The MBNA TrueLine credit card, issued by TD, might be the best low rate credit card offer for new purchases in Canada. Some credit cards might offer the same or lower interest rates for a short-term promotional period, others for an annual fee and still others with a variable interest rate that can rise at any point in time.
None offer a fixed rate as low as 5.99% with no annual fee. None let you find out your rate before you apply without impacting your credit score! That’s why we love this card. It’s simple, clean and transparent. You’ll get a rate between 5.99% & 14.99% depending on the strength of your credit – but you’ll see your rate before you actually apply. Your rate is what you see and what you get. And of course there’s no annual fee.
We’ve reviewed every fixed low rate offer from RBC, TD, CIBC, BMO, Scotia, Capital One, ATB, Van City and National Bank and none beat MBNA Trueline’s rate as low as 5.99% fixed annual interest rate with no annual fee, making it our number one ranked fixed low interest credit card in Canada right now.Apply Now!
MBNA Trueline Low Fixed Rate Credit Card Review:
1. 5.99% Fixed Annual Interest Rate with No Annual Fee on New Purchases: With a fixed rates from 5.99% to 14.99%, and no annual fee this card stands out. With no annual fee, you can keep the MBNA Trueline card in your wallet as a back-up to your rewards card, cost free. With a fixed rate as low as 5.99%, it’s the lowest fixed rate in the country. and because it’s not variable there’s no risk it will increase on you. The MBNA TrueLine card is a good low rate option to have on hand to help you avoid the higher interest rate of your rewards cards when you know you’re going to keep a balance. No rewards rate will make up for the interest you’ll pay otherwise.
2. 5.99% Balance Transfer Rate: If you already have a credit card balance and you are looking to lower your interest rate, the MBNA TrueLine credit card can also be a great solution for you. If you transfer a balance, you will also receive an interest rate as low 5.99% on the transferred balance until it is paid down. The advantage of the MBNA TrueLine low rate credit card is that your rate will stay at 5.99% for your transferred balance forever, it doesn’t expire at the end of a promotional period.
3. No Annual Fees: As we discussed above, every other Canadian bank charges an annual fee for their low rate credit cards. This card has no annual fee and gives you the lowest fixed interest rate of any of them – a winning combination.
4. Insurance: Another unique feature of this card is that you get Platinum level insurance coverage, without paying an annual fee. MBNA’s platinum level coverage is robust and includes the following: $1M accidental death and dismemberment, trip interruption, rental car collision, rental car accidental death, theft from rental car, 90 days purchase assurance, and one year extended warranty. That’s a generous set of coverages, and few cards in Canada offer as much without a fee.
Here are the top 5 low fixed rate credit cards in Canada right now:
|Low Fixed Interest Credit Card||Interest Rate||Annual Fee|
|#2||BMO Preferred Rate||11.9%||$20|
|#3||RBC Visa Classic Low Rate||11.99%||$20|
|#4||Scotiabank Value Visa||11.99%||$29|
|#5||CIBC Select Visa||13.99%||$29|
All in all, if you’re looking for a low rate credit card for upcoming purchases, or you just want a low interest back-up credit card in the event you need to make a purchase you won’t be able to pay off right away, this credit card does the trick and does it well. No annual fee, 5.99% fixed annual interest rate forever can’t be beat.