Best Balance Transfer Credit Cards in Canada

Best Balance Transfer Credit Cards in Canada for 2022

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Last updated on September 2, 2022 Comments: 341

A balance transfer promotion allows debtors to transfer and consolidate high-interest debts onto a new, low-interest credit card. Using these promotions responsibly can stop your compounding debt in its tracks, providing you with a low-interest or interest-free opportunity to pay off your debt and start your financial life anew.

Below is a curated list of the most advantageous balance transfer deals in Canada, and all the details you need to know in order to make an educated choice for your debt repayment goals.

Best Low Interest Balance Transfer Credit Cards in Canada

Credit CardBalance Transfer Intro RatePost-Promotional Balance Transfer Annual Interest RateAnnual FeeCard Review
CIBC Select Visa* Card0% interest for up to 10 months with a 1% transfer fee13.99%

(13.99% Purchase Annual Interest Rate and
13.99% Cash Advance Annual Interest Rate)
$29 (first year rebate)Read More
Scotiabank Value® Visa* Card0.00% introductory interest rate on Cash Advances, including balance transfers for the first 6 months (12.99% after that). Offer ends October 31, 2022. Terms and conditions apply.12.99%$29Read More
BMO CashBack® Mastercard®*0.99% introductory interest rate on Balance Transfers for 9 months, 2% fee applies*22.99%$0Read More
MBNA True Line® Mastercard®0%
for 12 months
12.99%
$0Read More
Tangerine Money-Back Credit Card1.95% for 6 months (1% transfer fee applies)*19.95%

$0Read More

† Conditions apply

CIBC Select Visa* Card

Apply Now
Who’s Eligible?
– Minimum Credit Score: Good
– Minimum Income: $15,000 annual household
– Age: Age of majority in your province or territory
– Residency: Resident of Canada
– Other: No bankruptcy for the past 7 years

 

The CIBC Select Visa* Card offers 0% interest on balance transfers for the first 10 months (1% transfer fee) and after that, you can count on its consistent 13.99% Balance Transfer Annual Interest Rate, as well as 13.99% Cash Advance Annual Interest Rate and 13.99% Purchase Annual Interest Rate. Currently the only card on the market to offer such a balance transfer promotional rate, this card is perfect to help close the gaps created by your holiday spending, for instance. The card comes with a $29 annual fee, which is rebated your first year.

Aside from offering the best balance transfer promotional rate on the market, the card also provides cardholders with common carrier insurance and the option to pay for other insurances.

Key Features

  • Welcome Bonus: First Year Annual Fee Rebate
  • Balance Transfer Promotion: 0% interest for up to 10 months with a 1% transfer fee
  • Regular Interest Rate: 13.99% Purchase Annual Interest Rate, 13.99% Cash Advance Annual Interest Rate, and 13.99% Balance Transfer Annual Interest Rate
  • Additional Perks: Common carrier insurance
  • Annual Fee: $29 (first year rebated)

Apply here or learn more by reading our complete CIBC Select Visa* Card review.

† Conditions apply

Quebec Residents: Learn More about this CIBC product here

Résidents du Québec: Pour en savoir plus sur ce produit CIBC, suivez ce lien

Scotiabank Value® Visa* Card

Apply Now

Who’s Eligible?
– Recommended Credit Score: Fair-Good
– Minimum Income: $12,000
– Age: You must be the age of majority in your home province or territory
– Residency: Canadian citizen or permanent resident
– Other: No bankruptcies in the past seven years

 

The Scotiabank Value® Visa* Card offers a balance transfer promotion of 0.00% interest for six months. A 1% balance transfer fee applies, and its interest rate after the balance transfer promo ends is still comparatively quite low, at only 12.99%. Plus, no annual fee in the first year. Offer ends October 31, 2022. Terms and conditions apply. Most cards’ balance transfer interest rates jump up to 20%+ after the promo ends. So this might be a good card for you even if you’re not 100% confident that you can pay off your transferred balance within the six months allotted.

*Note that balances owed to Tangerine Bank are not eligible to be transferred to the Scotiabank Value® Visa* Card, as Tangerine is a subsidiary of Scotiabank. The introductory interest rate on balance transfers applies to new credit card accounts only.

Key Features

  • Promotional Balance Transfer Rate: 0.00%
  • Promotion Length: 6 months
  • Post-Promotional Balance Transfer Rate: 12.99%
  • Balance Transfer Fee: 1%
  • Purchase Interest Rate: 12.99%
  • Annual Fee: $29

Apply here or learn more by reading our complete Scotiabank Value® Visa* Card review.

BMO CashBack® Mastercard®*

Apply Now
Who’s Eligible?
– Minimum Credit Score: Good
– Minimum Income: $15,000
– Age: Age of majority in your province or territory
– Residency: Resident of Canada

 

New cardholders of the BMO CashBack® Mastercard® pay introductory 0.99% on transferred balances for up to nine months, with a 2% fee*. You can transfer at any time in the first nine months.

You also get 3% cash back on grocery purchases*, 1% cash back on recurring bill payments* and 0.5% unlimited cash back on all other purchases*.

This is the perfect card for families with young kids who want to take their time to pay off debt because their cash flow is so tight; families will also appreciate the 3% cash back on groceries*.

Key Features

  • Welcome Bonus: Get up to 5% cash back in your first 3 months, plus a $50 cash back bonus (when you spend $6,000) in your first year – that’s up to $175 cash back in your first year!*
  • Promotional Balance Transfer Rate: 0.99% introductory interest rate on Balance Transfers for 9 months, 2% fee applies to balance amounts transferred*.
  • Regular Interest Rate: 22.99%
  • Additional Perks: Car rental discount*; free additional cards; extended warranty*; purchase protection*
  • Annual Fee: $0

Apply here or learn more by reading our complete BMO CashBack® Mastercard®* review.

*Terms and conditions apply

MBNA True Line® Mastercard®

Apply Now

Who’s Eligible?
– Recommended Credit Score: Fair-Good
– Minimum Income: N/A
– Age: You must be the age of majority in your home province.
– Residency: Available to all Canadian residents except for residents of Quebec.

 

The MBNA True Line® Mastercard® offers the most sought-after combination of features in a balance transfer✪ promo: 0% interest for a full 12 months. To take advantage of this promo, new cardholders can make balance transfers up to their available credit limit within 90 days of opening their account. After the 12-month promotional period expires, the interest rate only increases to 12.99%. This is far more manageable than the 20+% post-promotional rate typical of other balance transfer cards, and it’s a softer landing for those that are unable to pay off all their debt during the promo period. 12.99% is also the card’s purchase interest rate, so it qualifies as a strong low-interest card as well, particularly given the fact that it has no annual fee.

The card’s only weakness is its relatively high balance transfer fee, a one-time charge of 3% of the amount transferred (minimum fee of $7.5). This is higher than the fees charged by most of the competing cards featured on this page, and it can amount to a significant upfront cost depending on the size of the balance you’d like to transfer. 

Key Features

  • Promotional Balance Transfer Rate: 0%
  • Promotion Length: 12 months
  • Post-Promotional Balance Transfer Rate: 12.99%
  • Balance Transfer Fee: 3% (minimum $7.50)
  • Purchase Interest Rate: 12.99%
  • Cash Advance Rate: 24.99%
  • Annual Fee: $0

Apply here or learn more by reading our complete MBNA True Line® Mastercard® review.

†, ✪, Terms and Conditions apply.

This offer is not available for residents of Quebec. 

Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the “Apply Now” button

The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank. ®MBNA and other-trademarks are the property of The Toronto-Dominion Bank.

Tangerine Money-Back Credit Card

Apply Now
Who’s Eligible?
– Minimum Credit Score: Fair-Good
– Minimum Income: $12,000
– Age: 18+/Age of majority
– Residency: Canadian Citizen/Permanent Resident
– Other: No bankruptcy for the past 7 years

 

The Tangerine Money-Back Credit Card offers an advantageous balance transfer option to new cardholders, who pay just 1.95% interest on the balance for 6 months There’s a 1% transfer fee* and no “apply by” date. This perk complements the card’s flexible savings power, with the ability to choose any 2 of 10 purchase categories to earn 2% cash back in.

People with large families who spend a bundle on groceries can pick the grocery category and start earning cash back, with other categories including common buys like restaurants, gas, home improvement, drug store purchases and recurring bills. Categories can be swapped at any time you like.

It’s also possible to get a third cash back category by signing up for a Tangerine Savings Account and having your cash back deposited there. When you consider that you’ll also earn 0.5% cash back on everything else, the savings will quickly add up. Peripheral perks on the card are the absence of an annual fee, as well as standard 90-day purchase insurance and extended warranties by up to an additional year.

Apply here or learn more by reading our complete Tangerine Money-Back Credit Card review.

Note that if you have an annual personal income of at least $60K, or household income of at least $100K, you should check out the Tangerine World Mastercard® instead. It has no annual fee and offers the same balance transfer deal and flexible rewards as the Tangerine Money-Back Credit Card, but provides extra features including mobile device insurance, airport lounge access, and car rental insurance.

*Terms and Conditions apply

How Much Can You Save?

A balance transfer credit card is an easy way to save hundreds of dollars in interest charges as you pay off a debt.

Let’s say, for example, you owe $3,000 on a department store credit card at 19.99% interest. You decide to finally get serious about paying it off by transferring the debt to the CIBC Select Visa* Card and allocating $505 each month to repaying it. In that scenario you would manage to get rid of the debt within a 6-month period, paying nothing in interest charges and only $30 for the balance transfer fee. But if you had stuck with the department store credit card it would have taken you 7 months to pay off with a $505 monthly payment, and you’d have paid about $186 in interest over the course of the repayment period. Doing the balance transfer would have saved you $156.

 Department Store CardCIBC Select
Starting balance$3,000$3,000
Interest rate19.99%0% (for 10 months)
Balance transfer feeN/A$30 (1%)
Monthly payment$505$505
Months to pay off your balance76
Total fees and interest$186$30

By doing nothing more than applying for a different credit card and taking advantage of their promotional rate you’ve saved yourself $156 — and of course, the bigger the balance the bigger the savings.

While a balance transfer promotion is typically used for the transfer and consolidation of credit card debt, your card issuer might also allow you to transfer balances from loans or lines of credit, giving you more savings options. Be sure to check with your issuer if that’s something you’re seeking.

It’s also worth noting that card issuers typically do not allow balance transfers to earn rewards points or cash back, so don’t calculate that into your anticipated savings. There are, however, some cards that offer both a low-interest balance transfer promotion and the chance to earn cash back or rewards points on regular purchases.

How to Choose a Balance Transfer Card

Before choosing a balance transfer credit card take your time to shop around and make sure you pick the right one for your financial situation. Read reviews, check rates and promotions, and calculate exactly how much you can save in interest and fees while responsibly repaying your debt. And don’t forget to read the fine print — not all balances can be transferred from one institution to the next.

Promotional Balance Transfer Rate

The whole point of getting a balance transfer credit card is to minimize the carrying cost of your debt, so the lower the interest rate the better.

Promotion Length

The ultimate goal is to pay off all your transferred debt at your new balance transfer card’s low promotional interest rate. The special rate usually lasts between 6 and 9 months, but occasionally a card will offer a deal for 10 months or longer.

Among all the balance transfer-related questions we get at GreedyRates, about 40% of them are cardholders asking how they should go about either extending the promotional period on their card or re-transferring their balance to another card with another promotion. Six months might sound like plenty of time to pay off a balance, but it can fly by faster than you expect, so opt for the longest promotional period available. The longer the promotion length, the more time you have to pay off your debt once and for all.

If your balance transfer promotion is ending before you’ve paid off all your transferred debt, you can try to ‘surf’ your balance to another balance transfer card. But remember, there are a limited number of balance transfer deals in Canada, and it’s never guaranteed that another card issuer will accept your application. It’s best to maximize the first balance transfer promotion you get and pay off as much of your debt as you can during that period.

Post-Promotional Balance Transfer Interest Rate

Some cards, like the Scotiabank Value® Visa* Card, still have relatively low rates even after their balance transfer promotional period ends. Other cards immediately bump the interest rate up to 19.99% or higher, which can be financially detrimental if you haven’t yet paid off the balance.

Check and check again if the interest rate after the promotional term ends will be applied to only the remaining balance after the promotional period, or if it will be retroactively calculated on the amount owing for the entire time you’ve had the card.

Balance Transfer Fee

Most balance transfer cards charge a one-time balance transfer fee, typically between 1% to 3% per transferred balance. In most cases, the cost of the transfer fee will be added to your balance. For example, if you transfer $4,000 of credit card debt and are charged a 1% balance transfer fee you will be charged $40 and your new transferred balance will appear as $4,040 on your card.

Eligibility Criteria and Card Issuer

The balance transfer card you have your eye on might require a minimum annual income, decent credit score, and a credit standing free of current bankruptcies or consumer proposals. Furthermore, the card issuer likely will not allow you to transfer a balance from one of its own credit cards, or the credit cards of its subsidiaries.

Related: The Ultimate Guide to Credit Scores

For instance, Tangerine is owned by Scotiabank and may therefore not allow the transfer of a debt owed to its parent company. Check with the bank before applying if you’re concerned that you might not qualify for a card or that the debt may be ineligible for transfer.

Impartial Reviews

Before making a final decision about a balance transfer card take the time to read an in-depth review of the card to make sure there are no potential snags or fine print details that might surprise you later on.

How to Complete a Balance Transfer

The process of executing a balance transfer will generally be similar from one card issuer to the next and should more or less follow the sequence below:

  1. Apply for a balance transfer credit card using one of the links listed earlier in this article.
  2. When filling out your card application you will indicate which creditors you want to pay, how much you want to pay to them, and the account numbers for the debts you’d like transferred.
  3. Once you’re approved for the balance transfer credit card, the credit card company will contact your creditors on your behalf and pay them the amount you indicated. It can take from two to four weeks for this process to be completed.
  4. Continue to make any required minimum payments on your debts during the transition process to avoid late fees.
  5. Make all balance transfers within the card’s allotted window for the promotion. This window varies from one card to the next, but it’s typically within 3 months of opening the account. The amount eligible for transfer also varies from one card to the next. For some cards the maximum transfer amount will match the card’s credit limit; for other cards the maximum transfer amount might be 50% of the card’s credit limit. If you have multiple sources of debt and their combined total exceeds the amount you’re allowed to transfer onto the new card then prioritize transferring the debts that have the highest interest rate.
  6. Be meticulous about making at least the minimum payment each month for the new card well in advance of its due date. Missing a payment during the promotional period can result in the bank increasing your promotional interest rate dramatically — potentially to 20% or more. Consider automating your minimum payments, so you’ll never, ever be late.
  7. Create a personal budget that will allow you to not only make the minimum payment on your new credit card but to also capitalize on the low interest balance transfer period and pay as much of your transferred balance off as possible before the interest rates go back up.

Beware new purchases. Balance transfer credit cards only give you a low interest rate on your transferred balances, whereas new purchases made with the card will likely be subject to a much higher rate. If you intend to make new purchases with your credit card in addition to carrying a balance then either make sure the card you select also has a relatively low purchase interest rate or close the card once the balance is paid off and open a different low interest rate credit card. See our list of the Best Low Interest Credit Cards for some options.

Will a Balance Transfer Hurt My Credit Score?

Yes and no. Most credit card applications, including applications for balance transfer cards, will result in a hard credit check. Hard credit checks can bump your credit score down a bit, so it’s not recommended to apply for a lot of different credit cards in a short period of time.

That said, getting a balance transfer card can also boost your credit score, because it increases your available credit and improves your credit utilization ratio. And steady repayment of a transferred balance will reflect well on your credit report over time.

Related: Does Checking Your Credit Score Hurt Your Credit?

Balance Transfer vs. Personal Loans

Not everyone is eligible for a balance transfer credit card. Banks and other financial institutions offer personal loans to those looking to consolidate and pay down their debt from almost any source. They front you the money so you can pay off your creditors. You can then focus on paying down the personal loan over several years at a stable fixed or variable rate. Other lenders offer extremely high, predatory rates to those who have a hard time accessing credit, so read the fine print.

Related: Best Personal Loans in Canada

The decision to take out a balance transfer versus a personal loan depends mostly on what you qualify for, what interest rate you can get, and how much debt you need to consolidate. Read our full article on balance transfers vs. personal loans to determine which is right for you.

 Balance Transfer Credit CardDebt Consolidation Loan
FeesBalance transfer fee of 0%–3% Origination fee of 0%–5%
Credit limit or loan amount$300–$15,000+$500–$50,000
Interest rateAs low as 0% for 6–10 months; then a post-promotional interest rate of 12–22%5.9%–16%+ for up to five years

Watch Your Debt Dwindle

Opening a new credit card to pay off existing credit card debt may feel counterintuitive, but a promotional balance transfer rate can really help you pay down debt faster. Traditional credit cards charge such a high rate of interest that it can feel impossible to move forward in your debt repayment journey. A low interest rate, even for a few months, allows you to direct all or most of your payments toward the principal, allowing you to quickly chop down your debt instead of slowly whittling it away.

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Author Bio

Bridget Casey
Bridget Casey is the award-winning entrepreneur behind Money After Graduation, a Canadian financial literacy website aimed at 20 and 30-somethings. She holds a BSc. from the University of Alberta, and an MBA in Finance from the University of Calgary. She has been featured as a millennial financial expert by Yahoo! Finance, TIME Magazine, Business Insider, CBC and BNN. Bridget was recognized as one of Alberta's Top Young Innovators in 2016.

Article comments

341 comments
Lin says:

Hi. I have $10k worth of debt on one credit card with an interest rate of 22.97%. I’m looking to do a balance transfer, but the cards I’m interested in all have a limit on how much of my balance I can transfer (30-50%). If I don’t find one where I can transfer the full amount onto, what do you suggest would be the best way to tackle my debt? Pay as much as I can on monthly payments for both? Tackle one more aggressively than the other? I recently got a full time job and won’t have any trouble making payments (thank goodness!) Just need a little bit of help with the best option! Thanks so much.

Daniel at GreedyRates says:

Hi Lin,
If the cards you’re interested in will only let you balance transfer up to 50% of your debt, consider first transferring as much as you can to the new balance transfer card and then aggressively paying down the amount owed on the card with the 22.97% interest rate. This interest rate approach will help maximize every dollar you allocate to your debt. Alternately, you could get two balance transfer cards but this introduces more things to keep track of and the complexity could be more trouble than its worth.

Mike says:

Hi,
I have noticed that MBNA haven’t had any good Balance Transfer Offers for over a year. Why might that be the case and have you heard that they might be gearing up to start these offers again? Thanks.

Aaron Broverman says:

Hi Mike,
This is pure speculation and please do not take it any other way, but I would imagine balance transfer offers have stopped due to the pandemic, since giving a low interest deal on a balance transfer limits a credit card issuer’s ability to make money on interest and given the state of the economy, if I was a credit issuer, I would want to conserve the ways I’m making money currently as much as possible and find more opportunities to make money, not reduce those opportunities because people are spending less money because they are going out less and staying home. Given that, I would anticipate good 0% or 1% low interest balance transfer offers to return post-pandemic.

John says:

I recently held a Walmart credit card in good standing for 5 years with a credit limit of $9800.00. I recently closed this account with a $0.00 balance to take advantage of the CIBC 0% balance transfer card. Before I applied for the new card I made sure my credit report showed my account was closed by consumer request. My online application was approved but no mention of the credit limit was stated. When I received the new card in the mail I was totally disappointed with the $2500.00 credit limit assigned to me. My credit rating is fairly good at 782. Needless to say after receiving the new card I never did activate it. FYI my credit report does not show any inquiry made by CIBC. I believe that is because I did not activate the new card. No idea how CIBC arrived at the credit limit assigned.

Aaron Broverman says:

Thanks for sharing John,
Did you not activate the card simply due to your disappointment over the awarded credit limit or was it for some other reason in addition? Also, what did you do next? Did you apply for a different card? What are your plans?

Phyllis says:

I have a life insurance that i would like to pay for the year plus my car and home insurance along with credit card debt, because i would like to have 1 payment for the month plus I save a little paying it yearly.Can i pay those in a balance transfer?

Aaron Broverman says:

Hi Phyllis,

Balance transfers are for balances that already exist on your card and you would like to transfer them to other cards to pay a lower interest rate or no interest on existing debt. You can pay those bills with any credit card. If you’ve already paid them and they exist as part of a credit card balance you need to pay down. Then, you may consider a balance transfer to pay lower interest. If you are continuing to pay them every month as a regular bill, you are simply making payments.You are not transferring an existing credit card balance.

Evelyn says:

I defaulted on a credit card with quite a high balance 9 years ago. I want to apply for a credit card with the same issuer due to good promo. Of course this has fallen off my credit report and I have a pretty good credit rating now (750 with Transunion and 795 with Equifax). Will they still have this bad debt in their records after 9 years?

Aaron Broverman says:

Hi Evelyn,
The default will appear on your credit reprt for six years following the statement date. After that, the creditor cannot re-register it to the report. This means it should be gone and it will not affect your credit score or credit card application. If you apply and happen to be denied, it won’t be because of this default, it will be for some other reason.

Evelyn says:

Hi Aaron,
I know my bad debt is off my credit report but will CIBC (the card I defaulted on) have it in their banking records after 9 years?

Aaron Broverman says:

They shouldn’t , but if you still bank with them, give them a call and find out and ask to have it removed from their records .After that, Once that’s done, if it doesn’t appear on your credit report, it basically doesn’t exist

Jenny Smith says:

Have you noticed that other than introductory promotions, companies have stopped offering promotional balance transfer rates? I used to receive offers almost on a monthly basis, however since COVID, there has been nothing…

Aaron Broverman says:

Yes, makes sense though. I’m sure credit card companies are battening down the hatches to try to preserve what money they have and make as much money as they can in these uncertain times. Offering a low interest balance transfer or a 0% promotion means they aren’t collecting interest for those months and they would tell you that, especially now, they can’t afford to do that.

Mae says:

Hi! Thanks for all the good information. I would love any help you can offer as I’m terrible with math. I am trying to consolidate my personal debt and also finish paying university tuition urgently. I have $4,500 on a 19.99% credit card and a line of credit of $5,000 at 6.95% (both with CIBC). I also have $9,400 owing to my university urgently at a high interest rate. I’m debating between a personal loan and a low-interest CC. I am leaning towards the MBNA card. I have about $800 available each month in cash to pay off debt or contribute to my tuition fees. Do you have any suggestions or advice?

Aaron Broverman says:

Hi Mae,
If you’re confident you can pay off all or the majority of your debt in a short period of time (6-18 months) I would look into a balance transfer card with a low interest rate or a 0 interest rate on balance transfers. The only 0% interest on a credit card in Canada is the MNBA TrueLine but as you can see from the article above, there are more low interest options. If you feel like you won’t be able to pay off your debt in the temporary period of time, I would try a line of credit because you often can get a lower interest rate than the typical credit card.. It might also be worth talking to a fee-only financial advisor about how to manage your debt from a company like Money Coaches Canada. I’m not affiliated with them but i know they help people manage their debt issues by guiding them through questions like the one you’re asking me. Hope that helps.

Mackenna says:

It’s interesting that MBNA is no longer offering the balance transfers for 0% interest and low one time balance transfer fees during this COVID crisis. I’ve been a client in good standing and they pestered me constantly to do more balance transfers for 0% interest and low one time transfer fees and now that my balance is paid off and I owe them nothing, they aren’t offering anything. I think they are hoping people will go into massive amounts of debt because they are desperate, which is so typical of banks. I’ll keep my account active but I have no intention of borrowing a dime if I have to pay interest. I will never pay a dime of interest again.

Jim says:

“The balance transfer promotion offered by the Scotiabank Value® Visa* Card, 0.99% for 6 months, is respectable, though one of the weakest featured in this select group given its 1% transfer fee.” I don’t understand this comment given that the total of .99% balance +1% transfer fee is cheaper than most in the group, followed by a post 12.99% post transfer rate. Am I missing something?

Olivia Westergaard says:

You can even transfer funds to your chequing account using available credit from your MBNA credit card.  Balance transfers are subject to available credit and applicable fees (if any). You could pay off your higher-interest credit cards and loans faster MBNA’s credit cards with a low promotional interest rate

JC says:

Hi Greedy Rates,

I applied for an MBNA True Line Mastercard in March and transferred my existing balance of $12,000 at 0% interest for 10 months. Now that’s about to end, what would you recommend to transfer the balance to? Or would it be in my best interest to just keep it where it is at 12.99%? Unfortunately, I already have both Tangerine Money-Back MC and BMO Airmiles MC both at $0 balances. Is it possible to re-apply for the same card?

Nate Siegel says:

Hi JC,

Great question. It sounds to us like you’ve taken full advantage of the amazing balance transfer deals in Canada, and now that you’re quickly out of runway on the MBNA 10-month promotion, you’re looking for the next destination for your remaining balance. That’s very logical, even though the 12.99% post-promotional interest rate isn’t bad by any means, we’re ready to provide some alternative suggestions if you can’t pay off your balance in time. Applying for the same card won’t result in any balance transfer deal since you already hold the balance with MBNA.

One suggestion is to go for the Best Western Mastercard, which has a deal for 1.99% interest on your transferred balance for 10 months. It also happens to be a great card for hotel rewards, if you’re into that sort of thing. Finally, a second suggestion outside of the realms of BMO and MBNA/TD is the Amex SimplyCash card. It offers a 6-month low interest deal for transfers but has a caveat: only for up to $7,500 or 50.00% of your approved credit limit (whichever is lesser). Since your balance is $12,000, we’d suggest trying Best Western first. Good luck!

GreedyRates

Victoria says:

Hi Greedyrates, I have credit karma score 678. Also I have a AMEX balance of $5800, and a RBC balance &2100, I want to transfer both high interest cards to new balance transfer cards. Do you have any advice that which card should I apply for and I would get a fair chance of approval ?
Thanks for help~~

Nate Siegel says:

Hey Victoria,

If you’ve got a $7,900 total balance, you’re ideally looking to get approved for a credit limit at least that high so you can transfer the entire thing in one go. It’s nice your balances are with Amex and RBC, because that means you’ll be able potentially transfer both to MBNA, which has the True Line Mastercard. This card’s promotion is 0% for 10 months for balances transferred in the first 90 days, with a 3% fee. It has no annual fee, and the best part is that even after the promotion is up, if you continue to pay monthly minimums as normal your rate is a mere 12.99% on the balance transfer and purchases as well.

With a 678 credit score there is a chance MBNA will approve you for the card, after all, it is intended for people with your financial situation. Even if they don’t approve you for the full amount of your balance, you can still rest easier knowing that a portion of it is tucked away at a low rate, allowing you to better pay off the balance that’s exposed to interest. That’s a win in our book.

GreedyRates Staff

Elspeth says:

Can a transfer balance credit card be used to pay down CRA?

The GreedyRates Team says:

Hi Elspeth,

Interesting question—we don’t see why not! If you owe the Canadian Revenue Agency, then you’re able to pay your debt using third-party providers such as Interac, a credit card, or even PayPal (the wonders of technology). Since using credit is a legitimate option, then balance transfers will help you pay down the debt, but in a roundabout fashion. First, you’ll need to clear the balance off the card you intend to pay with, which means getting approved for a card like the MBNA True Line Mastercard. Then you’ll use your balance transfer to consolidate your other card(s) balances at 0% and use the newly freed-up credit limit on your old card to pay the CRA.

If you’ve owed the CRA for a while then it may be tough on your credit, and therefore more difficult to get approved for a balance transfer card like the True Line. Keep this in mind as well, and good luck getting it all handled! We’re here if you need further assistance.

GreedyRates

Sunny says:

Might be a dumb question, but can you transfer balances again after you’ve transferred the initial amount? For example, paid off $X but still have balance from other high interest card- can you transfer again, using the same card?

The GreedyRates Team says:

Hey Sunny,

Great question, and thanks for the descriptive example as well. Unfortunately, in many cases it won’t be possible to do a balance transfer and then use the same card to do another balance transfer for the remaining amount left on your high-APR card. Most balance transfer deals come with the caveat that you’re only able to apply the low promotional rate to balance transfers made within 90 days of opening your card account. That means you have a 90-day window, also limited by your credit limit, to avail of balance transfers at the rate you want. If you think it’s possible to pay off one balance transfer and then do another in that amount of time, you probably didn’t need the promotion anyway. For some it might work, but it’s also worth checking with MBNA (if we’re using the True Line as an example) before attempting it this way. Best of luck!

GreedyRates

Addi says:

Hi I defaulted GM TD credit 2005, I never solved this matter and its not showing my credit score. my credit score is between 721 – 780. my question is, If I apply one of those zero balance balance cards affiliated by TD Bank and accepted. is thats gone impact my new card or credit. Many thankz

The GreedyRates Team says:

Hey Addi,

Appreciate your questions. If you defaulted on debt way back in 2005, then it could be still on your credit report, even if you think it doesn’t reflect on your total score. Bureaus are notoriously lackadaisical when it comes to updating credit reports. If you don’t want to do a consumer proposal or you don’t have the money to pay your balance on the TD GM card outright, then a balance transfer could be a good option. It’s crucial that you determine who has your debt, however, before you attempt to transfer a balance from a place you can’t locate.

If your balance has been sent to collections, then it might be harder to negotiate how you handle the rest of your repayment. With debt that’s nearly 15 years old, we’re willing to bet they’d be happy to settle with little issue. If TD still has your balance, then you can more easily do a balance transfer from card to card, but be warned that you won’t be able to take advantage of any 0.00% interest rate promotions because these are all offered by TD itself. No bank will allow you to both transfer debt from its existing products AND to get a promotional rate meant for new customers, and new debt. You’ll have to look elsewhere.

In any case, there are still reasonably favorable balance transfer promotions out there that can be applied to TD balances. One of the cards we recommend most is the BMO Air Miles Mastercard, which has a deal for 1.99% on your transferred balance for 9 months, which is very effective but obviously not as much as the True Line cards by MBNA (TD) for instance. Good luck!

GreedyRates

Randy says:

Actually, If he lives in Ontario, all negative credit card reporting is purged completely from both Canadian credit reporting agencies (Equifax and Transunion) after 6 years. (In Ontario- Time varies by Provence) So if the gentleman lives in Ontario, his credit score would not be impacted by his default… Unless an unscrupulous debt collector happened to re-age the debt and reported it. It happens often and is another good reason to check your credit reports regularly and dispute any discrepancies involving time-frame.

Laura says:

That is correct. Also you can write to the reporting agencies asking them to remove the information from your credit. Send it via registered mail. If someone else purchased your debt, it is their problem so to say. You did not sign anything with them, so you do not owe them anything. They cannot harass you over the phone if you demand they stop. All they can do is send you endless letters. If the new creditors’ collectors are too aggressive, demand to send you in writing the amount they paid for you debt. For example, your original amount was $1000. They bought it for $10. But they are asking $1000 back from you plus a full interest on this time, and willing to give you a break on the interest. This is how they make money and this is WHY they buy bad debts. All you have to do is demand that they send you the amount they paid for your debt in writing, which is your legal wright, and also write to the agencies asking them to remove the information from your credit report, as being non-applicable anymore. Make sure to check that this has been done. It might take 1-2 months. If this is not done, send another letter with the “Second request” on the envelope, delivered by registered mail. You do not have to declare bankruptcy for under 5000 or 8000 debt as far as I recall but double check this amount.

Trying to help says:

That is correct. Also you should can write to the reporting agencies asking them to remove the information from your credit. Send it via registered mail. If someone else purchased your debt, it is their problem now. You did not sign anything with them, your obligations are towards the previous debt owner (your credit card company), so you do not owe the new owner anything. They cannot harass you over the phone if you demand they stop calling, there is a law for that. All they can do is send you letters. If the new creditors’ collectors are too aggressive, then you can demand to send you in writing the amount they paid for your debt. Do not acknowledge anything over the phone, simply ask to send them what they think you owe them and for what amount they purchased your alleged debt. For example, your original amount was $1000. They bought accrued over time. This is how they make money and this is WHY they buy defaulted bad debts. All you have to do is demand that they send you the amount they paid for your debt in writing, which is your legal right, and also write to the agencies asking them to remove the this or that information from your credit report, as being non-applicable anymore. verify that this has been done. It might take 1-2 months. If this is not done after 2 months, send another letter with the “Second request” on the envelope, delivered by registered mail. You do not have to declare bankruptcy for under $5000 or 8000 debt, can’t remember which one it is, double check it before you default. Because if you are over this limit, they can force you to declare bankruptcy. If this happens d not hide and do no nothing, communicate with the agencies explaining your situations and presenting reasons for which you found yourself in dire circumstances. There is such thing as law protecting people from usury by banks. If you are suffering bad circumstances, they should stop the accruance of the interest rate. You need to send them a letter saying that all you can pay is $25 per month while you are looking for a job. For as long as you are NOT refusing to pay and for as long as you are trying and paying at least something, they cannot report you to credit agencies and they cannot take any damaging actions against you. This is how you can manage your debt while you are sorting out your life circumstances. Overtime they would sell your debt as a bad debt and write it off from their taxes. You do not have to spoil your credit rating or suffer financial hardship because of interest rates accumulating. Stop the interest rate and keep paying $25 per month until you find yourself in a better situation. A lot of people get in trouble not because they are big spenders but because they can’t find a job. And this is called hardship, for which there is a legal protection.

Carlos says:

While I agree with the above explanation, showing a chart without the transfer fees, is quite misleading. We would need to do additional research just to calculate our actual savings between one card and another. A 2% difference on a transfer fee could actually be 4% APR if the promotional period is for only 6 months. With balances in the tens of thousands, this becomes a material amount.

The GreedyRates Team says:

Hi Carlos,

Great observation, and we encourage all of our readers to pay close attention to the transfer fees as well. These fees are added at the outset of your balance transfer, meaning a $10,000 transfer would actually result in a balance of $10,300 if your fee was 3.00%, like it would be when you transfer a balance to the MBNA True Line Mastercard. However, remember that when you’re working with large sums in the five-figures, a flat percentage fee is measured on the same scale as whatever you end up saving with a lower annual percentage rate.

For example, you’d about break even at the end of the year if you’re hit with a 3.00% transfer fee, but your APR is 3.00% less than it would otherwise be. Though the True Line card’s promo is only 10 months (not a full year), it likely offers MUCH less interest than what you’re paying now (0.00% can’t be beat). This means that no matter what your balance is, if you’re capable of handling a good balance transfer promotion then it can be lucrative despite the fee—easily.

GreedyRates

The GreedyRates Team says:

Hi Carlos,

Great observation, and we encourage all of our readers to pay close attention to the transfer fees as well. These fees are added at the outset of your balance transfer, meaning a $10,000 transfer would actually result in a balance of $10,300 if your fee was 3.00%, like it would be when you transfer a balance to the MBNA True Line Mastercard. However, remember that when you’re working with large sums in the five-figures, a flat percentage fee is measured on the same scale as whatever you end up saving with a lower annual percentage rate.

For example, you’d about break even at the end of the year if you’re hit with a 3.00% transfer fee, but your APR is 3.00% less than it would otherwise be. Though the True Line card’s promo is only 10 months (not a full year), it likely offers MUCH less interest than what you’re paying now (0.00% can’t be beat). This means that no matter what your balance is, if you’re capable of handling a good balance transfer promotion then it can be lucrative despite the fee—easily.

GreedyRates

Dana says:

After you transfer a balance from a higher interest card to a lower interest card, should you cancel the card that now has the $0 balance?

The GreedyRates Team says:

Hey Dana,

Essentially, you’re asking what is most preferable regarding the health of your credit score. Determining whether to cancel an old card account with a zeroed-out balance depends on how long you’ve had the card and your current credit utilization ratio (and what it will be after cancellation). Credit reports with accounts that have been open and in good standing for years and years are seen positively by bureaus like Equifax, who consider it a sign of reliability. Just as important is how much of your available credit limit is in use (utilization), and both of these factors are impacted when you close an old card.

If by closing the account, you’ll increase your credit utilization ratio to 50% or even higher, then it will temporarily dent your credit score until you pay down some of your balance. If the card is one of your oldest, then the impact will be even bigger. Cancelling newer cards or those that don’t have a large portion of your total credit limit is fine, but either way it’s easy to recover your credit score over time. This is important to consider if you really want to be rid of that card due to a steep annual fee. We’d like to hear from you about what your utilization ratio currently looks like, and we can provide further guidance on the matter. We recently created a new vlog all about credit scores, and encourage you check it out for more information. Best of luck!

GreedyRates

James says:

You should add a column in your comparison/summary table to show the cost of the Balance Transfer Fee which can be as high as 3%. You listed MBNA TrueLine MasterCard (0% Interest for 10 months) as being the best deal but it’s not true when you add the 3% Balance Transfer Fee. You need to be more transparent in your analysis!

The GreedyRates Team says:

Hey James!

Appreciate the comment and your excellent suggestion. By no means are we trying to hide the fact that most balance transfer deals impose a one-time fee on your transfer, and we’ve tried to outline it as boldly as possible in the article above. However, in our experience even a 3.00% fee should be no reason to opt out of a balance transfer offer, because if your balance is large you’ll save WAY more than 3.00% over the life of the promotion. Think about it this way: both the interest rate and the balance transfer fee are a percentage of the total balance… so if you’re saving more than 3.00% in interest over the promotion then it pays for itself.

Take this example: say your balance is $5,000 and it’s currently exposed to an interest rate of 15.00%. That means you’re getting charged around $62 per month, which also compounds. If you’re able to reduce that to 0.00% for 6 months with a card like the True Line Mastercard by MBNA, that’s more than $375 in avoided interest fees. Compare that with 3.00% of your balance transfer (3.00% of $5,000 is $150), and you can see where we’re coming from. The post promotional rate is also key to our considerations as well.

If you can get a card that lowers your purchase interest rate (assuming you keep paying monthly minimum fees that is) then that also allows you to carry balances month to month with less interest exposure, if you’ve got big upcoming expenses headed your way. The MBNA True Line cards also grant this benefit, so if you use the correctly, you’ll save a ton of money and forget all about the transfer fee.

GreedyRates

Mackenna says:

As someone who has experience with MBNA’s 0% interest and varying transfer fees (1%, 2% and 3%), this is still an enormous bargain. I’ve also found that MBNA will continue extending great offers if you exceed your payback rate. I’ve set up a detailed schedule of payments I stick to that enable me to pay off the “loan” before the due date. This has meant MBNA making additional offers that are better than any other bank. Zero interest and a low transfer fee is definitely the way to go.

Elle says:

I have a balance of $12000 on a high interest credit card so my biggest concern is the “balance transfer rate”.. seems like most cards charge 3% which for me would be $360!

Which cards charge 0%?

And thank you greedyrates for this great resource! I just discovered it

The GreedyRates Team says:

Hey Elle,

Nice question, thanks for coming to GreedyRates. Let’s see if we can try to help explain why a 1-3% one-time transfer fee is nothing compared to a prolonged period at 0.00% on your transferred balance. First off, you won’t find many credit cards that don’t charge a balance transfer fee (even during a promotion), and the lowest we’ve ever seen is 1.00%. This means that no matter where you go for a balance transfer solution, most banks will add at least $120 to the total transfer.

However, with a balance that size, you’ll be able to save much more than a measly $120-360 in a short period of time if you obtain a 0.00% transfer promotion. MBNA has two of the best right now, one of which is through the MBNA True Line Mastercard which offers 0.00% on transferred balances for 10 months, $0 annual fee and a post-promotional rate of 12.99%. We imagine you’re probably paying 20.00% or more on your current balance, and with a 10-month getaway from that exorbitant rate you’ll avoid paying thousands in interest.

When you consider that carrying a full $12,000 balance at 20.00% will inflict an average charge of $200 per month on you, then paying $360 doesn’t seem so bad. You can also consider the MBNA True Line Gold Mastercard as well, which only gives you 6 months at 0.00% but reduces the post-promotional balance transfer rate to 8.99% (for a $39 annual fee). Both of these cards have a transfer fee of 3.00%, but both of them justify this charge with the best pair of transfer deals in the country. Let us know if you have any questions!

GreedyRates Staff

Sorg Wheatum says:

Actually if you read this article, you’d see that the American Express SimplyCash Credit Card charges a 0% balance transfer fee.

The GreedyRates Team says:

Hey Sorg,

Appreciate the comment and your reminder for other readers. It’s true, like we mentioned in the comment above, most cards do impose a fee and you’ll be hard-pressed to find one that doesn’t restrict you in some way. Navigating these caveats is a part of taking advantage of balance transfer offers—it’s not a walk in the park and does take some financial agility to pull off. However, many people are completely justified in applying for these offers because they know they’ll be able to save so much more at 0.00% interest.

For the Amex Simplycash card, though it may not have a transfer fee, the restriction on how much of one’s approved credit limit that they can use for their transfer is relevant. Amex only allows cardholders to use 50% of their credit limit for balance transfers, or a maximum of $7,500 (whichever is less). So, if we were to compare the Simplycash card with the MBNA True Line card, for example, you’d be forced to consider the fact that you’ll likely not be able to consolidate the whole amount of your debt—which is these cards’ primary purpose. Whatever you weren’t able to transfer would continue racking up interest, likely negating whatever you had saved by avoiding the transfer fee.

On the other hand, a card like the MBNA True Line does have a 3.00% transfer fee, but no restrictions on how much you can transfer to the card (up to your approved credit limit) and a 0.00% interest rate on transferred balances. You’ll save much more money this way, though of course the final determination between these two cards depends on the cardholder’s unique circumstances. Thanks for reading.

GreedyRates

Anna says:

Good morning
noticed that MBNA Trueline 0% interest for 10 months has a transfer fee of 3%. Can we negotiate the transfer fee to 1% as it used to be 1%

The GreedyRates Team says:

Hi Anna,

Thanks for coming to GreedyRates with your comment. Indeed, MBNA has recently raised the balance transfer fee on their True Line credit cards from 1.00% to 3.00%, making it a bit more expensive initially to handle the transfer. However, it’s not that bad. If your transfer is for $5,000, for example, then that means post-transfer your balance with MBNA is $5,150 instead of $5,050 because the fee is added to your transferred balance total. It just represents a little bit extra that you need to pay off during the 10-month or 6-month promotion.

Unfortunately, you probably won’t be able to argue the transfer fee with MBNA. They’re already allowing you to save a ton of money with 0.00% interest, and so unless you’re personally applying over the phone and are approved for an enormous credit limit (thus making your membership more lucrative for the bank) your fee will likely be non-negotiable. Good luck!

GreedyRates

Maxime says:

Hi. One of my friend got the MBNA True Line® Mastercard balance transfer promotion 10 months for 0% from greedy rates about a month ago, and he lives in Quebec. Why did the promo change and now we can’t have the offer if we live in Quebec, but yes if it’s in canada ? Thank you

The GreedyRates Team says:

Hey Maxime!

Great to hear from you. We know that it can be a bit confusing to read all the awesome reviews for MBNA’s True Line Mastercard and its 0.00% interest rate promotion for 10 months, but regardless of what your friend told you, he didn’t get the same one. On our articles you’ll see the same thing mentioned everywhere the True Line card makes an appearance: “Not for Residents of Quebec. For Quebec residents, click here.” If you follow the second link to the MBNA True Line card available to Quebec residents, you’ll see that it is indeed the same card but the balance transfer promotion is different.

Instead of getting 0.00% on your transferred balances for 10 months, MBNA offers Quebec residents holding the True Line Mastercard 2.99% interest for 6 months on their transferred balances. This is simply a result of the differing financial regulation between Canadian provinces. Double check with your friend and tell him or her to pay close attention to the rate they received on their balance transfer (if applicable)—we bet they’re in for a surprise.

GreedyRates

Taz says:

Hi Greedyrates, I have Transunion score 692 , Just got approved for Amex Essential for $2000 but on same day got declined for Scotiabank Value Visa , I have a Capital one Balance of $1800 and a TD balance of $2800 that I wanted to transfer to two new cards, which other card should I apply for and have a fair chance of approval ? I also wanted to decrease my credit utilization ratio . Thanks in advance.

The GreedyRates Team says:

Hey Taz!

Great comment and thanks for the detailed request for help—that’s what we’re here for! Congratulations on being approved for the excellent Amex Essential card as well, but as you know, you’re only able to use 50% of your approved credit limit to transfer a balance. This was advertised in our article but also on Amex’s page for the card, so you now have the ability to transfer up to $1,000 worth of debt from your Capital One card or TD card to enjoy interest of just 8.99% for 6 months.

To shelter the other $3,600 balance that you have between TD and Capital One, you could try getting another balance transfer card, which would also increase your total credit limit and lower your credit utilization ratio. The best card for the job is ideally the True Line Mastercard from MBNA, which grants 0.00% interest for 10 months, but you won’t be able to avail of the promotion on a balance transfer from your TD card (they’re the same bank). The other option is a card like the BMO Air Miles Mastercard, which has no special rules on the maximum amount of credit you can fill with a transferred balance, nor any relationship to TD or Capital One.

Its balance transfer charges just 1.99% for 9 months, but you’ll also be able to earn Air Miles if you use the card for purchases (not recommended at the same time as the balance transfer). If you’re approved, move as much debt to it as possible and don’t close your other cards: the credit limits that are unutilized here are favorable for your credit score. Perhaps the best thing to do, however, is simply to transfer to the Essential card, and work on reducing your debts and making timely minimum payments until your score improves. You can also check out this great vlog about credit scores as well. Best of luck!

GreedyRates

sam says:

Hey greedyrates, I have just clicked on the best western card but it appears to be affiliated with mbna, is that correct? I was denied the true line due to poor repayment history so assuming there’s no point looking at this card?

The GreedyRates Team says:

Hey Sam!

Thanks for the observant comment! You’re correct—MBNA has lots of affiliated brands that they use offer a greater array of useful credit cards, like the Best Western card you noticed, which is largely for cardholders who love staying at this hotel chain. There’s also a unique Harley Davidson MBNA card which helps you earn Harley Chrome Cash that you can use to save up for your next motorcycle! This is a unique value proposition of MBNA. However, you’re correct that if you were denied for the True Line card, then MBNA will consider your application for these cards the same way. Just because they’re affiliated with a partner brand doesn’t mean the application process is more lenient, or that your repayment history is irrelevant.

Try to improve your score before getting ahold of further unsecured credit. Using secured credit is the best way to do so, so check out cards like the Refresh Financial Secured Visa. To get as much credit as you like, simply make a matching cash security deposit (returned to you when you close the card), and enjoy using it responsibly and seeing your score rise accordingly. Good luck.

GreedyRates

Ellie says:

Hi there,

I have been living in Canada for 18 months and am looking to make a balance transfer from a CIBC card to a new bank. I applied for the MBNA card but was declined as my credit history is too new. I am worried about applying for more cards as I believe this will lower my credit score.

Is this true and do you know of a way I will be able to make a balance transfer without being declined for being too new to Canada?

Thank you for your help!

The GreedyRates Team says:

Hey Ellie,

Thanks for your interest in a balance transfer solution for newer residents of Canada without high credit. While you didn’t specify your score in your comment, if it’s low then you may not want to risk it further by continuing to apply for more cards. Though a hard credit check is required by banks looking into your application, the negative effect on your credit score isn’t enormous and isn’t permanent either, so if you must apply for another one then we’d go with the Amex Simplycash card. This one offers a 1.99% interest rate on transferred balances for 6 months and doesn’t publish any strict income or credit requirements for applicants.

Keep in mind that if you’re approved, you’ll only be able to transfer up to 50% of your credit limit or $7,500, but that’s the tradeoff for greater accessibility. Our best advice would be to continue making prompt payments on your existing card, use the 30% credit utilization rule, and supplement any additional credit with an unsecured card. You can put down as little as $200 for a card like the Refresh Financial Secured, which helps provide further proof to credit bureaus that you’re capable of handling balances and monthly minimums consistently and will therefore contribute to your score.

Call CIBC as well to voice your concerns and let them know you’re considering a balance transfer. They may help you in other ways to avoid losing a customer, and regardless, it can’t hurt.

GreedyRates

Chelsea says:

Hello there GreedyRates Team!

Thank you so very much for the very detailed article, it is extremely informative/helpful & I thought I would reach out in regards to my own personal financial situation.

I currently owe a balance of $10,500.00 on my TD Emerald Flex Rate card, with an annual fe of $25.00 & 16.7% interest rate (yikes). Though I have no problem whatsoever making my monthly minimum payments & will continue to do so, there just isn’t much incentive for me to pay any more than just that at the moment when the interest charges cost me more than my monthly minimum payments that are due.

Ideally I would like to transfer this balance to a card that will not gauge me with interest rates, & provide me with some time to either pay off the balance or a large chunk of it at least – as paying it off in a large lump sum is just not an option for me at this point in time. With that being said, my credit rating is in the 750 area as well! Are there any new promotions going on as of 2019 by chance?

I look forward to hearing from you, & can’t thank you enough for the well written article. Thank you so much, hope to chat again soon!

Cheers,

Chelsea

Caramel says:

Dear GreedyRates,
I’m looking to use a 0% rate credit card to help pay off $27 000 of our line of credit that we have with Simplii. Currently our rate on that line of credit is Prime (3.95%) +3.5% = 7.45%. It’s not bad. We pay off our credit card balances each month. Could you give some advice on which card to choose?

I read the descriptions for both MBNA cards. The one with zero fees and 10 months at 0% doesn’t mention being able to transfer funds to a line of credit. The card with a fee of 39$ and a 6 month promo rate does mention being able to transfer to a line of credit. Is that one of the main distinctions between the cards? Thanks for clarifying.

The GreedyRates Team says:

Hi Caramel,

Thanks for the question—we’re glad to clear this up. Generally, what applies to the MBNA True Line Mastercard applies to the other when it comes to what “works”, such as from which sources a balance can be transferred. Lines of credit are among the supported methods of balance transfer for both cards, so you can choose either. We do think that if you’re trying to shelter your $27,000 from interest, your best bet is to apply for the True Line Mastercard with the 10-month promotion. It’s worth paying the $39 extra.

Your $27,000 will accrue around $1,675 over that 10-month span at 7.45% and using this leeway plus your proven diligence thus far, you can make big progress on reducing the total balance. A relevant question to ask, is if you want to potentially forego that 7.45% rate for an interest break that may not be worthwhile, but if you choose the True Line Gold card that worry is taken care of. With an 8.99% post-promotional rate on the balance and purchases, you’re only looking at a 1.54% increased rate after your 6 months at 0.00%.

These little boosts represent a chance to get ahead, but you should also be careful. With MBNA, you need to make at least minimum monthly payments to keep the 0.00% promotion running. Good luck and let us know if you have any other questions.

GreedyRates

Caramel says:

Thanks GreedyRates,
The gold card’s promo is only 6 months so then, I would go with the True Line Mastercard that doesn’t have the 39$ fee to get the 10 month promo.
Thank you for the warning on minimum payments. Do you have an idea of how much the minimum payment could be. Let’s say I’m eligible to get $15 000 (this is what I was offered automatically with a card I didn’t take) with the MBNA card and transfer all that to my line of credit, then how much would it be? Does the minimum payment represent a percentage of the balance or is a fixed amount that doesn’t change?
Thanks!

Peter says:

Over the years I have taken advantage of the low interest rates that have been offered to me by major banking institutions and have always paid them off fully before the promotional expiry date. Be aware that if you take out a promotional interest rate on your credit card and then a few months later take out a further loan on the same card but with a different promotional interest rate and a later expiry date. On the first loans expiry date you will be required to pay the full amount for both loans. If you try to pay off the first loan in full, then they will take a portion of that payment and apply it to the second loan and the remainder that is left on your first loan will be charged at the regular interest rate (22-24.9%).
This is rather unfair and when I spoke to the institutions representative they said it was complicated but to read the fine print. Is this practice across the board or only applicable to certain institutions i.e. RBC. Please advise.

Pete

The GreedyRates Team says:

Hey Pete,

Sounds pretty logical to us. Any debt taken on in the form of another balance transfer that is in addition to or outside the original promotion wouldn’t enjoy the same benefits. There are a few rules that we often make our readers aware of, and one of the most important is to simply use the balance transfer promotion as it’s intended. The number of caveats that banks build into many balance transfer cards means walking carefully, and being very responsible with how you use them, because their usefulness can disappear in minutes if you do something like miss a monthly minimum payment, complicate the original promotion by taking on new debts, or trying to transfer debt from within the same bank.

This means treating it as a one-time benefit with unbreakable rules rather than using it as a way to keep kicking the can down the road. Get the card, make a transfer for the entirety of the credit limit, and do not use it for purchasing things. Continue making prompt monthly payments, as much as you can, until it’s paid off in time. Even if you miss the 10-month window and still have a remaining balance afterwards, this is no obstacle. Cards like the True Line Gold Mastercard have a competitive post-promotional rate of 8.99% on the original transfer, so if you can’t extinguish the debt fully, at least it won’t be exposed to rates of 25.00% or more. If you need any more guidance, let us know. Thanks!

GreedyRates

Pako says:

Hey just applied for the 0% true line MBNA CARD on balance transfers for 10 months. Say I put in like $3000 and paid it off within the 10 months. Is there a chance that MBNA can give me another promotion to pay off more debt? Because I won’t put myself in a sucker hole. I would appreciate your take.
And when the balance transfer is paid I won’t use the card unless there’s an absolute balance transfer promotion deal.

The GreedyRates Team says:

Hi Pako,

Good question. The bottom line is that there’s always a chance that the bank will extend or augment your balance transfer promotion in some way, but it’s often circumstantial and usually requires that you call a customer service agent to threaten a move to another bank. Any extended promotion will likely not be as good as the initial one, but remember that the True Line card has a low 12.99% interest rate after the original 0.00% promotion ends. If you can’t pay off the $3,000 in 10 months, then tolerating 12.99% afterwards is much easier than suffering the post-promotional rates of other credit cards, which can reach higher than 25.00% in many cases.

If you’re more worried about getting a good post-promotional rate than you are a good balance transfer rate, then check out the True Line Gold card. This one offers a shorter promotion of 6 months at 0.00% instead of 10 and a higher annual fee of $39 instead of $0. In exchange, you get a lower post-promotional rate of 8.99%, so you won’t need to worry quite as much about paying interest in the event that you have a remaining balance after the promo ends. Other than that, there aren’t any cards that offer a perpetual 0.00% interest rate on your balance transfers from the get-go. You’ll need to work hard to make payments on the balance, and then exercise your consumer privilege to try and pressure the bank into giving you some extras once it ends—and this is never a foregone result but being a good customer will help. Good luck.

GreedyRates

Dana says:

Can you transfer the balance of another MBNA card to the True Line MBNA?

The GreedyRates Team says:

Hey Dana,

Good to hear from you again. MBNA’s balance transfer deals through the True Line Mastercards is quite enticing, but its inability to offer the promotion on balances coming from within MBNA (or TD) is an important caveat to be aware of. Remember that TD owns MBNA, so neither TD nor MBNA balances can avail of the 0.00% interest promotion, though they can be transferred to the True Line card (another reason to be cautious). The incentive to offer such a great deal is largely to gain new customers and debt from other banks, which is a lucrative proposition for MBNA. Unfortunately, their own customers are left out.

You’ll need to look elsewhere for a great balance transfer deal, but thankfully we can provide a couple alternatives from other banks. BMO has a nice promotion running currently, courtesy of their BMO Air Miles Mastercard, for which new cardholders can get a 1.99% interest rate on transferred balances for 9 months. It also has a lower transfer fee than the MBNA cards, at 1.00% versus 3.00%, which is nice. Another option, if you’re looking for a more basic lower-tier card comes from BMO as well and is their Preferred Rate Mastercard. You’ll pay 3.99% on your transferred balance for 9 months and enjoy 12.99% interest on both purchases and cash advances. This offers a more comprehensive low-interest environment, but the best card for you will depend on your spending habits. Hope we’ve helped!

GreedyRates Staff

Bob says:

Its quite offending and somewhat discriminatory that my very valid question just keeps getting ignored.

Wanda says:

Looking for advice. I have a 17K debt with CIBC Visa at 19.99%. My husband just lost his job and so money is getting tight. I am trying to decide which would be my best option for a balance transfer. The MBNA True Line Gold or the RBC Visa Platinum. I realize that I may not be able to transfer the whole amount based on credit limits, and if that is the case, I would have to be making two payments, one to CIBC and one to the new card. Could I/Should I look at transferring to two different cards, splitting the 17K? My income alone is such that I shouldn’t have a problem qualifying. Thanks for the great site and information!

The GreedyRates Team says:

Hey Wanda,

If you’ve got a larger balance like $17,000 at 19.99% interest, then you’re correct that a balance transfer will help. A great salary will go a long way towards getting the credit limit you need, and especially if you mention that you intend to do a balance transfer of a specific amount. We’re particularly fond of the MBNA True Line card that you mentioned and believe that it’s the best deal on the market currently, both for its low interest balance transfer promotion but also for its reasonable post-promotion rate.

For example, if you’re able to transfer your entire balance to the card, then the 10-month promotion at 0.00% will save you over $2,800. After the promotion is over you’ll hopefully have reduced the balance significantly, but will enjoy a low competitive rate regardless (12.99%). With just a $39 annual fee, the card is excellent at sheltering debt from high interest.

Let us know how your application goes, and if you’re approved for the credit limit you need. If not, we can make other suggestions and help you determine your priorities in terms of which balances to make payments to first. Thanks again for commenting and good luck!

GreedyRates

Bob says:

Must have missed this question. Can you use the 0% balance transfer to transfer money to your TD bank account with the new MBNA true line credit card….thereby bypassing the ‘no paying off MBNA or TD debt with MBNA balance transfers? I used to do this with the MBNA platinum Mastercard without issue. Then just pay off whatever debt I wanted to.

Guy T. says:

There’s an error on your link to the Simply Cash card from American Express which you stated that there is no annual fee. But the photo you had used is the Preferred Simply Cash card which actually carries a $99 annual fee. So when I went online with the link provided, I was brought to the Preferred Simply Cash card application page. I was confused with the $99 fee honestly. I was anyway worried about this as I had just been declined with “we cannot approve you at this time” with the Trueline Gold Mastercard. But after 10 days, I was approved with the Preferred SimplyCash credit card with only a $1000 limit and $500 was transferred from my CapitalOne balance (which was $2200) at the time of application. The consolation is that at least this is an unsecured creditcard. Should I worry that my credit rating of 725 with Equifax dropped to 657 , and TransUnion from 690 to 661 after the rejection of the Trueline card?

The GreedyRates Team says:

Hi Guy,

Thanks for the heads up. We found what you’re referencing and will fix the image of the SimplyCash card to reflect that it isn’t the Preferred card. Regarding your other comments about being declined for the MBNA True Line card, don’t worry that it has temporarily affected your credit. You can work on increasing your score by making timely payments on your two cards, including the new one, and it will be back in the 700s in no time. Let us know how it’s going periodically, and we’ll help if we can. Thanks again!

GreedyRates

John says:

If I had the RBC Cashback Mastercard before but switched it to a different card, would I still be eligible for the promo rate?

The GreedyRates Team says:

Hey John,

Thanks for your comment about the RBC Cashback Mastercard. We did a little due diligence on your behalf and dug into the card’s fine print and didn’t find anything that limits existing or past cardholders from obtaining the interest rate promotion. This is normally the case for potential applicants, so we found nothing unusual here. For example, existing RBC cardholders can definitely get this promotion but simply won’t be able to transfer balances from RBC itself. They’ll also need to negotiate a higher credit limit. Non-RBC cardholders obviously are able to get the card and its promotion with few restrictions. Let us know how it goes and if you need anything further. Thanks!

GreedyRates

Bob says:

Can you use the 0% balance transfer to transfer money to your TD bank account with the new MBNA true line credit card….thereby bypassing the ‘no paying off MBNA or TD debt with MBNA balance transfers? I used to do this with the MBNA platinum Mastercard without issue. Then iust pay off whatever debt I wanted to.

Jay says:

Hi there. Thanks for this great site. We’ve used it in the past for a few cards.

Currently we have some debt that we’re trying to move around in the most efficient way possible.
We’re considering cash advances and balance transfers because we have about 40k owing to Canada Revenue. In addition an MBNA with a balance of 6k (with 9500 available), RBC WestJet balance of 12k (with 7500 available) and about 1k on a line of credit available (34k owing).

Not too concerned with the line of credit, we’re paying that down regularly. It’s really finding the cash for CRA and then moving our balances around for the most efficient way to pay everything off.

RBC has pre-approved us for 6k more. Refinancing our mortgage and/or extending the line of credit is not possible

Thank you!

The GreedyRates Team says:

Hey Jay!

Glad to hear our credit card guidance has made an impact on you! If you’re looking for more of the same regarding your next credit balance transfer, we’re more than happy to help. It looks like you’re looking at potentially transferring up to $58,000 (the CRA, RBC, and MBNA balances combined), so you’ll need to find a good deal and get approved for enough credit to make a difference. The first step to doing so is to accept all the offers you have from your current banks to increase your credit, because doing so will also decrease your credit utilization ratio (as long as you don’t use the credit itself).

With a lower utilization ratio, you have a better chance at being approved for new credit. Since you’re a member of both RBC and MBNA, some of the best balance transfer deals are unfortunately out of reach, because the banks don’t cannibalize their own profits by reducing interest for existing customers. This means you’ll be looking at a card like the BMO Preferred Rate Mastercard, which offers a 3.99% rate for 9 months to new transferred balances. Transfer over whatever balance has the lowest utilization ratio compared to its limit and the highest interest rate first. We doubt you’ll be able to move your entire sum, but one step at a time and diligent work get the job done best.

If you need any other suggestions or relevant information, just let us know. Thanks again and good luck!

GreedyRates

Shirley says:

I have a Capital One card at 19.99% with a $3000 balance (they just offered me an increase to $7K). I’m paying $30 a week (auto transfer from my bank account) with an income of around $15-18K. My bankruptcy is now off my public record (6 years) and I have an Equifax score of 730. I’m obviously getting nowhere paying down my balance at such a high rate. It seemed the RBC Visa Platinum with 30 months at 5.9% is the best bet since I can’t increase my payments much more to reduce the time it’ll take to pay off the balance (which is my goal). Can you advise the best card for me? Thanks.

The GreedyRates Team says:

Hi Shirley!

Great comments and we appreciate that you took the time to visit GreedyRates. With a Capital One card at 19.99% and a $3,000 balance, you’re right to be searching for the best balance transfer deal you can find. Though the RBC balance transfer promotion is one of the best around, we think that you’ll be best served by MBNA’s True Line Gold Mastercard instead. You’re smart to reduce your small balance immediately with a deal like this, instead of taking your bank’s offer to increase your credit limit—because that will likely result in higher fees and interest, and not your financial freedom.

MBNA’s deal is best for a couple reasons. The first is because it’s the only card that offers true 0.00% interest charges for 6 months on transferred balances. You’ll see how easy it is to make bigger payments when your balance costs you nothing each month. Another extremely lucrative perk is its industry-best post promotional interest rate on purchases and balance transfers (including the one you already transferred) of 8.99%. This is great because you mentioned that you aren’t able to increase your payments by much. If you miss one and the rate increases to “normal”, it won’t go up past 20% like with the RBC card—just 8.99% (and on purchases too!).

At the end of the day, choose whichever deal is most suitable for you, however. Also remember to factor in the cost of your transfer fee, and to let us know if you need any help! Thanks again.

GreedyRates Staff

Shirley says:

Thanks for your good advice. However, just as I was about to apply for the RBC card, I discovered that Transunion maintains public bankruptcy records for 7 years while Equifax keeps them for 6 years. From what I can gather by searching the internet, it’s not a fixed term, so Transunion can keep my public record for another year. This definitely would be a spanner in the works applying for a new card. My score is “poor” at Transunion and “good” at Equifax. I would never have checked my record at Transunion if Scotiabank hadn’t sent me a letter to tell me someone tried to open a bank account in my name and they detected it, so they offered me free credit monitoring through Transunion. I already have the monitoring service through Equifax (free) due to another data breach more than a year ago. I never thought two different agencies would be holding different info on me, so I advise anyone else in my situation to check both. Since bankruptcy would be a no-no for most credit lenders, I’ll have to wait another year to take advantage of whatever opportunities there are then. Bummer. I’ll be sure to check in here for your good advice.

RAPTORS says:

Hi, The GreedyRates Team,

First and foremost I’d like to commend you on such an amazing and Informative website!
There is so much information/articles posted for us “everyday” folks without all of the technical and financial Jargon in easy to understand terms.

I had a question that I was hoping to get some guidance for, your help/advice is greatly Appreciated!
Thanks in Advance!
I currently bank with TD bank and have a Line of Credit with approx $15,000 owing along with a TD Visa Aeroplan infinite card amounting to the balance of Approx 12,000.

I have approached TD Visa in hopes they can reduce my monthly interest but no luck on that front as well as TD bank saying just to pay off my Debts and they cannot help.
I have come across your site while doing some research of my own in regards to Balance Transfer Credit cards and was hoping you can offer some insight in regards to my situation? I currently see 3 cards that would be beneficial: RBC Visa Platinum,True Line Gold Mastercard( Am I still eligible even though I’m a current TD bank customer or the American Express Essential™ Credit Card, I also noticed the Tangerine Card as well. What card would you suggest in regards to my situation!?
Any advice and information is greatly appreciated!
Thanks in advance and for your time! I appreciate it!

singala says:

MBNA true line card is still balance transfer card for up to 6 months. Thanks to greedyrates.

The GreedyRates Team says:

Hi Singala,

Thanks for the informative post. Remember, however, that the balance transfer deal from MBNA for 0.00% interest lasts for a full 6 months, not “up to” 6 months. The only thing that might cut your promotion short is if you miss a minimum payment to MBNA, but even then, your rate won’t go up to the standard 21.00% or more. The post-promotional and standard balance transfer and purchase interest rate is just 8.99%. We’re happy to point potential cardholders in this right direction, but we’re also not responsible for providing these deals either. For that, give credit to Canada’s amazing banks for being some of the most consumer-friendly in the world. Thanks for the shout out though!

GreedyRates

William says:

I’m deciding between the Trueline Gold Mastercard with 0% interest for 6 months, or the RBC Visa Platinum of 5.99% for 30 months and the American Express Simply Creditcard. I currently have a CapitalOne secured creditcard and they recently upped my credit limit of $300 to $2800 after 6 months of full on time payment. My credit scores with TransUnion is 675 and with Equifax is 683. The Trueline GoldMastercard is tempting but I might just max out my credit limit of $2800 just to get in this offer! But I wonder what my credit limit will be with them. Similarly the RBC Visa Platinum offers more bonus offers and a chance of a bigger credit limit as the 30 months repayment isn’t going to be much of an issue as I can pay off everything immediately. Will my borderline credit be an issue with RBC though? They said anyone with a lower credit rating of 670 should talk to them first. Would I also earn RBC Reward points on future purchases to transfer to airline programmes? I’m asking same question for the Amex Simoky Cash creditcard.. transferring 50% of my credit limit won’t be too much of an issue but getting the card for future spending, as well as membership services will.

So which card do you think I should try for then based in my needs? I know Trueline’s offer is by 31st Dec 2018.

The GreedyRates Team says:

Hey William,

If you’re asking which card we’d personally go for in your situation, then the True Line Gold Mastercard is the obvious winner. You have a low balance of just $300, and even if you decide to max out your current credit limit, making it $2,800, this is still pretty manageable. With 6 months of 0.00% interest, you can make significant payments to it during this period of time and reduce your balance to zero by then. If not, then you don’t need to stress too much, considering that the card’s post-promotional rate is a low 8.99%. The other two cards you mention focus more on rewards or prolonged fee reduction, rather than immediate shelter from interest.

You’ll need to get approved by MBNA first, and for a credit limit that allows you to shelter your entire balance (ideally). With a score in the high 600’s, we think your chances are good. At present, having just been upgraded from secured credit, don’t worry about rewards programs until your score is higher (mid 700’s or 800’s) and you can qualify for an upper-tier rewards card. If you can transfer and pay your entire balance, while also utilizing your credit and being observant with monthly statements, you’ll be eligible for a card like the BMO Air Miles World Elite in no time, which is one of the most powerful frequent flier cards around. Good luck!

GreedyRates Staff

Blair greenbank says:

Hi, I signed a consumer proposal almost 3 years ago and took a high interest loan to pay it off. Now I want to get a low interest loan to pay the high interest loan but not sure if I qualify for MBNA trueline Card. Are you able to advise?

The GreedyRates Team says:

Hey Blair,

If you’re 3 years into a consumer proposal, you’ll have to wait at least another 3 years for it to drop off your credit history. Right now, any bank that does a bit of due diligence on you will scrutinize this aspect of your report heavily, so your best bet if you need more credit or lower interest is to go to the bank that knows you best. Which bank did you do your proposal through? If you call them and inquire about lower-interest credit products or threaten to move your balance, then they may be more inclined to offer some sort of solution.

As far as MBNA goes, there’s no way they can ignore a consumer proposal, but if your credit is recovering well and you’re managing your loan then you have a shot. A denial won’t destroy your credit, just dent it temporarily, so make your decision after considering these many factors. Before you jump to balance transfers, however, you might want to get a secured credit card and build your credit up. With 3 to 6 months of proper use with a card like the Refresh Financial Secured or Home Trust Secured Visa, you’ll have a much better chance of obtaining unsecured credit.

Regardless, if you want to help us fill in the blanks and receive a more tailored recommendation, we’d be happy to oblige! Comment back or email us at [email protected]. Thanks.

GreedyRates Staff

Blair Greenbank says:

I applied for MBNA Master Card last October and got denied. Is it too early to apply again now or should I wait another year or two?

Nate Siegel says:

Hey Blair,

That’s an interesting question. Essentially you should always be prepared the tolerate a minor dent to your credit that comes with each hard credit check, which themselves come with applications for credit products. The idea of “too early” in this case is subjective, but our two cents is that if your credit has improved since your last application, and you’re willing to risk a bit of this progress in taking another credit inquiry, you should give it a shot. Maybe wait until the end of October or November to get a full year between the last inquiry and this one, though there’s no guarantee it’ll help. Good luck with the application.

GreedyRates

Mackenna says:

Looks like fees are creeping up. I lucked out in March 2018 when I applied for MBNA’s Platinum Plus MasterCard, which at that time offered 0% interest on balance transfers for 12 months and a one time fee of 1% of the balance transfer. I used that to pay off $8500 in debt (for a cost of $85). And budgeted to have it all paid off well before the 12 months were up. Four months into my account, MBNA increased my credit limit and offered me a second 12-month 0% interest balance transfer opportunity for a one time fee of 3% of the balance. So basically I am able to get way more more out of this card than I originally thought. I’m able to pay about $1000 a month back to MBNA so this may be the reason they’re making more offers. But this was very good for me and a bargain all around. I’d never get such a low rate from any other bank (in a consolidation loan or credit card.) I have some additional expenses I will need and am hoping they will continue extending me offers like this as time goes on. I think as long as your account is in good standing and you’re able to pay it off – and reign in spending while doing so – these opportunities are well worth it. It helps to budget ahead, anticipate expenditures and record all of it. This has helped me to meet my commitments.

clem says:

last year I benefited from rbcmastercard cash back 1.99% for 10 months then I cancelled it
after a year. can I reapply and get that same benefit again.

The GreedyRates Team says:

Hey Clem!

Great question. RBC is flexible when it comes to giving repeated or overlapping introductory bonuses, but they don’t often do so if the cardholder already has a low-rate RBC card. Since yours is cancelled for a while now, and you have no other RBC cards or bank accounts with a low interest rate, you should have no problem getting approved for the RBC Visa Platinum card. Its 5.90% interest rate for 30 months is one of the most lucrative deals in the market, but if you need a lower rate, then the Cash Back Mastercard is also a great option. With less than 2.00% for 10 months, you can avoid almost all interest and get ahead of your balance.

Make sure that the balance you transfer isn’t coming from RBC, however. Also ensure that the credit limit you’ll likely be approved for (the past is a good indicator) is enough to shelter enough of your balance to make it worthwhile. If you need any help figuring out the specifics, just let us know by responding to this comment. Thanks!

The GreedyRates Team

Aby says:

If I apply for mbna gold, after the 6 months can I transfer it to another card, lets say rbc ?

The GreedyRates Team says:

Hello Aby,

Great question about the MBNA True Line Gold card, and how you’ll manage your remaining balance should the promotion end before it’s fully paid. First, remember that of all the credit cards out there currently, the True Line Gold has the lowest post-promotional rate of 8.99%, meaning that even after the 0.00% promotion ends the card still charges less interest than virtually all others available in Canada.

Another thing to know is that you’re free to transfer your balance off the MBNA card whenever you like, even before the promotion ends. If you’re approved for a different balance transfer card, say, RBC’s Visa Platinum card with 5.90% interest for 30 months, then you can move your balance from MBNA to RBC instantly and avoid having your interest raised. The only rule to be aware of is that a bank won’t give you a lower interest rate on what you’ve already borrowed from them. For example, MBNA won’t give you 0.00% interest on a balance from them or from TD (the same bank for all intents and purposes).

GreedyRates

Isobel says:

Trying to help my siste out of CC hell. She currently has an RBC Visa with 4700.00 of the 5000.00 credit spent. She has been paying 19.9% interest on purchases and 29.9% on cash advance. She is sinking fast and it breaks my heart. I’ve helped her in the past and then she racks it up again so this time I want HER to make the payments and get ahead. RBC has her purchases listed at 1800.00 @ 19.9% and the cash advance listed at 2800.00 @ 29.9%. As you can see it’s a hopeless cause with those rates. She has cut up her card on my promise to help get a better rate.
Question is……is it better to do 0% for 6 months then shop around again or do it another way.
Her income is approx. $15000.00/yr and her credit score is 714 currently.
Any advice? Also is it better to find someone with a 0 transfer fee?

The GreedyRates Team says:

Hi Isobel,

We understand the urgency of your sister’s situation and commend you for trying to help. We’ll also do our best to untangle this seemingly complicated, yet actually quite manageable mess. Don’t lose hope, because we’ve seen people with more debt and worse credit get fully ahead of it with a balance transfer promotion. Your sister should absolutely try to get a good balance transfer deal with another lender, so that she can consolidate her two balances that currently exhibit different rates and bring them under a single low rate (ideally for a long period of time).

Unfortunately, the best option for a sustained balance transfer promotion is RBC—her own bank. Their Visa Platinum card (by applying through our link) offers 5.90% interest for 30 months, but RBC won’t discount their own debt. Instead, you should check out the MBNA True Line Gold card for her. Yes—the promotion is 0.00% for but for just 6 months, yet the post-promotion rate is just 8.99% afterwards. She could potentially use the 6 months to throw everything she’s got at that $4,700 debt and reduce it to a reasonable sum to carry at 8.99% (a relatively competitive low rate). Alternatively, after the 6 months is over she could shop around, potentially moving the reduced balance back to RBC at the 5.90% rate offered by the Visa Platinum card.
Don’t worry about transfer fees, because the amount of interest she’ll save with even a mediocre balance transfer will vastly outweigh whatever her fee is (typically 1.00%). Good luck, and if you need any further guidance or explanations, you know where to find us.

GreedyRates

Afshin says:

Hi i have already have TD cashback and MBNA true line and platinum card and each card have limit around 5k ,14k and 18k and have utilized around 30% to 40% now looking have one more card TrueLine Gold what is the possibility to get it with Equifax score of 762 and income of 35K. Any suggestion appreciated thanks..

The GreedyRates Team says:

Greetings Afshin,

We appreciate that you came to us for assistance with your issue. It looks like you’ve done an excellent job balancing your debt between multiple great credit cards, and if you want to add another card to your wallet, we can help. With a credit score of 762, you should have no problems getting approved for the MBNA True Line Gold Mastercard, even though you already have two cards from the bank (the TD Cash Back and regular MBNA True Line cards). Being a previous member is no obstacle to applicants, but beware that when you’re approved for the True Line Gold card you won’t be able to transfer balances from your TD or MBNA cards to the new one.

This is both because TD and MBNA are the same bank (TD Asset Group owns MBNA), but also due to the fact that almost no bank will allow its borrowers to double-dip on promotions that help them avoid interest. Their incentive is to take on the debt and clients of other banks, so if you have a new source of debt, or are planning on taking out a loan, this will be the only way that the transfer will benefit you. We assume that with three cards from the same bank, you’ll probably want to move your balances around, so might we suggest a similarly great deal from RBC instead?

The Visa Platinum card from RBC is one of the best deals on the market currently, as it offers 5.90% interest for a period of 30 months (2.5 years!) to new cardholders on their transferred balances. You’re looking good for approval, and it won’t create extra confusion with all your current cards from TD/MBNA. Remember, though, that if you’re interested in the RBC Visa Platinum’s balance transfer promotion, that you’ll need to sign up via our link, as the info you see on RBC’s website may not match. Let us know if we can do anything else for you.

The GreedyRates Team

Zesh says:

Appreciate your feedback, i got 758 TU credit score and never missed any payments. I used that link to apply for RBC visa platinum got approved for $1000 limit and the last time my credit limit was $10,000 with CapitalOne bank. I am not sure really what happened this time my other CC utilizations were around 20% to 40%.And the income level $43K. Should i apply with any other lender now or any suggestion please.

Zesh says:

Hi is there any balance transfer fee on RBC visa platinum and is there any limit on balance transfer or on cash advance also what initial limit is given to new card holders?. And what generally lenders monitor or measure before any approval , which factor is most important before applying to any lenders and should contact the broker is useful ,Thanks

The GreedyRates Team says:

Hi Zesh!

Normally, RBC will charge up to 3.00% in fees when one does a balance transfer, which is an option that is always available. However, when there’s a special deal for an introductory interest rate—like the 5.90% for 30 months promotion through GreedyRates—the bank waives the transfer fee and you pay nothing for it. Great news!

As far as restrictions go, it’s probably relevant to know that the maximum credit limit one can get through RBC is $50,000, so if you have more than $50,000 in debt, you can’t consolidate it all via the Visa Platinum card alone. Other than that, there is no rule that you can only transfer up to a certain percentage of your approved credit limit, like Amex commonly imposes. RBC is arguably one of the most flexible banks for a balance transfer in this regard.

There’s no way for us, or for you, to determine what credit limit you’ll be approved for. You can take an educated guess given your current credit score, your last approved credit limit, and whether or not your financial picture and creditworthiness has improved or degraded since then. For example, if your last approved credit limit was $10,000, you’ve had some recent financial problems, and have accrued $15,000 in debt, we wouldn’t expect RBC to approve you for anything more than $10,000 (and likely less).

The most important factors that lenders consider when approving you for credit is your past financial history, including bill-paying habits, credit utilization ratio, difficulties like consumer proposals and bankruptcies, and things of this nature.

GreedyRates

Zesh says:

Appreciate your feedback, i got 758 TU credit score and never missed any payments. I used that link to apply for RBC visa platinum got approved for $1000 limit and the last time my credit limit was $10,000 with CapitalOne bank. I am not sure really what happened this time my other CC utilizations were around 20% to 40%.And the income level $43K. Should i apply with any other lender now or any suggestion please.

raf says:

Hi thanks for easy and nice explanation, i am actually looking to obtain high credit limit CC balance transfer for longer period please suggest me either the RBC visa platinum or MBNA Gold True line is better option, and i just put more funds in my other CC to bring the balance around 30% and less in 4 CC and 1 CC has around 40 to 45% now, and my transunion credit score is now 742 hoping that will go higher with those funds i put in $5000 in my CC. I appreciate on any advice and comments, thanks.

Rose Smith says:

we have an RBC Westjet Rewards MC with a balance of $8800 and an interest rate of 24.99%! Can we apply for the RBC Platinum card, or would we need to go to a different bank?

The GreedyRates Team says:

Hi Rose,

Unfortunately, if you have a large balance with RBC–or even a small one for that matter–it’s not possible to take advantage of a transfer promotion from the same bank. Most banks operate like this because cannibalizing their own debt is a pointless way to lose money. MBNA’s True Line Gold Mastercard, for example, doesn’t apply its 0.00% interest rate deal to balances transferred from MBNA itself.

Since you can’t take advantage of RBC’s deal through their RBC Visa Platinum card, the MBNA card above is an alternative. Though it has a lower interest rate of 0.00%, rather than 5.90%, the promotion lasts just 6 months. Then again, its post-promotion rate of 8.99% is competitively low—just 3.00% more than the RBC card and lasting indefinitely. Otherwise, check out our page for the best balance transfer cards in Canada, and let us know if you need specific details on any of the cards there. Remember that it’s important to apply through our links, because the same deal might not be offered through the bank itself. Good luck!

The GreedyRates Team

Raf says:

I am just wondering is the requirement same to obtain the low balance credit card and the line if credit from the bank?. And what is better option to utilize CC or LOC. Thanks

The GreedyRates Team says:

Hi Raf,

That’s an interesting question. When comparing whether to obtain a line of credit or do a cash advance from a credit card, it’s relevant to consider which approval may be easier. Lines of credit are usually tougher on eligibility, because they’re a tool that helps people level the bumps in an uneven cash flow (commission-based salesmen for example), offering a standing low variable rate of interest on whatever capital the borrower needs. It’s usually a lower rate than any credit card, but you can get a similarly low (or lower) rate with a CC balance transfer promotion deal—and get approved with less scrutiny as well.

You likely want a line of credit or loan because you’re anticipating a large upcoming expense, or you want to consolidate your existing balances and begin paying them off. A credit card balance transfer is great for either task, because you can use your approved credit limit like an interest-free loan (assuming a promotion offering 0.00% interest) or as a “debt sponge”. The MBNA True Line Gold Mastercard, for example, provides new cardholders with a 0.00% interest rate on their transferred balances for 6 months—and then just 8.99% afterwards.

You can use that deal to shelter a high-interest recent purchase or home improvement project or transfer old credit card debt that’s now racking up compounding fees. Either method is essentially the same. Hope that helps point you in the right direction.

GreedyRates

raf says:

Hi thanks for easy and nice explanation, i am actually looking to obtain high credit limit CC balance transfer for longer period please suggest me either the RBC visa platinum or MBNA Gold True line is better option, and i just put more funds in my other CC to bring the balance around 30% and less in 4 CC and 1 CC has around 40 to 45% now, and my transunion credit score is now 742 hoping that will go higher with those funds i put in $5000 in my CC. I appreciate on any advice and comments, thanks.

Rachel says:

Hi there,

I’m not proud to say this but I’ve got a balance of around 20K on my Amex (SPG). The monthly interest as you can imagine is extremely high. I moved to the US 2 weeks ago and now have this huge debt on my Canadian credit card I will no longer be using. I don’t need any of the benefits/perks (as I will now be using US credit cards) and literally just need the best card with the lowest transfer/interest rate that’ll buy me the most amount of time as I pay it off. Do you recommend I go for the 0% MBNA? Thank you so much! This article is extremely helpful.
(Not sure if any of the RBC cards are an option because I have another 8K balance on my RBC Avion… which is another one I have to look into transferring)

The GreedyRates Team says:

Hey Rachel!

Good to hear from you. We appreciate that you need some urgent guidance on how to reduce your outstanding balance and put it behind you, now that you’ve made a new start in the US. The good news is that there isn’t a shortage of options, and right now is one of the best times to go for a balance transfer deal. You’ll still be able to get a Canadian card despite your new location in the US, because you still have credit and a financial history in Canada that will never go away. This is why it’s crucial to mend it.

You should likely avoid Amex cards that offer balance transfer promotions, because they commonly limit your transfer to 50-75% of your approved credit limit, meaning you’ll need a high limit to transfer that $20,000 in one lump sum. Your best option in terms of a sustained low interest rate is surely the RBC Platinum Visa, which offers 5.90% for 30 months to new cardholders who sign up through our link. Even though you’re currently a customer of RBC, given the $8,000 you owe them, you’re likely still eligible for the balance transfer deal because your balance is coming from Amex, not RBC. This is your dream balance transfer, with 2.5 years of low interest allowing you to pay it off gradually without losing focus on your current endeavors.

Though it might be enticing to see a deal for 0.00% interest on transferred balances, remember that you’ll only get 6 months to pay it off before rates are raised further. Depending on your tolerance for interest, however, the MBNA True Line Gold Mastercard could be useful. Its post-promotional interest rate is just 8.99%–a unique offering among peers that often boost the rate past 20.00%. Do some more research on our page of the best balance transfer cards this year and let us know if you need anything else!

GreedyRates

Raf says:

Actually i have an equifax credit score with 742 and have 5 credit cards utilized around 27% to 60% i can try to put some funds into that to bring down the credit card utilization around 30% and have income $40K , looking to obtain line of credit. Need your advice is this the right move to do or something could benefit me ?. Can you also advise me which bank to deal with now TD bank , RBC i deal with TD . Thanks

The GreedyRates Team says:

Hey Raf,

Thanks for the detailed comment. If your credit utilization ratio is over 30%, then we’d definitely suggest throwing some spare money at it. This could be what’s holding you back from an 800+ credit score. Have you considered untangling your 5-card array with a balance transfer? You can bring all your outstanding balances under one roof, and one interest rate (usually a low rate for the better part of a year), which will also lower your utilization ratio and raise your score.

We like the True Line Gold Mastercard, which has a 0.00% interest rate deal for 6 months, offered to those who apply before August 30th, 2018. Transfer a few of your balances to MBNA, get a head start paying them off, and clear out your wallet while making ongoing payments. This not only cleans up your credit history somewhat but also makes for better peace of mind. The interest rate you’re charged after the promotion is also favorable, at just 8.99%. In terms of lines of credit, we aren’t prepared to make any educated suggestions at this time, unfortunately. Let us know if you need anything else!

GreedyRates Staff

Raf says:

Thanks for your feedback. I am just wondering is the RBC platinum visa with 5.9% for 30 months or MBNA true line gold with 1.99% for 6 months then after 8.99% best in my case?. Also could you provide any idea which card company offer a high credit limit once i apply and how can i determine about the high credit limit cards?.

Cindy says:

I am trying to apply for the RBC 5.9% for 30 months my computer and phone are not letting me proceed to the application. Is this offer still available?

The GreedyRates Team says:

Greetings Cindy,

Thank you for your interest in the RBC Visa Platinum card. The card’s 5.90% balance transfer offer for 30 months is still available, but to obtain this promotion, you’ll need to apply through our link. We tested it and it seems to work fine on our end. We’ll link it here in this comment for posterity, but if it isn’t working in any of the article’s links, it’s unlikely to work here either. Perhaps try to access the link from a different internet browser. You can also email us at [email protected], where we can provide more personal assistance.

Thanks!

Raf says:

Hi Cindy,
Is that link working now, does it offer maximum credit limit for the balance transfer?. Thanks for your consideration.

Cindy says:

I applied tonight after considering all my options and was approved. Thank you

Raf says:

Thanks for your feedback i also got approved and was hoping the higher credit limit but got an initial limit of $1K not sure what really is the issue?. Any comment will be appreciated.

RB says:

Hi there,

Quick question regarding the RBC Cash Back Card with the 1.9% interest promo.

Let’s say the card has a $10,000 limit and I use it exclusively for a cash advance of $5,000 but only pay off $4,500 before the promo ends. Will I be back charged interest on the full $5,000 advance or just the remaining $500? I’ve read the terms of the agreement but it’s still a little foggy in my understanding.

Thank you!

The GreedyRates Team says:

Hey RB,

Great question. If you do a balance transfer, regardless of how you choose to use it (as a debt shelter or as a “short-term low-interest loan”), you’ll only be charged interest on the remaining balance once the rate increases. For your example, if you use $5,000 of your credit limit on an eligible transfer and then receive a deal for 1.90% interest, you’ll be charged the relevant amount of interest each month depending on what your remaining balance is.

If there’s $500 left of your balance after the 10-month promotion ends, then the rate will rise, but it will only be applied on the amount you still owe the bank: $500. Imagine how unfair it would be if the bank could charge interest on thousands of dollars you already repaid them! Thankfully, this isn’t the case, and you can proceed to do you transfer with confidence. Good luck!

GreedyRates Staff

Krissy says:

Hi,

I’m in need of some advice. I’ve got a Td business credit card that we have a $9000 balance and would estimate a 18 months to pay off.

As well… a Costco credit card with a $4500 balance that I’m hoping to pay off in 6 months.

What would you recommend to transfer to for each card?

Thanks

The GreedyRates Team says:

Hey Krissy,

We appreciate that you came to us for help, and we’ll do our best to provide a smart solution. First, know that the best (and only) 0.00% balance transfer deals are offered by MBNA via their True Line Mastercards—either the regular True Line card or the Gold True Line card. They provide 6 months of total shelter from interest rates for new cardholders, but the transferred balances cannot come from within MBNA (or TD, given their shared parent company).

For your $9,000 balance with TD, you’ll need to find a different bank. We have a big list of balance transfer credit cards on our site, but will mention a couple of the best non-MBNA/TD cards below. We’re especially fans of the RBC Visa Platinum card, likely because we’ve established a great relationship with RBC and can get the readers who apply through our link a 30-month balance transfer at just 5.90%. That’s 2.5 years, and more than enough time given your estimate of 18 months until payoff.

For your other balance (the Costco credit card), you can afford to take a transfer deal that’s shorter. Since this balance isn’t with MBNA, you’d be smart to take advantage of the MBNA cards mentioned earlier, which offer 0.00% interest until you’re able to pay them off (an estimated 6 months). In this scenario, you’d ideally pay off the smaller balance first, and then work on the larger one, safe under its 30-month low-interest shelter. Let us know if you need any further detail. Thanks!

The GreedyRates Team

NJ says:

Hey there,

If carrying credit card debt, is it a no-brainer to accept offer for promotional rate balance transfer (1%)? Should I be doing any basic math (e.g. to ensure the 3% fee being applied to the card transfer won’t affect much)? Am a bit lost with the overall concept! Thanks.

The GreedyRates Team says:

Hi NJ,

If you’re interested in doing a balance transfer, then it’s because your current outstanding balance is collecting interest charges every month that make it much harder to pay down. It’s very logical for anyone in this situation to do a balance transfer, because they can move some, if not all their debt to a card that charges less interest. This makes it easier to pay off in the long term and saves you the money that you’d otherwise be spending in interest.

If your current card charges 20.00% interest, for example, then you can calculate how much you’d save by moving your exact balance to a card with 2.00% interest for 6 months. Transfer fees are added to the balance you’re transferring instead of paid up front, and we can say with great confidence that the interest charges you stand to avoid will almost always outweigh the fee. A standard 1.00% transfer fee for a $1,000 balance would be $10. By dividing the difference between the two rates (18%) by the number of days in a year (365) and multiplying by the days in a month (30) and then by the number of months (6) for 6 months on this balance, you’d save about $88 during that time or $78 after the transfer fee.

The math you’ll use for you own “equation” to determine the potential value of your transfer involves these factors:

· The difference between your current interest rate and the promotional rate
· The total balance you transfer to the new card
· The length of the promotion

Our recommendation for most people, including yourself (pending more information about your situation and the card you want), is to take the transfer opportunity. Some of the best 0.00% rate promotions available today come from MBNA on their True Line Mastercards, but particularly the gold True Line card. If you like, you can email us with more details and we can go from there. Good luck!

GreedyRates Staff

Rachel says:

Hello,I was just approved for the Scotia Bank Value Visa Card.
Can you please advise me as to how I proceed with transfering the balance from my other card?
Thank you.

The GreedyRates Team says:

Hey Rachel,

Great question! When you first get a credit card with a great balance transfer deal, sometimes the option to transfer doesn’t immediately present itself. You’d expect a giant red button that says ‘Transfer Now’ and text that explicitly outlines the promotional rate you agreed to, but this isn’t often the case. Scotiabank will absolutely honor their balance transfer deal, of course, but they aren’t the best at making the option easy to find.

For example, while you’re always free to call a Scotia representative on the phone and discuss a low-rate transfer, most choose to do it through Scotia Online. The service is available on Scotia’s website, and after you login, you just need to click on your account and card. Curiously enough, you’ll find the balance transfer option in the same place as the cash advance option, which may make sense from the bank’s perspective but not ours.

In our opinion, the online option is still simple enough to use. If you need help accessing your account, then calling Scotia is also a great idea. Their customer service representatives are very nice and quite helpful with resolving any issue. Good luck!

GreedyRates Staff

Bill says:

I’m bit confused as well on how to do transfer from my old card to the new card.

I now have this new card and went online and chose transfer, it now shows up as a cash advance……but now what ? Do I go to a scotiabank ATM machine and withdraw cash ? Clearly I’m missing something here. I assume I can do ALL of this online, but I don’t think so ?

The GreedyRates Team says:

Hey Bill!

Thanks for asking us for clarification on how to complete your balance transfer deal, now that you’ve obtained a great card for doing so. If you’re seeing that you have an available cash advance, then this makes total sense. Many banks list your balance transfer credit limit as a cash advance, because it’s meant to be credit that is advanced to another bank, thereby paying off your debts there and replacing them with new debt at a lower rate.

At this stage in the process, you’re going to need to loop in your other bank. You can call and ask how they prefer it be done, or you can try to accomplish this online by simply transferring your new credit limit to your old bank. Avoid going to an ATM because this will also charge you extra for doing so, and it creates more work because then you’ll need to take the cash to your bank and deposit it (another fee), and risk walking around with a valuable bankroll. Not good!

If you need further clarification, let us know and we’ll be happy to provide more information. Good luck and congratulations.

GreedyRates Staff

Hailey says:

Hi there,

I just applied for the RBC Cash Back Mastercard and got approved and then they told me the balance transfer promotion is no where to be found in the system. Can you tell me where and how to go about getting this or if it is still a valid promotion?

The GreedyRates Team says:

Hey Hailey!

Good to hear from you. We’re sorry for the misunderstanding, and think we know what may have happened. RBC has two very similarly-named credit cards, the RBC Cash Back Mastercard and the RBC Cash Back Mastercard with No Annual Fee (yes, that’s its real name). If you were on the phone with RBC recently, and inquired about the “RBC Cash Back Mastercard” and its balance transfer promotion, it’s no wonder why the agent was confused.

The regular Cash Back card has no balance transfer promotion published by RBC, but the No-Fee card does. You can check the link, and you’ll see at the bottom of the page confirmation of the promotion’s existence.

What’s even better about the card is that there’s no balance transfer fee, which adds a lot of value immediately. Give RBC another call and inquire again, or simply follow our link to the RBC Cash Back No-Fee Mastercard here, and apply. Thanks again for the comment!

GreedyRates Team

VG says:

Hey Eric

I have listened to your advice and used the MBNA Card to perform balance transfers for over $6000.00 and just finished paying it all off in April. I do have the MBNA Platinum Plus Card and use it as my everyday card. With my wedding coming up and expenses hitting the roof, I do believe I may have to do another balance transfer. Since I plan to use the MBNA Platinum Plus Card ($4000.00 Limit) for all expenses to earn the 2% cash back, is it advisable to get the RBC Visa Platinum for the 5.9% for 30 Months; or use my CIBC Dividend Card ($10000.00 Limit) for the expenses and transfer the balance to my MBNA Platinum Plus. I have a good credit rating (780+) but do not want to accumulate too many Credit Cards, which might affect my score. So far I have an MBNA Platinum, MBNA Platinum Plus, CIBC Dividend and a Rogers Mastercard. I just bought a new car on financing and intend to buy a new house within the next year. So not sure if having 5 Credit cards will help with the score. Please do advise.

The GreedyRates Team says:

Hey VG,

Thanks for reaching out to us in the comments section. We’ve read about your situation and will help you sort it out as best we can. First, you should know two things about the that will disturb your plan. MBNA will not allow you to take advantage of the 0.00% interest promotion whenever you like. The bank only grants this bonus to balance transfers make within the first 90 days of receiving the card, regardless of whether you’ve reduced your remaining balance to zero or if you have unused credit. Also, MBNA does not allow you to transfer balances from within the bank itself, meaning no MBNA or TD balances will be able to benefit from the 0.00% promotion.

For you, this means if you want to use the CIBC card for the wedding, you’d best apply for another Platinum Plus card now. This might be a better idea than using the other card, given its higher credit limit. A bigger balance under a better interest rate bonus equals greater savings. If you’d rather use the MBNA Mastercard to get cash back on your wedding expenses, and then transfer the balance, then you’ll need a different balance transfer card, obviously. The RBC Platinum card offering 5.90% interest is likely a lesser deal, because the card you’re transferring from has a lower limit (you can’t spend as much), and you’ll still be paying interest after the transfer. Additionally, if you’re planning on transferring the balance anyway, then the power of cash back is diminished, because it’s used most commonly to defray one’s monthly expenses. A better balance transfer deal will easily help you save more money than almost any cash back deal.

Finally, you won’t be penalized heavily for having multiple credit cards, if you’re using them all and keeping up-to-date will bill payments. If there are some cards that you aren’t using, then your credit utilization ratio is probably not optimal. You should aim for around 30% of your credit limit being in-use, as this is shown to be the healthiest for your credit. Congratulations on your upcoming wedding!

GreedyRates Staff

DK says:

Hi
I have a MBNA World Elites Rewards card (had prior to when TD took over). I just paid it off and they are offering a 0.99% (12mths) + 2% fee for a deposit to an account or transfer. The credit limit is 6500.
I was going to transfer my Capital One MC balance = 2000 and HSBC MC balance 2900. I have a BMO with a 10,300 balance (11.9 % rate). I wont be able to transfer it all the above MBNA card. Will MBNA allow you to have two of there cards? I thought I would apply for the MBNA Platitum at 0% and transfer the BMO…or does MBNA only allow one card? I can afford to make the 12 payments to ensure the total balance would be paid off.

GreedyRates says:

Hey DK, thanks for your questions and for going into detail. That will help us give you more accurate guidance. It looks like you have some outstanding debt spread over three credit cards, and want to consolidate as many as possible. If you take advantage of the deal you were offered by MBNA for 0.99% interest for a year, you can cancel your Capital One Mastercard and the HSBC card as well, but your BMO card’s larger balance remains. This is a tricky one because 11.90% interest could be dangerous if left to accrue interest, even for just a few extra months.

This is why the Platinum Plus card would be ideal for your situation. However, there’s no guarantee that your credit limit would be able to incorporate the entirety of your $10,300 BMO balance. Cardholders aren’t able to take advantage of two Platinum Plus cards at the same time. Thankfully, if your other credit limit is $6,500, after the HSBC and Capital One card are transferred, there’s still $1,600 until you’ve reached your available credit, so you can reduce that $10,300 to $8,700. Regardless of whether your credit limit will match this amount, with 12 months of low interest on your balances and your self-professed ability to pay them off, by this time next year you could be debt free. Let us know if you need any step-by-step help for the process, and we’d be happy to help. Thanks again!

GreedyRates Staff

Robin says:

Hi, I have about $10K on my MBNA on 0% promotion which is coming to an end soon. Can you please guide me if there is any other 0 – 1.99% I can use around and transfer my balance at low-interest rate rather at skyrocketed rate. Please guide.

GreedyRates says:

Hey Robin, thanks for your question! We’re happy to help. First off, we’re glad you were able to take advantage of the MBNA Platinum Plus, and there is no reason to panic about the 0.00% promotion’s upcoming conclusion. There are a few things you can do to continue receiving the benefits you still enjoy: you can call MBNA and explain the situation, and ask for an extension of their original promotion. Sometimes, they’ll compromise to keep you as a customer (instead of doing a balance transfer to another bank) and offer a slightly higher interest rate for another few months or more.

Alternatively, other GreedyRates readers have succeeded by transferring their remaining balance to cards like the New Simplycash Card from American Express. Before the Platinum Plus rate reverts to 21.99%, apply with Amex for this card and pay just 1.99% on your transferred balance for 6 months. The best part is that you don’t have to pay a transfer fee, which for your $10,000 is sometimes as high as $200-300. You can learn more about the card by reading our full SimplyCash Card from American Express review.

GreedyRates Staff

Julie says:

Hi,
I just tried to sign up the 30 month 5.9% RBC platinum card through your site. When I clicked apply now, it asked me to log into my RBC online banking account to finalize the request. Unfortunately, the online agreement to sign thereafter to get the card does not mention the 30 month 5.9% introductory rate for this card. So, I called RBC to check the offer’s validity – the customer service rep confirmed that this offer does not exist, and he has not seen anyone be able to take advantage of it to date. How is this possible? Or, where did you hear of this 5.9% rate for this card? No one at RBC can confirm it truly exists…. Thanks for your help!

GreedyRates says:

Hi Julie,

We’re sorry to hear you’re having trouble. The offer is definitely valid.

When you click this link it should take you to a page on RBC’s website that clearly states the 5.9% rate for 30 months. Click on the yellow ‘Apply Now’ box and then ‘Start’ which will take you to a page confirming your eligibility and stating the card’s terms and conditions. This page also restates the special offer.

Let us know if you have any further trouble and if we can help in any other way.

GreedyRates Staff

Damien says:

Hi Will,

The Wife and I have a CIBC Card that we did a balance transfer too, they frequently offer 0% for 10 months to us. We transferred several thousand dollars, payed the 1% transfer fee, all good right? Wrong, we had a charge coming thru for the wifes cellphone bill each month for around $50. No problem I thought, I payed the $50 or so, plus $500 more towards the balance transfer. Then after the second month CIBC Visa started charging small amounts of interest starting at around $1.30 now six months in, up to $14. Called and Cibc says we cannot pick where the payment will be applied. They use some ridiculous algorithm as to how your payment is applied. Was wondering is this legal?

GreedyRates says:

Hey Damien, thanks for leaving your comment. It’s unfortunate that you’re having trouble avoiding interest due to the ill timing of recurring bills. If CIBC doesn’t allow you to change when the bill arrives, then we suggest staying vigilant and paying them off in full every month. You might also consider setting up recurring bills on a separate card with a lower interest rate. Typically, balance transfer cards have a higher interest rate on purchases, cash advances, and other activities that aren’t relevant to the original transfer itself. These cards are mostly tools for paying off a single large debt over time, and not for everyday use. If you have recurring bills and carry a small balance from month to month, but also have a balance being sheltered from interest charges by a transfer promotion, then it may help to have a second credit card. Let us know if if you need suggestions or if we misunderstood your question. Good luck!

GreedyRates Staff

Mackenna says:

I just applied for the MBNA card and was approved for a limit that meets my needs in 2 minutes. So I’m pretty happy about this. Card is supposed to arrive in 10-15 business days and I’ll be able to pay off one last debt for zero percent interest for twelve months. The only fee is a 1% of the balance transfer fee which for me means $72.00. This is the best deal ever.

Will says:

How does closing a credit card account or asking for a reduced credit limit affect your credit rating in the long run? I have a number of cards and due to my excellent credit history and rating they all have high available credit balances ranging from $10K to $36K of which only about 10% is utilized. I know the # of accounts and available credit can have a negative impact and % of available limits also comes into play. If I’m not using most of it should I close some accounts entirely or asked for a limit reduction and is there a benefit in doing so? I know that when applying for loans or unsecured lines of credit they also look at total available credit for ratio calculations and not just current balances which was another reason I was thinking of closing accounts or reducing limits.

GreedyRates says:

Hi Will, thank you for the questions. It’s important to understand that keeping a balanced credit utilization ratio is less important than other factors, such as your outstanding debt or annual income. If your credit is relatively perfect, yet your ratio is a bit underutilized (as yours is), the simplest thing to do is pick a credit card you don’t use much and cancel it. Cancelling a credit card has a small, temporary impact on your score but not long term, and as you mentioned before, it will look that much better to your future lenders.

Calling up your issuers and requesting a lower limit is also an option. You’re the customer, and they likely won’t bat an eye. Either way, keep in mind that good credit comes from your skill at using the credit extended to you, not letting it gather dust. Good luck!

GreedyRates Staff

Mackenna says:

Hi Will. I don’t know if this helps but I have two credit cards, one of which I use only occasionally and the other I use regularly. On both cards I pay the balance in full before interest can kick in. So I never accumulate or incur interest on any charges. They each have a 21-day grace period in which to pay off the balance. My credit score is rated “excellent” (866 out of 900) using this method. I also pay off my hydro bills without delay and I have one low-rate fixed loan whose payments I meet consistently. I think if you use the cards without paying interest, this is the best way to maintain a good credit rating and get the benefit of credit without falling into the trap. Took me awhile to get to this stage but now I feel I’m in control and not at the mercy of debt.

Ann says:

How does all this credit shifting affect your credit rating?

GreedyRates says:

Hi Ann, thanks for your inquiry! The way that credit works with balance transfers isn’t very complicated, it’s just a matter of applying for cards intelligently. A transfer itself won’t have a negative impact on your credit, but a concentrated number of applications and denials will. Your score also decreases with the number of new accounts you have open, so you must be realistic about your credit and which cards you’re likely to be approved for. If you aren’t confident, use other methods of raising your credit beforehand, such as a secured credit card. However, in the end a balance transfer card like the Platinum Plus will do a lot of good for your credit score, outweighing the potential dings you’ll take in obtaining it.

kim says:

Hi, I have used mbna platinum plus for 0% BT 3 years in a row because it’s a better rate than my HELOC. Each time I closed the previous Platinum P card once I got the new and transferred available credit to new. This Jan. I was denied a new card because I have one already (balance now paid off using HELOC with TD. I received a letter stating that i was declined because i already had a card. So, I called MBNA to close that existing card. Two agents said U need to have it closed for 30-90 days before being considered for a new platinum plus. One agent who I was transferred to gave me a sort of gilt trip for closing and reapplying each year and discouraged me from closing telling me there are new rules and a person can no longer get another card at 0% if they’ve had one in the past and that MBNA would be losing money otherwise. In the end, I didn’t believe her because other agents who were talking to me about my decline said I just need to wait 30-45 or 90 days after closing to reapply. What do you think is the truth? I’d like to wait a bit, then reapply for a 0% mbna card

Michael says:

Hi Kim, thanks for your question. We’re very impressed with your masterful use of the Platinum Plus over the last few years, but also disappointed by what sounds like a less-than-friendly customer service representative. We certainly have other readers who have obtained the same card multiple times, and you yourself are further proof! You should heed the warnings of the other agents you spoke with and wait a month or two after the account closure before trying again. We believe you’ll be able to open another one without issue. Good luck and let us know if your strategy works out!

GreedyRates Staff

Mike says:

Hi,

I have a MBNA Platinum Plus card with about a $2000 balance where the promotional interest rate of 0% will expire about Feb. 6th, 2018

I also have an AMEX card with about a $3900 balance

I applied for another MBNA Platinum Plus card around August 2017 to try to transfer this AMEX balance but was denied because I already had an MBNA account (the Platinum Plus card mentioned above)

I now have a Scotia Bank card $5000 limit with a .99% or 1% promotion for 6 months.

I cannot transfer all the balances from both cards above (AMEX and MBNA cards)

Should I transfer the full balance from the MBNA Platinum Plus card (about $2000) to the Scotia Bank card? I will also transfer about $3000 from the AMEX card which will then reach the full $5000 limit on the new Scotia Bank Card.

Then should I close the MBNA Platinum Plus card’s account and re-apply for another MBNA Platinum Plus card to take advantage of the 0% promotion?

Thanks.

Michael says:

Hi Mike, thanks for coming to GreedyRates and asking us about your awesome plan! We’re impressed with your knowledge about how to shuffle balances around and take advantage of the Platinum Plus. You’ve got it correct: just transfer the remaining balance from MBNA to your new Scotia card (along with as much debt from the Amex that you can), close the MBNA account and then wait a few months before opening another one. You should be all set to get another year of 0% interest after Scotia’s promotion expires. Nice job!

GreedyRates Staff

CoCo says:

1) I have a small balance on my credit cards. My bigger balance is on an obscure credit union line of credit. Is the MBNA Platinum Plus M/C helpful for me? How can I use it to pay off the line of credit?
2) I did apply for the M/C PP card. How do they determine in seconds what your limit will be? When you get the actual card & documentation, will the limit be the same?
3) If my line of credit interest rate there is 3.85% and the MBNA Platinum Plus MasterCard only assigns me a $10,000 limit?, would a balance transfer even be worth it once I pay the 1% fee? (Does this mean I could save $285?).

GreedyRates says:

Hi CoCo, thanks for coming to Greedyrates! Let’s address your questions one by one:

1) We recommend that you work to pay off the smaller outstanding balance on your other credit card before trying to transfer the balance of your line of credit. This will help to clean up your credit report and tie loose ends before tackling your bigger debt. You can absolutely transfer your line of credit balance to a credit card, but to be sure, check the fine print in both the LoC and the credit card first.

We are confident that it won’t be an issue, and many readers have done this is the past, but it helps to check. Call MBNA customer support and they will help you set up an account and transfer your balance. Then, it’s just a matter of being disciplined in your monthly payments, and working hard to funnel all discretionary income towards your balance. With 0.00% interest, this should be significantly easier.

2) MBNA uses all kinds of personal and financial data, including the entries in your credit report to determine your creditworthiness. The credit limit that you’re quoted originally will be the same that shows up on the paperwork arriving with the card itself.

3) It’s unclear which would be better mathematically without the exact amount of your entire outstanding balance. Generally speaking, your ability (or inability) to pay off the entire balance within the 12 month promotional period is the most important factor in determining if the MBNA Platinum Plus is worth it. Additionally, consider that 3.85% interest is a pretty great rate for a line of credit, and if you’re having trouble making payments now, we imagine that a single year might be hard for you as well. This isn’t even considering the 1.00% transfer fee and the fact that the entire amount of your balance may not be approved.

We hope that helps,

GreedyRates Staff

Jackie Lewis says:

I have a Scotia Value Visa and took advantage of the 6 months promotional rate. I still have $6000 on the card whch is up in a month. I also have an MBNA card with $5000 at 0%. I want to balance transfer the $6000 from the Scotia Value Visa to another low interest card. I was wondering if Scotia will let me apply for the Value Visa again? This card suits me as it has $10 minimum payments. I wont be able to pay the card off in full for a year and the minimum payments suit me better at this time. If not, whats the best way to do this?

GreedyRates says:

Hi Jackie, thanks for your awesome question. We think you’re doing a great job at balancing your obligations and finding solid ways to get shelter from high interest rates. After a little longer, you’ll have successfully paid everything off! However – you’re correct that this isn’t possible with just a single month left on your Value Visa promotion. Go ahead and try to call Scotiabank and ask for an extension; they may just grant you what you seek. It’s not uncommon for those individuals who are taking advantage of promotional rates to get more time, especially if they’ve made good progress so far. We’ve seen other readers pull this feat off successfully.

If that fails, then you should definitely try to find another card that works for you. We can make a few suggestions, but we’ll start with the American Express SimplyCash line of cards. If you’re approved, you can get another six months at just 1.99% interest. This will hopefully allow you to pay off that balance, while your MBNA balance sits safely at 0%. If you need more recommendations or further guidance, don’t hesitate to ask! Thanks.

GreedyRates Staff

Eric Saintonge says:

I will be done with my Platinum Plus® MasterCard® (0 balance transfert and 0% interest rate) in 2 months. Could I switch the left over balance (about 7k) to the MBNA Rewards MasterCard and get their deal?

Thanks

GreedyRates says:

Hey Eric!

Thanks for coming to GreedyRates with your inquiry. We’re glad you chose the MBNA Platinum Plus to get relief from high rates during the last year, and see that you’re currently still carrying a small balance. If you think that you cannot pay this off in the 2 months remaining on your introductory bonus, then there are a couple options open to you.

We recommend that you try to pay as much of the remaining balance as possible in the next couple months, and then your first step is to call MBNA and renegotiate your rate. We have seen many customers able to get another low rate deal for half-year periods, even after the initial year’s 0%. You might be able to extend 6 months at 2%, for example.

As you mentioned, the MBNA Rewards MasterCard is another option. They are currently running a promotion of 0% for 6 months (ends June 28). If you cannot receive an extension on your MBNA Platinum Plus, you should consider this as a plan B. Good luck! Let us know how it goes.

GreedyRates Staff

kahn rafy says:

hi i want to apply for mbna platinum and i have one td credit card with the limit $6500 with 1% utilization and have car loan and the td consolidate loan total $70955 with the utilization of 66% $47000. I had mbna platinum card couple of years ago and that i paid in full with the limit $10500. And i dont have it now . My equifax score is 666 and my current income is $46000, could you advice me what steps should i follow now.

GreedyRates says:

Hey Kahn, thanks for coming to us for help with your credit card situation!

As we understand it, you currently have a balance of $47,000 and a credit utilization ratio of 66%. Even though you had the MBNA Platinum Plus card in the past, MBNA is well-known for extending the same bonus deal to customers repeatedly – especially those who are coming from other cards and who have a history of paying their balance transfers in full.

We recommend applying again for the MBNA Platinum Plus as a new account, and seeing how much of that balance you can be approved to transfer. Given your relatively good credit score, income and financial history, we think you can get another 12 months of 0% APR. This should help you take down another big piece of your outstanding debt. Transfer over whichever piece currently suffers from the highest interest rate, and start from there. Good luck!

GreedyRates Staff

Mike says:

Hi,

I’ve applied for the MBNA Platinum Plus card in late January 2017 and was accepted with a $4500 credit limit.

I transferred $2450 to this card a few months ago and I now owe approximately $2300 on this card.

I would like to transfer approx $1500 more to this card from a Desjardin MasterCard but can I do so and still receive the 0% rate on this same card (I realize there is another balance transfer fee) or should I apply for another MBNA Platinum Plus card?

Thanks,

Mike

GreedyRates says:

Hey Mike!

Thanks for coming to us with your question. We are glad you chose the MBNA Platinum Plus when transferring your balance, and are not surprised that you want to take further advantage of their current promotion. However, from the moment the card is activated, there is a 90 day window during which balance transfers are eligible for the 0% APR introductory rate. Outside this window, other transfers might be approved by MBNA (we recommend checking with them), but will not benefit from the promotional rate.

If you’d like another bonus rate on the $1,500 you’re transferring from Dejardins, you can always apply for another MBNA Platinum Plus card. Some of our readers have had several of them and benefited from the bonus every time – so this is an option for you as well. Let us know how it goes – good luck.

GreedyRates Staff

Jeff says:

Hi

My 12 month promotional period is ending in June. Is there a way to extend the 0% offer? Or if not can I just close my account (after I pay off the balance) and apply for a new one? If I can close it, how long should I wait before reapplying?

Thanks.

GreedyRates says:

Hey Jeff!

Thanks for getting in touch. Regarding the imminent ending of your introductory promotion of 0%, you have the right idea so far. Many cardholders who are still carrying a balance after the end of the promotion call MBNA and are given an extension, but rarely at 0%. Depending on their current financial situation and their performance over the year, MBNA might give you a 1% interest rate on balances for another 6 months or so. If this is not the case, you can apply for a new balance transfer card and then cancel the MBNA Platinum Plus.

There is no need to pay off your balance before looking into other options. In fact, if you don’t have a balance then there is little incentive for you to get another balance transfer card. Call MBNA and inquire about an extension and go from there. Good luck!

GreedyRates Staff

Eric says:

hi,
just want to seek advise on how to manage my debt by using the mbna platinum plus……i got 5000 on rbc mastercard and 6500 on pc financial mastercard. what will be the best way to do it? thanks

GreedyRates says:

Hey Eric, thanks for your questions!

To address your inquiry about the MBNA Platinum Plus credit card, we feel like given your other cards and current balance, it is a worthwhile solution to pursue. While approval and your credit limit will depend largely on your credit history and other personal financial factors if you are approved to transfer the whole sum of $11,500, you can begin putting the card’s benefits to work immediately.

Even if you are not approved for the entire amount, you can try to get the balance on a single card transferred and then cancel it afterwards. Ideally, you would slowly begin paying off your monthly fees in their entirety, and use the 0% APR to get an extra boost and come out of the year-long introductory period with no balance.

We hope this helps,

GreedyRates Staff

Emily says:

They stopped clients from opening up multiple credit cards to extend the promotion

GreedyRates says:

Hi Emily,

As of March 29th, MBNA no longer allows you to have multiple MBNA Platinum Plus accounts at the same time. However, you can still have multiple MBNA credit cards at the same time, as long as they are different. As a result, you can get the MBNA Best Western MasterCard (1.99% for 10 months) or the RBC Cahsback MasterCard (1.9% for 10 months), and pay off your balance on your MBNA Platinum Plus card as your promotional offer expires. Then close your MBNA Platinum Plus MasterCard. Then when your new balance transfer promotional term expires, you can then open a new MBNA Platinum Plus MasterCard and get back down to 0% for 12 months…

Hope that helps!

GreedyRates Staff

Brett says:

Hello,

I am coming to the end of my 0% offer with MBNA on May 13th. I applied for the scotia value visa and was denied. Requested an increase on my TD emerald and was denied there too.. I want to go after the RBC card now however I am wondering if the best strategy would be to open a bank account with RBC and put a chunk of cash in the account before applying to boost my chances. Any guidance would be greatly appreciated. Thanks in advance.

-Brett

GreedyRates says:

Hey Brett!

Thanks for your great questions. We’re glad that you went with the MBNA Platinum Plus and hoped that you used it well. Regarding your difficulty with finding other issuers to approve another balance transfer, we’re very sorry to hear that this is happening and will try our best to help you.

The good news is that because you haven’t yet applied for the RBC Cash Back MasterCard, you have some time to get your credit score up beforehand. We recommend pulling your finances together and fully paying off a couple of monthly balances on the MBNA card, which reflects quickly on your credit score. Additionally, opening a bank account with RBC and depositing some cash into it may not be a bad idea.

Creditors who see that you have assets will deem you more creditworthy, and this may affect the approval process for the Cash Back MasterCard. Do what you can to get approved and use the introductory rate window to try and erase the smallest balance you have. Then cancel the relevant card. Good luck!

GreedyRates Staff

Chris Martelli says:

The 1.9% Balance Transfer RBC Cashback promotion does not exist (anymore?). I just received this card and when I called the RBC CSR after activating they had no clue what I was talking about. I cancelled the card immediately as the whole reason for getting this card was for the low interest rate. What a waste of a credit inquiry on my report. I should have gone with the MBNA.

GreedyRates says:

Hi Chris,

Thanks for visiting and dropping us a line!

If you visit the RBC site using this link you will notice the following message:
“Get a Low Introductory Interest Rate of 1.9% for 10 months on Balance Transfers and Cash Advances”

In fact, RBC specifically mentions that unique offer in a number of instances of the online application process.

In any event, if you choose to apply for this card (definitely worth it), don’t hesitate to refer any representative to that online application form to avoid confusion on their behalf.

We hope this helps!

GreedyRates Staff

Kerri says:

This offer is not current anymore. The cards came today and there is a 3% transfer fee!! 🙁 Kind of a waste of a credit ping! 🙁 Highly disappointed. They’re not activated yet. Is the balance transfer fee 0% ONLY if you enter all the details when applying for it? I don’t recall seeing the info on the application tho… We already have a platinum plus MBNA card with a balance transfer whose promo rate is ending in a few months. This was going to be the 2nd best offer. On to plan C – but probably should wait a bit before applying for another? Was going to float the balance to another card and hopefully pay it off before that rate expired. The 3% transfer fee is just nasty! 🙁

GreedyRates says:

Hi Kerri,

We’d love to advise you on what to do, but first we need to know which specific card you’re referring to. Let us know and we’ll steer you in the right direction. Thanks!

GreedyRates Staff

James says:

Hi,

As mentioned in previous comments, if I apply for a 2nd MBNA card to pay off any remaining balance on the first card after the interest free period, how many times can I repeat this process? Are there any penalties or premium fees?

Assuming I make minimum payments every month, will there be any effects to my credit score?

GreedyRates says:

Hi James,

We have not encountered a limit. There is a limit to applying for too many credit cards at the same time. However, applying for a new MBNA Platinum Plus card towards the end of each 12 month promotional period should not have any negative consequence. As we’ve mentioned before, some customers have as many as 12 accounts. There are no penalties or fees for doing so.

If you make minimum payments every month on your platinum plus card, there are no negative effects on your credit score – so long as they are made on time. In fact, making on time payments, whether it’s the minimum payment or not, will improve your credit score.

In addition, because of the 0% interest rate, 100% of your minimum payment will go towards paying down your balance. Of course, we’d recommend you try to pay down more than the minimum payment when possible to reduce your balance as quickly as possible, but sometimes circumstance doesn’t allow, and that’s why 0% is so beneficial.

Hope that helps,

GreedyRates Staff

Max says:

Hi,
I had already an MBNA card for $6000, I paid out them with another card , and I applied for a second MBNA, they approved me $1500 with 0%, you said I can call and consolidate the 2 card, and so I have 2 questions :

1) if I do that I will have $7500 in one card, but the will allow me to have at 0% or they will consolidate and they me i have only $1500 at 0?

2) If they do that there is a good (bad) idea to cancelled the first card and reapply or they will not gonna give me the same credit?

Thanks,

Max

GreedyRates says:

Max, hello!

Thanks for the great questions. To answer your first one, depending on how much credit you had on your second card, you now have a $6000 balance and $1500 worth of credit from MBNA at 0%. You can transfer $1500 of your $6000 to the MBNA card to reduce your exposure to the former card’s APR, and then pay off the $1500 at 0%, and then get to work on the remainder.

Whether to consolidate or not depends on the rate of your other card. If you are approved for $1500 at 0%, the remaining $4500 on the new MBNA card will be charged at the normal rate. If this is what you choose to do, you can then cancel your previous card, and reapply for other cards with balance transfer rates at 0% for 12 months.

We hope this answers your questions!

GreedyRates Staff

Mike says:

Hi,

I’ve applied for the MBNA card and was accepted with a $4500 credit limit.
Hi,

I currently have a balance of about $2450. on a TD Emerald VISA card.

I also have an American Express and Leon’s VISA cards both with a ZERO balance.

Will I be able to transfer my $2450 from the TD Emerald VISA card to the MBNA card as they both appear to be under the umbrella division of TD Bank?

Thanks,

Mike

GreedyRates says:

Hi Mike,

We do have a workaround for you. Simply request that MBNA Canada transfer $2,450 from your MBNA Platinum MasterCard credit line to any Canadian checking account of yours. MBNA calls it a “deposit transfer” and it comes with the same 0% for 12 month terms as a balance transfer. Then use the $2,450 from your checking account to pay down your TD Emarald VISA balance. You will then owe $2,450 on your MBNA Platinum Plus MasterCard at 0% for 12 months.

Hope that helps!

GreedyRates Staff

Mike says:

Thank you for your advice.

I do have a chequing account at TD currently.

Do I need to wait until I have physically received my MBNA card to perform this “deposit transfer” or can I do it immediately by contacting support at MBNA Canada?

Thanks.

Mike

GreedyRates says:

Hi Mike,

First, you actually do have to wait until you have the card in hand in order to request the deposit transfer. For security reasons, MBNA requires that you provde the last 3 digits of your card number before authorizing the transfer. Also, just in case we weren’t clear, you don’t have to be a TD banking customer to be eligible for the deposit transfer. You can have the cash deposited from your MBNA Platinum Plus account to any checking account, belonging to any bank or credit union i.e. RBC, BMO, Scotia, CIBC, National Bank, Desjardins, Van City, ATB, Servus, etc…

Hope that helps!

GreedyRates Staff

Abra says:

Where is the information for the “deposit” at no interest on the mbna card? Does the “deposit” also fall under the balance transfer as opposed to a cash advance? I’m wanting to consolidate a TD card and this seems to be my only option but I can’t find info.

GreedyRates says:

Hi Abra,

Yes a deposit transfer falls under the definition of a “Balance Transfer”, and as such provides the same 0% for 12 month terms as a balance transfer. MBNA refers to it on its application in “Other Fees” as such: “Balance transfers (including transfers of funds to a bank account)”

You can only do a “deposit” transfer after you’ve been approved for the Platinum Plus card. You cannot request one during the application process. That said, it’s simple to request a deposit transfer once you have your card. You either do it online in your account centre or over the phone.

If you have a balance with TD it’s a great option for you. It’s also the cheapest way to access cash in Canada, since once the funds are in your checking account you’ll be able to spend it however you’d like, all at 0% for 12 months.

Hope that helps,

GreedyRates Staff

Max says:

Hi, I’m am currently near the end of my MBNA 0% 12 month promotional interest rate and I still have $6000 left owing on my MBNA card. I currently have other credit cards, specifically an AMEX card, a Marriott Visa card and a BMO card. I do not carry a balance on any of these cards. What do you suggest is my best option? Is it possible to get the 0% Simply Cash card from AMEX if I already have an AMEX card?
Thanks for your help.

GreedyRates says:

Hi Max,

You have several options.

First, the cheapest option would be for you to get another MBNA Platinum Plus MasterCard, offering 0% for 12 months. While you can’t transfer balances from within the same bank, there is a workaround.

With the MBNA Platinum Plus card, after you’ve been approved, you can have them “deposit” up to 100% of your credit line into your checking account as cash, at the same 0% for 12 month terms. You can then use that cash, however you’d like, including paying down your $6,000 balance on your first Platinum Plus card. Some people have as many as 10 Platinum Plus cards. You can also transfer whatever unused credit line you have on your current MBNA Platinum Plus MasterCard, to your new one.

Second, yes you can get multiple Amex cards. That said, we would recommend MBNA 0% for 12 month offer, over Amex’s 0% for 6 month offer.

Hope that helps,

GreedyRates Staff

Max says:

Ok, great. Thank you very much for the advice.

Upon getting approval for the new MBNA card would it be best to then cancel my other MBNA card in which the promotional 0% interest period has ended?

Thanks.

GreedyRates says:

Hi Max,

Since there is no annual fee, and you’ll be consolidating your previous credit line with your new card, there is no need to cancel it. You can let it age on your credit file – never a bad thing – so long as there is no annual fee, which there isn’t. Not a big deal if you cancel it either though, since you haven’t had it for long, and you’ll be consolidating your credit line with your new account.

Hope that helps,

GreedyRates Staff

Peter says:

Can I do a balance transfer from many credit cards at the same time onto the balance transfer card? Also can i transfer a balance from a store card (like the BestBuy or HBC non-MasterCard)?

GreedyRates says:

Hi Peter,

Great questions! Yes, you can typically do a balance transfer from as many cards as you’d like onto the balance transfer card. The only limitation is your credit limit. You can’t transfer balances that are higher than the credit limit on your balance transfer card.

We just double checked and yes you can transfer your balance from your BestBuy Desjardins card and your HBC Store card to an MBNA card.

Moreover, you can also have MBNA transfer as much of your available credit limit into your personal checking account as you’d like. The advance will be at the same rate as the balance transfer, 0% for 12 months, with a 1% transfer fee. You can then use the money for whatever you’d like, whether it be paying down another loan, covering some expenses or even going on vacation.

Hope that helps,

GreedyRates Staff

Rafay says:

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

Rafay says:

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

GreedyRates says:

Hi Rafay,

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

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

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

Hope that helps,

GreedyRates Staff

Paul says:

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

GreedyRates says:

Hi Paul,

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

Hope that helps,

GreedyRates Staff

CoCoJoe says:

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

GreedyRates says:

Hi CoCoJoe,

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

Hope that helps,

GreedyRates Staff

Maria says:

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

GreedyRates says:

Hi Maria,

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

Hope that helps,

GreedyRates Staff

Michelle says:

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

GreedyRates says:

Hi Michelle,

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

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

Thanks for the market intelligence though!

GreedyRates Staff

Marie says:

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

GreedyRates says:

Hi Marie,

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

Enjoy!

GreedyRates Staff

Marie says:

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

GreedyRates says:

Hi Marie,

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

Hope that helps,

GreedyRates Staff

GreedyRates Staff

lorrie says:

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

GreedyRates says:

Hi lorrie,

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

Hope that helps,

GreedyRates Staff

Jeongyong says:

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

GreedyRates says:

Hi Jeongyong,

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

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

Hope that helps,

GreedyRates Staff

Ramone says:

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

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

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

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

Thanks.

GreedyRates says:

Hi Ramone,

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

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

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

Hope that helps,

GreedyRates Staff

rafz says:

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

GreedyRates says:

Hi Rafz,

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

Hope that helps,

GreedyRates Staff

khan says:

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

GreedyRates says:

Hi Khan,

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

Hope that helps,

GreedyRates Staff

khan says:

my equifax score is 651 with total loan(70955) utilization 89% and td credit card $2000 utilization 26%.my income annual $41250, i had mbna master card opened in 2006 n mised some payments in 2011 (2 pmts for 30 days and 1 payments for 60 days) mbna closed that card after that i was very regular with all the payments and paid in in full june 2015 that i consolidated with the td bank i did consolidate other credits and loan for $30000 and that one went down to $24920 and i also have a car loan went down to $28645. my wife annual income $31200 and has score 712 she has same joint loan that i have 70955 utilization 89% and she has credit card with $15300 utilization 39%. we are looking to get RSP loan / ccards with low interest if you could help to suggest for our down payments sources around $20,000. Thanks for your consideration.

GreedyRates says:

Hi Khan,

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

Hope that helps,

GreedyRates Staff

khan says:

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

GreedyRates says:

Hi Khan,

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

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

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

Hope that helps,

GreedyRates Staff

Kim says:

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

GreedyRates says:

Hi Kim,

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

Hope that helps,

GreedyRates Staff

Tina says:

Hi,

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

GreedyRates says:

Hi Tina,

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

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

GreedyRates Staff

Lumberjake says:

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

GreedyRates says:

Hi Lumberjake,

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

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

GreedyRates Staff

Greg says:

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

Anna Delvechhio says:

Hello

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

Thanks

Anna Delvecchio

GreedyRates says:

Hi Anna,

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

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

Hope that helps,

GreedyRates Staff

Anna Delvechhio says:

Thanks

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

GreedyRates says:

Hi Anna,

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

Hope that helps,

GreedyRates Staff

Anna Delvecchio says:

Thanks

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

GreedyRates says:

Hi Anna,

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

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

Does that help a little?

GreedyRates Staff

Elizabeth Taylor-Holmes says: