Canada’s Best Balance Transfer Credit Card Is Here: 0% For 12 Months With No Annual Fee!

Best Balance Transfer Credit Card CanadaFor people who owe money on their credit cards, MBNA Canada’s 0% introductory rate for 12 months continues to be the best balance transfer deal in the country to pay off your existing credit card balances – even cheaper than a personal loan or a line of credit .

Transfer your existing credit card debt to MBNA’s Platinum Plus 0% credit card and you can literally save $100’s, if not $1,000’s, in interest costs in the first 12 months alone!

We’ve reviewed every published balance transfer, line of credit and fixed term payment loan from RBC, TD, CIBC, BMO, Scotia, even upstarts like Grow, Borrowell and Mogo. None do better for you than MBNA Platinum Plus Mastercard’s 0% for 12 months promotional offer, making it our number one ranked balance transfer credit card in Canada right now.

With a 12 month interest holiday, 100% of your monthly payments during the promotional period go towards reducing your balance. It’s the cheapest and most effective way to pay off your existing credit card debt – 0% can’t be beat.

How much can you save? Let’s say you have a credit card balance of $4,000 with a 19.99% interest rate, you’d be saving $798 in interest costs over the 12 month 0% introductory period alone!

Apply Now!

MBNA Platinum Plus Credit Card Review:

1. 0% Balance Transfer interest rate (APR) for 12 months: The easiest way to cut the costs of your credit card debt is to move your outstandings from your existing credit card with a higher interest rate to one that charges less interest. With a 0% offer for 12 months, there is no better strategy to pay off your credit card debts than a balance transfer, not even a line of credit is cheaper. Sound simple? It is. It’s all done online in a few quick and easy steps. With the MBNA Platinum Plus Mastercard, you get 12 months of breathing room, paying 0% interest. 

There is a 1% balance transfer fee, which is charged up front when you transfer your balance from the online application. If you transfer your balance after you’ve applied the fee could go higher. 1% is the same or lower than most of the big banks, which can charge as much as 3% (see RBC)!

2. Money Transfers: You can also advance cash from your MBNA Platinum Plus Mastercard account to your bank’s checking account and use it for any purpose you’d like and enjoy the same 0% interest rate for 12 months. It’s like a cash advance, except the money is deposited into your checking account, at 0% for 12 months.

3. No Annual Fees: Most Canadian banks charge an annual fee for their low interest cards. This card has no annual fee and gives you the best introducotry rate you can find – nothing beats ZERO.

4. Platinum Benefits: The other perk we like about the MBNA Platinum Plus Mastercard card, is that it offers Platinum benefits, such as common carrier accident insurance, auto rental insurance and trip interruption insurance, all with no annual fee.  Here are the top 5 balance transfer offers we’re seeing in the Canadian market right now:

  Balance Transfer Credit Card Promotional Rate Promotional Rate Period Balance Transfer Fee Annual Fee Representative Interest Savings on $3,000 Transferred
#1 MBNA Platinum Plus Mastercard     0%    12 months    1%    $0    $522
#2 MBNA Best Western MasterCard     1.99% 10 months    1%    $0    $390
#3 PC Mastercard    .97%    6 months    1%    $0    $245
#4 Scotia Value Visa Card    .99%    6 months   1%    $29    $244
#5 Alterna Platinum Plus MasterCard     9.99%    ongoing   1%     $0    $276 (per year)

Our assessment? If you’re looking to cut your existing credit card interest payments, the 0% interest rate offered by the MBNA Platinum Plus credit card for 12 months can’t be beat in Canada right now. It’s clear, simple and has the best value in the country.

Apply Now!


  1. Dear Sir/Madam,

    I applied MBNA PLATINUM PLUS Master card i would like to know about credit limit of this card because i heard
    MBNA is part of TD Canada Trust also i just received TD VISA and i have $ 5,000 credit limit and $ 3,000 cash advance. Please help me THANKS

    • Hi Harry,

      The credit limit assigned is customized based on your particular situation, the card you are applying for and of course MBNA’s underwriting goals. MBNA will derive an “open to buy”, which is the aggregate credit limit they think you should have across all credit card products. What you already have with TD will affect the limit MBNA provides you for their card. Despite being owned by TD they do not work hand in hand and you cannot redistribute limits from TD to MBNA. That said, MBNA typcially has some of the highest credit limits in the industry. Officially, their limit is $100K, though that is far from typical obviously.

      Hope that helps,

      GreedyRates Staff

  2. Hi

    I applied for the MBNA Platinum Plus MC and it says:
    ‘Your application form was received, but we are unable to provide a decision at this time. A credit analyst is reviewing your application and may be in contact within 10 to 15 business days regarding any additional information that is required to complete your request’.

    Any idea what that information can be? And if there are chances to be approved later, cause from what I read in the comment section people got approved instantly.

    Thank you.

    • Hi Moni,

      MBNA is one of the few Canadian credit card issuers that has a manual review adjudication department. Sometimes, before automatically declining someone, they may want to do a manual review, to better understand your application. One thing you can do is be proactive and call MBNA credit department. If you applied online, it will be in their system within 1-2 hours (if you applied over the phone it can take 2-5 days). Call MBNA and ask for the credit department. See if you can have them review your application while you’re on the phone and if you can help address any questions they might have about your application.

      Hope that helps,

      GreedyRates Staff

  3. After paying my debt for other cards can I used it to deposit money thru my checking account for personal purchases?

    How long can I used the 0% interest? Is it 12 months?

    • Hi Anne,

      You have 3 months from the time your account is opened to do a balance transfer at 0% for 12 months. For example, if you do a balance transfer in the third month after you receive your card, you will still get a 0% balance transfer rate for 12 months. However, you will not get the 0% rate if you do a balance transfer in the fourth month.

      You can do as many balance transfers or deposit transfers within the first three months, up to your credit limit, and still get the 0% for 12 month term.

      Hope that helps!

      GreedyRates Staff

  4. 1) Is this card still available?

    2) Also, the ‘Cash Advance’ feature of this card sounds TOO GOOD TO BE TRUE. In essence, doesn’t this mean you can have access to CASH for a YEAR with NO INTEREST!!What are the conditions – there must be some – that apply to cash advances?

    3) I applied (and received) an MBNA card about 2 years ago – I did not activate it. Would this negatively affect by ability to qualify for this Platinum MBNA card.

    • Hi Sarah,

      1. Yes this card is still available. Click on any of the links in the article above and it will take you directly to MBNA’s application page.
      2. It is a great deal. MBNA actually calls it a “deposit transfer”. It’s available on the same terms as the balance transfer offer, 0% for 12 months with a 1% transfer fee. It’s very similar to a cash advance, but the money is deposited into you bank account. Once you receive your card, just go to your online account and request the transfer or call in to request the transfer.
      3. That should not affect your ability to qualify for the Platinum Plus card from MBNA.

      Hope that helps,

      GreedyRates Staff

  5. Hi,

    In regards to your earlier statement ‘At the end of your 12 month term, or in month eleven, you can apply for another Platinum Plus card and take advantage of the 0% rate for 12 months once again’

    How do you apply for a Platinum Plus card at the end of the 12 month term while you already have one?

    • Hi Kumar,

      Great question! MBNA allows you to own multiple Platinum Plus accounts. In fact, some people have as many as 9 MBNA Platinum Plus accounts. There are a few things to remember:

      1. Once you receive your second MBNA Platinum Plus card, you can call MBNA and have them consolidate your available credit line from your first card to the other.
      2. Second, since you can’t do a direct balance transfer from one MBNA card to another, you can have MBNA do what is called a “deposit transfer” from your new Plat Plus card, to your bank account (it’s like a cash advance, but right into your bank account, done at the same 0% for 12 month rate as the balance transfer). Then use the cash in your bank account to pay down the balance on your first Platinum Plus card.

      Was that helpful?

      GreedyRates Staff

      • Yes these answers are very helpful. Thank You!
        Once you consolidate the amount still owing to the credit card company, wouldn’t it make sense to close out the first card? instead of keeping too many open credit card accounts! which of these two solutions has lower fees involved? and which one is more straight forward and less hassle?

        • Hi Kumar,

          Either option is pretty straight forward. But if you transfer over the line from one MBNA card to the other, there is no issue with closing the older account, if that makes you feel more comfortable. Then again, with no fee, there’s also no issue with keeping it open. It’s completely up to you and your preference.

          GreedyRates Staff

  6. Hello. This is very detailed text, thank you!
    One qs: If you apply for this CC and you pay the minimum monthly, lets say you transfer 4000 and you pay 40 x 12 months that means only 480 of 4000 then you apply for another Credit card to transfer the balance (3520) that you still owe; do you need to keep the first credit card? even if you don’t want to use it (Not looking on get another debt ) and when you pay all your debt how many cc will you have? That part doesn’t make sense to me.

    • Hi Ana,

      So you start with $4,000 of debt. There is a 1% transfer fee to start, so your balance is $4,040. If you make minimum payment of $40, you’re left with approximately $3,560 at the end of the 12 month term. If you then transfer your balance to another card, in effect what happens is, the new card pays down the balance of the old card. Then the new card shows the balance of $3,560 and the old card shows a balance of $0.

      You can choose to close the old account, or you can keep it open (there is no annual fee), which will keep your credit line open and thus your utilization rate lower, having a more positive impact on your credit score. If you keep it open, and don’t use it, there is no new debt you will be assuming, so there is nothing to worry about from that perspective.

      Hope that helps!

      GreedyRates Staff

  7. I received a balance transfer offer from RBC 5.9% for 30 months, no transfer fee and no annual fee. I was wondering if this is a good offer or should I proceed with the application for the MBNA Platinum Plus balance transfer 0% for 12 months. I’m planning to transfer 4,000 from my other credit card and my concern is I could only afford payments for the 30 months compared to the 12 months. I want to pay the monthly payment (not the MINIMUM monthly due) so I could get rid of my credit card debts sooner. If I will transfer 4,000, how much is my monthly payment for RBC 5.9% for 30 months? How about 4K, 0% for 12 months? Please advise. Thank you so much.

    • Hi Blonde,

      Great question! Here’s our answer:

      1. Balance transfers are not installment loans. With a balance transfer offer, all you are required to pay is the minimum payment. However,you have the right to pay more than the minimum payment, without any penalty. So if the minimum monthly payment is $40, on $4,000 of transferred debt, you can pay down $200 per month if you’d like. The advantage, with the MBNA 0% balance transfer offer, is that the entire payment will be applied against your balance, since their is no interest payment during the 0% promotional period.
      2. The RBC offer’s minimum monthly payment is $10, plus interest, which should come out to about $29 per month in your case, of which $19 is interest and $10 is principal. That’s based on RBC standard min monthly terms, we have not analyzed your offer specifically.
      3. THE MBNA Platinum Plus has a minimum monthly payment of 1%, which should come out to $40 per month in your case, of which 100% will be applied against your principal/balance.

      If your goal is to “pay the monthly payment so you could get rid of your credit card debt sooner”, the MBNA Platinum Plus offer is the best offer for you, because there is 0% interest versus 5.9%, more of your payment will go towards paying down your balance than the RBC offer, and the effective minimums are close to the same.

      At the end of your 12 month term, or in month eleven, you can apply for another Platinum Plus card and take advantage of the 0% rate for 12 months once again.

      Hope that helps,

      GreedyRates Staff

      • Thank you so much for the great explanations. I already applied for the MBNA Platinum Plus and got approved with a limit of $4,500. Now, all I need to do is to apply for the balance transfer online and hopefully becomes debt-free at the end of the 12 month term.

  8. Hi,

    I ‘m just wondering if you need a certain balance on the credit card in order to do a balance transfer.

    • Hi s.dawn,

      We’d love to help you on this! Can you elaborate a little, not sure we understand the question just yet. MBNA’s answer to this question in general is:

      “You may choose an amount up to the amount, without exceeding, your available credit line. For example, if you have a $2,000 balance on another bank’s credit card and your credit line is $15,000, you can ask for a balance transfer up to $15,000. We may not approve the total credit line limit for a
      balance transfer.”

      Let us know if you were looking for a different answer.

      GreedyRates Staff

  9. This is a very informative Q&A.

    1. If I’m applying online, and don’t indicate any credit card details for balance transfers, will MBNA grant me the “maximum” credit line based on my income, current debt servicing ratio, etc., or will they grant a smaller number?
    2. With regards to #1, my preference is to get the “cash advance” on the same terms, and then pay down my credit card balance (as opposed to them doing a direct balance transfer). If MBNA doesn’t know that I am doing a balance transfer (because I don’t give those details on the application), would they assume I just want more credit, and hence offer a smaller credit line?
    3. With regard to credit scores, and MBNA’s scoring, when they are looking at credit utilization, do they look just at credit cards, or also at lines of credit (e.g. unsecured, secured with your home, etc.)?

    • Hi S_S,

      Thanks for the kind words!

      1. Your credit line assignment is not influenced by whether or not you included a balance transfer(s) on your application.

      2. No, not at all. Same as answer to #1.

      3. The credit bureaus (Equifax, TransUnion) will look at what you owe on all types of credit accounts on your file i.e. credit cards, installment loans, lines of credit. Each type of loan is accounted for differently. Credit cards are evaluated based on how much of your credit line is being utilized. The bureaus measure utilization for each account, and overall. Installment loans (car loan) are evaluated based on how much of the original loan balance has been paid down. The exact algorithms the bureaus use is not public – aside from the 30% rule (total balances should not exceed 30% of your available credit limit).

      Hope that helps,

      GreedyRates Staff

      • Thank you, that’s helpful.

        Assuming I don’t put a balance transfer amount, but they approve me for some amount that is less than the amount I want to transfer, is it advisable to call them and ask for an increase? e.g. from 15k to 20k or 25k with the argument that the balance on the other card is going to go away? would it help to say I’m going to decrease the limit on the other card, or would this be counterproductive in terms of the 30% utilization rule?

        • Hi S_S,

          First, if you can avoid paying significant interest, I wouldn’t worry about the 30% utilization rule. Too many people end up paying massive amounts of interest to maintain their utilization rates, when one of the primary purposes of the credit score is to access cheaper rates. If you can get cheaper rates, but it “costs” you a couple of points on your credit score, big deal. It’s better than it costing you real dollars. Your credit score will recover.

          That said, it might be hard for you to get a credit line increase so quickly after being approved. However, because MBNA has a manual review and adjudication department, they are one of the few credit card companies where it’s possible to actually speak to someone n the credit department. That said, the decision is entirely up to them and there are multiple factors they may take into account, given your individual situation we’re not aware of. Of course we would always recommend calling them, that costs nothing and there is only upside to having a conversation with them.

          GreedyRates Staff

  10. Hi there, i’m so glad i found your post/comments, very informative and easy to understand. Thank you. here is my question:

    i have a RBC MC and my husband a Visa which we want to pay off using a MNBA transfer card. can I request ONE MNBA with 2 credit card balances to transfer (VISA under my husband’s name)?. we have 13000$ balance in total between the two of us. maybe is better that the one of us with better score applies or is it a better idea to apply for 2 mnba’s one for each balance transfer?

    ooops sorry, that’s not one question 🙁


    • Hi Misbelle,

      Why not the person with the better credit apply first. If the credit line is sufficient, use it to pay down both balances. If the credit line is not sufficient, then the second person can try to apply, and if approved pay down his/her balance.

      When doing a balance transfer, the names on the credit cards have to match. So you can’t pay off you’re husband’s credit card balance, and vice versa. What you can do is ask MBNA to deposit the cash amount to pay off your husband’s balance into your checking account. Then use the cash to pay off your husband’s balance. You will then owe that amount on your balance transfer credit card, and it will be on the same terms as a regular balance transfer, 0% for 12 months with a 1% balance transfer fee.

      Hope that helps,

      GreedyRates Staff

    • Have you done this? Did it work well?

  11. Hi, I’m not exactly sure I understand the part where you say :
    ”You can also advance cash from your MBNA Platinum Plus Mastercard account to your bank’s checking account and use it for any purpose you’d like and enjoy the same 0% interest rate for 12 months. It’s like a cash advance, except the money is deposited into your checking account, at 0% for 12 months.”

    Nowhere on the application form do I see any mention of this, and wondered how one would proceed to do that, or if it is still available.

    Thank you very much!

    • Hi Louis,

      It is absolutely still possible and done all the time. Once you’re approved, all you have to do is call MBNA and request the transfer of funds to any checking account. The product is mentioned on the legal disclosure for the card under fees, where it states: Balance transfers (including transfers of funds to a bank account).

      Transfers of funds to a bank account are defined by MBNA as the same as a balance transfer, and as such get the same 0% terms.

      Hope that helps clarify.

      GreedyRates Staff

  12. Hi,
    I just want to make sure I have this figured out.

    So I plan on making a purchase for about $2000. From what I read I should make the purchase with my other credit card (capital 1) then apply for this credit card, then transfer these balance on my capital one over to this MBNA card to take advantage of the 0% interest for 12 months, is this correct?

    • Hi Mike,

      That would definitely be a strategy. It would certainly allow you to collect points on one card, while taking advantage of the 0% rate on the Plat Plus card. However, if you’re not collecting points on the first card, you could also just get the MBNA Platinum Plus card, then have MBNA do a deposit transfer of $2,000 into your bank account – it will be done at the same 0% for 12 month promotional rate, Then you can use the cash to make your purchase.

      Either way works. If you do it your way, just make sure you get approved for the Platinum Plus card first, so you’re not stuck with a high interest rate on your CapOne card.

      Hope that helps,

      GreedyRates Staff

  13. Hi,

    I would like to apply for a no interest credit card to pay off my debt, and I’m torn between the MBNA and and Capital One. Which would you recommend for someone who has to pay off $5000. Also, does making a request with both hurt my credit score? I’ve been told that every credit inquiry has the potential to hurt one’s credit score. Thank you

    • Hi Amanda,

      We have not seen a 0% balance transfer offer from Capital One that is open to the public. You likely received a special promo. That said, you will want to compare the rate, length of the promotional term and the balance transfer fee.

      We like MBNA Platinum Plus offer because it comes with the best balance transfer offer available to the public at this time: 0% rate, 12 month term and a 1% transfer fee. Many issuers are now charging a 3% transfer fee, which is in the fine print, we’re not sure what fee the CapOne offer you received is charging. Make sure you compare apples to apples.

      If you make too many applications, in too short a period of time, it can negatively impact your credit. Space them out. One application every couple of months. However, also remember, if you’re credit is good to begin with, your credit will recover quickly.

      Good luck!

      GreedyRates Staff

  14. I tried to do a balance transfer from my MDNA platinum Plus. To my TD Visa and when I sea have it doesn’t give me any options for TD. Or Canada Trust

    • Hi Brian,

      You can’t do a balance transfer from one credit card to another card from the same bank – no banks allows it. MBNA is owned by TD, hence the restriction. There is a workaround however. Simply request a deposit transfer from your MBNA card to your bank account. MBNA will transfer the funds, at the same 0% for 12 month rate, from your Platinum Plus credit line to the checking account you provide. You can then use that cash as you wish, including to pay down your TD credit card balance.

      Hope that was helpful,

      GreedyRates Staff

  15. How soon can you apply for a second card? The limit on my first card was extremely low, and I’d like more BT money.

    • Hi Randy,

      If your credit is fine MBNA will say you should wait around 6 months before you apply for a second Platinum Plus card. MBNA does offer some of the highest credit lines in the industry, so if you received a low line, you should also try to understand why. You might want to call their credit department to ask them why your initial line assignment was low (income, existing debt obligations, credit, etc…)

      Hope that helps,

      GreedyRates Staff

  16. I want to apply for the MBNA 0% balance transfer card to use it to pay off (along with my savings) my car loan so im not wasting money on interest while I am paying it off. My auto loan is with TD and it says in the legal disclosure for the mbna card that balance transfers or deposits cant be used to pay off or down loans from any of mbna’s ‘affiliates” .

    I believe TD is an affiliate of mbna or vice versa.

    has anyone done this? if they deposit the money into your chqing account how would anyone be the wiser?

    • Hi Steve,

      Not an issue. Once you get the card, just call MBNA and ask them to do a deposit transfer. They will deposit the amount of cash you request, from the Platinum Plus card, at 0% for 12 months, into your checking account. MBNA consider’s deposit transfer and balance transfer to be the same, so you get the same terms for each. However, MBNA cannot track and doesn’t care where you spend the cash once it’s in your checking account. You can then use that money for any purpose, including, paying down your TD auto loan.

      Hope that helps,

      GreedyRates Staff

  17. I have no debt. But I plan to use this card instead of a line of credit method to open a small business. All I need is around $10000. My current credit card with BMO limit is $13500. I plan to spend $5000-10000 to open up a low investment business. Then take advantage of 12 months no interest to do a balance transfer to my credit card. Is this a good idea or should I just go with a line of credit instead?

    • Hi Lokko,

      It’s a good idea, but we would do two things differently:

      1. Take out a line of credit as well, so that at the end of the 0% for 12 month term you can pay down the balance transfer with a low interest option. Just keep your line of credit open. It costs nothing.
      2. Before you start spending, make sure you have your Platinum Plus card in hand. Remember, you can also do a money deposit (cash transfer) from your Plat Plus card into your checking account, (if you need to spend cash), and still get 0% for 12 months.

      Hope that helps,

      GreedyRates Staff

  18. What is the interest rate after the first 12 months?

    • Hi Brian,

      The interest rate after the promotional period is 21.99%. That said, we would strongly encourage one of 3 scenarios:

      1. Using the 12 month interest free period to pay down one’s entire debt
      2. Surfing to another 0% balance transfer promotion before the 12 month promotional period expires
      3. Paying down the balance at the end of the 12 month promotion with a cheaper debt instrument (like a line of credit)

      We would never recommend keeping your balance at 21.99%!

      GreedyRates Staff

  19. Hello! I love this site,very informative.

    Can you explain closing cards and credit utilization? I’ve closed cards in the past once I’ve paid them off thinking it will be good for my credit score.

    • Hi Aimiee,

      Great question. Most credit scores can be slightly reduced if credit utilization exceeds 30%. Credit utilization is defined as your credit card debt divided by your credit line.

      If by closing an account, you reduce your total credit line such that your remaining balance exceeds 30% of your total credit line, it could have a negative impact on your balance.

      That said, if you do not carry a balance it’s not as big of a concern. We would never recommend you keep a credit card with an annual fee open just to maintain a credit score.

      Also, if you have too many credit cards open, sometimes it will be hard for you to apply for a new card and receive a significant line.

      Hope that helps.

      GreedyRates Staff

      • Thank you! I understand it now.
        How many open cards are too many?

        • Hi Aimee,

          There really isn’t a limit to how many credit cards you keep open. In fact, the number of cards you have open is not reflected in your credit score at all. Plenty of people have 15+ open accounts with 700+ credit scores. The only way it could impact you, is if an issuer is uncomfortable issuing you a sizeable credit line for a new account, because you have too much unsecured credit line already.

          In those cases, if you’re applying for an additional credit card from the same issuer (MBNA for example) you can always consolidate your credit lines or move credit lines onto one credit card, without the need to close the other accounts, if you so desire.

          GreedyRates Staff

  20. can I pay off my line of credit from a credit union with the card

    • Hi Robyn,

      Yes you can. After you get approved, just ask MBNA to transfer the required funds (deposit transfer) into your bank account. MBNA will do so on the same 0% for 12 month terms as the balance transfer offer. You can then use those funds, that are now in your bank account, for anything, including paying down your line of credit from your credit union. It’s a virtual cash advance at 0% for 12 months.

      Hope that helps,

      GreedyRates Staff

  21. Hello,

    I was approved instantly online since I have a Smart card with them. My card limit is $6300 and has a zero balance. I have done balance transfers and paid off on time about 4-5 times so I have a good relationship with them. Now my instant approval is for $2500! That’s so little. I have a Fico 755 score.

    Can I have that increased?

    • Great question Jessica!

      You have two options with MBNA. First you can do a line redistribution, where you can request MBNA take a portion of another credit card’s line and assign it to your new account. You can shift lines between credit cards as often as you’d like.

      Or you can do a line consolidation, where you choose to close any number of accounts and assign their lines to your designated account. For example, if those 4-5 other MBNA credit cards of yours are still open, you can close them, and have the totality of their lines added to your new account.

      Lastly, you can speak with MBNA’s credit department to see why your limit was only $2,500 and ask the likelihood of being approved for more. Hopefully the two alternative strategies above can solve your issue.

      Hope that helps!

      GreedyRates Staff

  22. Hello,

    I was wondering if MBNA gives a warning when the 0% on balance transfer is about to expire? How will I know that it’s been 12 months since I made transfers?

    Also, is the promotion still valid? When looking at my online statement, I don’t see anywhere the 0% interest promotion anywhere.

    Thank you

    • Hi Kevin,

      MBNA provides the expiration date of the 0% promotional offer at the top right of your monthly statement every month.

      Yes the promotion is still on effect. However, the 0% for 12 month rate is only available for the first 3 months after you’ve been approved for the card. If you want to access the 0% for 12 month offer again, your best bet is to get another Platinum Plus card.

      Hope that helps. let us know if you need more clarity,

      GreedyRates Staff

  23. Hello, on this site it says “There is no stated minimum income for the Platinum Plus card” but on the MBNA site and verified with their chat service it says the minimum income has to be $35,000. My income is way below that amount, around $12,000 and I’m the only one with this household income. What are my chances of getting this Platinum Plus card even after having been pre-qualified from the Royal Bank for Visa Gold, Visa Platinum, Visa Preferred and then downgrading back down to the no annual fee of Visa Gold, and now together with a Capital One Gold card? By the way, I wanted to use the Platinum Plus card to pay off an outstanding debt with my Royal Bank credit line, if only if there is a slight chance of getting that card for balance transfers. The other cards don’t offer much of a deal for balance transfers.

    • Hi Tim,

      We just verified with MBNA Canada ourselves and there is no stated minimum income for any MBNA credit cards other than the World and World Elite cards. We also double checked their online application to see if anything has changed, and again, can’t find any reference to a minimum income requirement of $35K. We can also confirm that they do not verify income.

      That said, MBNA does have minimum credit score cut-offs in the 640 range. However, if you’ve recently been pre-approved by RBC you shouldn’t have a problem getting approved by MBNA, as they tend to be a little less restrictive than RBC in their approval criteria.

      Hope that helps,

      GreedyRates Staff

      • It must be a different card I was asking the chat representative about. That sounds good…I’ll make the application and see how it goes. Thanks.

      • I just called MBNA and asked why the application was declined, she said it was because my debt income was way too high even though my credit score was very good. So, if anyone wants to apply for a credit card like this one to pay off a big debt, the size of debt is also taken into consideration in the application. The application did not work out that well for me.

        • Hi Tim,

          Thanks for the follow-up. Sorry to hear your application was declined. One of the key factors in the issuer’s adjudication scorecard is a customer’s ability to repay. As such, it’s not so much the size of your debt that is taken into account, as it is your debt servicing capability. Your debt servicing capability factors in the size of your debt, your income, and your current fixed obligations. The issuer will then use that information to calculate whether you have the ability to pay the minimum payments required – despite having a history of on-time payments.

          Before filing for bankruptcy, and without knowing your financial picture, you might want to speak with RBC to see if they can lower your interest rate, or reduce your minimum monthly payments. Many banks are willing to work with customers who are experiencing financial difficulties – they dislike charge-off’s as much as the customer.

          GreedyRates Staff

    • With income of $12,000.00 per year you really should not be obtaining credit cards. It would be impossible to live on such a limited income and pay debt at the same time. Please do not take my comment in a rude manner as it is not intended to be rude, but just realistic and coming from someone who has worked as a credit grantor. Credit can be a dangerous tool to have and when your income is so low it is too easy to take something on credit and later you have to make the decision if this week you’ll buy groceries or pay the credit card bill.

      • Andrew,

        The problem is, Tim is looking to pay down a debt he already has through his RBC line of credit. The deed is done. In that case, if he can access a rate of 0% for 12 months, with a transfer fee of 1%, he’s likely better off than his current interest rate with his line of credit, spending less of his $12K income on interest and more elsewhere.

        GreedyRates Staff

  24. Hi,

    Very cool comments area and great answers.

    I was just approved for $12,000.00 on the MBNA Platinum but the credit card that I want to pay has $25,000.00 owing on it at 15.45%. I have aprox $700.00 total that I can allocate to the two cards monthly. Do you think it would be better to pay the minumum on the MBNA card monthly and allocate the rest to the 15.45% card or focus on the MBNA card? I hope to apply for a second MBNA card around the 11 month mark to get 0 onterest again. Unfortunately it will take me longer than 1 or 2 years to pay this off. Any ideas are welcome!

    Thanks so much.

    • Hi Mark,

      You’ll definitely want to pay the minimum on the Plat Plus, taking advantage of the interest holiday, and pay as much of your remaining high interest debt down as possible. That will be the cheapest way to pay down your debt over the long term.

      GreedyRates Staff

  25. Does it have a negative impact on your credit history if you use it as cash advance? I’d pay the more than the required minimum.

    Thank you!

    • Hi jfmartel,

      There is no difference to your credit score whether you do a balance transfer, deposit transfer, cash advance, or purchase.

      GreedyRates Staff

      • When you pay off a credit card using balance transfert the bank who receive the payment know that the payment came from another credit card ? (Balance Transfert) Or its like a regular payment for them

        • Hi Alex,

          While most credit card companies will not accept credit card payments from another credit card to pay down your credit card bill, they will accept balance transfers, if that’s your concern. So they treat it like a regular payment from the bank issuing your balance transfer card.

          Does that address your question?

          GreedyRates Staff

  26. Hi! Great info in the comments! I recently applied & was approved for $6000. I transferred $4000 over to my checquing acct to pay off high interest VISA. I have auto payments set up x12 months for $336 to ensure it is paid off in full before the year is up.(interest free! Yay!) Just so I’m clear – once the 12 months is up, I will no longer have 0%, but can apply for another MNBA card (as long as the current 0% promotion is still on) to do it all again on another loan? (We have a large Line of credit with a 4% interest rate, but would love to pay off a chunk at 0%! ) And, if the answer is yes, I can also cancel the first MBNA card as I will no longer be getting the 0%?

    • Hi Jean,

      Thanks for using and your kind words!

      1. Yes, when your 0% for 12 month term expires, you can then apply for another Platinum Plus card to get access to the same deal again.
      2. Yes, you can cancel the first MBNA card if you’d like.

      Hope that helps!

      GreedyRates Staff

    • MBNA will offer either 0%, 0.99% or 3.99% balance transfer rates quite often. Opening and closing credit cards too frequently is not good for your credit report. So closing a card and then reapplying for another credit card is not the greatest idea. You’re better off to use that 12 months and pay as much off as possible to give yourself breathing room and to get a head.

      • Andrew,

        We’re glad you brought that up. We’d like to take the opportunity to clear-up three misconceptions.

        First, if you take an MBNA balance transfer offer from an existing MBNA credit card, you will pay a 3% balance transfer fee. Whereas, if you open a new Platinum Plus account, and take the 0% offer, you will only pay a 1% transfer fee. As a result, with MBNA, it always pays to take a balance transfer with a new Platinum Plus card.

        Second, you can have an unlimited number of credit card accounts, with zero impact on your credit score. The only factor that will impact your credit score is the proximity with which you wait between applications. If you space them out appropriately there will be no issue. There is no magic formula, and it may depend on how strong your credit is. Just be reasonable and don’t apply for a credit card every week – that behaviour will be suspicious to the credit bureau and will result in a lowering of your score. Space your applications out every few months and your golden. One GreedyRates staff member has already applied for 6 credit cards in the past 12 months and been approved for each and every one, no issues.

        Third, closing credit card accounts on its own does not impact your credit score either. The only factor that could impact your score when closing an account is if doing so lowers your credit line and as a result increases your credit utilization. However, if you open a new account, and transfer your old balance on to it, there shouldn’t be an issue, stays below 30%. Some people keep credit cards open with annual fees out of fear closing them will hurt their credit score. We think this is a huge mistake – there’s nothing wrong with closing accounts – your credit history from the account will stay active for another 7 years.

        Hope that helps,

        GreedyRates Staff

  27. Is there a limit, that you know of, to how much MBNA will approve? Thanks!

    • Hi John,

      MBNA can go up to a $100,000 credit limit, but that’s certainly not the norm!

      GreedyRates Staff

      • Is their a requirement to close the credit card that is paid off by MBNA?
        So, once the approval is done can they just transfer the money to my TD chequing account and then I can pay down my cc balance myself?
        Thanks for your help

        • Hi John,

          There is no requirement to close the credit card that is paid off by MBNA. In fact MBNA does not even provide that as an option.

          GreedyRates Staff

          • Do you know if asking the Credit card company to transfer the debt to MBNA results in any kind of hit to your credit? I guess what I’m asking is, is it better to ask your credit card company to transfer the balance to MBNA or is it better to just ask MBNA to transfer the money to your bank account then make a payment to pay off your credit card?
            I guess I prefer to just make the payment myself rather if they are both options.
            Thanks for your help.

          • Hi John,

            Both methods will have the same impact on your credit score. The credit bureaus will not look at one or the other less, or more, favourably.

            GreedyRates Staff

  28. Very informative article (and comment section!)

    A couple of questions:

    1) You mention that you can apply for another Platinum Plus card after 6 months. Does that mean I have the option of getting another deposit transfer into my bank account at 0% from the second card after my first cards promotional period expires? (Essentially getting two years of 0%)

    2) Following up on that, if we don’t get approved for a rate that matches our current credit card debt, do you recommend applying for a second Platinum Plus card after 6 months or asking for a credit increase on the first?

    3) Is there any consequences for transferring the balance off of this card and closing it after the 12 month promotional period?

    4) What is the minimum income needed for this card?

    Thanks in advance!

    • Hi Randy,

      Thanks for the kind words!

      1. Yes. By getting a second Plat Plus card, you are essentially getting 2 years a 0%.

      2. Not sure we understand the question perfectly.

      3. There is no consequence to paying off this card and closing it after the 12 month promotional period – or at any other time for that matter.

      4. There is no stated minimum income for the Platinum Plus card, but it might help to have $15K or so.

      Hope that helps,

      GreedyRates Staff

  29. I have a question. I have had the MBNA PP card for a few years and only ever used it for getting out of debt. Recently I racked up $2500 of CC debt after a move and taking a parental leave of absence from work. I realized while trying to pay this back that the interest rates are insulting so I decided to dust off my MBNA card and use a deposit BT to pay off the CC debt that I recently accumulated. When I called them they told me of course that I could not get the 0% promotional rate for a new card activation but they could give me 1.99% with a 1% processing fee. The lady on the phone asked if I wanted more money and told me if I took more they could give me a better deal. She offered .99% rate and 0% processing fee if I borrowed at least $15000. Well I did some quick math and realized that the interest would be about $12 per month on the full $15000 and the processing fee was free vs. taking the first offer and only borrowing $2500. The 1% processing fee would be $25. I decided to take the whole $15000 to save the $25 processing fee, then I can turn around and give them the $12500 back right away. Does that make any sense? Did I make a mistake? Maybe I can take that money and put it into some kind of short term investment? Not sure if it would be worth it. Oh one more thing, they can’t charge me a penalty for paying it off right away can they?

    Thanks Kevin

    • Hi Kevin,

      Great post! Yes it does make sense, however, we’d probably recommend you pay back the balance of your loan.

      1. We have not read the terms of your loan, however, for MBNA’s standard Balance Transfer there is no pre-payment penalty

      2. If you can get a better guaranteed return than .99% then, yes you can invest the balance of your loan – it’s actually a technique called “stoozing”. It used to be much more popular when savings and CD rates were much higher. Given the abysmally low savings rates, we’re not sure the risk of a misshap is worth the reward. Not sure we’d risk investing in equities, if you’re forced to sell in 12 months time – that’s pure speculation.

      3. You could have applied for another Platinum Plus card – despite what the customer service rep told you. Some people have more than 10 Platinum Plus cards.


      GreedyRates Staff

  30. Hello,
    I just applied online & was immediately approved for 12,000 credit limit. when completing the online application, I asked to have the $4500.00 balance from a Capital One card transferred. It this done automatically for me or is there something else I have to do?

    • Hi SW,

      If you put in all of the information requested on the application regarding the card you will be transferring a balance from = name of credit card institution, account number, and requested balance transfer amount – then that’s all you have to do. MBNA will take care of the rest.


      GreedyRates Staff

  31. Hi I have 2 credit cards that amount to $9000 would I be qualified to apply for MBNA card.And can I use this card as a credit card to do everyday purchase. Please advise.

    • Hi Bibi,

      If you transfer your $9,000 in balances to the the MBNA Platinum Plus MasterCard, we recommend you use it exclusively for balance transfers. Do not make any additional purchases with it – the interest rate will be higher. Use one of your other 2 credit cards, that now have no balances, to make purchases.

      We could not say whether you qualify for the card, as we do not have access to your credit history. But we will say that MBNA typically gives one of the highest credit lines in your wallet.

      GreedyRates Staff

  32. So, I owe about $9000 on 4 credit cards and would like to save interest. I also owe quite a bit more on a Line of Credit, currently just under 4%. My credit rating is very good despite the amount owing. Is my best option to go with the MBNA Platinum Plus for as much of this as I can manage with the intent of paying that sucker down asap, or should I think about a blend of transferring funds from my cards to the MBNA PP and having some put in a savings account? Or, should I just get as much as I will qualify for put in my savings and pay from there? In any case, I am well aware that after 12 months, the good times will be over and will need to have much of that debt significantly reduced. Thanks. Gary

    • Hi Gary,

      We would recommend you apply for the MBNA Platinum Plus MasterCard. Transfer as much of the your $9,000 credit card debt onto the Platinum Plus as your credit line will allow. Pay down all of your debt first, while it’s at 0%. Then, once it’s paid down, you can focus on your savings.

      With deposits rates at record lows, one could also argue you should do the same with your 4% line of credit. Unless you have some type of low risk investment alternative where your return will be greater than 4%, get rid of your debt – there’s a psychological peace that comes with getting ahead of your debt as well.

      Hope that helps and good luck,

      GreedyRates Staff

  33. Hello,

    I made a balance transfer of 4000$ to my mbna card (0% interest). However I also made regular purchases (500$) using that same card. How is the minimum payment calculated?

    If I pay for the full 500$, will it go towards my regular purchases or will it be split with balance transfer and purchases?

    I am quite confused when looking at my monthly statement

    • Hi Kevin,

      Canadian regulation around that exact question has changed how issuers are allowed to allot your payments. In the past, they would use your $500 payment to pay down your low interest balance first, keeping your high interest balance (issuers called this strategy balance conservation). Now, in Canada, at minimum, they have to distribute your payment proportionately. Meaning, if your 0% balance transfer debt represents 75% of your total balance, and your debt from new purchases represent 25%, they will use $375 to pay down your 0% balance transfer debt, and $125 to pay down your new balances.

      Ultimately, we never recommend you make ANY new purchases on your balance transfer credit card, specifically because of what just happened to you. Any new purchases you make should be done on a seperate credit card, so YOU can control how much of each balance gets repaid.

      Balance transfer cards are the best products on the market to use against existing debt. They may be the only opportunity to borrow at 0% rates. But never use them to make new purchases – ever.

      GreedyRates Staff

      • Thank you for the fast reply.

        I had no clue that’s how it worked.

        If I put in a request to use my payment to pay off my “normal” purchases before the balance transfer, will it work, or am I simply losing my time?

        • Hi Kevin,

          Pleasure. There is no way to do it, we just reconfirmed. As we said, for the future, keep two separate cards, one for balance transfers, another for new purchases. Never make purchases you intend to pay down at the end of the month with a balance transfer card – ever.

          GreedyRates Staff

          • Again thank you for the super fast answer.

            If only a certain % will go towards my regular purchases I’m doomed to pay interest on my regular purchases until I pay off the entire amout transfered from other cards?

            Thank you

          • Hi Kevin,

            Unfortunately, that’s exactly how the math works. By the way, almost every issuer allocates their payments that way. Again, to all our readers, always keep your balance transfers on a separate card from new purchases.

            GreedyRates Staff

  34. I know you’ve told us about the deposit transfer to chequing accounts. Will they deposit to a TD Chequing Account? Or do you have to be with a different institution?
    Obviously i’m trying to balance transfer to clear up my TD Visa.

    • Hi RM,

      To answer your question, we just reconfirmed with MBNA. MBNA will do a “deposit transfer” to a TD checking account. What you do with the money at that point is your business.

      GreedyRates Staff

  35. Hi There,
    I currently have an MBNA rewards card with a $7,500 limit. Can I get MBNA to switch this rewards card to the platinum plus card? Will I still have the option of getting a cash deposit to my chequing account (1% interest fee)?

    • Hi Larissa,

      You will have to apply for a new Platinum Plus card. MBNA allows customers to have multiple MBNA cards, some with as many as 12, so that should not be a worry. MBNA will also allow you to transfer some of your available credit line from one card to another. At that point you can take advantage of the cash deposit to your checking account (0% interest for 12 months, with a 1% transfer fee).

      Of course if you have outside balances you’re looking to transfer you can take advantage of the MBNA Platinum Plus 0% rate to transfer your balances as well.

      Hope that helps,

      GreedyRates Staff

  36. Hi

    Thanks for the detailed review. I just want to confirm about the transfer of funds from mbna to my td chequing account. is there really only a 1% transfer fee followed by no interest for 12 months?

    e.g. If I transfer 8000 tomorrow, there would be an $80 fee tomorrow and then I simply only need to pay minimum payment for next 12 months?

    Please correct me if I’m wrong.

  37. I have an MBNA credit card already – I owe corporate taxes and want to pay things off and not be in trouble with the Govt. Can I arrange a cash advance at 0% through MBNA or must I pay it with another card as a cash advance, then transfer that balance to MBNA at 0%? Any advice would be much appreciated. I’ve lost my job effective Dec 23rd (nice, eh?) – so I could use a little breathing room. Thank you in advance

    • Hi Divini,

      Let’s see if we can make the beginning of 2016 a little better for you. With MBNA you can request a “deposit” transfer, whereby they will transfer money from your credit card to your checking account, at the same rate and terms as the balance transfer, 0% in your case it seems. You can then use the cash in your checking account to pay for your taxes or anything else. It’s yours to spend how and on what you wish.

      Just remember, that the 0% for 12 month promotional rate is only good for a balance transfer made within 90 days of your account opening. If you’ve had the card for longer than 90 days, you might want to apply for another Platinum Plus card to get the promotional rate – some people have up to 10 Platinum Plus cards!

      Hope that helps,

      GreedyRates Staff

  38. Hi I recently get approved from MBNA of $4500.00 credit limit. As I read some comments, you can transfer 98% if your credit limit to pay off your balances from other credit cards.(If I understood correctly) Is that means I can transfer $4200.00 to make checking account? My concern is I want to maintain my credit utilization ratio below 30% of each individual credit card.However if Im allowed to transfer 98% of my limit to pay off my balances without hurting hurting my CUR then it’s really a good New years gift for me. How this 98% transfer will affect my CUR? Any feedback is greatly appreciated. Thank you.

    • Hi Shine,

      The credit bureaus do take credit utilization into account, however they do so for both total credit utilization and per card utilization. By getting an additional card with a $4,500 line of credit you actually reduce your total credit utilization – which will have a positive effect on your credit score.

      Moreover, consolidating your balances onto one credit card, as opposed to having balances on multiple cards, will also positively impact your credit.

      That said, you are correct, having a high credit utilization will temporarily have a minor negative impact on your credit. One credit bureau states “If you have a high balance-to-limit ratio on one card, that negative can be significantly off-set by having a low overall utilization rate.”

      Regardless, if you can reduce your interest costs to 0% for 12 months, you’re far better off then paying a higher interest. After all, what’s the point of having a credit rating 15 points higher, if it’s costing you $800+ a year ($4,200 X 19.99%)? And remember, your credit utilization will go down as you pay down your principle on your balance. With 0% interest, 100% of your monthly payment will go towards your balance, as opposed to interest costs.

      Our recommendation, don’t let your credit score get in the way of making a smart financial decision. That’s not what it’s intended to do, especially if you have the opportunity to reduce your interest costs significantly.


      GreedyRates Staff

      • Im 100 % agree with you. Very helpful information. One last question though if woudn’t mind. My question is after you make an application for balance transfer to your checking account or another credit card, MBNA usually have to process it for 2 to 5 business days.

        During this process, Is there any possibility that they may decline your request for balance transfer? If so, what do u think are the major reasons why this can happen within the process. Im not trying to be negative here but I do think it is important for me to know. I want to thank you in advance for getting back to my question.

  39. I have a TDVisa. I read the post about not being able to do a direct balance transfer, instead to request an amount to be deposited into my bank account, and then pay off my TDVisa from that amount. Just to be clear, is this request something I would need to explain while filling out an application, something I would have to fill out another form for, or something I would request over the phone? Thank you!

    • Hi Erin,

      Once you have your account approved, you can do a deposit transfer to your checking account online, or over the phone, 24X7. Hope that helps.

      GreedyRates Staff

  40. 668 transunion
    578 Equifax

    I have 2 credit cards that are always paid on time and I am one year post discharge from a consumer proposal. I wanted to know what my odds of being approved for this card would be with my scores. I don’t want to apply for credit and be denied. I understand mbna has a cut off of 660 but which credit union do they use. Any information will be helpful. Thank you

    • Hi Angela,

      MBNA will check both credit bureaus. As such, we’re not sure if your score of 578 with Equifax will make it probable you will be approved. You may want to wait until you’ve brought it up to 660+ as well. That said, it seems like you’re on the right track, keep up the good work!


      GreedyRates Staff

  41. I am looking to transfer the funds into one card

    • Hi Layla,

      You can transfer balances from as many cards as you’d like onto a balance transfer card. You just have to make sure the total of the transferred balances remains below your credit limit. In the case of MBNA the total of the transferred balances has to remain below 98% of your credit limit.

      GreedyRates Staff

  42. When this promotion is going to expire, any time line?

  43. With a 661 equifax and 642 transunion score, should i get approved? I don’t want a hard hit on my credit report it I can’t be sure to get approved. Just separated this year and am having to use all my credit but I have a high income (140 000$) but 30% or my income used to pay debt.

    • Hi Pascale,

      It’s very hard for us to say, but we’d be reluctant to say with a 661 and 642 score you should be approved. You’re on the cusp (660 is min for MBNA), and we don’t have a full picture of your credit history, or the underwriting criteria of the bank you’re looking to apply to. You’re score is not great, your income is strong, and you’re debt servicing capacity is starting to get on the high side – but not terrible.

      If you’re really worried about applying for a credit card, and getting declined (by the way it doesn’t kill you if you’re not applying for multiple cards in a short period of time, and your score will recover in a couple of months time regardless), you might want to call your issuer and ask them to voluntarily lower your interest rate – surprisingly, many banks are willing to do it.

      Hope that helps Pascale,

      GreedyRates Staff

  44. Can i transfert more than one card?

    • Hi Rebecca,

      You can transfer from as many credit cards as you’d like. The only restriction is that you can transfer up to 98% of the available credit limit on your Platinum Plus card.


      GreedyRates Staff

  45. Make VERY sure you get your payment in on time because if you don’t you will be hit with a rate of 28.99% which cannot be lowered.Believe me I tried.It is the law of the Medes and Persians.

    • Hi Malcom,

      That warning goes for every credit card. To guarantee you make payments on time we highly recommend everyone schedules pre-authorized payments from their checking account to their credit card for the full 12 statements. This will take fate out of your hands and ensure you’re always on time, every time.

      That said, if you’re late once, your rate will got to the standard interest rate, if your late twice or more, then it will go to 26.99%. Lesson is, don’t be late, and use pre-authorized payments from your checking account to make your payments, especially if you can’t trust yourself. It’s a god send.

      Hope that helps,

      GreedyRates Staff

  46. What credit do you need to have in order to apply for the MBNA card? If you have bad credit is it okay to apply? I would like to transfer my credit card.

    • Hi Althia,

      MBNA typically has a credit score cut off of 640. There are exceptions, and they may do manual reviews if you get declined and have a good reason for your low score.

      Hope that helps,

      GreedyRates Staff

  47. We are using $150,000 of a $200,000 line of credit with Manulife instead of a mortgage. 1) What amount could we transfer over for a 12 month interest holiday? 2) On the end of 12 months of payments, I suppose we would pay off any balance from the Manulife line of credit. 3) Could we re apply for another 1 months?

    • Hi Peter,

      When you apply for the MBNA Platinum Plus MasterCard and get approved, you will be assigned a credit limit by MBNA at that time. You can transfer up to 98% of your credit limit. While you can’t transfer from your ManuLife line of credit directly to the Platinum Plus card, there is an easy alternative. With the MBNA Platinum Plus card, you can transfer money from your Platinum Plus credit line to your checking account, at 0% for 12 months, and use the transferred money in your checking account to pay down your Manulife line of credit – or for anything else – it’s very similar to a cash advance.

      Does that help?

      GreedyRates Staff

  48. Hi there. I have a question and is about what’s the minimum credit rate one should have to apply. My EQ is sitting at 620, don’t know my Transunion. But I do not want to apply if I know is not good enough, and instead getting it more damaged due to a credit inquiry.
    Thanks in advance.

    • Hi Dan,

      Your likelihood of being approved is low. MBNA’s typical cut-off is 640, unless there is some type of extenuating circumstance that explains your low score, and MBNA is willing to review your application manually.

      Hope that helps,

      GreedyRates Staff

  49. I was approved for the platinum card and was asked what card and amount I would like to transfer funds from. How long does it take after approval online for the other credit card to be paid off? What if I over calculated what needs to be paid or make a payment to ther other card before the funds are transferred? I cancelled the other card already and just noticed the balance is still owing. What do you recommend since I don’t have the card yet? Still another 6-11 business days.

    • Hi Sam,

      It takes 2-5 business days for balances to be paid off and transferred. If you made the mistake of transferring more funds than your balance, your other credit card will show a credit. Worse case, you just have them transfer the difference via direct deposit or check back to you, and then re-pay your MBNA account right away. If you cancelled the other card, then your balance transfer may not go through at all… Does that answer your question?

      Hope that helps,

      GreedyRates Staff

    • Hello GreedyRates

      Why is Scotiabank Credit Card not available in the balance transfer option.

      • Hi Lanz,

        We spoke with MBNA. Despite Scotia not listed on the online application, they confirmed that they absolutely do perform balance transfers from Scotia credits cards. Once you get approved for the MBNA Platinum Plus, just call MBNA and provide them the balance transfer account details over the phone, and they’ll take care of it for you – there are no extra fees doing it over the phone.

        Regardless, you can always do a money transfer from your MBNA Platinum Plus card to your checking account, and use the funds from your checking account to pay off any debt, or for any other purpose. Money transfers have the same terms as the balance transfer 0% for 12 months, with a 1% transfer fee – it’s the cheapest cash advance in Canada!

        Hope that helps,

        GreedyRates Staff

        • I was approved last November 11, 2015 for 4,000.00 credit limit but haven’t received the physical card as of the moment. I was wondering if I’ll call mbna to have my scotiabank scene card balance be transferred without having the actual card on hand. Is that possible.

          • Hi Lanz,

            You’ll have to wait for the physical card, so that you can activate it and accept the terms and conditions. It should come within 10+- days of approval.

            GreedyRates Staff

  50. Hello GreedyrRates

    Can i balance transfer my spouses credit card which i am also on as the secondary card and how long does it take to process

    • Hi Mic,

      You cannot transfer the balance from an account where you’re not the primary cardholder. However, with the MBNA Platinum Plus card you can transfer money from your credit card to your checking account (same 0% for 12 month terms as the balance transfer), and then use that money to pay down your wife’s balance on her card – or for anything else for that matter. It takes 2-5 business days from the time you request the money transfer for it to be funded to your checking account.

      Hope that helps,

      GreedyRates Staff

  51. Hi, I am wondering about minimum income requirements as I don’t see them anywhere. As I just got on provincial disability, that is a reliable, but low $906/m $11000/y .
    I was looking for a low interest loan, to consolidate my $6000(20%) C.Tire CC and another $3000 I need for investment(RDSP). They say my income to debt ratio is high, even that income is solid and I can pay $200 a month for 5 y. no problem. (low rent) . Loan seem to be difficult for some reason.
    My credit score is 758, but I don’t want to apply for a CC and then get a $4000 limit which is not enough for what I want to do. Plenty of room(17000) on my CT card, I just need to transfer that credit to a low interest one. CC or line of credit or loan, but CC is unreliable, they can change it any time(limit), for loan my income is too low, line of credit looks like I am looking for more credit, which I am not. Vancity guy said, he will give me $5000 LoC, but since it’s not enough, once they start checking my credit score, it will go down. I don’t know who to start with, Will I get a CC after I took the $5000(8%) from VanCity ?!
    Any thoughts? thanks.

    • Hi TC,

      A couple of pieces of information.

      1. MBNA does not have a minimum income requirement, they will mostly rely on your credit score to determine approval.
      2. However, they will rely on your income to debt ratio to determine howmuch credit to extend to you. That said, you will not know how much credit you will be approved for until you apply. If you get approved for less than what you were looking for, you can then speak to a credit analyst at MBNA (one of the great things about MBNA) and explain your situation and apply for a line increase. MBNA’s credit adjudicator’s have the ability to make judgemental calls, unlike many of the other banks.

      Perhaps you start with MBNA, see how much of your balance you can transfer at 0%, and worse comes to worse, use your VanCity line to pay down the balance at 8%.

      Hopefully that helps,

      GreedyRates Staff

  52. If I choose to request a balance transfer from my Visa to the MBNA card (upon approval of course), how will the 1% transaction fee be charged? Will it be charged as a purchase? or will they increase my line of credit to meet the total balance of the requested Visa balance transfer and the transaction fee. As well if that transaction fee is going to be added to the balance as a purchase will a first payment within the 21 interest free grace period pay off that purchase? or will I have to pay off the total balance on the MBNA card within that 21 grace period to avoid the standard monthly interest.

    • Hi Bob,

      Your first payment will be applied against your balance transfer fee. All payments thereafter will be applied to your balance. As an example, if you transferred $4,000, your first payment will be $40 (equal to the 1% balance transfer fee). Your second payment will also be $40 (min payment of $15 or 1% of your transferred balance, whichever is greater), but it will be applied against your balance. Your third payment should be for $39.60 (1% of $3,960 – $4,000 minus $40).

      Hope that helps,

      GreedyRates Staff

  53. I just got this card approved for $4000 limit and also done the balance transfer from another credit card. Just wonder, for example, if I pay off this $4000 on this card earlier within 6 months, would i be able to do another balance transfer from another credit card or cash advance to get 0% interest until 12 months are over?

    • Hi Tracie,

      The introductory rate of 0% is only available for balances transferred within the first 90 days. However, an often employed strategy with MBNA is to apply for another Platinum Plus MasterCard from MBNA in 6 months (many people have as many as 10 accounts with MBNA, even on the same product. We called to confirm it’s allowed). Once you’ve been approved for the second card, you can then consolidate your credit lines from both your accounts, and then close the first account thereafter, et voila, you can transfer new balances at 0% for 12 months once again.

      It should also be noted, that MBNA will frequently make balance transfer offers available to existing cardholders, currently their promo to existing cardholders is .99% for 15 months – not as good as 0%, but not bad.

      Hope that helps.

      GreedyRates Staff

      • Thank you,
        Is the rule applied for cash advance too? I mean i wont be able to make cash advance after 6 months paying off the balance, unless i need to apply for the same plus card as you said?

        • Hi Tracie,

          The 0% for 12 months applies to balance transfers and money transfers (when MBNA deposits money/cash into your checking account – virtually a cash advance), it does not apply to cash advances per se. But yes, the same applies to money transfers of cash into your checking account.

          Does that help?

          GreedyRates Staff

  54. Just a question, if you have 0% interest with the platinum plus card for 12 months, do you still have to make payments every month during the 12 months period or you can skip a month or two? I’m just confused, thank you

    • Hi Dan,

      You have to make minimum payments, but 100% of the payment will go towards paying down your balance (because there is 0% interest for 12 months). The minimum payment will be equal to the greater of $15 per month or 1% of your balance per month. So, if you have a $5,500 balance, you will owe $55. The following month, you will have a $5,445 balance and will owe $54.50 and so on…

      Hopefully that helps.

      GreedyRates Staff

  55. Hi I have a Td visa card and i filled out the application for MBNA PLATINUM PLUS but i cant find TD VISA card in Balance transferring section. reply would be appreciated. thanks

    • Hi Nithin,

      We have a work-around for that. Officially, because TD is the parent company of MBNA, they won’t allow you to do a direct balance transfer. That said, we have an easy work around. When you get the MBNA Platinum Plus card, you can have them deposit the amount of cash you require from your available credit line directly into your checking account – at the exact same rate and terms as the 0% for 12 months balance transfer offer. You can then use those funds to pay down your TD VISA card balance or for any other purpose!

      Hope that helps,

      GreedyRates Staff

  56. I have a total balance of $14000 from 2 credit cards both are @19% interest rate – I am thinking of taking advantage of the 0% for 12 month interest rate of the MBNA credit card. If I get approved (my credit history is good – all house bills, phone bills and the credit card payment are made on time) – what would my monthly work out to be to MBNA if I pay back the same combined amount that I currently pay on my credit cards ($300) – and what is MBNA rate after the 12 months.

    • Hi Bernie,

      The minimum payment will be the greater of 1% of your balance or $15. So for the first year, where there is no interest, your minimum payment on a $14,000 balance should equal to $140 per month (it will decline every month, as your balance decreases), 100% of which will go towards paying down your credit card balance. The interest rate will go to 21.99% after the 0% for 12 month promotional rate is over. We recommend paying more than the monthly minimum if you can (stick to your current $300 payment) so that you have the smallest balance you can when you have to start paying interest again. We would also recommend transferring your balance to another promotional rate at the end of the promo period – extending your low interest period for as long as possible while you still have a balance to pay.

      Hope that helps Bernie,

      GreedyRates Staff

  57. Hi there, we have a lien on our house (7K @ 25%) is it possible transfer it to a MBNA Platinum Plus card do you think? THANKS

    • Hi Lor,

      You can have MBNA transfer money to your checking account from your Platinum Plus MasterCard, at 0% for 12 months. You can then use that money for any purpose you’d like, including paying down the high interest lien on your home. That’s what makes the MBNA Platinum Plus MasterCard so powerful, it can be used as a classic balance transfer card, or as a virtaul cash advance at 0% for 12 months, when the money transfer is used. To our knowledge, MBNA is the only issuer that offers a money transfer to your checking account, at the same rate as your promotional rate balance transfer.

      Hope that helps,

      GreedyRates Staff

  58. Hello – Quesiton:

    I have a balance with a MBNA and would like to balance transfer to a card. You cannot balance transfer MBNA master card to the promotional rate above because they are the same companies, I was told. Any advise?

    • Hi Norm,

      One trick you can try is to get the MBNA Platinum Plus MasterCard, and then have MBNA money transfer funds from your Platinum Plus card to your checking account. You can then use that money from your checking account to pay down the balance on your other MBNA credit card. Let us know how it goes.

      If you’re looking for an alternative balance transfer card, checking out some of the offers in the balance transfer section of our comparison site. That said, none are offering 0% for 12 months that the MBNA Platinum Plus card does.

      GreedyRates Staff

  59. I don’t see the money transfer 0% deal you mentioned in the legal writing for the card. Is it still available? How do I take advantage of this? I have $9,000 on a LOC right now. Do I have to move that to a different credit card then transfer the balance to the MBNA Platinum Plus Credit Card to take advantage of the 0% deal?

    • Hi Jerome,

      The 0% for 12 months offer is absolutely available through the link provided above in this article. It is described on the first line of MBNA’s landing page “Simplify your finances while enjoying platinum services. 0% promotional annual interest rate† (AIR) on balance transfers✪ for the first 12 full months”. It is then described again in the legal disclosures of the terms of the card “Balance Transfers: 0.00% This Promotional Rate applies to any balance transfers made within 90 day(s) of your account opening (each, an “eligible transaction”) and will remain in effect for 12 Statement Periods from the transaction date of each eligible transaction.”

      If you get approved for the MBNA Platinum Plus MasterCard, you can transfer your entire $9,000 LOC balance (credit line permitting) to the MBNA Platinum Pkus card. If you can’t do a direct balance transfer, then MBNA will deposit the cash amount you request from the available line on your MBNA Platinum Plus card into your checking account, at the same promotional rate of 0% for 12 months. You’ll then be able to use those funds to pay off your line of credit. It’s very flexible.

      Does that make sense? Let us know if you have any other questions.

      GreedyRates Staff

      • I spoke to their live agent and they’re saying this:

        “Balance Transfer can only be done from one credit card to another credit card.
        Balance transfer is where part or all of the balance (debt) owed is transferred from one credit card to MBNA credit card. This is usually done to save money on interest rates.”

        … so apparently transferring a balance from your credit line might not work! I’ll try calling them later.

        • NVM – the agent finally ‘fessed up (apparently we’re using the wrong term):

          “Deposits means transferring fund from credit card account to a chequing account.

          Once your account is approved you may contact our customer service department, they will help you transfer the money to your personal chequing account. (another bank account).

          Once the money is transferred to your personal chequing account you can use the money according to your convenience.

          To be clear, you will not be charged with any interest rate on deposits for the first 12 months.
          You will only be charged with the transaction fee.”

          “Upon approval of the card you can transfer 98% of your available credit limit”

          … So there you have it!
          TLDR; you can use this card to get a “deposit” to your chequing account for 98% of the available credit you’re approved for. only a 1% transaction fee is charged to your card.

          • That’s right Dangerine. To pay off a line of credit, while taking advantage of the 0% for 12 month offer, simply do a money transfer from your Platinum Plus card to your checking account. You can then use that money to pay down your line of credit or for ANYTHING else. As far as we know, MBNA is the only credit card issuer in Canada to allow the practice. It’s essentially a cash advance at 0% for 12 months. Enjoy!

            GreedyRates Staff

  60. Does moving to a MBNA 0% and or on to another 0%-1% card affect one’s credit rating negatively in any way? We are 6 years after being released from a bankruptcy. We purchased a vehicle last year at 17.5% and would like to purchase (to refinance at a lower rate this year) . Have made all payments since.

    We were issued a M/C with a $7k limit. But of course a family member had a financial problem so we helped and now I’m paying $95/mo in interest.

    So, as I said….almost out but sure would like to lighten the load.

    Oh yeah. Retired on Canadian CPP.

    • Hi Ken,
      Transferring your balance to an MBNA 0% balance transfer card, or any other low rate balance transfer offer for that matter, does not impact your credit score in and of itself. Just remember to take advantage of the 0% for 12 month interest holiday, and continue to make a high fixed payment every month, so that way your monthly payments go towards paying down your balance (as opposed to interest, which you’re doing today), and you’ll start getting ahead of the game. When your 12 month interest holiday is over, you’ll have a far lower balance to pay down.

      Hope that helps,

      GreedyRates Staff

  61. I was approved for the MBNA paltinum plus card and I had a credit limit of 1500$ I was expecting to have 6000$ since I have 2 others credit cards that has a high interest. How long after approval should I request a credit limit increase ?

    • Hi Annabelle,

      With MBNA, you usually have to wait 6 months, before asking for a credit line increase. Of course, if your circumstances have changed (got a raise, paid down other debt, etc…), you can always call their credit department beforehand to see if you can get a line increase.

      Hope that was helpful,

      GreedyRates Staff

  62. I love this Mbna card, I have been doing balance transfers since I have had the card in 2008. Another tip is if you cannot payoff the entire transfer by the 12 months is to tranfer it to another card that gives u like 6 months 0.99-1.99% interest then by the 6 months is up transfer it back to Mbna an they will offer you 15 months at 0.99-1.99% interest depending on your credit rating.

  63. If you do the balance transfer and pay off most of your balance, but say have $1,000 left. Are you charged the interest rate on the remaining balance at the end of the 12 months (going forward), or the interest on the full amount from the past year?

    • Hi Angel,

      You will only be charged interest on your remaining balance at the end of the 12 months. The first 12 months are completely interest free at 0% – it’s essentially an interest free holiday – just make sure to make your payments on time.

      GreedyRates Staff

  64. So any new purchases on the card would be at 21.99% interest? Or if you pay off the new purchases balance each month does it not get charged?

    • Hi Bill,

      Actually new purchases have an interest free grace period of 21 days. If you do not pay your balance in full within the grace period the new purchase interest rate is 19.99%.


      GreedyRates Staff

      • Do you mean – If you do not pay your ‘new purchase’ balance in full within the 21 day grace period the remainder new purchase balance will be charged 19.99% interest.
        But the original transfer balance will still remain at 0% for the rest of the 12 months?

        I just wanted to get clarification if you are making new purchases but paying them off within the 21 days, that you will not incur any interest charges.


        • Hi Kari,

          Correct. You will not incur any interest charges on new purchases if you pay down the balance of the new purchases within the 21 day grace period or by the payment due date.

          Hope that helps,

          GreedyRates Staff

      Under no circumstance, do you want to be making normal purchases with this card, after having done a balance transfer! Your monthly payment mostly goes toward the balance transfer first, with very little going towards the purchases. You could end up paying 19.99% interest on those purchases until the entire balance, including your balance transfer, is paid in full. This is a balance transfer card, meant to be just that. Do not make normal purchases on it, you’ll be sorry if you do.

      • Hi Wayne,

        We agree with you – this card should be used to transfer existing balances from other cards to this card. This card should not be used to make new purchases. That said, it should be noted that Canadian legislation has changed, such that any payment a cardholder makes, will at least be equally distributed towards new and old balances.

        GreedyRates Staff

  65. Hi there

    Just wondering if you have already been discharged from a consumer proposal 6 months ago and have been trying to improve credit all along and even more so since with a credit score around 675 is that good for a chance at approval?

    • Hi Shannon,

      Many issuers will not grant an unsecured line of credit to someone who has recently finalized a consumer proposal. Once emerged, many will wait up to 2 years thereafter to issue additional credit. As you probably know, the consumer proposal will stay on your credit history for 7 years. However, the fact that you have a 675 credit score is encouraging. How long ago did you initiate the consumer proposal, and when was the credit card that you currently have from Canadian Tire issued to you?

      GreedyRates Staff

  66. Hello. I already own an MBNA Trueline at 9.99% with a balance of over $10,000. I would love to take advantage of the MBNA Platinum at 0% for 12 months. However, MBNA said they couldn’t transfer between the 2 cards. Is there a way of doing this without losing too much money?


    • Hi Pat, there is a work around that will allow you to get access to the Plat Plus 0% for 12 month offer. When you get the card, instead of doing a balance transfer from your TrueLine card to the the Plat Plus, which MBNA won’t allow, ask MBNA to transfer $10,000 from your Plat Plus card to your bank checking account. Then pay off your Trueline credit card balance from your checking account. You’ll then be left with a $10,000 balance of 0% for 12 months on your Plat Plus card. Sound good?

      GreedyRates Staff

      • Sounds really good. We only own the one card (the MBNA Trueline). I did not think that a credit card company would allow you to own 2 different cards with them. I guess I should apply for it anyways?

        Thanks for the guidance.

  67. Hi,
    We did get approval now how do we do the deposit transfer from the card to our account?
    They did not ask what cards we wanted to pay off.


    • Hi Bluenoser,

      Congrats on getting approved! Once you have your card, you can call in to MBNA’s customer service (which is open 24X7 365). Just make sure to have your card number handy and your checking account transit number, branch number and account number – basically the numbers at the bottom of your checks.

      GreedyRates Staff

  68. I’m interested in applying however I have 2 cards at the moment, both Visa (Caisse Pop) and Master Card (National Bank). If I were to apply for the 0% interest rate card platinum master card would this mean that the entire amount of both my cards could be transferred? And as long as I pay the minimum amounts your 0% would apply?

    • Hi Anne,

      It would entirely depend on the size of the credit line you’d be assigned by MBNA, and the amount of credit card outstandings you’d be transferring from your Desjardins and NBC cards. For example, if the line assigned was $12,000 and you wanted to transfer over $3,000 from one card and $5,000 from the other for a total of $8,000 there would be no porblem. MBNA does tend to assign some of the larger lines in the Canadian credit card industry.

      Hope that helps,

      GreedyRates Staff

  69. How do you transfer balances from multiple cards on to this one card?

    • Hi Lina,

      It’s very easy. On the application, or over the phone, you provide each of the credit cards you want a balance transferred from. These may include Visa, MasterCard or Amex credit cards or store cards like the Gap, Home Depot, or Best Buy. You provide the credit card name, credit card number and the amount of the balance from each card you want transferred. MBNA takes care of the rest.


      GreedyRates Staff

  70. If I were to take advantage of this card and 0% balance offer 6k mastercard 2k Visa = 8k total what would be my minimum monthly payment each month for the FIRST 12 months

    • Hi Bob, your minimum monthly payment on an $8,000 balance transfer would be the greater of 1% of your balance or $15. In your case it would be 1% of your monthly balance – approximately $80 per month going down to approximately $72.50 by month 12.

      Hope that helps,


  71. What is the interest rate after the 12 months

    • Hi Lindsey,

      The go to interest rate on transferred balances after 12 months is 21.99%. The best idea at the end of the 12 months is to either have paid off your balance in full, pay the balance off with a lower interest option like a line of credit or use another balance transfer offer. That said, 12 months at 0% with a 1% transfer fee is the best 12 month option out there right now.



  72. can I make payments online through my iPad and which bank r u affiliated with

    • Hi Grace,

      Yes you can make credit card payments for the MBNA Platinum Plus card online through MBNA’s Net Banking system. With regards to your second question, we are not a subsidiary of any bank, nor are we a bank owned organization. That said, we do earn referral fees (which is how we keep the lights on). However, we include both commissioned and non-commissioned partners in all of our rankings and reviews, in order to ensure our users can compare and contrast each card in the market objectively. Further, our rankings are not organized based on referral fees, rather based on each cards value to the end user. Hope that helps.

      GreedyRates Staff

  73. rizal talicuran

    interested to apply.

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