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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 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 RBC Cash Back Mastercard     1.9% 10 months    0%    $0    $423
#3 MBNA Best Western Mastercard    1.9%    10 months    1%    $0    $390
#4 Scotia Value Visa Card    1.99%    6 months   1%    $29    $230
#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!

347 comments

  1. I was stuck in Florida, at a hotel, on a Saturday afternoon. My card did not go through because my bank took its lovely time to send my monthly payment. Tried to get hold of my bank (Laurentien Bank) by phone. they gave me the ‘ call back Monday” when our offices are open. Talked to a representative of MBNA. She told me not to worry, that the security sector would come up with an answer soon enough. Low and behold, she told me to go to the hotel desk, swipe the card and the clearance was done. Did not get her name, but saved my wife and I from sleeping in the car for 2 nights. Thank you again!

  2. Hello,

    I have a question. My credit isn’t the greatest. It’s quite low, long story short, I was unemployed and my CC’s were the only thing keeping me above water except it’s caught up to me now and I’m in bad shape. And I discovered this card recently.. What are the chances I can get approved?

    • Hi James, thanks for coming to Greedyrates. For people in your situation, there is definitely hope. The Platinum Plus card could be a great option, even if your credit “isn’t the greatest.” It’s designed to help those who are underwater with lots of balances, many with high rates that continue to accrue interest with each passing month. The 0% for 12 months promotion will help you if you really work to pay off your total, and if you can demonstrate this to MBNA you have a chance. We wish you the best of luck and hope you continue to turn to us for guidance. We’ll be here!

      GreedyRates Staff

  3. Hi there, great information on here and thanks for taking the time for responding to all the questions. I have a question that I’m hoping you can offer some advice on. I applied for the MBNA platinum card last year and received the promotional offer of 0% for 12 months. I am nearing the 12 month mark (November) and although I was able to hammer quite a bit off, I still have around $7000 left to pay off which I will not be able to do before the promotion runs out. I currently have a LOC with my bank that is around 5% that I plan on using to pay off the remaining balance but, I received an offer in the mail from MBNA for a promotional annual interest rate on balance transfers for 0.99% until Aug 2018. My thoughts would be to pay off the balance using my LOC, and then use this promotion rate to pay off my LOC to take advantage of the 0.99% interest rate till Aug 2018.
    What do you think? Or do you have any better suggestions?

    Thanks so much in advance!

    • Hi Mike, thanks for showing your appreciation! We’ll try to help you as best we can, but it seems like you have a good handle on things. We’re glad that you were approved for the Platinum Plus, and that you’ve been taking advantage of it to good results. With the $7,000 left on your balance, we first suggest that you work hard during these next few months to reduce this amount by as much as possible. When the promotion runs out, your idea to pay off the balance with a line of credit is sound, unless MBNA will simply extend the 0.99% promotion to you immediately. This is worth calling in and asking about and will likely save you money. Otherwise, you’ll incur some extra interest while your balance is in the line of credit, and will probably have to pay another balance transfer fee to MBNA afterwards.

      If this new promotion is only for new accounts, which might be the case, then the line of credit option is sound. Just remember that in this circumstance, you’ll have to cancel your existing MBNA account before applying for the 0.99% promotion. Call in and ask before taking any actions. Good luck to you!

      GreedyRates Staff

  4. Interesting article!

    Thanks

  5. Hi, I got my first MBNA in the beginning of the year and I will pay off my debts soon (full). In my MBNA dashboard a message appeared saying that I already have a pre-approved credit limit increase. I want a 0% promotion again…It’s better I accept the increase offer or re-apply for a new one? Thank you

    • Hi Renan, thanks for coming to GreedyRates and congratulations that you’ll soon be paying off your debt! We have some advice for you: if you’re close to being free, you may not need the Platinum Plus any longer, and you might be able to graduate to a more lucrative rewards card instead. However, if you like the Platinum Plus, there are two things you could do.

      The first is accept their offer to increase your credit limit. This has no effect on the length of the 0% interest rate promotion. It just enables you to spend more, which could slow down your progress. If you think you need the promotion again, you will have to call and ask for an extension, because MBNA does not grant existing customers the same deal twice. To get the full year at 0% interest again, you’ll have to cancel your card, likely wait a couple months, and then reapply. Best of luck!

      GreedyRates Staff

  6. I have always had a great experience with MBNA and the balance transfers until the last time I chatted with a CSR
    I wanted to know if and what the rate was on balance transfers was for existing clients – the response I received was “whatever it shows on the website” very disappointed with that response
    I felt that I was bothering her with these questions. I myself working in Customer Service, I can’t imagine treating my clients like that. Haven’t used my card since.
    ***Now my question – what is the rate and time frame for balance transfers for existing long time clients

    Thank you

    • Hi Dawna,

      We’re sorry you had an unsatisfying chat with customer service. MBNA’s Platinum Plus promotion has seen the company inundated with inquiries by customers, and you may have caught someone on a bad day. While we’ll never make excuses, in our experience this kind of service isn’t the norm for MBNA, and usually their representatives are happy to help.

      Anyway, to answer your question: Current MBNA customers (or TD, for that matter) cannot do a balance transfer from their existing account to the Platinum Plus for the 0% interest rate. You’ll be subject to the rate listed on the website, which is 21.99%. You may be able to get around this by transferring your balance to a card with no transfer fee, like the AmEx SimplyCash card, and then cancelling your MBNA card. Then, if you need you can do another transfer to the MBNA card when AmEx’s promotion has run its course. Thanks very much! If you have other questions, don’t hesitate to ask.

      GreedyRates Staff

      • Hi

        I have recently moved from the U.K. to Canada and my credit history is only a year and 4 months old in the country. My TU score is 735 and utilization is about 12%. I d currently have $20K worth of credit available but again I have only used 12%. I also have a leased car I’m paying on time and my Fido is being reported as well. Question I had was with my limited credit history do I stand a chance of applying for the MBNA Platinum plus at all or I don’t? I will appreciate your advice.

        • Hi Shahab and welcome to Canada! Thanks for commenting. It looks like you have a great credit score and utilization ratio as well, and if you’re making your payments on time, there is absolutely no reason why MBNA would deny your application for the Platinum Plus. Over a year in Canada should be enough proof for them, and with such financial responsibility we have no doubt that they would grant you a nice credit limit as well. Best of luck with your application!

          GreedyRates Staff

      • I have used the 0% MBNA balance transfer service for many years. I recently closed both credit cards in an effort to de-clutter my life but now I am reading about this incredible offer again and wonder if I were to reapply again, would I be immediately able to get this offer or would I have to wait for a period of time?

        • Hi Barbara, thanks for your question. You’ve been an MBNA loyalist for years, but are not currently a member, so there’s no reason why they wouldn’t accept another application from you. One of their few requirements is that new applicants not be current account holders. To be safe, we recommend that you wait a month or two, and then reapply. We don’t blame you for wanting to come back, this deal is consistently one of the best each year, and it sticks around as well! You’re probably alright to try now, since you successfully cancelled you prior MBNA accounts, but the least you could do is call and ask. Best of luck!

          GreedyRates Staff

  7. Hi Greedyrates,

    i found about this credit card last year in october from you. This card was a godsend at a tough time for me. i was laid off and recently just started paying off most of my credit card debt. I started off with a credit card balance transfer of around $9,000. Did a balance transfer to pay off my TD CC and now im down $7,000 on MBNA card. However, i still have a quiet bit of CC debt on my other cards. can you advise on some options to conitnue 0% or close to low interest as possible. i am trying to turn my life around.

    my debts:

    TD bank CC @ 11.5% – $11,000 out of $12,500 limit
    BMO mastercard @19.5% – $100 out of $700 limit
    Canadiant tire MC @19.5% – $1,00 out of $5500 limit
    MBNA MC @ 0% – $7000 out of $9,500 limit (expires in oct 2017)
    car loan $23,000 – pmt of 470/month
    rent – $800/month
    car insurance – $270/month
    income – $3,300/month

    • Hi Arnej,

      Thanks for coming to us with your questions. We’re very glad to hear that the MBNA Platinum Plus has served you so well!

      With the information you’ve provided, it looks like there’s about $1,000 left each month after your other expenses. You should use this amount to first pay off your older loans, and those with smaller principal amounts. We recommend you close at least one of your Mastercards, and you should begin with the BMO. After paying off that $100 and cancelling the card, you can then work on the Canadian Tire card and then slowly chip away at the others.

      Regarding your ability to continue the 0% interest rate that you’ve so far enjoyed, it is quite possible to get further shelter from high rates. You can transfer to another credit card with a balance transfer promotion, such as the RBC Cash Back Mastercard with No Annual Fee (1.9% for 10 months), or the American Express SimplyCash card (1.99% for 6 months with no transfer fee).

      However, the very first thing you should do is to call MBNA and request a low-rate extension. It sounds like you’ve made good progress on paying off your debt, and they may give you extra time, as they have for some of our other readers. Best of luck!

      GreedyRates Staff

      • Hello,

        I called MBNA and they did not extend my offer. Turns out my offer expired in August 2017 not October as I had thought.
        The application I submitted to RBC and AE both got declined.

        I guess im stuck with some credit card debt for the next year or so. Thank you for the help and tips.

        Arnej

  8. Has anyone examined the fine print? I’m interested in cheap money for investments but worried about a financial crisis affecting MBNA ability to lend. Any clauses allowing them to null and void the rates at any time? Or to change them without notice?

    • Hey John, thanks for your question.

      We always read the fine print thoroughly before writing a review of any credit card, and during our study of the Platinum Plus card from MBNA, we found no indication that they reserve the right to change the balance transfer rate mid-promotion. However, if you’re still curious, you’re welcome to call MBNA customer service to confirm our findings. If they give you a contrary response, please return and let us know! Thanks, and happy savings!

      GreedyRates Staff

  9. Hi greedyrates! You guys are amazing and I have learned so much in the last few days so thx for that!
    I have a few questions I’m trying to find the best approach to.
    I’m looking at the MBNA Plat+ card and want to optimize what I’ll be approved for if at all possible.
    I currently have 45k of credit between 3 credit cards and 1 line of credit (15k – 12k – 8k -10k)
    My 10k line of credit is maxed out currently, and I’ve used 7k of my available 15k, and around 1k on my 8k card.
    So my credit utilization is around 40%, which I know is above the 30-35% ideal.
    I’ve recently fallen victim to identity theft, and have cancelled 2 cards awaiting new ones (15k & 8k card)
    My questions are 1. Will the identity theft problems affect my application or amount I’m approved for etc.?
    2. How can I best maximize what I’m approved for? Ex. Should I move some funds around so that I’m using each card evenly, and try to get the total below 30-35%, or will that make much of a difference at all?
    3. Any rough estimate on how much I could expect to rcv? I’ll have to get my current credit score, but it should be 750+ I’m thinking…
    I’d like to get approved for 25-30k if possible for a home renovation project…and wanted to know the best way to go about it.
    Thx so much for the help and the amazing info!!

    • I was also wondering if the “deposit transfer” you’ve mentioned a few times, was something that I would have to call them about as a special request. I can’t seem to find any information about it.
      As well, I can’t seem to find any information about any 0% cash advances. It just shows the regular rates. Did I understand that wrong? Are there no 0% cash advances?
      Thx again for all the help!

      • Hey Nate, thanks for your question.

        You’re absolutely right, the amount of information on what MBNA defines as an “eligible transaction” is limited in the fine print. You will make more progress in finding out if you’re eligible for a deposit, and more information on the subject of the balance transfer itself by calling an MBNA representative.

        As for the 0% rate on cash advances, this feature is not available with the Platinum Plus. The rate is a standard 24.99%. Come to us any time with more inquiries, and we will continue to do our best!

        GreedyRates Staff

    • Hi Nate!

      Thanks for your appreciation, and we hope our answer encourages you to continue reading. We are also really sorry to hear about your recent bout of identity fraud, and wish you a speedy recovery.

      To address your concerns about your total credit utilization ratio, we think that 40% is not terrible, and close enough to the ideal ratio that issuers will not hold it against you. They will also not count the recent theft of your identity against you, as long as you reported the theft to the relevant bureaus, banks, lenders and issuers that currently work with you.

      If you have not done this, we recommend you do it as soon as possible or risk the thief’s dirty hand prints on your credit report permanently – which would affect your chances at getting approved for credit in the future.

      Your second question is another simple matter. The total utilization ratio will not change no matter how much money you move from card to card, as your total balance and total credit limit remain the same. To increase your chance of getting new cards, you must reduce this ratio in any way you can. Some choose to start with the smaller balances first, and then transfer their bigger balances to cards like the MBNA Platinum Plus. However, this also depends on how much you’re approved for.

      Assuming that your current credit score is 750+, which is healthy, MBNA should extend you a useful amount of credit. We cannot estimate how much it will be, however. Best of luck on your home renovation project!

      GreedyRates Staff

      • Thx again for the reply guys!

        I should have been more clear about moving the money around from the cards, as I do understand that I obviously would have to pay some of it off in order to lower my overall credit utilization.
        I guess I meant to say that, would lowering it to the 30-35% really make that much difference, and be worth paying off enough to get it there…
        or would it matter that my credit line was maxed, instead of say moving 7K of it, to put it around the 30% mark, and moving that to another credit card…(as well as pay off enough so the overall was 30-35%)

        Either way, I really appreciate the reply and your help so thx again!

        • Hey again Nate! No problem, sometimes communicating via the comments section isn’t the easiest for readers with complicated questions.

          To address your concerns about the 30-35% utilization ratio and its importance in the application process, we can’t give a perfect answer. MBNA’s methods for determining the individual weights of each credit report entry are unknown to us, but the 30% rule is generally upheld the industry by most. Whether it’s a hard requirement, we can’t say. However, if it will be very hard for you to get to that point, then forget it – just apply and get a head start on your obligations sooner.

          Try to manage it so that the smallest pieces of the debt are paid off first. This could mean transferring off a $2,000 and a $3,000 card into your $5,000 Platinum Plus limit and then working these off first, rather than trying to pay off a portion of $7,000. This allows you to clean your credit report faster and also lower your credit utilization ratio faster as well. Good luck!

          GreedyRates Staff

  10. Don’t apply a Credit card just because they offer some tempting rates or cash back. I applied MBNA because they had some tempting offer. But now I have to cancel it because the custom service is so bad , rude and unprofessional. Every time when I have to call, the custom service people are so rude and unreasonable and make me irritable. It really does not worth the on-and-on trouble compared to the small offer.

    • Hey Grace, thanks for coming to Greedyrates with your concerns. We’re sorry you’ve had a poor experience with MBNA, and assure you that this is highly irregular according to our interactions with them in the past. We won’t encourage you to be a cardholder with any issuer you don’t like, of course, and only your own experiences can inform your decision.

      Thanks for reading,

      GreedyRates Staff

  11. I currently have a MBNA card, I was trying to do a balance transfer online but the option isn’t there no more. I have used balance transfer in the past. Is something wrong with the website or is it just me?

    • Hey Kevin, thanks for your insightful questions.

      Regarding balance transfers to the MBNA Platinum Plus, you might be running into trouble due to the fact that you already have an MBNA account open. It’s hard to tell the exact reason without understanding more about your current situation.

      If the MBNA card you have is the Platinum Plus, then the balance transfer option may not be there because you’ve had the card for longer than three months. All balances transferred by those who seek eligibility for the promotional rate must be completed within this 90-day window.

      If neither of these are accurate, then we simply suggest you call MBNA and ask them what the problem is. It could be that there is a problem with the website, but from our side things look like they always have. Please give MBNA customer service a call and inquire, then follow up with us here. We’d like to help further! Thanks again, and good luck.

      GreedyRates Staff

  12. I have this card since 2002, I just got a nice letter to inform me of an increase from 9.99% to 14.99%. A 50% increase, that is kind of insulting! I called and they said it has nothing to do with my credit, it is a general letter. The part of the letter that reads”We value you as a customer” doesn’t really feels right. For the promotion is great, after that…

  13. Hello! Thank you for the review. I went to apply for the MBNA card for 0% balance transfers, but when it asks for me to input the information of my cards where I want the balance transferred, no TD credit cards are listed. I have a PC Financial Mastercard as well as a TD Visa, will they not allow me to transfer the TD visa balance? This affects whether or not I would apply for the card in the first place.

    Thank you for your help

    • Hi John, thanks for reading!

      There is no fine print about certain banks being ineligible for balance transfers, so we think this may just be a mistake on MBNA’s part or a problem with the application.

      There are certainly many people who have successfully transferred their balance from a TD account to MBNA, so we recommend that you call customer service and ask why you cannot proceed with the application. Before doing so, make sure to try a few different browsers and clear your internet cache if possible, this also might help.

      While MBNA has the final word on which transfers are approved and which are not, we think a short call will clear it up quickly. Let us know how it goes.

      GreedyRates Staff

      • Not true, as TD owns MBNAs credit department you cannot transfer a balance from a TD Visa card or line of credit. You’ve discussed this before, and of course the work around is doing a balance transfer into a bank account, including TD and then moving the money to pay the credit card.

        • Hi Bob, thanks for getting back to us.

          We appreciate that you’ve done such a great job researching this issue, and we will incorporate the correct information wherever it appears incorrectly on GreedyRates. Overall, you’re right: because TD purchased MBNA’s assets, the two issuers are now considered the same in everything but title. This means that cards limited to one active account per owner cross the lines between TD and MBNA, which can be confusing for some customers. At the moment, one of the best workarounds to the balance transfer issue is to simply use a bank as a pit stop between transfers.

          Thanks again for reading,

          GreedyRates Staff

  14. Hi. I have been a longtime MBNA platinum plus cardholder (2000) , and over the years I taken advantage of a few balance transfers. I currently have a 37k limit. Last week I received a notice stating that my 6.99% interest rate which I have enjoyed for years will be increased to 11.99% effective July 2017. My problem is that as a small business owner I have been using this affordable rate to finance all kinds of projects and have amassed a 31k$ balance on this card. My payment history is near perfect and I never even ask for limit increases. I called customer service only to be told that there was nothing I could do. I am almost certain that somewhere in the credit card contract, MBNA or TD has the right to adjust the rates as they seem necessary, but to rope in customers in with large credit limits, and then near double their rates while sitting on big balances is morally corrupt. I may be able to juggle around this large debt, but others could have devastating family outcomes. Please be careful in recommending MBNA as a creditor as they are unfair in practice. I rank them alongside the Money Marts, and Instacheque. Their business strategy probably includes dangling 0% money transfers to lower income groups, generously increasing limits , and then pulling the rug out without shame or concern for their customers financial well being. Not Happy ….

  15. Hello,
    Your answers are so insightful. Thank you for your continued responses. In your experience, are you able to give a credit score range that one needs to qualify for this credit card? Also the and usual limit(amount) approved. Do you know if importance is placed on income earned or is it strictly credit score based.

    • Hey Michelle!

      Thanks for reading Greedyrates! We’re happy to help and are pleased to answer your questions.

      Regarding the qualifications that one must have for the Platinum Plus card, we cannot be sure of the exact method that MBNA uses to determine a person’s creditworthiness. We can recommend however, that you print out your credit report and check it for any erroneous entries or things you believe don’t belong. This will increase your chances of being approved.

      Additionally, we cannot be certain which metric MBNA puts more emphasis on, household income or credit score. Both are pretty important, but in our experience, issuers can sometimes be flexible. Good luck!

      GreedyRates Staff

  16. Hi,

    I am carrying a balance of 14K on my MBNA card from last fall through their 0% promotional rate. Various amounts are due from Oct – Dec, but I won’t be able meet all of those obligations. I am currently being offered a 1% transfer until May 2018, which would help me to stagger paying off those fall obligations.

    As I am ineligible for a new card with a 0% rate – is this the best alternative?

    • Hey Mary, thanks for your great questions.

      We’re glad that you were able to take advantage of the MBNA Platinum Plus in paying off some of your outstanding balance. If you are truly ineligible for other 0% balance transfer rate cards, then we think that 1% until May of 2018 is fair.

      In some instances, MBNA offers reduced rates for a period of time in excess of the introductory bonus, and you can use this time to get ahead on the payments that you need to make. If you’re still left with a balance after May of 2018, try applying for the other cards on this list once more or getting in touch with us again. Good luck!

      GreedyRates Staff

  17. Hi,
    I am holding 4 credit cards and my total credit limit is 16k.I have completed one year in canada and i am not sure how is my credit score looking.I am looking for MBNA Platinum Plus card with atleast 10k limit as i have to transfer my balance one of my credit card.What is the possibility of getting the MBNA Platinum plus card with 10K credit limit.

    • Hey Rajesh! Thanks for your questions.

      Regarding your concerns about being approved for the MBNA Platinum Plus MasterCard for the purpose of a balance transfer, we unfortunately can’t predict how eligible you are without a credit score. It is important for you to know that you can access your credit report online for free. In it, you can see your score and what has impacted it. MBNA will use this to determine if you’re approved for their card, and if so, at what credit limit.

      Because you have many credit cards, we recommend working to pay some of them off before applying, and trying to get your total credit utilization percentage under 30%. If you can pay off a single card and lower your utilization, your credit will improve dramatically and the chances that you will be approved increase as a result.

      Good luck!

      GreedyRates Staff

      • Hi and thanks for all you are doing!
        I have a TD emerald “low interest” visa at 17k and am self employed; my debt ratio is a bit over the 36% mark. Since TD owns MBNA will this mean I am not eligible to apply or will it effect the application in any way?
        I asked their managers at TD visa for a lower rate being that I’ve been with them for many years but they declined, only offering a higher limit. Sadly that doesn’t allow me to pay it off OR grow my business. Any insight would be wonderful!

        • Hey Lillian!

          We’re very glad you appreciate us, and thanks for your questions!

          The fact that you currently have a TD card will not impact your application or bonus eligibility for the MBNA Platinum Plus whatsoever. While TD does own MBNA, usually the brands remain separate and do not interfere with one another.
          In fact, the only rule that alters eligibility for the bonus is that you currently do not have an active MBNA Platinum Plus card. It’s worded this way specifically to encourage those who already have a different MBNA account, or those who have had the Platinum Plus in the past to apply for the card. We think that given your issues with your current card that trying a new one is an excellent idea.

          The Platinum Plus is seriously one of the best bonus offers out there, which is why we recommend it so frequently. Let us know how it goes!

          GreedyRates Staff

  18. Thank you so very much for your website! To give you some background I had an existing MBNA card with a 26k limit. I successfully attained a 0% cash deposit transfer for 10k February 2016 and paid it off in full by the due date. They had taken the 10k off the 26k limit on the original existing card limit.

    My dilemma I encountered is I have been a MBNA customer since 2002 and when I called MBNA in March to request a new card application, the representative told me it was a one time offer only and I can not get it again. Should I close this new account and apply again? If so, is there a period of time I should wait until I reapply for a new card?

    Thank you in advance for your time and for helping us all.

    • Hey DC in BC, thanks for your awesome questions, and nice work on paying your balance!

      As we understand it, you had an MBNA card with a $26,000 balance, and you transferred (and then successfully paid off) $10,000 with a balance transfer card that let you enjoy 0% APR for 12 months. If this was the MBNA Platinum Plus card, then that may be why the MBNA representative told you that you weren’t eligible.

      Supposedly, the rules have changed this year and now MBNA will not let you open another Platinum Plus card while you still have one open.

      If this is the case, you can try closing your account and then putting through a new account and card application, though be wary that this is a hard credit check. Typically, issuers don’t make loopholes public knowledge, but you can always try customer support via the phone.

      Otherwise, you might want to look at other balance transfer cards that will help you pay off the remaining balance.

      Good luck!

      GreedyRates Staff

      • I experienced the very same thing in late April. I used your website’s link to make another card, as of many review below say it is possible to have multiple cards…and I automatically got a denial. My credit score is still very viable; the reply I had was that there was only one card at a time.
        I figure it makes sense because it will be arriving at 20% Interest Rate and it is a nice profit for them.
        So then the best solution is to use your website’s ranking of Low Transfer cards to pick an other?

        • Hey Jon!

          Thanks for your comments. We’re sorry you ran into this issue when applying for another Platinum Plus MBNA, however you certainly have options. We surely have had customers and readers who have benefited from multiple of these cards over the course of their outstanding balance, but ultimately, MBNA has the last word on approvals. Calling customer service and explaining that you’d like to keep your business with MBNA might make a difference. We’ve seen them extend low rates to certain customers, so you might get as low as 1% or 2% for another 6 or so months. This may be enough for you to pay the whole thing off, but if not, no worries.

          You can definitely apply for one of the other balance transfer cards listed here, and then cancel your Platinum Plus. Afterwards, MBNA is probably more likely to approve you for another, with the same introductory bonus. Nice job staying away from high rates!

          GreedyRates Staff

  19. Hi, can I transfer all of my balance on my high interest credit card to this card (if approved for that amount) and still get the 0% ? I thought I read somewhere that the debt has to be in the last 90 days in order to transfer and take advantage of the 0%.

    • Hi Karen!

      Thanks for your questions. And sorry for the long response time, we do our best to reply to as many comments as possible and sometimes it gets overwhelming 🙂

      If you’re seeking to transfer a balance from another of your credit cards and have chosen the MBNA Platinum Plus, nice going! This is one of the best deals you can get on balance transfers.

      Regarding your first comment about transferring your balance from the high interest card you currently hold, MBNA will tell you how much you are approved for during the application process. You will enjoy 0% interest on that amount for a year. So, if your entire balance from the other card is approved, then you pay 0% on it for a year. If this is the case, then we recommend you close the account associated with your current high interest card immediately after the transfer, which brings us to your next question.

      You are correct that there are some rules regarding balance transfers, but the debt does not need to have been accrued within 90 days before the transfer to be eligible. Any balance, no matter when it was accrued, can be transferred. What you likely read was the transfer rule common to many balance transfer cards. That is, that once approved for the transfer, it must take place within 90 days of opening the new account in order to be eligible for the bonus. So if you are approved, as long as you transfer your balance within those 90 days after the opening of your new MBNA account you will pay 0% on the whole amount for the next year.

      Good luck!

      GreedyRates Staff

      • Thanks, I was wondering about this too. I’m thinking about doing a balance transfer to MBNA for the 0% 12 months, however, I’m a bit nervous. I read one customer’s review that you are only allowed to make the minimum payments…leaving you with a horribly high %rate and a balance at the end of the 12 months. Is this true? I wanted to make payments to have a zero balance before the promotional period ends. If I only make minimum payments, this won’t be possible. I don’t want to be hasty and transfer the balance, only to be stuck paying more than I am now!

        Thanks in advance,
        Shanna

        • Hi Shanna, thanks for your question!

          If paying off an outstanding debt is a priority, the MBNA Platinum Plus is the very best option that any Canadian has at the moment. We’re not sure where you heard that MBNA only allows minimum payments, as this would entirely defeat the purpose of such a promotion. We can confidently say that this is not true, and you can pay off your balance with payments as large, or as small, as you’d like.

          We invite you to please confirm this with MBNA, because we understand that it’s a big decision. They will tell you the same as we just have. Sign up for the card and get a head start on your card balance now – you won’t regret it. Thanks for being a GreedyRates reader!

          GreedyRates Staff

  20. I have a card with Royal bank with 1.9% this promotion is ending next month, and they won’t renew the offer.
    The balance will completely be at 0.00$ by then.
    Should I cancel the card and apply for a new one.
    PS I already have an MNBA ending in Oct ( I’ve reAD YOUR INFO ON HOW TO RENEW THAT)

    • Hi Pierre!

      Good question, and congratulations on getting your balance paid off before the introductory rate ends!

      Whether to cancel the card or not is up to you, and what you see yourself needing in the future. Balance transfer cards usually do not empower cardholders with rewards or other bonuses, but exist mainly to help people pay off debt. Now that you have no debt it may not be beneficial to keep it.

      If you find yourself needing a card to complement your existing MBNA card, or if you are planning on not renewing it come October, we recommend you find something with a healthy cash back or travel bonus program in place. If cash back is of particular interest to you we recommend checking out the New no annual fee SimplyCash card from American Express.

      We hope that helps,

      GreedyRates Staff

  21. Hi,

    I applied for the MBNA card in May 2016 and was approved for $12,000.00 and have been paying fairly low payments ever since as I focus on other debts with high interest. Now I owe aprox $8,500.00 but next month or so interest will start accumulating on the balance. I was hoping that I could apply for another MBNA card and pay this balance as well as some more with zero percent. Will they allow this?
    Thanks!!

    • Hi Jean,

      There’s been some change in the air since March 29th! MBNA will no longer allow you to apply for another MBNA Platinum Plus MasterCard while you still have another one open. However, there is still a loophole if you’re looking to for another balance transfer promotional rate!

      If you have a remaining balance, and your 0% promotional term is about to expire, we recommend you either get the no annual fee MBNA Best Western MasterCard (1.99% for 10 months) or the no annual fee RBC Cash MasterCard (1.9% for 10 months).

      If you get the MBNA Best Western MasterCard, you’ll have to do a “deposit transfer” (same 1.99% for 10 month terms) into any Canadian checking account for the amount of $8,500 and then pay down your MBNA Platinum Plus MasterCard from your checking account.

      Once you’ve transferred your MBNA Platinum Plus balance, close the account. Then when the 10 months expire on your new balance transfer offer, you can re-apply for a new MBNA Platinum Plus MasterCard.

      Hope that helps!

      GreedyRates Staff

  22. I have a 30k credit limit on my MBNA card but I am not eligible for the promotional offer anymore. If I apply for a new card will MBNA give me my 30k credit limit. I would hate to start over 🙁

    • Hey Vic!

      Good question. We’re glad you went with MBNA and understand your need for a $30,000 credit limit, and it’s unfortunate that you are no longer eligible for the promotional offer. However, there is a solution! You can easily apply for a new card from MBNA, and if you’re approved it’s very simple to call the issuer (MBNA) and ask for your old limit back. There is no way to get a new card with your old limit, but the representatives will have data in their system on your past limit and may reinstate it without further hassle.

      We hope this helps,

      GreedyRates Staff

  23. Hi,

    In Dec2015 I have activated my very first MBNA Card. I took the Balance transfer option with 0% interest.
    I have fully paid if off with in an year (by 2016 Jan 1st).

    Some emergency came up this month. I would like to take the money out again at 0%.

    1. Can I increase the credit limit on my current MBNA card and take out the entire amount at 0% interest?
    2. On the current card, For balance transfer what would be the transfer fee 1%, 2% etc….

    3. If this doesn’t work, do I have any other options with MBNA?

    Thank in advance.

    • Hi Uggy. Great question! Firstly, it is possible to increase the credit limit on your MBNA card and then take more money out. If you are still within the 12 month introductory period you will enjoy APR at 0% on your balance.

      The MBNA Platinum Plus has a balance transfer fee of 1%, but this applies when transferring a balance and not when increasing your limit. If this is not the best option for you, when the 12 months with MBNA is over, you can transfer your new balance to another card a 0% balance transfer fee, like RBC’s Cash Back Mastercard With No Annual Fee card.

  24. Do they have some maximum amount you can apply for or this depends on the individual situation ?

  25. Hi there,
    How many times during the 12 month period at 0% interest and 1% balance transfer fee can you do a balance transfer? I recently was approved for an MBNA of $2000, however this won’t be enough to pay the current CC debt I have (16k!). I’m self employed so I’m not sure if that had something to do with my approval but I’d like to do a balance transfer for the full 2K and I should have it paid off within 1-2 months. Can I request another balance transfer of the full amount after I’ve paid off the first transfer with the same card? How many transfers would I be able to do during the 12 month period? Any help or suggestions to work with a 2K MBNA to pay out a high interest 16k CC would be greatly appreciated!

    • Hello, thanks for stopping by 🙂

      With MBNA Platinum Plus card, you can transfer your balance multiple times and still enjoy the 12 months 0% interest rate offer. All you’ll need to do is apply for another MBNA Platinum Plus card.

      However, since transferring balance from one bank’s CC to another card from the same bank is not permissible, we suggest you do the following:

      As soon as you get approved for your new Platinum Plus card, ask the guys at MBNA do a deposit transfer from your new card into your checking account (equal to the size of your balance on the first card). Then, use the money from your checking account to pay off the balance on your first card. So now you owe the balance on your new card at 0% for 12 months with a 1% transfer fee! Now lather, rinse, repeat until your entire debt of $16k is paid in full at 0% interest rate.

      IMPORTANT: Make sure to space out the applications by 2-3 months so your credit score doesn’t get hit.

      Hope that helps,

      GreedyRates Staff

  26. Hi,

    I recently requested a credit limit increase on my MBNA platinum plus. currently 8000$ They pull my credit report and they said I have too many credit cards (too many available credit) they suggest me to close fews cards. I know I need to avoid closing old cards because my score may be affected I recently apply and get approved for 2 cards (Amex open 09/2016) and rogers bank (01/2016) they have low limit

    Here is my question : do you think, if I close the Amex and the rogers bank ( they offered me the card pre approval and I accepted….) my credit can be affected ? I know it depends on my debt ratio VS the credit but the cards is low limit 2000 and 4000 of 45 000 in total
    I need to know if closing account help or don’t help the score…

    • Hi William,

      Excluding credit utilization considerations, on its own, closing credit card accounts have no impact on your credit score.

      Hope that helps!

      GreedyRates Staff

  27. I’m interested in getting this MBNA 0% Credit Card to use it as a LOC. IO am looking forward to get atleast 15k approved and transfer that complete amount to my current account. I do not have any debt at the moment to pay off. I just need to have some extra money in my account for future uses and return it back in the course of 12 months 0% period. I would like to use it as a 0% interest loan.

    Is it fine to use it like this? As I won’t be paying the full amount until the end of the 12 months course, would it affect my credit score?

    I have 4 CC right now with a consolidated credit of $16k. If I get a credit approved of 15k with MBNA and I take the complete amount as deposit transfer into my current account. That’ll make my overall credit utilization close to 50% and it’ll remain like this until I payback a significant amount back to MBNA. Would this also affect my credit score?

    • Hi JJ,

      Here are some answers to your questions:

      1. Yes, it’s absolutely ok to use your MBNA Platinum Plus MasterCard like a line of credit. Once the cash is deposited into the checking account of your choice at 0% for 12 months, you can use it as you wish, like you would any cash in your checking account.

      2. The typical suggestion for credit utilization is 30%. However, people need some perspective. The point of a good credit score is to access cheap credit. You may be far better off paying 0% on $15,000 with a small decrease in your credit score, than paying 12%-19% and maintaining your credit score. Unless, your credit score drops precipitously and you need additional credit in the short term, don’t be a prisoner of your score.

      Hope that helps,

      GreedyRates Staff

      • Well thanks alot for the response.

        When I’m not paying back the full amount for 12 months, would that also effect my credit score? Like I really do not need this money to pay off any debt or anything. I just need it for probable future needs. So would it be a big enough risk to the credit score?

        • No problem, JJ87, happy to help. As to your other question about your credit score, if after a year the full balance is not paid, your APR will rise to above 0% – meaning that your credit utilization ratio will change, and your score may as well.

          While only you can say what you are comfortable with, the MBNA Platinum Plus is an exellent card for the purposes you describe, and your intentions are good. If you are responsible over time, your credit score will reflect that!

  28. Hi
    Is it possible to had several “MBNA Platinum Plus accounts”? I had one platinum plus cash back card(had own it 2 and half year) and had balance transfer on it. I also paid the above minimum payment each month for the balance transfer. But when I apply the ‘MBNA Rewards Platinum Plus® MasterCard’ the system said that the application is pending and need review…..

    • Hi John,

      Yes, you can have multiple MBNA credit cards. In fact, there are people who have upwards of 12 MBNA Platinum Plus accounts.

      Hope that helps,

      GreedyRates Staff

  29. Two questions:

    1) Does the transfer work from an LOC, which came with a physical card, to the mbna cc?

    2) If I have an existing, non active, MBNA CC, could I switch that card to this card, at no hurt to my credit score and still get the offer?

    • Hi Mike,

      1. After you get your MBNA Platinum Plus MasterCard, simply request MBNA do a “deposit transfer” from your MBNA Platinum Plus MasterCard to the Canadian checking account of your choice. You’ll get the same 0% for 12 month rate as a traditional balance transfer. Then use the cash in your checking account to pay off your LOC.

      2. We’d recommend you get a new MBNA Platinum Plus MasterCard, to get the 0% for 12 month promotional rate. You can then consolidate your credit lines if you wish. We’re not sure of your credit situation, so it’s tough for us to comment on whether it will hurt you or not.

      GreedyRates Staff

  30. Hi there
    I am coming to the end of my promotion period and have the balance half paid for. Should I apply for another another loan transfer card with Mbna or another institution?

    • Hi Jody,

      Because MBNA still offers the best balance transfer rate out there, for the longest period of time (0% for 12 months), we’d recommend getting another MBNA Platinum Plus MasterCard.

      However, as you may know, you cannot transfer a balance from one bank’s credit card, to another card from the same bank. However there is a workaround for MBNA. Once you get approved for your new Platinum Plus card, simply call-in to request that MBNA do a “deposit transfer” from your new card into your checking account (equal to the size of your balance on the first card). Then use the money from your checking account to pay off the balance on your first card.

      You will then owe the balance on the new card at 0% for 12 months, with a 1% transfer fee! We know of people with as many as 12 MBNA Platinum Plus accounts, using this strategy.

      Hope that helps!

      GreedyRates Staff

  31. Two days back I applied for BMO card and was approved. Yesterday I applied for RBC line of credit and got approved. I don’t want to use BMO card which I still didn’t receive yet. Should I close BMO card and then apply for this card to get better limit? Do you think I can get approval or chances are that I will not get approval because of recent line of credit and BMO card?

    • Hi Tinta,

      It’s hard for us to say, especially without knowing your credit profile. That said, applying for three credit products within 2 weeks is not advisable. You might want to wait a month or two. You probably should cancel the BMO card if you have no intention of using it, and want your MBNA application to be approved with a higher limit.

      GreedyRates Staff

  32. Hello! Two questions:
    1) I’m nearing the end of my 12 month 0% deal of my current MBNA card. I will have the $6000 I was given last year paid off in full next month. So, do I sign up for a new MBNA 0%for 12 month card WHILE signed in to my current account? Or do I start fresh on the main website as if I don’t currently have one?
    2) If I do NOT close my current acct (it will be paid in full and no longer used – if I am sent a second one, that is), will I eventually be charged a fee (annual or otherwise) for no use?
    Thank you!

    • Hi Jean,

      1. We’d recommend applying for a new MBNA Platinum Plus MasterCard fresh. Any offers you might receive from MBNA could have a higher balance transfer fee of 3% for offers on your account, instead of the 1% your guaranteed if you apply for the offer above.

      2. You will not be charged an inactivity fee on your old MBNA Platinum Plus account, unless you maintain a balance and are inactive for 12 consecutive months. If there is no balance, there is no inactivity fee. If you maintain a balance, and make payments, there is no inactivity fee.

      Hope that helps!

      GreedyRates Staff

  33. How long before the 12 month period is up that one can apply for a second MBNA card to do a balance transfer to avoid paying interest?

    • Hi Karen,

      We’d recommend applying around the middle of month 10, giving you enough time to get approved, receive the card and perform the “deposit” transfer.

      Hope that helps,

      GreedyRates Staff

  34. Thank you for the info, also I have one other question.
    With all my debts combined, it comes to about $17000. First off I’m not sure if I’ll be approved for that whole amount if I apply for this card. If I were, could you tell me what the minimum payments would be for that balance? And most likely I won’t be able to pay it all off within 12 months, so I know I’ll need to do a deposit transfer to a second MBNA as I saw in the comments below. But what if I don’t get approval for a second card when the time comes, what are my options to avoid paying the high interest after the 12 month period?

    Thanks again.

    • Hi Karen,

      Your minimum payment with the MBNA Platinum Plus MasterCard is the greater of $5 or 1% of the balance. On $17,000 that would be a minimum monthly payment of $170 and then declining since you will be lowering the balance each and every month since you’re not paying interest.

      We answered the second part of your question in your most recent comment. That said, if you don’t get approval for another balance transfer at the end of your 12 month term, you can keep your balance with MBNA (although your interest rate will increase) and request that MBNA lower your interest rate, or you can pay your balance down with any other existing low interest credit facilities you may have (home equity line of credit).

      That said, chances are that if you get approved now, and your economic situation either stays the same or improves, you’ll be able to get another credit card at the end of the promotional term. Especially if you’re able to close some of your current accounts that you’ll be transferring balances from – thereby reducing total credit lines and reducing total unsecured credit exposure for MBNA. You would then be less risky then, than you are now.

      Hope that helps,

      GreedyRates Staff

  35. Hi, if I apply for an MBNA Platinum Plus for the 0% for 12 months and want to balance transfer to someone else’s MBNA card (not in my name), will it still transfer?

    Thanks

    • Hi Chris,

      The official answer is no, however, there is a very easy work-around. After you receive your MBNA Platinum Plus card, simply ask MBNA for a “deposit transfer”, and they will deposit your requested amount into any Canadian checking account you designate. Then use the money from your checking account to pay off your wife’s balance.

      You will then owe the amount you transferred into your checking account at the same 0% for 12 month terms as the balance transfer offer (it’s considered a balance transfer transaction in MBNA’s eyes).

      Hope that helps!

      GreedyRates Staff

  36. Hello,

    I recently apply and get approved for the mbna platinum plus. 6 months ago I need to know.. what do you know about the automatic credit limit increase ? They still use this in 2016? I know they need to advise you before now.. but I want to know if you know after 6 months or 12 months if an ” automated system” review your account and send give you an offer to increase your current limit.. i don’t want to apply becaude it’s a hard check .. what can you tell me about This if you know ..

    Thanks in advance

    • Hi William,

      Good question. It’s different for each account. That said, MBNA tends to be one of the most aggressive Canadian credit card issuers when it comes to their credit lines (both the initial line assignment and credit line increases). There is no official date. However, it would be fair to assume that your account would be run through their credit line increase model at month 6 – definitely by month 12 you should hear from them, because they’ll be anticipating the end of your promotional period.

      Hope that helps,

      GreedyRates Staff

  37. Can I transfer from a TD Emerald Visa to this card? It is not in the drop down menu when applying.

    • Hi Cheryl,

      The reason it’s not on the drop down menu is because no banks allow you to transfer from one of their own cards, to one of their cards. Unfortunately TD owns MBNA. That said, you can do a deposit transfer. After you receive the card, simply ask MBNA to deposit the amount of your TD Emrald Visa balance into any Canadian checking account of your choice. You can then pay down your Emerald balance from your checking account.

      You will then owe the amount transferred on your MBNA Platinum Plus card at the same 0% for 12 month rate as a typical balance transfer, since MBNA considers “deposit transfers” to be a type of balance transfer.

      Hope that helps,

      GreedyRates Staff

      • Can you clarify your answer on this for me? We have a TD Travel Visa and wanted to do the interest free 12 month balance transfer. However, as you stated TD now owns MBNA. I don’t quite understand the meaning of “deposit transfer”. So do we apply for the MBNA MasterCard without checking off balance transfer? Just apply for the card as you would normally apply for a credit card? Then once we receive the new card we call the MBNA phone number and ask that they deposit the balance from our TD Travel Visa to a Canadian checking account? That’s where I get lost. I don’t understand what that means by depositing the balance of the credit card to a checking account. Is this a checking account associated with the new MBNA MasterCard? How does this balance end up on the MBNA for 12 months at 0%? I’m sure this is simple and I’m just not getting it. Lol. Thanks in advance.

        Robert

        • Hi Robert,

          It works as follows:

          1. Let’s MBNA advances $5,000 cash from your new MBNA Platinum Plus card, to any checking account you choose – it could be RBC, CIBC, BMO or Scotia.
          2. You then owe $5,000 on your new MBNA Platinum Plus card, at 0% for 12 months
          3. You then take the $5,000 in your checking account and pay down the balance on your TD Travel Visa card.
          4. In the end you now owe $0 on your TD Travel Visa card and $5,000 on your MBNA Platinum Plus card at 0% for 12 months.

          Hope that clarifies things!

          GreedyRates Staff

  38. Hi there, I currently have debt on one credit card, and also have a personal loan and consolidation loan.
    Am I able to use the MBNA card to pay off all 3 debts, or only for other credit cards?
    Thanks.

    • Hi Karen,

      The answer is yes. You can have MBNA automatically transfer the balance on your credit card. Then you can have MBNA transfer up to 100% of the rest of your credit line, at 0% for 12 months, into any Canadian checking account of your choice. You can then use that cash to pay down your personal loan and debt consolidation loan (or for anything else).

      MBNA calls the transaction a “deposit transfer”, and once you’re approved for the card you simply call MBNA and make the request to deposit the money into your bank account and you get the cash at the same terms as the balance transfer i.e. 0% for 12 month with a 1% transfer fee.

      Hope that helps!

      GreedyRates Staff

  39. Hello,

    I just applied and get approved for 14k credit limit. My question is 1) can I transfert the entire 14k? Aslo, what will be the minimum payment for 14k ?

    Thanks

    • Hi William,

      Congratulations! You can request a balance transfer up to 100% of your credit line. Your minimum payment will be the greater of 1% or $15 (plus interest, but since the interest will be 0%, there will be no interest charge). On $14,000 your minimum payment will be $140.

      Hope that helps!

      GreedyRates Staff

      • I think the most u can transfer is actually 99%

        • Hi JJ,

          Correct, it’s the 99%, plus the 1% reserved for the balance transfer fee. Good to clarify. That said, unlike in years past, you’re able to use up to 100% of your credit line for the balance transfer transaction, a nice improvement – which always equals the transfer amount, plus the fee.

          GreedyRates Staff

  40. I have an mbna platinum plus 0% card with a balance of around $7300 left from $10000 originally borrowed to pay some debt. My expiry date for this original transfer is in March. Mbna had an offer to transfer credit card balances from my same card for the same 0% interest with an expiry date of August. My question is if I borrow from this new promotional deal and paid part of my original debt ($7300), does the bank split my new payments between my new borrowed amount and the old left over balance or will my payments go directly to the original debt that I had?

    Thank you for the advice.

    • Hi Randy,

      We’d recommend a different approach. Instead of getting an 8 month balance transfer offer at 0%, which may come with a 3% transfer fee, get another Platinum Plus MasterCard, with a 0% rate for 12 months and a 1% transfer fee.

      Once you’ve been approved by MBNA for the new card, ask them to consolidate your lines of credit from your old card to your new card. Then do a “deposit” transfer of $7,300 from your new Platinum Plus card, to whichever checking account you designate (it can be with any bank). Then use the $7,300 in your checking account to pay down your balance on your old MBNA Platinum Plus card. In then end, you’ll have a $0 balance on your old MBNA Plat Plus account and a $7,300 balance on your new Plat Plus account, at 0% for 12 months!

      Hope that helps!

      GreedyRates Staff

  41. Hello
    I have MBNA credit card already and I paid off the entire transfer in full. Now I want to make another transfer at 0% rate, following your advice, I would just apply for a new Platinum Credit card. My concern is that it might not be approved, since I have just recently received another cc from the other bank. Should I first close my existing MBNA credit card (which is empty by now), in order to be approved on the new one?

    Thanks

    • Hi Alla,

      We wouldn’t recommend you start by closing your current MBNA Platinum Plus account. First, you should apply for another MBNA Platinum Plus card – assuming your credit is fine. Request a small credit line – the minimum is $500. Then, once approved, you should request that MBNA consolidate the credit line from your old MBNA Platinum Plus account, with your new MBNA Platinum Plus account.

      Hope that helps!

      GreedyRates Staff

  42. Hello

    I currently have an mbna card (0% for 12 months) which I applied for in June 2016. The balance transfer was approximately $7000.00. I have a current balance of $3500.00. I have until June 2017 to pay the outstanding without incurring the interest charge. Is there a way of extending the 0% interest

    thanks

    • Hi Anna,

      The best way to extend the 0% interest rate beyond the initial term, is to simply get another MBNA Platinum Plus MasterCard. Some people have as many as 10 MBNA Platinum Plus cards.

      Instead of doing a balance transfer from one card to another, which you can’t do within the same bank, you will do a deposit transfer from your second MBNA Platinum Plus card into any Canadian checking account of your choice. Deposit transfers are done at the same promotional rate terms as balance transfers, 0% for 12 months with a 1% transfer fee. You will then use those funds to pay down the remaining balance on your first MBNA Platinum Plus MasterCard. You will then owe a balance at 0% for 12 months on your second MBNA Platinum Plus MasterCard.

      Hope that helps,

      GreedyRates Staff

  43. What is the interest rate on this card on new purchases? So if I used it right away to buy a $2000 tv would I be charged interest? I know I could transfer it as a cash balance and do it that way but i’m curious about the initial new purchase interest rate

    • Hi Leslie,

      While we always recommend keeping your balance transfer card separate from a card for new purchases, it’s Purchase APR is 19.99%. Like you said, if you’re looking to buy a new TV for $2,000 and want access to the 0% rate, do a deposit transfer of $2,000 from the Platinum Plus card into any checking account of your choice, you’ll then have a $2,000 balance on your credit card at 0% for 12 months, then buy the TV with the cash from your checking account.

      Hope that helps!

      GreedyRates Staff

      Hope that helps,

      GreedyRates Staff

  44. Hi,

    I see from the comments that more than one MBNA platinum plus card can be obtained. Is that true?

    Azhar

    • Hi Azhar,

      Yes you can obtain multiple MBNA Platinum Plus credit cards, each having the 0% for 12 month balance transfer offer, with no annual fee. We know some folks who have as many as 10.

      Hope that helps,

      GreedyRates Staff

  45. Hi,
    I know MBNA offering 0%, 0.99% or 3.99%. I used 0% when I got my card a few years ago, than 0.99% and now my credit limit increased to 27K and MBNA offers me the only 3.99% transfer rate. Is there is a way to get from MBNA lower rates again? Is this because of my credit limit? Can I ask them to decrease my limit to 12K or so? Will this help?
    I always paid the loan on time, may be once my bank delayed the transfer for 1 day .

    • Hi Vlad,

      The easiest thing for you to do will be to apply for another MBNA Platinum Plus card, and get the 0% for 12 month offer with a 1% transfer fee. Some people have up to 10 MBNA Platinum Plus accounts. Once approved for the new card, you can then request MBNA transfer some of your line from your old card to your new MBNA Platinum Plus card, or you can close your old account and transfer the entire line to your new credit card.

      The other advantage of applying for another MBNA Platinum Plus card, as opposed to accepting a balance transfer from an existing account, is that the transfer fee will likely be lower – 1% instead of 3%.

      Hope that helps,

      GreedyRates Staff

  46. Hi there

    I just applied for the MBNA 0% balance transfer card. I was given a response along the lines of unable to provide a decision at this time. They said they will inform me with the answer within 10-15 days. Is there anything I should do at this point?

    Thanks

    • Hi Andre,

      It may be helpful for you to call MBNA’s credit department. MBNA is one of the few issuers where you can actually call their credit department and discuss your application. If it’s pending, it likely means MBNA didn’t have enough information to approve you right away, but at the same time, may have not had enough information to decline you right away either. As a result, your application may get reviewed by a credit analyst. Calling them may help fill in whatever information they are looking for.

      Call 1-877-428-6060, dial 1 for english, 3 for customer service and then hit 0 twice to speak with an operator right away and they will patch you into the credit department.

      Good luck!

      GreedyRates Staff

  47. Great card! So I have a question.. I just got my card but was only given $5000 (not enough to pay off 2 cards which total $8000) . I did a deposit to my chequing account for $4900 and will have this paid off in 6 months or so but my question is… if in 6 months time ive paid off the MBNA and apply for another plat plus card and say they only give me $2000 on the second card could I then transfer my first card over to the second and would that new total credit ($7000) fall under the 0% promotion for a new 12 months or would it be just the new credit allowance of $2000?

    • Hi Sheri,

      Great question. MBNA gives you the choice to either re-distribute your credit line from you original account to your new account, or consolidate your accounts, where you close the original account and merge both credit lines. In either case, the 0% for 12 month rate would extended to the combined limit on the new card. In your case, you would have $7,000 available at 0% for 12 months!

      Hope that helps,

      GreedyRates Staff

  48. Hello,

    I plan on transferring my CIBC Visa balance to the MBNA Mastercard. I may not be able to pay the full amount within 12 months. Will I be charged 21.99% interest when I have to transfer back the remaining balance to my CIBC Visa?

    • Hi Sarah,

      You will only be charged the 0% interest rate for 12 months, plus the 1% transfer fee by MBNA. If you decide to transfer a remaining balance to another credit card at the end of the MBNA promotional term, you will be charged whatever interest and or transfer fee the new credit card charges. That said, unless you get a balance transfer promotion from CIBC, we recommend you find another balance transfer card to switch your balances to, other than your old CIBC Visa card (hint: you could even get another MBNA Platinum Plus Card at 0% and do a deposit transfer to pay off your remaining balance!)

      To reiterate, MBNA does NOT charge a penalty for not paying down the entire balance, as there is with some sales finance products.

      Hope that helps,

      GreedyRates Staff

  49. Awesome GreedyRates stuff !If i do transfer from MBNA to my checking account,is it this money taxable? Does the bank report payment to anyone?Thx.
    I apologise if is questions already answered(i tried to read everything).

    • Hi Danny,

      Thanks for the kind words. No it’s the cash advance is not taxable, because it’s not income, you have to pay it back!

      In fact, in some circumstances, like for a business, the interest and/or fees you pay on a loan or cash advance may be deductible, since it’s an expense.

      Hope that helps,

      GreedyRates Staff

      • Thank you very much GreedyRates ! Thanks to your information i decide to apply for Plat Plus and i got $8000 .
        I would to hear your advice please….i planning to buy around holidays some stuff(Tv,furniture…) ,maybe $2-3000 value .Do you think is better idea to apply for lets say Leon’s (Desjardins) credit card with 12-24 month financing option or simply use my existing Amex/Visa card and after transfer balance to MBNA ?This will be first time that i own money ,usually i always pay full balance in time .

        • Hi Danny,

          Since you recently applied for the MBNA Platinum Plus card you might want to avoid applying for additional credit. Moreover, if you make the initial purchases at Leon’s with your Visa rewards card, and then transfer that balance to your MBNA Plat Plus card at 0%, you’ll get your rewards points from your initial purchase and a 0% rate for 12 months!

          Happy Holidays!

          GreedyRates Staff

  50. Hi,
    I applied online fot a second MBNA mastercard and was approved for $10000 within a couple of minutes of applying. A couple of hours later I signed into my MBNA account to see if the second card was showing. It wasn’t there yet which wasn’t a concern but I was somewhat disturbed that the limit on my first card had been reduced by $10000….or basically cut on half. Is this normal?

    • Hi Bob,

      By reassigning your line from an essentially dormant account, to your new account, MBNA actually did you a favour, because you now have an additional $10,000 credit line at 0% interest for 12 months. The alternative would have been to issue you a very small line of credit at 0% and keep the $10,000 line at the non-promotional rate or decline you because you had too much aggregate credit line exposure. This is an example of how MBNA looks for ways to help applicants get approved with the largest credit lines available in the industry.

      Hope that helps,

      GreedyRates Staff

      • Thanks….great detailed info and interaction on this site. I’ll be trying to move the rest of my credit room from the first card to the second either way, and from what I’ve read here that shouldn’t be an issue.

  51. Hi, I have a question regarding transfers of credit card balances. The first one is: If you choose the transfer balance, can you do it for a partial amount of the balance, not the full balance of the existing credit card? The another question is, what happens with the first credit card from wich you transfer the balance?

    • Hi Ani,

      Great questions!

      1. Yes, you can choose to only pay off a portion of a credit card balance. For example, if you have a $5,000 balance with CIBC, you can decide to only transfer $3,000 of the CIBC balance to your MBNA Platinum Plus card.

      2. Nothing happens to the original card after your balance transfer. If you paid it off in full, you can decide to keep the account open or close the account. That’s between you and the credit card company – MBNA has no right to close your account.

      Hope that helps!

      GreedyRates Staff

  52. If I transfer a balance for the 0% for 12 months promotion. Does the whole balance have to be paid off in the 12 months? Is there an interest penalty if it is not all paid off? I have seen some comments about transferring the balance again near the end of the 12 months. Is to avoid a possible interest penalty?

    • Hi Stevie!

      Great question. There is no interest penalty if you do not pay off the balance after the 0% promotion expires. After the 12 month 0% promotional rate expires you can either pay down your balance or transfer it again, with no penalty whatsoever. You can also keep your balance on the same card, but your rate will increase to the “go-to” rate on future months.

      If you do have a balance left over at the end of the promotional term, we highly recommend you either pay it down, transfer your balance to another card (balance surfing), or pay it off with a “deposit transfer” from another MBNA Platinum Plus card at 0% for 12 months. The reason we recommend you do so is because at the end of the 12 months you will start paying interest on the remaining balance in future months.

      To be clear, unlike some sales finance products you’ll find with some retailers, there is no “retro-active” interest penalty if you don’t pay down your balance at the end of 12 months.

      Hope that helps,

      GreedyRates Staff

  53. Hi, I already have the MBNA Platinum Plus and my card has about 10000 on it. Im looking to transfer this via deposit transfer. Id like to know if Im guaranteed approval based on already having a card, and always making payments on time.

    • Hi Mona,

      No one can guarantee you approval. That said, if your credit score is largely the same as when you first applied and all else is equal, you should be confidant.

      Obviously your challenge is getting around the rule each bank has that you can’t do a balance transfer from one of their own cards to another card of theirs. There’s a great workaround to this with MBNA, which allows you to repeatedly take advantage of the 0% for 12 month rate.

      To pay off your $10,000 balance on your first MBNA Platinum Plus card, when you get your second MBNA Platinum Plus Card, simply request a “deposit transfer” from MBNA for $10,000 (MBNA deposits $10,000 cash into the bank account of your choice). MBNA classifies “deposit transfers” as a type of balance transfer and offers the same 0% for 12 month rate and 1% transfer fee.

      You can then use the $10,000 cash in your checking account to pay down the balance on your first MBNA Platinum Plus card (or for anything else actually). Your first card will then have a $0 balance, and your new card will now have a $10,000 balance at 0% for 12 months.

      Hope that helps,

      GreedyRates Staff

  54. Hi GreedyRates team!

    If i do already have an MBNA account that I signed up with 11 months ago via GreedyRates — with a remaining of $4000.

    Could I take up this current MBNA offer and then raise my credit limit to $4000 and proceed to do a balance transfer to pay off my previous $4000 to enjoy the 0% rates for the next 12 months?

    Will this work?

    • Hi Daniel,

      While you cannot do a balance transfer to and from cards within the same bank, there is an easy workaround with MBNA. When you get your new 0% Platinum Plus MasterCard, simply request that MBNA do a “deposit transfer” into your checking account. MBNA will then transfer $4,000 from your new card into your checking account. You will then use that money to pay down the $4,000 balance on your old credit card. You will then owe $4,000 at 0% for 12 months on your new credit card – deposit transfers have the exact same terms as a balance transfer for MBNA.

      Hope that helps!

      GreedyRates Staff

  55. I currently have a Platinum Plus card that I’ve had since July. I got a very low credit limit on it (2500) however now my income has increased, my credit score has gone up and my utilization has gone down. I want to apply for a second Platinum Plus card, get a higher limit than I did the first time and and get another balance transfer.

    My other credit card offered me a large credit increase which I accepted as I thought it would help lower my overall utilization. However from reading your website, I understand that having too much available credit from other cards will reduce the amount of credit that MNBA will offer me.

    How can I maximize the amount of credit MNBA will give me on my new card? Should I ask my other credit card to decrease my credit limit? I understand that I can transfer my credit limit from my first Platinum Plus card to my second, but I’m currently still paying off the first card so I can’t do that just yet. Also, how soon can I apply for the second card? I got my first one in July.

    • Hi Randy,

      Actually you can do the following with MBNA. After you get approved for your new MBNA Platinum Plus MasterCard, first call in to MBNA and request that they consolidate your credit line from your first Plat Plus card with your new one.

      Second, speak with the credit department, explain to them how much additional line you’d like and for what purpose and why you can handle the increase (strong assets, low debt to income ratio, etc…) Assuming your credit is strong and your fundamentals sound, MBNA often increases your limit to accommodate you.

      Of all the issuers, MBNA is one of the few where you can actually speak to the credit department, where we’ve found them willing to work with its customers to find ways to help you get approved for more, as opposed to finding reasons to say no.

      Hope that helps,

      GreedyRates Staff

      • Told by MNBA***

        • Hi Randy,

          We’re not in a position to determine or suggest what limit you will be approved for. Even if you lower some of your outstanding credit lines elsewhere, there could be other factors that dictate a lower limit. If nothing has substantially changed on your end i.e. income, balances, expenses, credit, score, and you lower your unused credit lines elsewhere, it would seem MBNA might provide you with a higher limit, but without a clear picture we cannot say it with confidence. Sorry we could not be more helpful.

          GreedyRates Staff

  56. is a person’s credit has been damaged by late payments but has never been put in for collection, would it be a possibility that a person like that would be able to qualify for the 0% card. I wouldn’t want to apply unless I knew, beforehand, because any time you apply for credit…the banks look at that as a negative factor

    • Hi Fran,

      Approval will depend on multiple factors. If you’ve been recently delinquent, that could impact your ability to get approved. We believe MBNA’s FICO cutoff is 640. MBNA is pretty aggressive in their approvals, but no bank, regardless of offer, looks favourably upon recent delinquencies. That said, if you’ve developed a good recent repayment history, and you’re late payment was small and infrequent, it may not be a big deal. Hard for us to say without a full picture.

      Hope that helps,

      GreedyRates Staff

  57. Great information!

    Is MBNA the only credit card company that offers the 0% interest on transfers
    and if so what would be the next best credit card to apply for

    Thanks,

    • Hi Garry,

      Thanks for the kind words! No MBNA is not the only credit card company to offer a standing 0% balance transfer rate, but it offers 0% for the longest term, no one else does it for 12 months. Next best is 6 months from Scotia and American Express. You can check out our review of all the top balance transfer cards in Canada. In fact, mathematically your better off with a 1.99% rate for 10 months, than a 0% rate for 6 months – assuming both come with 1% transfer fees.

      All that said, the MBNA Platinum Plus offer of 0% for 12 months is the best offer of all.

      Hope that helps,

      GreedyRates Staff

  58. 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

  59. 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

      • Hello

        I didn’t call back as I read your message the following day only. Anyway I got my card in the mail box exactly one week later with a credit limit of $4500.
        I have 3 more MC (different banks) besides this one from MBNA. Do you think if I close one MC (I have $7500 credit limit on this one that I have in mind) and then call MBNA they can increase my credit limit with this amount???
        I very much appreciate your advice and info.

        • Hi Moni,

          Absolutely! But MBNA makes it even easier than that, giving you two options. You can ask MBNA to keep both accounts open and redistribute lines from one account to the other. Or, as you suggested, you can consolidate both credit lines by closing one account and consolidating the closed line with the new card’s credit line.

          Hope that helps!

          GreedyRates Staff

  60. 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

  61. Also, how long does it take to get the MBNA card in the mail and do the credit card transfer of funds from my CIBC Visa?

    • Hi Stephanie,

      Once you’ve been approved, it can take between 7-10 business days to receive your card in the mail. You can do the balance transfer on the online application itself, in which case it will be automatically executed with 2-5 business days after you receive your card in the mail.

      The fastest way to get approved with MBNA is to apply online. The slowest way is to apply over the phone, because it take up to 5 business days before the call center delivers the application to the credit department and gets it data entered into the adjudication system.

      If you apply online, you may get instantly approved. If not, you can call within 1-2 hours after submitting your online application, and ask for MBNA’s credit department. You can then supply them with whatever additional information they require and you may get instantly approved on the spot and you’ll also be able to request a higher line than their model may originally assign you.

      Hope that helps!

      GreedyRates Staff

  62. 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

  63. 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?
        thanks!

        • 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

  64. 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

  65. 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.

  66. 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

  67. 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

  68. 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 🙁

    Gracias

    • 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?

  69. 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

  70. 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

  71. 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

  72. 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

  73. 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

  74. 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

  75. 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

  76. 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

  77. 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

  78. 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

  79. 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

  80. 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

  81. 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

  82. 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

  83. 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

  84. 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%?
    Thanks!

    • Hi Jean,

      Thanks for using GreedyRates.ca 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

  85. 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.
            John

          • 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

  86. 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

  87. 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.

      Kindest,

      GreedyRates Staff

  88. 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?
    Thanks
    SW

    • 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.

      Congrats!

      GreedyRates Staff

  89. 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

  90. 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

  91. 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

          • I do the same me too I made purchase on the PP mbna card for 800$ and my brother told me that and I Callmbna customer service and they made exception for me I repay the balance for my purchase Immeditly and they put 100% of the payment for the purchase

          • Hi Max,

            It’s smart that you called MBNA to ask for 100% of your payment to be applied against your higher interest balance. In the future, keep your balance transfer card separate from your credit card to make new purchases, so you can control where you want your payments to be applied. If you want to purchase something and access the 0% rate for 12 months, just ask MBNA to forward the cash amount to your checking account.

            GreedyRates Staff

  92. 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

  93. 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

  94. 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.

  95. 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

  96. 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.

      Best,

      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.

  97. 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

  98. 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!

      Best,

      GreedyRates Staff

  99. 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

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

  101. 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

  102. 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.

      Best,

      GreedyRates Staff

  103. 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

  104. 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

  105. 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

  106. 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

  107. 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

  108. 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

  109. 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

  110. 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

  111. 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

  112. 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

  113. 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

  114. 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

  115. 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

  116. 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

  117. 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.”

          Furthermore…
          “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

  118. 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

  119. 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

  120. 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.

  121. 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

  122. 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%.

      Best,

      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.

        Thanks!

        • 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

    • BE CAREFUL HERE!
      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

  123. 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

  124. 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?

    Thanks,
    Pat

    • 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.

  125. 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.

    Thanks

    • 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

  126. 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

  127. 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.

      Best,

      GreedyRates Staff

  128. 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,

      GreedyStaff

  129. 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.

      Best,

      GreedyStaff

  130. 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

  131. rizal talicuran

    interested to apply.

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