you should do without knowing your entire personal financial situation. That said, here are some alternatives. 1. Take out a lower interest line of credit, and consolidate your credit card debt. 2. If you can take out an even lower interest home equity line of credit all the better. 3. If you are setting aside money for savings, redirect it towards paying down your debt first 4. Take out a low interest balance transfer card and transfer your higher interest 18% balances first. 5. Call BMO and ask them to place your $5,000 of debt at a lower interest. 6. Apply for the MBNA Platinum Plus card, which has a 0% BT rate for 12 months. You won’t be able to transfer your MBNA balances, from one MBNA card to another. But what you can do, which is unique to MBNA, is have them transfer money from your credit card at the 0% rate for 12 months, to your checking account. You can then use the transferred funds to pay down any balance you’d like (you can actually use it for anything you’d like – it’s virtually like a cash advance – except at 0%.) Just make sure to pay down your high interest 18% balances before your 9% balances. Hope some of those options work for you.

      GreedyRates Staff

  51. Greetings.
    I have a MBNA credit card (9.99%) with over a $10,000 debt on it. I am looking into transferring my debt to the MBNA Platinum cc at 0% for 12 months. However, they won’t allow me to transfer from one MBNA card to another. So I was going to transfer to a few different companies (RBC, CIBC, etc) then apply for a transfer back to the MBNA Platinum within the allotted time. Is this a good idea? I think it is called debt surfing??


    • Hi Pat, we have an alternative for you. You can apply for the MBNA Platinum Plus card, which offers a 0% for 12 month rate and a 1% trasnfer fee (best balance transfer offer in Canada). You can then have MBNA Deposit up to 98% of your available line of credit from your Platinum Plus card to your bank account (MBNA calls it a Deposit), getting the same 0% for 12 month rate. You can then use the money from your bank account to pay down your 9.99% MBNA TrueLine card.

      That said, if you still have a balance after your 12 months are up, by all means you can transfer your balance to other cards with Balance Transfer promotional offers – otherwise called “debt surfing”, “balance surfing” or “rate surfing”. Let us know how it goes and if you found this helpful!


      GreedyRates Staff

  52. I had an MBNA MasterCard about 8 years ago. I didn’t pay the full amount owing but reached a settlement agreement with MBNA. However that messed up my credit rating for quite a while but now the MBNA settlement is over 6 years old and the account has been completely purged from my credit bureau files. My credit history is excellent now as is my credit score. Do you think MBNA would issue another credit card to me now if I applied for one or am I wasting my time?

    • Hi Mark, we don’t have access to MBNA’s underwriting scorecard. That said, if you currently have an excellent credit rating, and MBNA is relying on an automated adjudication system for approvals, I would think you’d be ok to apply for a new card with MBNA.


      GreedyRates Staff

  53. Hi

    I tried to transfer to the MBNA card but couldn’t. Would it be because I’m trying to transfer from the TD Emerald card and MBNA is owned by TD?
    Any other suggestions for transfers?


    • Hi Bluenoser,

      While you can technically no longer do a balance transfer from a TD account to your Platinum Plus card (because TD owns MBNA), there is a simple workaround. You can deposit money from your MBNA Platinum Plus card, at 0% for 12 months, to your checking account. From your checking account, you can then pay down your TD Emrald card.

      The “deposit” or “money transfer” feature of the MBNA Platinum Plus card is unique to MBNA and allows you to transfer cash to any designated checking account at the balance transfer rate of 0% for 12 months, with the 1% transfer fee. You can then use the cash in your checking account for anything from paying down other loan balances, mortgages to buying a gift or paying for car repair.

      Hope that helps,

      GreedyRates Staff

      • Hi,
        Not sure what I am doing wrong, but when I apply, I cannot apply for a “deposit” or “money transfer” strictly for balance transfers. Should I be using a different application?

        Thanks for your help

        • Hi Bluenoser,

          Unlike balance transfers, the “deposit” function can only be done after you’ve been approved. Here’s MBNA’s insutruction: “After you are approved, you can…transfer as many qualifying loan balances as you like or make a deposit to a chequing account up to your credit available.” You can do it online or over the phone.

          Let us know if you need anything else.

          GreedyRates Staff

  54. Hi, do you think it’s possible to do a balance transfer from a CIBC Platinum MC to the MBNA Plat. MC? Or not very likely?

    • Hi Junie,

      Absolutely. If your credit is in good standing, there’s no issue transferring from one credit card to another. That’s what the MBNA Platinum Plus is designed to do.


  55. I am looking to transfer a balance of 300 . and start with new credit card with cheaper or no interest for several months and I would prefer Visa. Thanks

    • Hi Mary, if you’re looking for the best option to transfer $300 and then put on additional balances at a low interest rate, it will likely be the Scotia Value Visa card. it has a .99% intro rate for 6 months, with no transfer fee for now, which should be plenty of time to pay down your $300 balance. The ongoing interest rate of 11.99% is a strong low rate for future balances. That said, the flat out best deal to transfer exisiting balances is the MBNA Paltinum Plus card at 0% for 12 months with no annual fee, and a transfer fee of 1%.

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