MBNA True Line – I have been checking out the info for mbna as well. My question is if you transfer other cards to mbna can you pay more than the minimum payment required so you can pay the balance down within 6 months. I looked into the new CIBC Div card and its confusing because if you read the terms it appears that if you pay more than the required payment they put it towards the regular interest rather than the promotional interest. Correct me if I am wrong. Appreciate the help, thanks!
Awesome questions. We’re happy to give you heartening answers as well. If you’re looking at the MBNA True Line card in order to consolidate your balances and put as much cash towards the lump sum as possible, you’ve got the right idea. You can absolutely make more than the minimum payment during your 6-month 0.00% interest rate promotion and are encouraged to do so. With a 0.00% promotional rate, anything “extra” you pay is technically going directly towards your balance, because there is no extra interest being accrued from MBNA. Hope that clears it up a bit.
Hey looking for some info on mbna.
Most everything I read seems pretty positive. But I cant found any concrete info on my situation. I have 2 other credit cards. Both at $5000 I want to pay them both off with mbna true line gold. Am I able to apply a balance transfer to 2 cards at the 0% rate? Or am I only able to pay off just one? Also mbna say you can put money right into your checking account. Is this also at the 0% rate for 6 months?
There are a few things to know that will help you make sense of the balance transfer promotions being offered by MBNA. The first is that MBNA doesn’t allow transfers from within the bank (or TD) to benefit from the lower rate, so cardholders are only able to transfer debt from other banks or credit cards. Another relevant factor is that you can absolutely transfer balances from more than one source and expect to get the same 0.00% interest deal for both. Balances can even come from a loan or line of credit, as long as it isn’t TD or MBNA-related! You’re charged a 1.00% fee for each balance you transfer to the card, essentially adding up to 1.00% of your total transferred balance.
The amount of money you can transfer to the card depends on the credit limit you’re approved for by MBNA. If they approve you for $10,000 then there’s no reason why you wouldn’t be able to transfer both of your balances in one go. This is what’s called consolidation, and it’s the best reason to get a card like the True Line Gold Mastercard for instance. You’re only paying one rate on what used to be a variety of differently-financed debt, making it easier and less expensive to pay off.
Instead of transferring a balance to the card, you can also deposit cash up to your available credit limit in another bank account. This is the last thing you inquired about in your comment. It makes the balance transfer doubly efficient, because you can take out a loan at high interest and then use your existing balance transfer promotion to “pay it off” immediately, effectively transferring your new debt to MBNA at 0.00%. If you need help taking advantage and want more details, let us know.
What’s the difference between qualifying for an MBNA credit card and a traditional TD Bank credit card?? The reason I ask is I’ve been a TD client since the early 1980’s. I’ve NEVER had a bounced check or other issue, but I’ve also never received a promotion from TD Bank. (I have three accounts with them, checking, savings, and a US dollar account). Is MDNA an easier route for approval???
Good question. It’s good to know that you’ve got a solid record with TD, because TD owns MBNA and is the same bank, for all intents and purposes. TD Asset Group purchased MBNA years ago, and so now these “separate” banks share the same internal systems for credit checks, applications and other administrative tasks. This is why balance transfer deals like the 0.00% for 6 months via MBNA’s True Line Gold Mastercard are only available to applicants coming from banks other than TD or MBNA.
Accordingly, you’re going to encounter the exact same application standards when going for an MBNA card as would if you were applying to TD. If you’ve never bounced a cheque or had any other issues, then TD and MBNA will both see you favorably, which might give you an advantage when applying for MBNA cards over those from other issuers or banks. Best of luck!
I applied for an MBNA card on June 21, 2018. MBNA DID look at my credit report, which is in good standing, but no MBNA representative EVER called me to discuss my status after I was informed that a credit agent will be in touch with me within 10 to 15 business days. It’s well beyond that now, as it is now August 5th, 2018, and only 30 days after I was told that I’d be receiving a call from MBNA in regards to my application status. As far as I’m concerned, this is piss poor service on MBNA’s part. This is NOT professionalism, and it’s evident that MBNA is selective in who they chose for clients. I have been in business for 28 years, and was a client of Canada Trust for a while until TD took over, which prompted me top pull my funds out and close my account because I detest TD bank.
Thanks for giving me some hits on my credit by the way, but it doesn’t matter because I am still just around the 700 mark on my score.
Capital One just offered me another credit increase, but I refused to take it. CIBC has also sent me offers as well as BMO who I don’t even deal with.
A copy of this will be going to an old acquaintance of mine who is one of the chief editors for the Globe & Mail.
LOL….somehow Andy I don’t think you’ll be seeing you credit card application slight inconvenience in the Globe & Mail.
Hi there! Quick question.. Can I earn MBNA points when I transfer from MBNA Mastercard to a checking account? i.e., if I transfer $8,000 to my debit from my MBNA credit card (cc), will I accumulate points on my cc for the $8,000 balance now on my cc?
Thanks for your time!
We appreciate your interesting question, but we’re afraid that the strategy for earning points that you describe is impossible. Card issuers and banks have already thought of every shortcut that one could take to manipulate extra points from their rewards systems. They want you to actually spend money and accrue debt before they’ll reward you with points or cash back—no bank gives things away for free—and the MBNA Mastercard is no different.
“Cash-like” transactions (cash advances, balance transfers, returns or rebates, etc.) are always, universally ineligible for earning any type of reward. Otherwise, someone could just transfer money between their accounts all day and rack up points that would eventually put a huge dent in the bank’s bottom line. Nice try though!
Be careful about the chances of doing a transfer of what you owe to the new low interest card. Seems you have to have a credit balance of 5k or 6 k before they will transfer it? What’s the point if a customer is trying to just get a lower interest card.? Don’t want 2 credit cards
Thanks for the interesting comment. We think you may have confused your credit card
terminology. A credit balance is when you’ve paid more than you owe to the bank or issuer,
enough so that they owe you money and will credit it on your next statement. This cannot be
the case, since the MBNA 0.00% balance transfer cards are for people who have large
outstanding balances with their bank, meaning they owe the bank money and are being
charged interest every month accordingly.
If you meant that MBNA requires one to have an outstanding balance, or balances, of $5,000 or
more before they’re eligible for the transfer, this is also mistaken. We’ve seen other readers
transfer as little as $1,000 to MBNA and get the 0.00% promotion all the same. You can get the
same deal via the MBNA True Line Mastercard or True Line Gold Mastercard, each of which
offers this balance transfer deal, and then a competitively low rate afterwards. Let us know if
you have any other questions. Thanks!
A valued customer of MBNA 15 years with receiving notification of an interest rate increase from 9.99 to 14.99. This is unreasonable to a valued customer with excellent credit. Why is the rate increasing?
Thanks for your comment. We understand that it’s frustrating for the bank to raise rates on you, but they reserve the right to do that at pretty much any time. However, as a customer of 15 years, you can easily give the bank a ring and call their bluff. It’s easy these days to switch banks, and lucrative as well if you take advantage of any of the many balance transfer promotions out there. Banks understand this and want to keep your business.
Call to inquire why your rate was increased suddenly, and indicate that if “nothing can be done”, then you’ll probably do a balance transfer elsewhere. MBNA may even offer you a promotion themselves, not only reversing the interest boost but reducing it further, but you won’t find out until you call and inquire. Let us know how it goes!
Crappy Company. Awful Customer Service. their minimum balance showing up in the online is different from Actual statement, giving confusions to the customer. they will seize the promotion even if it is 1 cent short. They do not contact customer for the alert either. Avoid at all times.
We’re sorry to hear that you were disappointed with MBNA’s Platinum Plus card. If you missed a minimum monthly payment because of a discrepancy between the balance listed online and the one in the mail, then that’s surely a reason to call customer service and request a refund. You can also request a reinstatement of your promotion, and suggest that if the issue isn’t solved then you’ll move your balance to another bank.
We won’t deny that balance transfers require more input and care on the part of the cardholder than any other credit card would. However, if MBNA’s system accidentally misled you, there wasn’t much you could have done, outside of setting up automatic monthly debits. Give MBNA a call and let us know what they say.
Hi! I am wondering where/how did you get the info on the income requirements? I have been trying to verify and not seen any indications on their website or heard back from any customer service. I also have to ask because I stumbled across another site that put requirement at $35,000.00. Significantly different.
Also, what do you think chances are of getting accepted (even in general) if your current income is short by like $200-$300?! When close but just not enough… How important is that “minimum” word? Essentially wondering if there is an auto cut-off threshold and if, for example, should at least round up. (Which brings to the next question of how strict is vetting & cut-off limits?) Thoughts?
Hi In Toronto,
Regarding your question about the income requirement for the MBNA Platinum Plus card, it’s most important to pay attention to the information on MBNA’s website. This goes for any and all financial products. Banks and credit card issuers are highly regulated and cannot legally impose restrictions on their products without publishing these restrictions, because misinformed applicants might needlessly risk their credit rating as a result of false optimism (or the absence of information).
The numbers we’ve reported are static and have been confirmed by MBNA representatives. You should always take information sourced from an unofficial web page with a grain of salt. That said, banks don’t always follow their own rules to the tee. For instance, an applicant who is short just a few hundred dollars of the published income requirement shouldn’t give up all hope.
Eligibility is function of many factors that are more than one’s salary. Credit rating, credit utilization ratio, history, outstanding debts, the presence of collateral assets, and spouses are all relevant to the full picture of “creditworthiness”. With this in mind, you shouldn’t feel scared about the prospect of your application.
This article does not state the permanent fixed interest rate. It is useless.
Thanks for your comment about the MBNA Platinum Plus Mastercard. If you’re wondering about the default interest rates for purchases and cash advances on the card, then this information is easily available on MBNA’s website, which you must navigate to if you want to apply. We focus mostly on the card’s outstanding benefits in our article, and put the default interest rates in our comparison chart with the other great balance transfer cards on the GreedyRates site. Check it out below:
Regardless, these fixed rates apply largely to those who plan on using the card for everyday purposes, which is something we don’t recommend. The Platinum Plus card is extremely useful for its balance transfer promotion and shelter from interest rates on existing debts, not ongoing debts. If you apply for the card and are approved, make very sure you pay the monthly minimum without fail.
Would applying for a loan , effect my credit rating ?
If you’re worried that your credit rating will suffer because you’ve applied for a loan, or wish to apply for one, don’t worry. When you apply for a loan or any other kind of credit, the lender must do a hard credit inquiry on you, which by itself doesn’t hurt your credit much. However, if you apply for many loans or credit cards in a short period of time, then all these hard inquiries might knock your score a bit.
Additionally, it doesn’t matter if you get accepted or denied for the loan, it will make the same impact regardless. It’s always good to know exactly what your credit is before you apply, for this very reason. We recommend you do a thorough checkup, which will give you an insider’s look into what the bank sees when they receive your application. It will help you make a more informed decision about when and where to apply.
Thanks very much,
Can we do the balance transfer anytime for 12 months or is it just one time?
For eg, if I requested advance cash from mastercard and pay it off within 12 months. Can I do it again after 12 months for 0%?
Awesome question! If you’re interested in doing a balance transfer to the Platinum Plus Mastercard from MBNA, then there are a few things you need to know. The first is that you’ll be given a generous window of time during which all balance transfers will receive the 0.00% interest promotion. The window is 90 days and it begins once you’ve received and activated your card. You can do as many balance transfers as you like, from virtually any outside banks, and regardless of what type of loan it is. Loans, credit cards, lines of credit, it’s all able to be consolidated with the Platinum Plus.
Once you’ve finished the 12-month promotion and (hopefully) paid off your outstanding balances, then you can surely get another Platinum Plus card. We’ve had readers who have enjoyed it two, even three separate times over the years. Once the balance is cleared (or moved to another card) after the year-long promo, you can close the account and then reapply for the Platinum Plus as a new cardholder again. MBNA typically has no problem with this.
If you don’t manage to pay off your balance, it’s still OK. For those with a payment history showing that they’ve worked hard, MBNA is often willing to extend another low-interest deal straightaway. There are also other balance transfer cards out there, like the Amex SimplyCash, with 1.99% interest for 6 months and no transfer fee.
Best of luck!
The GreedyRates Team
Do they send balance transfer checks with the new card? Or how do I transfer the balance when the card comes?
You’ve asked a great question about the MBNA Platinum Plus card, and we’ll do our best to answer. If you want to do a balance transfer to the card, then you’ll first need to get approved for it. If you’ve already clicked on the link above and been approved, congratulations—now it’s time to play the waiting game.
While you wait for it to arrive, try logging into MBNA Online Banking now. It’s possible that some of the information required to login comes with the card itself, so don’t be worried if you don’t have access yet. Regardless, the way to request a balance transfer to MBNA (or to request a transfer of funds into a chequing account from the card) is to submit it via the Online Banking portal.
Once you enter your request, then MBNA processes it and gives you approval usually within 2-5 business days. Be sure to keep paying your bills in the meantime!
Hi, if I were accepted for this card could I pay off the credit cards in my wife’s name? Or would it be better to transfer my “credit ” into my bank account and pay them off from there? Thanks
We appreciate you coming to us for help with the Platinum Plus card from MBNA. There are many ways to take advantage of the card, and if you want to use it to pay off your wife’s credit cards then that’s very easy. As a married couple, you’re able to take on each other’s debts and share responsibility for the same financial situation.
Once you apply and receive it, you’ll be able to use one of two methods to extinguish her high-interest debt. You can either transfer the balances in her name to your new card, or you can direct deposit cash from MBNA to her accounts. Either way, you’ll end up with her balances consolidated into one, on the Platinum Plus card. In our opinion, doing a cash transfer is the easiest way to accomplish it.
Simply apply for the card in the link above (new card will be coming soon) and then when it arrives, log into MBNA Online and request an outgoing transfer. You’ll give your wife’s account details, be charged 1.00% transfer fee, and then can breathe a sigh of relief. You’ve got a full year to kill that debt without suffering constant interest payments! Let us know if you need any precise guidance and we’ll help you out.
Why do you put credit poor to fair yet when I applied i was refused for fot age and being retired i am over the limit for income all i want to do is have a credit card with no yearly charge and good interest rates
Thanks again for your comment. We’d love to provide you with as much assistance as you need, so please let us know how your call with the bank went. Unfortunately, online tools aren’t often sophisticated enough to recognize a retired individual with a pension and special circumstances. They’ll give your lack of income unnecessary weight and this could cause an application rejection. It might have been rejected for other reasons.
Either way, call the bank and explain that your lack of income is no barrier to your ability to pay bills on time, or manage credit. You will likely be required to provide further documentation over the phone, like your social ID number. Otherwise, if you’re in need of credit at a low interest rate and with no annual fee, we have some great suggestions for you.
The BMO SPC Cash Back Mastercard, for example, requires no credit nor income to get approved. If all you need is credit, no annual fee, and a decent interest rate–this is your card. You’ll also earn 1.00% cash back on all your purchases, and can protect new items that you buy with extended manufacturer’s warranties and 90 days of damage and theft coverage. While we normally recommend it to students because of its low requirements, we think it might also suit your situation as well.
Yes it is great for a new applicant. I am a long time client with a 54K limit and all I get for transfer rate is 9.9%. They used to offer great promotions until TD got involved.
Why am I refused I have a good credit and pay all my bills on time is it because I am retired with only gov income and going on 68
Thanks for contacting us about your issues getting approved. We understand it’s frustrating, but remember not to apply for another card right afterwards–it could dent your credit. If you’re retired and have no salary except for a pension or other government income, some credit card issuers will be hesitant to approve your application. With a perfect payment history, it’s unlikely that they’ll get any late fees or interest payments from a customer like yourself, but that doesn’t mean you’ll get rejected everywhere.
Many banks are happy to approve people in your situation for a credit card, but they might ask for additional documentation and other details beforehand. If you applied online, there’s a chance that you were not presented with this opportunity, so we think it might be better to phone in. If you can call the bank that issues your desired card and get a customer service agent on the phone, they’ll inform you of the best path to take. Best of luck!
The GreedyRates Team
So if i apply for this card balance transfer do i have to give up the card i currently have or can i keep it but just pay off its balance ?? Also what will the new cards limit be or will there be a new card at all is it just some kind of loan meant to payoff debts but unable to pay and charge against it monthly i wouldnt want to lose having a credit card completely as its almostt a requirement to do almost anything these days as most places wont even accept cash or cash deposits for rentals or anything
Thanks for the question about MBNA’s Platinum Plus card. If you choose to transfer your current card’s balance to MBNA and use the 0.00% 12-month promotion, there’s no reason why you’d need to cancel the card or close your account. We’re sorry if we didn’t make that clear. When you transfer a balance to the Platinum Plus card, you’re simply erasing debt from one place (with high interest) and transplanting it to MBNA (with zero interest).
You’re totally free to keep your current credit card, now without a balance, and use it as you always have. In fact, we probably encourage it, although you should be sure to make payments on time and avoid more transfers in the future. The debt you moved to MBNA will stay put for 1 year, without preoccupying you with fears of compounding interest. To address your concerns about the credit limit, MBNA will determine your maximum limit just like any other credit card issuer or bank does. It depends on your bill payment history, credit utilization ratio and a host of other factors, and isn’t guaranteed to match your existing balance.
If that’s the case, then you’ll either keep a smaller balance on your old credit card or apply for a second balance transfer card to take the remainder. We’re fans of the SimplyCash card from Amex, as it charges just 1.99% interest for six months and has no transfer fee. Let us know if we’ve cleared things up for you!
How do I know if i was approved??? I applied a few weeeks ago and heard nothing seen nothing help! Only trying to work on one of my biggest cards
If you haven’t heard back from the bank about your application, it doesn’t mean they haven’t received it. Normally, banks say that they might take up to 10 days for an application to go through, but in reality it can be longer. If it has been a few weeks then they may be working through a backlog of applications (including yours). We recommend calling them and asking for an update.
Call who my CC company??
I think I did it right this time! I got a confirmation email not like last time and a thingy came up pending request it didn’t do it last time! So hopefully they will see my monthly income and what not and help cause I need help in debt so bad 18000 on 2 In my name and 32000 in mine and my fathers name which I mostly applied for the 2 in my name as my dad is the owner of one account I am just a co-signer! I didn’t incude as they said child support is not required if don’t want to use that as payment so I didn’t include that amount in didn’t include that PLEASE help me I am despritely needling help single parent single (part time)income! And thank you for answering!
So after the 12 months what is the interest ?
Thanks for the great question. With the MBNA Platinum Plus card, the interest rate on balances transferred from other lenders (credit cards, loans, lines of credit and more) within 90 days of receiving the card is 0.00% for 12 months. After the 12 months is up, then the interest rate you pay on the remaining balance (left over from the original transfer) moves up to the default 21.99%. This is highly avoidable, and not a difficult obstacle for most of those who understand the potential of the card.
The risk of not paying off your balance entirely, and then incurring one interest charge before you transfer the balance to another card, is totally worth the enormous savings you’ll see over the prior year. Once you see the yearly date approaching in your calendar, just transfer the balance to another card if necessary and pay it off from there. We’ve linked you a page with all the great balance transfer deals below. For example, if you still have $1,000 unpaid after 12 months, transfer it at a 0.00% fee to the Amex Simplycash card (1.99% for 6 months’ interest deal) and that’s it.
Hope that helps!
i really need to borrow 8000$ today, i have no credit card and im unemployed but i earn 1000$ per month. could u please help me out
Hello Thu Huong,
Unfortunately, GreedyRates is not a lender or bank, so we cannot lend money directly. We can provide you with some guidance about how to improve your financial situation, however. If you have no credit card and are unemployed, but still have access to cash, you can get a secured credit card. Secured credit cards require no minimum annual income, and no credit score to obtain. All you need to do is deposit as little as $200 to get a card with a matching credit limit, but you can go as high as $10,000 with some secured cards.
This won’t solve your need for $8,000 immediately, but it will help you gradually build a healthy credit score, and one day get a loan for this amount that you can pay back responsibly. If this sounds good to you, we recommend that you first check out the Refresh Secured Visa, which has a low minimum deposit of $200. The Home Trust Secured Visa Low-Rate Option is another great card with a $500 minimum deposit, and a competitive purchase interest rate of 14.90%.
Using either of these cards responsibly for a prolonged time will help boost your credit score. Credit bureaus are kept aware of your behavior more frequently with secured credit cards, ensuring that with diligence, you’ll be able to recover your financial health no matter what in your past. If you need any further guidance, just let us know.
Before I apply I would like to know if this is going to hit my credit score hard? I applied for Scotia visa and that damaged my credit score
Great question. When you apply for a credit card, the bank will do an inquiry on your credit report held with bureaus like Equifax or TransUnion. All inquiries dent your credit temporarily and show up on your history, so you don’t want to apply for tons of credit cards simultaneously. This is always a risk that applicants take, but it’s a necessary one. If the bank couldn’t check your credit, then they wouldn’t be able to trust you with more of it!
Our advice? Do a thorough checkup on your credit history to ensure that there aren’t any discrepancies such as old debts that were already paid, mistakes or other entries that are inaccurate. If your credit history is as clean as it can be, and your score is good, then you shouldn’t be afraid to apply for the MBNA Platinum Plus card. Another point in your favor is that this card in particular is largely suitable for those in a tough financial situation, which might mean weaker credit, past bankruptcies, or lots of outstanding debt. As a debt consolidation card primarily, it’s not in MBNA’s best interest to refuse relevant customers.
The GreedyRates Team
Am I eligible to apply for a 2nd mbna platinum mastercard having 2 cards at the same time or cancelling the first one after I successfully applied for a second one?
If you already have an MBNA Platinum Plus card, and were successfully approved for another one, then there’s no reason to cancel your first card unless the balance is paid off entirely. These cards have relatively high interest rates on purchases and cash advances, so if you’re planning on using it to make everyday purchases, you need to make sure to pay your bills every month. Otherwise, the Platinum Plus is useful for its balance consolidation promotion of 0.00% interest exclusively.
If you still have a balance remaining on your first Platinum Plus card, note that you cannot transfer it to your second Platinum Plus card. MBNA does not extend the 0.00% promotion to balances transferred from within their own walls. To get the same promotion again, you’ll first need to transfer your remaining balance out of MBNA and then back again from another bank.
To accomplish this, we prefer to use Amex’s Simplycash card, which has no balance transfer fee and offers an interest rate of 1.99% for 6 months. Just make sure to transfer the balance back to your second MBNA Platinum card within 90 days of getting it, or else you won’t be eligible to receive the promotion. If you need further details, leave another comment or email us, and we’ll be happy to provide more information.
i don’t think its right that this offer only good for new people WHEN its the people that for payed the interest for years .Not happy. Where not happy
We understand that it’s frustrating for MBNA and TD customers to be ineligible for the Platinum Plus card. If you have a large outstanding balance with TD or MBNA and need relief, then it can feel like the Platinum Plus card—the best tool for reducing debt—is tantalizingly out of reach. However, you can still get a card that offers an excellent balance transfer promotion, and in fact we have several that we’d readily recommend.
Check out the AmEx Simplycash card first, in our opinion. This one is pretty forgiving when it comes to large balances, as it neglects to charge cardholders a transfer fee for their balance and offers a solid 1.99% interest rate for 6 months. If you can manage to transfer all your debt to the card, then you can cancel your MBNA card and apply for the Platinum Plus as a “new” customer. There are other cards that suit this strategy well, and they’re all included in the comparison page that we’ve listed below. We hope you find the card that’s best for you!
I am on a comsumer
Proposal can i still apply
Thanks for your great question. Keep in mind that for cards like the Platinum Plus, banks including MBNA understand that applicants for these special cards might have a difficult financial situation, which is relevant to the card’s central theme of balance consolidation. Accordingly, banks will often judge less harshly when it comes to poor credit, low income, and consumer proposals or bankruptcies.
In our experience, it’s smart to call the bank first and inquire about the card. Their representatives will sometimes offer an application directly via the phone instead of making you fill out forms online, which could be a benefit considering that you wouldn’t need to elaborate more on your current financial situation. This is how some of our other readers have managed to get ahold of cards that they don’t exactly qualify for, or if they feel their chances for approval aren’t as airtight as possible.
Would like to know if it is possible to get approved for the mbna credit card while someone is in a consumer proposal have a cc with 1000 limit
Thanks for coming to GreedyRates and for your question about the MBNA Platinum Plus card. Remember that MBNA designed this card to help those in the direst of financial situations. As far as we’ve seen, their history of approving applications has run parallel with this idea, and some of our readers with quite low credit scores, and even bankruptcies, have managed to get ahold of the Platinum Plus to help themselves out. There’s no reason that you’d be the exception. However, we’d advise you to call MBNA first and inquire about the card. You can ask specifically about your hesitation to apply given your consumer proposal, but don’t lead with this question. Ask a few questions about the card and see if the representative will extend an offer for it, even without knowing about your proposal. Otherwise, you’ll just fill out the online application located above.
If you don’t manage to get the card, then we suggest going for a secured credit card. The card you mentioned with the $1,000 limit may be secured, but it can’t hurt to have two. Secured cards are ideal for customers like yourself, who are working towards improving their credit quickly, as they will report your financial activity more frequently to bureaus like TransUnion and Equifax.
If I have monthly payments set up on my current card, will they automatically transfer over if I do a balance transfer or will i need to set them up again? Also, will any new charges after the transfer to the MBNA card be susceptible to the 21.99% interest fee ? This looks like an attractive deal but I don’t want to incur higher interest fees on new charges such as hotel booking ect (things you need to purchase with a credit card).
Thanks for leaving us a comment. We’ll help you sort out the situation. First, if you’ve got automatic billing set up with an old credit card, then these payments will not automatically go to the Platinum Plus after transferring your balance from that card. A balance transfer is just moving debt from one card to another and doesn’t include any peripheral services like automatic billing or any other feature of your old card. You’ll need to call your old bank, cancel the payments, and then call the utilities company and redirect your bills to MBNA.
Second, you’re free to set up your bills with the Platinum Plus card, but we advise caution. These constitute purchases, which are billed at a high interest rate, so if you don’t pay the bills each month in addition to your minimum payment, then you’ll incur high interest. Any purchase or cash advance is charged interest at the standard rate, not the 0.00% rate. We recommend using the Platinum Plus to reduce interest only while keeping your other credit card handy for everyday purchases.
I had the MBNA credit card my min payment was posted once 2 days late they canceled the promotional offer of 0% interest and there was with noone to talk anymore….. its not worth the free interest and then they try to catch you and over charge
We appreciate you reaching out. It sounds like you encountered a different problem other than the slight tardiness of your minimum payment. Banks will rarely cancel your account for missing a minimum payment, even by months. If this happens, they’ll typically charge you a late fee and add it to your next statement. After not paying for many months, they might write off your account, cancel it, and send it to a debt collector. It’s unlikely that this happened because of a two-day slip. It’s also unlikely that there was no one to talk to—call back and don’t get off the line until you speak with the correct person and let us know how it goes.
I have a TD emerald @14% interest and 15 000 limit which I’ve used. Would there be an option to transfer that balance to pay down as much as I can in the year then transfer the remaining balance to another low interest card or back to my 14% card? Doubt I can get the full 15 000 paid in the 12 months even with interest free.
Thanks for your inquiry and curiosity about the Platinum Plus card. We think that it will help you with your $15,000 balance and high interest rate. Here’s how. You’ll first need to apply for the card via the link here or in the article above. Then, MBNA will look at the components of your credit and determine what credit limit to give you on the Platinum Plus. If you’re approved for a limit of $15,000 or above, then you can simply do one single transfer for your entire balance. If your credit limit is less, say $10,000, then you’ll have $5,000 left exposed to high interest, which you’d focus on paying off while the rest is sheltered with MBNA.
You ideally want as little debt carried from month to month as possible, so another alternative might be to get a second balance transfer card in addition to the Platinum Plus. We like the AmEx Simplycash card as a supplementary balance transfer deal, as it offers you 1.99% interest for 6 months. This way, if you’ve got $15,000 split between two interest-reducing cards, you can work to pay off the one with greater interest and then focus on the balance held with MBNA. Alternatively, if your credit limit is $15,000 on the Platinum Plus, you can use the AmEx card right afterwards to get another 6 months with low interest. Hope that helps!
Hi, my husband and I just reserved a condo and we are short of $20k to pay the condo in full. We are only using credit card in Desjardins bank for our monthly expenses and we do not have any loan before. We have combined income of $115k. Can we use this card to get $20k cash advance or line of credit? If yes, can we also get 0% interest for that in 12 months? Thanks.
I currently have a MBNA True credit card and I would like to take advantage of the 0% MBNA credit card and transfer the balance from my MBNA True MasterCard. Is this possible?
Hi Joanne! Thanks for your question. MBNA imposes only a couple restrictions on cardholders, and one of them is that you cannot transfer an existing balance from within MBNA bank itself. This is because the bank isn’t willing to freely discount its own customer balances without something in return. They are willing to do this for other banks, because it means earning a new customer. Unfortunately for you, this means that you won’t be able to transfer your MBNA card’s balance to the Platinum Plus. However, there are many other excellent balance transfer deals out there. Check out this list.
You can see that cards like the RBC Visa Platinum offers a rate of just 5.90% for 30 whole months (2.5 years), which could save you a lot of money. Others offer better rates but for shorter periods, like Amex’s SimplyCash card with 1.99% for 6 months.
I get that you can transfer up to your assessed credit limit and transfer from different sources; another credit card balance/s or from a line of credit, if they are transferred within the 90 days of initially signing up for the card and all will be at 1% balance transfer fee correct? How is the minimum monthly payment determined? I read that there is absolutely no grace period for missed payments, so you have to make those payments early to avoid the penalties of interest charges. Do you have to know your credit score before you apply? I have also gone on to read other independent reviews of this company and it looks like, according to most of the reviews, that their customer service is not the greatest when it comes to asking questions. Have you found had any complaints regarding that, and is there any hidden fees that are in fine print that we should be aware of?
Hi Helen, thanks for coming to GreedyRates for confirmation. Yes, with the Platinum Plus card, you’ll be charged a 1.00% transfer fee for every balance that you move to the card within the first 90 days. Assuming the transfers all occur within the 90-day window, they’ll all benefit from 0.00% interest. Remember that the 1.00% of each balance transfer is still 1.00% of the total of all transfers, so you don’t lose out for doing multiple transfers from different banks or cards.
Your minimum monthly payment is determined by your balance and how you use the card. The $10.00 minimum charge is the payment you need to make to be a cardholder, and it’s a frequent occurence between card issuers. You’ll also be charged for new balances that are accured, from purchases or cash advances made with the card (not recommended). Don’t worry too much about these fees because they don’t hurt badly if you’re using the card as intended, and not to accumulate further debt. Regarding your credit score for eligibility, we recommend that you have a score that’s around 580 or more.
I already have your card have done a card transfer line of credit.Can I get the same deal to pay of another card intrest fre
Hi Elizabeth! Thanks for your comment. It sounds like you’re using your Platinum Plus card effectively, have consolidated a line of credit to the card, and now want to transfer your other credit card balance as well. If you have more headroom between your balance and your credit limit with MBNA, and the 90 days for the transfer period haven’t run out you could use that, but it might not cover both your line of credit and card debts. In that case, you won’t be able to get a second Platinum Plus at the same time, but you still have other options.
We’ve compiled a list of all the best balance transfer deals in Canada, and they aren’t all as good as the Platinum Plus, but many come very close. Regardless, it’s likely that they all have a lower interest rate than your current card. Check out great credit cards like the Amex SimplyCash, which charges just 1.99% interest for 6 months on balance transfers. Another excellent alternative is the RBC Visa Platinum card, which shelters your balances for 30 months at just 5.99% interest.
Hello! I was filling out the form until I realized I can’t transfer the balance from my current TD Credit Card which was a total disappointment for me since this is the card I was expecting to improve my balance. Which other card would you recommend instead? ScotiaBank Value Visa or Amex or RBC Low Rate? They both seem similar but on another site I saw that the monthly fees are different amounts (is there statement charges or any other fees on top of the 10$ minimum?).
Hey Anton! Thanks for your questions. We’re sorry to hear about your struggles with high interest, and are glad that you’re turning to the MBNA Platinum Plus card for a solution. We’ll help you make the most of it. Regarding the comparison between MBNA’s Trueline card and the Platinum Plus, the Trueline has a higher interest rate on balance transfers even if you manage to qualify for its lowest rate of 5.99%. This alone disqualifies it from the race, because as you mentioned, any amount of interest is enough to make minimum payments difficult to manage.
Concerning the Platinum Plus’s fees, the $10.00 charge is simply the minimum payment you need to make to be a cardholder, and it’s common among many major credit cards. You then add in a whole slew of your ‘new’ interest charges, which would be minimal assuming that you make no purchases or cash advances with the card and pay your minimum balance monthly. These small charges are vastly outweighed by the 0.00% promotion’s money-saving potential, so most cardholders don’t stress them.
To address your second question, we’d definitely transfer as much of your outstanding balance as possible to the Platinum Plus card. The more money you can shelter from that 19.99% interest, the more you’ll save over time. It’s also easier to manage the repayment process on one card rather than two.
Third, it’s probably smart to replace your current card. Between the Value Visa and the RBC Classic card, we’d go with the Value Visa. The RBC card does have a lower annual fee, but the Scotiabank Visa has the same 11.99% interest rate on purchases, but a much lower 0.99% rate on cash advances. It also lets you do a balance transfer and pay just 0.99% on balance transfers during the first six months, so if the Platinum Plus doesn’t cover all your debt, you have a safety net.
I do not want to transfer any dept but would just like to use the card to make a larger purchase, would I still get the 0% for 1 year?
Hi Z, thanks for the great question! The MBNA Platinum Plus card is truly excellent for reducing one’s exposure to high interest rates, but it can be used for other things as well. Instead of using the card to transfer your outstanding debts or obligations, you can simply get a loan (or line of credit, or new credit card), and then use your newfound capital to make the large purchase you mentioned.
It’s a virtual guarantee that the loan you take out will have significant interest rates, so you’d then transfer this new balance to the Platinum Plus card. This might require some deft timing with the application, as only balances that are transferred within the first 90 days of membership can avail of the 0.00% promotion. Also, you’d be smart to ensure that your approved credit limit with MBNA matches the amount of your purchase, otherwise some of your debt will be exposed to compounding interest charges.
To summarize, the best plan of action is likely to apply for both your loan and the Platinum Plus card in quick succession. Then use your loan for the purchase and immediately transfer the balance over. This strategy is almost like getting a zero-interest loan, but requires a bit of leg work. Good luck!
I would like to talk to a rep about balance transfer don’t have email at this time just made transfers on my pc can someone call me at 506-204-1269 the email showing I am not able to access it at this time. THanks.
Hi Annette, thanks for contacting us about your issue. If your PC is having trouble and you aren’t able to send an email, you can always get in touch with customer service via phone. Unfortunately, we’re unable to help you with your request as we have no relationship with the bank. Our role is only to review the credit cards that banks release and highlight their pros and cons for readers like you. We suggest that you contact MBNA customer service, which will be more than willing to help you with whatever you need. Best of luck!
hi Guys I have a question, can you transfer line of credit balance to the card?
EG $10000 transferred
$25 dollars statement charge per month = $300
1% fee on $10000 = $100
Total = $400 or 4%
In comparison to a Scotia bank line of credit, currently 0.25 above prime for 6 months, which is better deal as Line of Credit balance is dropping and thus interest reduced in relation to debt.
It states cash advances are charged interest immediately, does this mean zero % if cash advance is prior to 90 days ?
Hi Marc, thank you for your inquiry! Yes–you’re allowed to transfer lines of credit to the MBNA Platinum Plus card, and also loans or balances on other credit cards. For your example, you’re comparing the Scotia line of credit rate against the MBNA Platinum Plus. While you’re right that you avoid a 1.00% transfer fee and minimum statement charges with Scotia, you should also consider that the transfer fee is frontloaded into the balance transfer. You don’t need to pay these fees in cash–they’re simply added to the total balance. Then, you can forget about interest for a year, whereas you’ll always be aware of your exposure to interest with a line of credit.
Also, when MBNA states that cash advances with the Platinum Plus card will be charged interest, they mean it. The card is really useful for balance transfers, whether by necessity or for those looking for inexpensive financing. Even if you were to do a cash advance in the first 90 days, you’ll be charged interest. Let us know if we can answer any more questions for you and thanks again for reading.
Of course it didn’t mention this:
Balance transfers and access cheques: 21.99%
Cash advances: 24.99%
When most credit cards are 9.9 % or 11% or can be negotiated to rise rates!
Glad to hear from you! We’re very up front about the high interest rate for purchases and cash advances with the Platinum Plus card because we don’t want readers applying for it with an intention to use it like a normal credit card. The perk that is the most overwhelmingly important to you is the year-long 0.00% interest bonus on balance transfers only. There is absolutely no way to make purchases or to withdraw from an ATM and carry the relevant balance month to month, without seeing significant interest charges. We also think you’re a bit optimistic about standard credit card interest rates—you may see between 9.00% and 11.00% on a special Low Rate card–but not with most rewards or cash back cards.
Good morning I would appreciate speaking to one of your representatives
I know this sounds too good for the first 12 months but what will it cost after 12 months. What will the interest or annual fee be ?
Hey Nick! Thanks for showing your interest in the MBNA Platinum Plus card. We know it looks too good to be true, but it really works as advertised. For 12 months you pay 0.00% interest on the balance or balances you transfer to the card in the first 90 days, regardless if it’s from a bank loan, line of credit, or other credit cards. You’ll save tons of money by avoiding interest payments that compound over time, and have ample warning before the promotional rate expires. Afterwards, it returns to the standard balance transfer rate of 21.99%, which you’ll begin paying on whatever remains from your original transfer.
If the remaining sum is still significant, you can simply transfer it to a different card before the rate increases. For this purpose We like the New SimplyCash card from American Express, with its 1.99% interest rate for 6 months, and $0 balance transfer fee. In the meantime, you’d ideally cancel your MBNA card and reapply for another Platinum Plus if necessary. Let us know if you need any further guidance. You can learn more about the Amex card we recommended by reading our complete New SimplyCash card from American Express review.
What is the maximum limit for this card
Hi Serge, thanks for being a GreedyRates reader! To address your question about the maximum credit limit available with the Platinum Plus, first know that MBNA assigns your personal credit limit based on outstanding balances, past approved credit limits, credit score, repayment history and other data available on your credit report.
If you have decent credit and high income (but also high debts), then there’s no reason why MBNA would restrict you with a credit limit representing a small fraction of your balance. Everyone’s credit limit scales with their situation, so there’s no maximum or minimum that we’ve seen. From as little as $1,000 to upwards of $50,000, the Platinum Plus is suitable for people with outstanding balances in any amount. Good luck with your application!
Why can’t it be a TD balance transfer?
Hey Dee, thanks for your question! It might be a bit confusing at first, but it makes sense when you think about it. TD acquired MBNA bank a couple years ago, so essentially, they’re the same company. MBNA’s incentive for offering such an awesome balance transfer deal is singular: to earn new customers. However, if they offer the same deal to existing customers, then they’re reducing their own profits from interest without anything in exchange. However, if it means taking a customer from RBC or BMO, then it’s a no-brainer. Hope that helps!
Can I pay off a line of credit using the credit card?
Hi Karen, great question! You can use the MBNA Platinum Plus card to consolidate any type of debt, in any amount, and in as many transfers as necessary. It doesn’t matter if it’s a line of credit, bank loan, or credit card balance from another bank. There are very few limits, the only two being that you can’t transfer from within MBNA or TD, and then only up to your available credit limit. For example, if you have $12,000 worth of outstanding debt and your MBNA credit limit is only $10,000, you’ll need to leave $2,000 on your old card, or find another balance transfer deal. Let us know what you plan on doing! We can help.
Can you also transfer a Mogo loan principal, or just credit card debt?
Hi Richard, thanks for your awesome question. You’ll be happy to know that MBNA allows any type of debt to be transferred to their Platinum Plus card. It doesn’t matter if it’s a line of credit, payday loan, balance from another credit card, or another kind of debt. You can make as many transfers as necessary, as long as they take place within the first 90 days of membership. Just remember that you can’t transfer from within MBNA accounts, which also includes TD, and that you’ll need to pay a 1.00% balance transfer fee.
The money you’ll save in interest charges vastly outweighs this fee however. Another thing to consider is that if you want to transfer all of your balances in total, your approved credit limit must be equivalent or higher that this amount. If you’re approved for a $5,000 credit limit, then you’ll only be able to transfer this much to the card. Good luck!
what is the interest rate after 12 months
Hey Doug, thanks for your great inquiry. We understand your hesitation when it comes to the amazing 0.00% interest rate deal. The ability to simply ignore interest for a full year is unmatched, though the rate will increase to 21.99% after the promotion ends. However, you’ll have ample time to pay your balance in full, or you can move it to another credit card before the promotion ends.
If it looks like you’ll still have a large balance remaining after your promotion ends, we typically recommend moving it to a card without a balance transfer fee. The Amex SimplyCash card charges no transfer fee, and offers a 1.99% interest rate on balance transfers for 6 months to new cardholders. This is a great way to move your balance off the Platinum Plus and then back onto it later (after reapplying), with minimal exposure to interest.
I am interested
You can apply for the card on this page.
I have had a consumer proposal 7 years ago,3 years clear of it. I have 2 cards with a total of 8500. Also a Mogo type loan for 1600. Full time job making 80k. Wondering about likelihood of approval.
Hey Jim. If you’ve got a small loan from another bank, credit union or any other entity besides MBNA or TD, you’re fine to do a balance transfer with the MBNA Platinum Plus. However, an $80,000 salary doesn’t tell us much about your credit score or history. MBNA doesn’t impose a minimum personal or household income for this card, but it does look closely at how responsible you’ve been with your other debts and credit tools. If we can assume your credit is good, your chances of approval are likely. All you need to do is click on the link and then outline the balances you’re planning to transfer on the application.
You’ll be charged a 1.00% balance transfer fee, raising your total transfer from $10,100 to $10,201 if the entirety of your outstanding balances are below the card’s limit set by MBNA. Let us know if you need any further assistance, and we’ll be happy to provide. If you want to email us with more exact details of your credit (if you still doubt your eligibility), we’d be happy to take a look. Thanks.
“If you transfer your balance after you’ve applied the fee could go higher.” So exactly how much higher and why the “could”?? Can you please be specific about these things?
Hi Vee, thanks for your question. We understand your confusion with the quote you provided from our review of the Platinum Plus card. We admittedly could have phrased this better, but all you need to know about the balance transfer fee is this: each balance transfer done via the application incurs a 1.00% fee. The fine print says that “There will be a transaction fee equal to 1.00% of the dollar amount of each balance transfer initiated with this application.” Essentially, this means that you’re paying 1.00% of the total sum of your balance transfers outlined on the original application. Even if you’re transferring multiple balances, 1.00% of each single transfer is still 1.00% of the collective total transferred to the card.
After being approved and receiving the card, you’ll have 90 days to do other balance transfers if necessary, which will also incur the same fee. Remember that you don’t pay the fee outright in cash–it’s simply added to the total of your transfer. As far as we know, these post-application transfers are also charged a 1.00% fee and nothing more. If you transfer over $10,000, the fee makes your new balance $10,100. Hope that helps!
I have been working on my credit. I had some issues with some collections, all have been paid off for 2 years and building back my credit, bought a house last Oct, so again, my credit score went down, I have a secured credit card for 2.5 years and two other cards now for 1.5 and 1 year. My limits have been increasing with them. Since the 3 cards are not bank credit cards, can I transfer those balances over to MBNA Platinum if I am approved?
Hey MEC, thanks for your comment and for reading GreedyRates. We’re happy to hear that you’re working on improving your credit. Getting a secured credit card was smart, and likely helped you raise your score enough to get that mortgage–congratulations! Now that you want to consolidate your debt with the Platinum Plus card, you’ll need to come up with a new plan.
If your credit was good enough for a mortgage, it’s probably also enough to get you approved for the MBNA card. However, we don’t know the total amount of debt you want to transfer to it. This depends on your credit limit. If you’re approved for a credit limit that matches the sum of your outstanding balances, you’re in the clear, but this may not be the case. Accordingly, you’ll have to plan which balances to “leave behind”. We say you should keep your secured credit card as is, because you had to pay a security deposit to get it in the first place.
Keep using your secured card and paying off its balance regularly, so that you can continue raising your score with more frequent credit bureau reporting. Once you’re comfortable with your credit, pay it off, close the card and get your deposit back. In the meantime, your other two debts will be safe under the shelter of MBNA’s Platinum Plus card. Also note that it doesn’t matter where the credit cards, loans, or lines of credit are from (as long as it isn’t MBNA or TD). You’re able to transfer virtually any type of debt to the Platinum Plus card. If you need assistance with your application, let us know! We included the card application link for you above.
This intro rate and balance transfer is nice… However, what is the interest rate after the intro rate is over. This option only makes sense if all debt can be paid off in the 12 months, otherwise you’re right back where you started. You know that old saying “If it looks too good to be true it probably is”? That’s what this looks like.
Hi Christina, thanks so much for coming to get clarification. While “too good to be true” is usually a cliché that has some truth to it, it doesn’t apply to this credit card. You really can get 0.00% interest for 12 months on the original balance transfer, while all other activities with the card carry interest at the published rate. Once the 12 months are over, the interest rate for carrying the original balance transfer month-to-month is increased to 21.99%.
However, even if you can’t pay off your entire debt in a year, you can still avoid thousands in interest that would’ve accrued otherwise. You aren’t forced to keep your balance with MBNA, either, and are free to transfer whatever remains to a different credit card promotion. Our readers do this all the time, and we’ve had rave reviews of the opportunity that the card grants.
Many who still have a remnant, or even a majority of their original balance can simply transfer it to a card like the Amex Simplycash card. There’s no balance transfer fee for doing so, and Amex gives them an extra 6 months at just 1.99%. In the meantime, you can cancel the Platinum Plus card and apply for another one. Essentially, if you plan ahead and make smart payments, you can get almost non-stop shelter from interest.
You can learn more about the Amex card by reading our full Amex SimplyCash Card review.
is the 1% over and above the prime rate or it is 1% through and through. no hidden interests anf fees.
Hi Meno. We appreciate your question! The MBNA Platinum Plus is a great tool for consolidating any kind of debt, regardless if it’s from another bank’s credit card, a loan, or even a line of credit. You’ll be able to successfully transfer the balance of your line of credit, assuming that MBNA approves you for a large enough credit limit.
To address your question about the 1.00% transfer fee, the fee is added to the balance transfer’s total at the time of the transfer itself. So, if you’re moving a $10,000 balance to the Platinum Plus card, then the total balance you’ll need to pay off is now $10,100. There isn’t any hidden interest rate to worry about either, though MBNA makes it clear that after the 12-month promotion, the interest rate on your original transfer increases to 21.99%.
Thanks again for your questions–hope we helped!
Hi there I have dedt for about $5000. But credit score is fair.can I still apply for it.
Hey Pardeeph, thanks for the great question! When it comes to the MBNA Platinum Plus card, the amount of debt you have is no obstacle. Just wait for your application to go through, and then you’ll see what kind of credit limit the bank approved you for. This is the maximum amount of debt you’ll be able to transfer, and we’ve seen some individuals transfer five figures plus. The criteria more relevant to you is credit.
If your credit is ‘fair’, it could be enough to make you eligible. Remember that the card is designed for those with tricky financial situations, so it’s not in the bank’s best interest to reject applications for its most relevant customers. Overall, we recommend a minimum credit score of around 580. If you’re nowhere close to this number, perhaps spend a half-year or so with a secured credit card. This will help you boost your score in anticipation of your next credit card application. Good luck!
Yes it is a very good option to go for it..
Hi, I have about 25, 000 if not more to transfer, I am never ever late with any payments. Do you have a pre-approved cards? I don’t like losing score points for inquiries.
Hey Rhonda, thanks for coming to GreeydRates! Just one question: is the minor, temporary impact on your credit score equivalent in significance to the amount of money you’d save with the Platinum Plus? If you’re worried about your chances of approval and don’t want to risk an application for nothing, then you can skip the application and try a secured credit card. However, if you are “never, ever late with any payments” then you have nothing to worry about! The most important thing for you should be reducing that 25,000 balance, and given what you’ve told us, we’re confident in your chances. Give it a shot in the link above and let us know how it goes. Thanks!
sorry but its not true i am never late aways on time and i owe less then Rhonda and did not get approved so that is the last time that i will try mbna
I am on severence package till july2019. Will i qualify for the card?
Hey Bal! Interesting question. First of all, if you’re on a severance package, we assume that means you’re subsisting off of the money that your previous job gave you when you left. This has no real bearing on your ability to be approved for the Platinum Plus card, as severance or joblessness don’t affect your credit. The only factors that MNBA uses to determine your eligibility are in your credit report, and there are no income requirements at all. As long as you have decent credit, you’re good to apply via the link above.
Hi, I would like to know what my chances for approval are .I have $17500 spread over 3 differnet cards that I would like to transfer.My score is 656.The concern however is that my tdsr is in the vicinity of 60% and so I am skeptical to put in an application with the fear that I might be declined and cause my score to take a further hit.
Hey Andrew, thanks a lot for your inquiry into the MBNA Platinum Plus card. We have some good news for you: it doesn’t matter how many different outstanding balances you have or their sum amount. You can transfer it all to the Platinum Plus card as long as you:
– Transfer it within the first 90 days of cardmembership
– Transfer from banks other than TD and MBNA
– Transfer only up to your approved, available credit limit with MBNA
This means that much of the information you’re looking for will only be available after you’re approved and given your credit limit. If your limit is $17,500 or more, you’re in the clear. Regarding your credit score, this is usually a reasonable score to assume your eligibility, so have no fear. We’ve seen lower credit scores pass muster without issue. Best of luck with the application!
I at present we don’t have a Credit card can we apply
Hi Claude, thanks for your question! You don’t need a credit card to apply for the MBNA Platinum Plus–it can be your first credit card. Though the card is for balance transfers, the debt you move to MBNA doen’t need to come from a credit card provider. It can also be a standard bank loan or even a line of credit. However, you will need a credit history and a credit score to be approved for the Platinum Plus.
In fact, armed with nothing but a chequing account and a reasonable credit history, you’re still eligible. People commonly look at the Platinum Plus when they know they’ll be facing a large one-time purchase, for which they’ll take out a loan at another bank. Then, instead of being forced to pay interest immediately, they can transfer it to MBNA (for a small fee), and then pay it off on their own schedule. Let us know which of these situations applies to you and we can provide more accurate guidance. Good luck!
Hello! I’ve been getting MBNA cards for a couple of years now. One in my name 2 years ago and one in my husbands name last year. Both paid off in full before end of 12 months. I recently applied and was accepted for one in each of our names and they have arrived. Question: Do I ‘sign-in’ to our original accounts and add them? Or do I initiate new online accounts. I did NOT apply for them through our old accounts, I started from scratch. Any advice would be greatly appreciated!
Hey HJ, we appreciate the interesting question! We’re also impressed at you and your husband’s mastery of the Platinum Plus card. Nice work! Now that you’ve successfully closed out your old MBNA accounts and each have a new Platinum Plus card, you have 90 days to do balance transfers up to your collective credit limit. Just make sure the transfers come from banks other than MBNA and TD.
When setting up your new account, you shouldn’t doubt that MBNA already knows you’re a previous cardholder. They checked the same credit report, saw the same address on the application, and put other pieces together as well. Getting the Platinum Plus card twice isn’t against the rules, so you can just add your cards to your existing MBNA account. That’s all there is to it. Thanks and good luck with your new cards!
I wanted transfer from RBC bank my credit card
Hi, thanks for your comment. MBNA only requires that balance transfers come from banks other than itself or TD. All other banks, including RBC, can transfer your balance to the Platinum Plus card without issue. You can shelter your outstanding balances from interest with a 0.00% rate, for an amount up to your approved credit limit for 12 months. If you’re approved for a credit limit that’s less than that of your total existing balance, just let us know, and we can do our best to help you find a solution for the remainder. You can apply for the card using the link above. Thanks for reading!
i would like to know if i have 680 score at equifax and 596 transunion is ok to get approved with MBNA thank you
Hey Lynda, thanks for coming to GreedyRates with your question. We very much appreciate the exact descriptions, and can therefore answer more confidently. With a credit score of between 580 and 680 (depending on which bureau’s figure you’re quoting), you should have no trouble getting the MBNA Platinum Plus card. We typically recommend that applicants have a score between 580 and 670.
Remember that MBNA also looks at other components of your credit history as well. Elements on the report such as bankruptcy or consumer proposal might affect your chances, but MBNA is generally pretty forgiving. The Platinum Plus card is purposely built for cardholders with troublesome financial situations, and so it’s not in MBNA’s interest to make their criteria too difficult for most applicants to pass. Thanks and good luck on your application!
i would like to know wich company they check your credit Equifax or tranunion my score is better equifax then tranunion i am not late at all aways on time both company i have 16000 on credit card and i owe about 12000 i want to know if i have a chance with MBNA
Hi Lynda, we appreciate your question! When it comes to getting approved for the Platinum Plus card, MBNA doesn’t disclose what information they use to determine applicant eligibility. Most likely, they gather relevant records from each of the major credit bureaus, meaning both TransUnion and Equifax. You shouldn’t worry too much about having a score that isn’t constant between bureaus, as it is often slow to sync for others as well. Regardless, banks will typically consider the higher score when looking at an applicant’s credit profile, as well as their payment history. If you’re always on time, this bodes well!
To address your second inquiry about the sum of your balance, you can transfer any amount of debt to the Platinum Plus card from any number of different banks (except from MBNA or TD obviously). The only condition is that you can’t transfer more than your approved credit limit. So, if MBNA approves you for a $12,000 limit, you can transfer your entire balance over. Thanks!
i have to wait 10 to 15 days when they do that i sure that i will not be approves. i am never late always on time don t understand thank you
I currently have RBC master card $4, 000+HBC $6,000+canadian tire $5,000. would it be possible to transfer all three on one MBNA platinum pls?
Hi Stana, great question! We are often asked by customers with multiple outstanding debts about the MBNA Platinum Plus, and it’s nice to be able to show off the card’s capabilities to these customers. Yes–you can transfer as many balances, loans, or lines of credit from different banks as you like, as long as the total balance transfer doesn’t exceed your approved credit limit with MBNA. For your situation, you’d need a credit limit of $15,000 to be able to consolidate all of your debts in their entirety.
If you can’t get approved for the credit limit you want, it’s best to choose the balances that are subject to the highest interest rates and transfer them first. The others will not accrue interest as fast, and can even be transferred via a different card promotion. The Amex SimplyCash card complements the Platinum Plus well, and offers 1.99% interest for 6 months with zero transfer fees. Good luck!
You can learn more about the Amex card by reading our full Amex SimplyCash card review.
Hi, ive seen all over google that the minimum income is 35k — is this 15k figure correct?
Hi Kyle, thanks for coming to GreedyRates for clarification. We’ve also done a thorough search and will stick with our minimum income figure. Some less-than-official sources believe that $35,000 is the true minimum, yet within the same sources there are people reporting that they were approved with much less. MBNA itself publishes no information on the matter. The lack of concrete information about the Platinum Plus card is for a good reason–their criteria for applicants is proprietary and complex. The bank looks at a wider range of factors to determine the eligibility of any single applicant, so even if their income is in the lower end ($20,000 or less) there’s still a good chance that they’ll pass muster.
Remember that the card is for a very specific niche of cardholders, many of whom would likely be excluded from consideration if a minimum household income was imposed. You can trust the information we’ve provided, but we’d still appreciate it if you’d link us to the pages you’ve referenced. Thanks!
Can I after the 12 month period cancel my card with you and transfer elsewhere instead of paying you 21%
Hey Sharon, thanks for sharing your comment with us! If you’re curious about the MBNA Platinum Plus credit card’s post-promotion rate, we’ll tell you what to watch out for. So the 0.00% interest rate lasts for a year, but only applies to the original amount you transferred to the card. During that year, it’s easy to whittle that balance down to a fraction of its prior size, and so even if you’re caught in the 21.99% interest increase, it hopefully won’t be an enormous initial charge.
Regardless, you’ll know exactly when the rate increases and can therefore avoid it. We can show you how to transfer your balance elsewhere first, like to a different credit card with a solid balance transfer deal. One such card is the Amex SimplyCash, which offers rates under 1.99% for 6 months and charges you no transfer fee.
Also, you should note that the card isn’t ‘ours’, and you aren’t paying ‘us’ 21.99%. We’re simply reviewers of the best credit cards in Canada. If you apply for a card via a link on our site you will be redirected to the card issuer’s website.
Thanks again for coming to GreedyRates, and if you need help with the card, let us know!
I have a MBNA platinum credit card….I put approx. $16,000 on it to finish renovating my kitchen. 9way over budget as usual). Paid it off in 8 months with no interest and was thrilled….however now I would like to do the same with my living room ….why does MBNA not offer these promotions to their existing loyal customers. Can I close my existing 0 balance MBNA credit card and reapply? Thank you
Thanks for your comment! Wow–we’re super impressed with your savvy use of the Platinum Plus card! Your kitchen renovation is a potent example of this card’s potential, and it’s no wonder you want another shot at the 0.00% interest rate promotion. The good news is that you can get it if you play your cards right.
MBNA will offer existing customers the Platinum Plus deal, just not if they already have the card. Also, you won’t be able to transfer balances from within the bank’s own accounts (MBNA or TD). If you close your paid-off Platinum Plus account, then wait a month or so for the bank’s systems to reflect your non-membership, you should be able to apply and get re-approved for the card again. We’ve seen it happen many times over.
You should try to get approved before starting your living room renovation, however, just to be safe. We’re confident that you’ll be approved with no trouble, but it’s always better to play it smart than count your chickens before they hatch! Best of luck.
What about people that had a bankruptcy 8years ago and have been discharged from it for about 5 years.. in that time never missed a card payment (capital one) and never missed a car payment. Score is about 640-650.. Chances of qualifying? Rather not apply and take a hit on credit if it gets turned down.
Hi Bob, thanks for leaving your comment with us. Many people have come to us asking about their eligibility for the Platinum Plus card, given prior bankruptcies or consumer proposals. Our answer is that it usually isn’t a problem, as long as your credit has improved since then, and that you’ve been discharged. Since you’ve managed to accomplish both (a mid-600s credit score is enough for most cards), you should be good to go.
All you need to do is apply for the card and then be patient. We’re confident that you won’t encounter trouble in your application. It really helps that you’ve practiced flawless financial responsibility since being discharged from bankruptcy. This is the kind of information that MBNA looks at when determining whether to approve your application. However, the exact criteria they use isn’t known to anyone outside of MBNA. For this reason, we can’t give you an exact estimate of your chances.
Remember, if you’re not willing to risk the slight dent to your credit that a declined application will make, just give it another few months. You can improve your credit further in this time and give yourself a better shot. Best of luck!
I have approximately $10,000 worth of credit card debt spread out over two cards. I’m interested in the MBNA Platinum card but I am worried that I would not be able to pay down my total debt in the 12 months and terrified of the 21.99% on the balance transfer after the 12 months. Any suggestions?
Hi Mary, thanks for coming to us with your concerns. If you have $10,000 in credit card debt being exposed to interest each month, then you’ll likely have more debt soon unless you do something about it. The Platinum Plus card is an amazing choice for someone in your situation, as it will immediately give you full shelter from your current rates and save you the next 12 months’ of interest going forward. Instead of adding to your debt, you’ll get this year to directly reduce the principal, yet it’s still understandable to be scared of the post-promotion rate hike.
Don’t be, though. Not only will you save tons of money by consolidating your two balances, you’ll also have ample time to do another balance transfer, if it looks like you won’t pay it all off in time. There are several options to those who reach this point, and the easiest is to simply call MBNA and request an extension on your low rate. They’re often more interested in keeping customers who have demonstrated responsible payments, rather than lose them to another bank (which is the second option).
Some choose to do another balance transfer, but this time from the Platinum Plus to a different card. We like the Amex SimplyCash card for this, because it has no transfer fee and offers a low 1.99% for 6 months. We know it’s tough to shoulder the power of a 0.00% interest deal, but we think you have it in you. Good luck!
I already have an MBNA master card. I made a money advance to my bank account at 7.99% of 11000.00 dollars. was charged 330.00 balance fee. can I transfer my 17,836.11 balance fee to a MBNA PLATIMUM PLUS credit card? what are MBNA P Plus interest rates after promotion?
Hi Debra, thanks for your interest in the MBNA Platinum Plus card. We see you were charged a 3.00% balance transfer fee for the $11,000 money advance you obtained via MBNA previously. That’s a lot, and 7.99% interest doesn’t help. If you’re rightfully planning on moving this balance from the existing MBNA account to a Platinum Plus card, you should know that the bank will not allow this. Only balance transfers from banks other than TD or MBNA are eligible for the 12-month 0.00% interest promotion.
To address your second point, the amount you can transfer to the Platinum Plus depends on your credit limit, which MBNA will assign you during your application. You can transfer a maximum of your available credit limit to the card within the first 90 days of membership. Twelve months after the date of the transfer transaction date, your interest rate on this amount increases from 0.00% to 21.99%. You can avoid this when the time comes, but first you’ll have to figure out how to become eligible for the promotion. We usually recommend that people do a transfer out of MBNA, cancel their card, and then apply for the Platinum Plus in a few months’ time.
I applied and couldn’t be happier with MBNA. In my case, I had Line of Credit debt of less than $10,000. I applied for the card, and my application was approved in minutes. I then applied to transfer funds from MBNA’s card to another bank and this transaction was complete in 5 days. I paid off my LoC and now owe MBNA. The 1% transfer fee is under a hundred dollars and for the next 12 months I will have no interest. I have never had a deal this good. In nine months I will pay off all of my debt. I was skeptical at first because things that seem to good to be true are usually shady but this IS NOT THAT. This is the real deal.
I just recently applied for a balance transfer and it wasn’t auto-approved. It stated I have to wait 10-15 days for someone to contact me, although my chat representative told me to call the customer service number in 3 business days to follow-up on the status. My credit isn’t amazing and I have been working very hard on bringing my credit beacon score up in the last few years. My credit card balance is around $3500 on a $4000 credit limit card that I have never defaulted on a payment and always paid well above the minimum payment required. All my other debts are up to date as well with no issues or concern of payment. Although I do have settle debts from 2016 that I have a feeling is what affected my auto-approval. I found out about this card and heard how much it can help people reduce their debt and thus I applied but what are the chances of it actually approving me for the balance transfer based off of the info I have provided? Is it usually tough for people like myself trying to rebuild their credit? It would really help me to have that 0% interest to pay off debt quicker than I was able to.
Thank you kindly!
Hi Cassandra! Thanks for your questions and for the level of detail you provided. Good job working hard to get your credit score up–we’re confident that this will have a positive impact on your chances for approval. MBNA doesn’t instantly approve everyone for the Platinum Plus card, so don’t read too much into the delay. You say your credit isn’t amazing, but as long as it isn’t bad, you shouldn’t have much to worry about. Even those who have bankruptcy and consumer proposals on their credit report can get the card, so a settlement from a couple years ago won’t hold you back much, as MBNA understands that the most suitable candidates will often have an imperfect record. With a relatively low amount of debt at just $3,500, no other debts and consistent bill payments, we’re confident and you should be too. Just have patience and follow up via telephone if you don’t hear back within the next few days. Best of luck.
I’m interested in this offer.
I have a few questions:
-Can I pay off my total balance transfer before the 12month 0% ending period, without penalty?
-Is the payment plan, my total balance transfer, divided over the 12months in equal payments? Or is it just my responsibility to make additional deposits to the minimum payments?
-If the payment is late will I lose the promotional rate?
-Why is there a cross and star beside the offered sentence with no key for description? (looked through the terms and conditions and couldn’t find the answer).
Hi Yogi! You asked if you can pay off your entire balance within the 12 month promotional period without a penalty. Yes, this is what the MBNA Platinum Plus was designed for. If you have a $5,000 balance, you can pay it off as quickly or as slowly as you like within those 12 months. It could be a one-time deposit of $5,000 or incremental deposits at random intervals. We do not recommend paying the minimum balance only–you should work as hard as you can to reduce the balance before the promotion ends.
Think of it this way: you’re parking your debt for a year. You’ll incur absolutely no interest on it during this time, and you can pay it off whenever you feel like it. Or don’t! However, the asterisk you’ve mentioned is also a warning: carry the debt beyond the 12 month period and the interest rate will rise to 21.99%. This seems scary, but there are many ways to avoid it once the time comes.
So I just read that someone was unable to transfer their TD cc balance. I am wondering if that might happen with a scotia value visa.
Hey Jeff! Thanks for stopping by GreedyRates. You might have heard that applicants for the MBNA Platinum Plus card cannot do balance transfers from TD and MBNA. Inter-bank transfers are logically exempt from the 0.00% promotion. This is because TD and MBNA are essentially the same, and they don’t want to cannabalize their own customers’ debt by giving them a break in exchange for nothing. Balances from Scotia cards, however, can absolutely be transferred. Good luck!
This statement appears to be untrue: Money Transfers: You can also advance cash from your MBNA Platinum Plus Mastercard account to your bank’s checking account and use it for any purpose you’d like and enjoy the same 0% interest rate for 12 months. It’s like a cash advance, except the money is deposited into your checking account, at 0% for 12 months.
Hi Mackenna, thanks for the comment. We should probably clear up the language we used in this article and appreciate you bringing it to our attention. What we’re discussing here is called a “deposit transfer,” and it shouldn’t be confused with a cash advance. Here’s how it works.
You’ve got $5,000 of debt with CIBC, for example, and want to transfer it to MBNA. Instead, what you can do is apply for the MBNA card and when approved, transfer your credit limit to CIBC–to pay off the debt you have with them. Now, you’re only left with debt at MBNA, just with 0% interest for a year.
If MBNA approves you for a credit limit that’s higher than your outstanding balance, you can transfer that amount to CIBC (again, just an example) and then use this excess amount for purchases or what have you. However, remember that while you presently owe 0% on the amount, and while it might feel like a cash advance, there are strings attached. It’s just more debt that you’ll have to chip away at. Does that clear things up? Let us know, and thanks.
Hi, based on this thread, I got the MBNA card now and my 0% is over and my balance is $0. Based on your recent comment of using cards and paying them off. If I have a 0% transfer on the MBNA, then make a purchase for like $30 gas or something. Each payment gets split between the 0% balance and the $30 balance. So each month the $30 gets smaller and smaller, but I pay interest on it, correct?
Hi Treeax, thanks for the question. This is how the 0.00% interest promotion works for the MBNA Platinum Plus card: only the amount of your original transferred balance is eligible to receive shelter from interest rates, meaning that other purchases (if they’re not paid off each month) will accrue interest at the normal rate. Only the latter amount will accrue interest, and MBNA will continue to leave your transferred balance alone until the year is up.
Here’s an example: Pretend you have an outstanding balance of $5,000 with a different bank and it’s currently accruing interest at 10.00% each month. That means that each month you’ve added $500 to your balance, $5,000 of which is principal. If, instead of keeping the $5,000 with the other bank, you choose to transfer it to MBNA, you will not accrue any interest on this amount for the first year. So, if after the transfer you use the Platinum Plus to buy a $300 PlayStation, for example, even though your balance is now $5,300, you’re only charged interest on $300 of it. The interest, however, will likely be substantial. So we generally don’t recommend making purchases with balance transfer cards.Thanks again for reading.
I applied and received this card in order to use the balance transfer rate. Lo and behold, I am unable to since the card I want to transfer from is a TD card, and the fine print says you may not transfer from an affiliate. Is there any way I can still make use of this promotion, or should I close the account now since it’s useless to me? Do you have any suggestions about keeping this open or closing, as well as an alternative, since I’d like to pay off my TD card? Thank you for the help.
Hey Russ, we’d be glad to answer your question and try to help. It’s unfortunate that the TD and MBNA account ineligibility wasn’t made more clear from the outset–we’re sorry to hear of your troubles. Thankfully, there are other balance transfer cards out there. You have two options: the first is to cancel the MBNA Platinum Plus and try a different card in the meantime, only to come back to the Platinum Plus later. Your second option is to try and get the better bonus by going through a different card first, preferrably one without a transfer fee.
If you cancel the Platinum Plus now, you can still get another one in the future, after you’ve whittled that balance down with another card first. We like the RBC Cash Back Mastercard with No Annual Fee, as it’s inexpensive to have and earns cash back plus 1.90% interest on transfers for 10 months. You can learn more by reading our RBC Cash Back Mastercard with No Annual Fee review, or you can apply for the card here. The RBC Visa Platinum is also great, offering 5.90% interest for 30 months–that’s 2.5 years! You can get more details on that card by reading our full RBC Visa Platinum review, or you can apply for the card here. Afterwards, if your balance isn’t paid, the Platinum Plus is always there.
Alternatively, you can use a card that has a 0.00% balance transfer fee to quickly move the balance from TD and then to MBNA. Keep in mind two things: you’ll likely take a small hit on your credit score for all this shuffling around, and you’ll only have a small window to make the transfer. Only 90 days from the opening of the Platinum Plus. Check out the link below, and good luck!
With the MBNA Platinum Plus, you can also transfer cash directly to a bank account. Why not transfer it to a non-TD affiliated bank account, and then make a payment to your TD Card?
Hi Kat, we appreciate your interesting question! What you’re essentially asking is whether a “deposit transfer” from MBNA to a non-MBNA account can be used to pay off TD or MBNA cards after the fact. We believe it might look something like this:
– You have a $1,000 balance with BMO (example)
– You also have a $1,000 balance on a TD card
– MBNA approved your Platinum Plus application and gives you a limit of $2,000
– You do a deposit transfer of the entire $2,000 limit into your BMO account, paying it off entirely
– You then transfer the excess $1,000 from the BMO account to your TD card, paying that off as well. MBNA doesn’t know about it because you’re transferring through a different bank.
– Your only debt is now with MBNA, at $2,000, and it is protected from interest for a year
That sounds pretty viable to us, but it does seem likely that TD/MBNA have already thought of this. You’re the only reader of ours to have asked this particular question thus far, and while we believe you may be on to something, we’d like additional evidence before recommending this as an option. Let us do some additional detective work and get back to you. Great thinking!
Probably you may do a cash advance and put it in your other savings/ checking account with other bank apart from TD and then transfer that money to your TD credit card after?
I’ve recently transferred my credit card debt from CIBC to MBNA . The balance has appeared on the MBNA website but it has’t changed on my CIBC account. Will this change or do I have to call someone about this? Do I simply need to leave time?
Hi Christelle, thanks for your question. Unfortunately, despite the sophistication of most banking systems, they still suffer from the odd quirk or two. We’re confident that because MBNA displays your balance on their end, that they’ve received the transfer, which will soon reflect on CIBC’s side as well. Give it a week or so and if it hasn’t resolved itself, give CIBC a ring. Best of luck.
Hello, thanks for all the information you have provided here. I have very little debt other than my vehicle, but I’d like it gone. I have got the approval for this card at 8k, I currently have AMEX (0 balance), BMO ($700. balance), RBC ($3400. balance) and a total available credit of 31,500. I plan on doing a balance transfer to pay off the 2 listed above (~4100), so I will only have one balance on the platinum card. Long story short, with the total of all the cards ($31,500) available to me, would you suggest I close off some accounts or keep them open? I understand the utilization thing sort of and looks like I’m well below that. But if I close off accounts, it’ll get me closer to being at the 30% utilization right?
Also, after reading the comments, it looks like it’s mostly myth to open and close accounts since the credit score bounces back, but I was told by one financial institution that the long term accounts look better on your report so keep those open even if they don’t have a balance. This credit stuff is kind of confusing.
Thanks in advance for your reply.
Hi YYCmanders, thanks for the detailed questions! We appreciate your careful planning and determination to eliminate your remaining balance (smart move). The strategy that you’ve outlined is sound: keep your empty Amex card and move the aggregated $4,100 of debt from the BMO and RBC cards over to your new Platinum Plus. During the following year, we recommend that you do your best to get rid of this debt, and close either the BMO or the RBC card. It’s nice to have an Amex and you need the MBNA card obviously, but a large, unused credit limit won’t do much for your score. It may even detract from it.
Issuers and credit bureaus look at your utilization of credit to determine how active you are and how responsibly you repay your debts. Not using your ratio wont earn you any credibility with the bureaus, so you should always have some money moving in and out of your cards even if it’s negligible. Generally, credit utilization isn’t the biggest indicator of creditworthiness anyway, so don’t worry too much about it and focus your efforts on paying off the Platinum Plus, and maybe buy yourself a nice new toy with whatever card you choose to keep, using prompt payment on it to build credit in the meantime.
I opened a MBNA Platinum credit card in May 2016 and transferred $12,000.00 of debt which I just paid off completely. Unfortunately, I did incur some interest from May 2017 until now but I did have the 0% for the first year and now it is paid off. I have a couple of questions as to what I should do next as I do have more debt to pay. 1) Keep the current card open at a zero balance and apply for a new one to receive 0% for one year? or 2) Close this card down and then re-apply for a new card to have 0% for one year?
Thanks for your help!
Hi John – congratulations on your successful use of the MBNA Platinum Plus! The biggest chunks of your debt are now gone, and we hope the others will be next. If you want to use the benefit of the card’s promotional interest rate again, you’ll have a much better chance of being accepted if you close the account and reapply later. MBNA is pretty strict when it comes to applications for this card, and they make it clear that existing accountholders are not eligible. Best of luck!
On my statement, I see the Promotional period end date. Is this the date that I must pay my balance in full? Or is it the statement due date that I go by?
Hey Carrie, thanks for your question. The date you mention is the exact day when the transferred balances you currently have on the Platinum Plus, those that previously fell under the 0.00% promotion, begin to accrue interest again. We recommend that you have a plan well in advance of this date. Try to pay your balance in full, and if that isn’t possible, call MBNA and ask them what they can do. They have an incentive to keep you as a customer, and may offer an alternative rate if you’ve shown steady progress. Best of luck.
Is the money Transfer at 0% still available?
I can’t find any information in the TOS on MBNA website.
Don’t want to apply for the card if I can’t use that service at 0%
Hey Kaleb. The perk you mention is called a balance transfer, and it allows you to move the outstanding balances on your other credit cards or high interest loans to the Platinum Plus. It’s not exactly money that you’re transferring, but debt. Virtually all credit cards will add extra interest over time if you don’t pay your balance, but the current promotion (yes – it’s still running) will allow you to transfer it to MBNA, who will not charge you interest on it for a year.
During this year, you can make payments to MBNA that will go directly to this balance, without accruing interest simultaneously, which would make it harder to progress. Keep in mind that the card’s other functions, to purchase new things or withdraw money, will be charged the normal amount of interest and should be paid back each month. Good luck!
Sorry maybe i should be more clear.
I was talking about the following.
“Money Transfers: You can also advance cash from your MBNA Platinum Plus Mastercard account to your bank’s checking account and use it for any purpose you’d like and enjoy the same 0% interest rate for 12 months. It’s like a cash advance, except the money is deposited into your checking account, at 0% for 12 months.”
I was stuck in Florida, at a hotel, on a Saturday afternoon. My card did not go through because my bank took its lovely time to send my monthly payment. Tried to get hold of my bank (Laurentien Bank) by phone. they gave me the ‘ call back Monday” when our offices are open. Talked to a representative of MBNA. She told me not to worry, that the security sector would come up with an answer soon enough. Low and behold, she told me to go to the hotel desk, swipe the card and the clearance was done. Did not get her name, but saved my wife and I from sleeping in the car for 2 nights. Thank you again!
I have a question. My credit isn’t the greatest. It’s quite low, long story short, I was unemployed and my CC’s were the only thing keeping me above water except it’s caught up to me now and I’m in bad shape. And I discovered this card recently.. What are the chances I can get approved?
Hi James, thanks for coming to Greedyrates. For people in your situation, there is definitely hope. The Platinum Plus card could be a great option, even if your credit “isn’t the greatest.” It’s designed to help those who are underwater with lots of balances, many with high rates that continue to accrue interest with each passing month. The 0% for 12 months promotion will help you if you really work to pay off your total, and if you can demonstrate this to MBNA you have a chance. We wish you the best of luck and hope you continue to turn to us for guidance. We’ll be here!
And don’t be late on a single minimum payment or you lose the 0%!!
Hi there, great information on here and thanks for taking the time for responding to all the questions. I have a question that I’m hoping you can offer some advice on. I applied for the MBNA platinum card last year and received the promotional offer of 0% for 12 months. I am nearing the 12 month mark (November) and although I was able to hammer quite a bit off, I still have around $7000 left to pay off which I will not be able to do before the promotion runs out. I currently have a LOC with my bank that is around 5% that I plan on using to pay off the remaining balance but, I received an offer in the mail from MBNA for a promotional annual interest rate on balance transfers for 0.99% until Aug 2018. My thoughts would be to pay off the balance using my LOC, and then use this promotion rate to pay off my LOC to take advantage of the 0.99% interest rate till Aug 2018.
What do you think? Or do you have any better suggestions?
Thanks so much in advance!
Hi Mike, thanks for showing your appreciation! We’ll try to help you as best we can, but it seems like you have a good handle on things. We’re glad that you were approved for the Platinum Plus, and that you’ve been taking advantage of it to good results. With the $7,000 left on your balance, we first suggest that you work hard during these next few months to reduce this amount by as much as possible. When the promotion runs out, your idea to pay off the balance with a line of credit is sound, unless MBNA will simply extend the 0.99% promotion to you immediately. This is worth calling in and asking about and will likely save you money. Otherwise, you’ll incur some extra interest while your balance is in the line of credit, and will probably have to pay another balance transfer fee to MBNA afterwards.
If this new promotion is only for new accounts, which might be the case, then the line of credit option is sound. Just remember that in this circumstance, you’ll have to cancel your existing MBNA account before applying for the 0.99% promotion. Call in and ask before taking any actions. Good luck to you!
Thank you so much for the advice! Greatly appreciated:)
Hi, I got my first MBNA in the beginning of the year and I will pay off my debts soon (full). In my MBNA dashboard a message appeared saying that I already have a pre-approved credit limit increase. I want a 0% promotion again…It’s better I accept the increase offer or re-apply for a new one? Thank you
Hi Renan, thanks for coming to GreedyRates and congratulations that you’ll soon be paying off your debt! We have some advice for you: if you’re close to being free, you may not need the Platinum Plus any longer, and you might be able to graduate to a more lucrative rewards card instead. However, if you like the Platinum Plus, there are two things you could do.
The first is accept their offer to increase your credit limit. This has no effect on the length of the 0% interest rate promotion. It just enables you to spend more, which could slow down your progress. If you think you need the promotion again, you will have to call and ask for an extension, because MBNA does not grant existing customers the same deal twice. To get the full year at 0% interest again, you’ll have to cancel your card, likely wait a couple months, and then reapply. Best of luck!
I have always had a great experience with MBNA and the balance transfers until the last time I chatted with a CSR
I wanted to know if and what the rate was on balance transfers was for existing clients – the response I received was “whatever it shows on the website” very disappointed with that response
I felt that I was bothering her with these questions. I myself working in Customer Service, I can’t imagine treating my clients like that. Haven’t used my card since.
***Now my question – what is the rate and time frame for balance transfers for existing long time clients
We’re sorry you had an unsatisfying chat with customer service. MBNA’s Platinum Plus promotion has seen the company inundated with inquiries by customers, and you may have caught someone on a bad day. While we’ll never make excuses, in our experience this kind of service isn’t the norm for MBNA, and usually their representatives are happy to help.
Anyway, to answer your question: Current MBNA customers (or TD, for that matter) cannot do a balance transfer from their existing account to the Platinum Plus for the 0% interest rate. You’ll be subject to the rate listed on the website, which is 21.99%. You may be able to get around this by transferring your balance to a card with no transfer fee, like the AmEx SimplyCash card, and then cancelling your MBNA card. Then, if you need you can do another transfer to the MBNA card when AmEx’s promotion has run its course. Thanks very much! If you have other questions, don’t hesitate to ask.
I have recently moved from the U.K. to Canada and my credit history is only a year and 4 months old in the country. My TU score is 735 and utilization is about 12%. I d currently have $20K worth of credit available but again I have only used 12%. I also have a leased car I’m paying on time and my Fido is being reported as well. Question I had was with my limited credit history do I stand a chance of applying for the MBNA Platinum plus at all or I don’t? I will appreciate your advice.
Hi Shahab and welcome to Canada! Thanks for commenting. It looks like you have a great credit score and utilization ratio as well, and if you’re making your payments on time, there is absolutely no reason why MBNA would deny your application for the Platinum Plus. Over a year in Canada should be enough proof for them, and with such financial responsibility we have no doubt that they would grant you a nice credit limit as well. Best of luck with your application!
I have used the 0% MBNA balance transfer service for many years. I recently closed both credit cards in an effort to de-clutter my life but now I am reading about this incredible offer again and wonder if I were to reapply again, would I be immediately able to get this offer or would I have to wait for a period of time?
Hi Barbara, thanks for your question. You’ve been an MBNA loyalist for years, but are not currently a member, so there’s no reason why they wouldn’t accept another application from you. One of their few requirements is that new applicants not be current account holders. To be safe, we recommend that you wait a month or two, and then reapply. We don’t blame you for wanting to come back, this deal is consistently one of the best each year, and it sticks around as well! You’re probably alright to try now, since you successfully cancelled you prior MBNA accounts, but the least you could do is call and ask. Best of luck!
i found about this credit card last year in october from you. This card was a godsend at a tough time for me. i was laid off and recently just started paying off most of my credit card debt. I started off with a credit card balance transfer of around $9,000. Did a balance transfer to pay off my TD CC and now im down $7,000 on MBNA card. However, i still have a quiet bit of CC debt on my other cards. can you advise on some options to conitnue 0% or close to low interest as possible. i am trying to turn my life around.
TD bank CC @ 11.5% – $11,000 out of $12,500 limit
BMO mastercard @19.5% – $100 out of $700 limit
Canadiant tire MC @19.5% – $1,00 out of $5500 limit
MBNA MC @ 0% – $7000 out of $9,500 limit (expires in oct 2017)
car loan $23,000 – pmt of 470/month
rent – $800/month
car insurance – $270/month
income – $3,300/month
Thanks for coming to us with your questions. We’re very glad to hear that the MBNA Platinum Plus has served you so well!
With the information you’ve provided, it looks like there’s about $1,000 left each month after your other expenses. You should use this amount to first pay off your older loans, and those with smaller principal amounts. We recommend you close at least one of your Mastercards, and you should begin with the BMO. After paying off that $100 and cancelling the card, you can then work on the Canadian Tire card and then slowly chip away at the others.
Regarding your ability to continue the 0% interest rate that you’ve so far enjoyed, it is quite possible to get further shelter from high rates. You can transfer to another credit card with a balance transfer promotion, such as the RBC Cash Back Mastercard with No Annual Fee (1.9% for 10 months), or the American Express SimplyCash card (1.99% for 6 months with no transfer fee).
However, the very first thing you should do is to call MBNA and request a low-rate extension. It sounds like you’ve made good progress on paying off your debt, and they may give you extra time, as they have for some of our other readers. Best of luck!
I called MBNA and they did not extend my offer. Turns out my offer expired in August 2017 not October as I had thought.
The application I submitted to RBC and AE both got declined.
I guess im stuck with some credit card debt for the next year or so. Thank you for the help and tips.
Has anyone examined the fine print? I’m interested in cheap money for investments but worried about a financial crisis affecting MBNA ability to lend. Any clauses allowing them to null and void the rates at any time? Or to change them without notice?
Hey John, thanks for your question.
We always read the fine print thoroughly before writing a review of any credit card, and during our study of the Platinum Plus card from MBNA, we found no indication that they reserve the right to change the balance transfer rate mid-promotion. However, if you’re still curious, you’re welcome to call MBNA customer service to confirm our findings. If they give you a contrary response, please return and let us know! Thanks, and happy savings!
Hi greedyrates! You guys are amazing and I have learned so much in the last few days so thx for that!
I have a few questions I’m trying to find the best approach to.
I’m looking at the MBNA Plat+ card and want to optimize what I’ll be approved for if at all possible.
I currently have 45k of credit between 3 credit cards and 1 line of credit (15k – 12k – 8k -10k)
My 10k line of credit is maxed out currently, and I’ve used 7k of my available 15k, and around 1k on my 8k card.
So my credit utilization is around 40%, which I know is above the 30-35% ideal.
I’ve recently fallen victim to identity theft, and have cancelled 2 cards awaiting new ones (15k & 8k card)
My questions are 1. Will the identity theft problems affect my application or amount I’m approved for etc.?
2. How can I best maximize what I’m approved for? Ex. Should I move some funds around so that I’m using each card evenly, and try to get the total below 30-35%, or will that make much of a difference at all?
3. Any rough estimate on how much I could expect to rcv? I’ll have to get my current credit score, but it should be 750+ I’m thinking…
I’d like to get approved for 25-30k if possible for a home renovation project…and wanted to know the best way to go about it.
Thx so much for the help and the amazing info!!
I was also wondering if the “deposit transfer” you’ve mentioned a few times, was something that I would have to call them about as a special request. I can’t seem to find any information about it.
As well, I can’t seem to find any information about any 0% cash advances. It just shows the regular rates. Did I understand that wrong? Are there no 0% cash advances?
Thx again for all the help!
Hey Nate, thanks for your question.
You’re absolutely right, the amount of information on what MBNA defines as an “eligible transaction” is limited in the fine print. You will make more progress in finding out if you’re eligible for a deposit, and more information on the subject of the balance transfer itself by calling an MBNA representative.
As for the 0% rate on cash advances, this feature is not available with the Platinum Plus. The rate is a standard 24.99%. Come to us any time with more inquiries, and we will continue to do our best!
Thanks for your appreciation, and we hope our answer encourages you to continue reading. We are also really sorry to hear about your recent bout of identity fraud, and wish you a speedy recovery.
To address your concerns about your total credit utilization ratio, we think that 40% is not terrible, and close enough to the ideal ratio that issuers will not hold it against you. They will also not count the recent theft of your identity against you, as long as you reported the theft to the relevant bureaus, banks, lenders and issuers that currently work with you.
If you have not done this, we recommend you do it as soon as possible or risk the thief’s dirty hand prints on your credit report permanently – which would affect your chances at getting approved for credit in the future.
Your second question is another simple matter. The total utilization ratio will not change no matter how much money you move from card to card, as your total balance and total credit limit remain the same. To increase your chance of getting new cards, you must reduce this ratio in any way you can. Some choose to start with the smaller balances first, and then transfer their bigger balances to cards like the MBNA Platinum Plus. However, this also depends on how much you’re approved for.
Assuming that your current credit score is 750+, which is healthy, MBNA should extend you a useful amount of credit. We cannot estimate how much it will be, however. Best of luck on your home renovation project!
Thx again for the reply guys!
I should have been more clear about moving the money around from the cards, as I do understand that I obviously would have to pay some of it off in order to lower my overall credit utilization.
I guess I meant to say that, would lowering it to the 30-35% really make that much difference, and be worth paying off enough to get it there…
or would it matter that my credit line was maxed, instead of say moving 7K of it, to put it around the 30% mark, and moving that to another credit card…(as well as pay off enough so the overall was 30-35%)
Either way, I really appreciate the reply and your help so thx again!
Hey again Nate! No problem, sometimes communicating via the comments section isn’t the easiest for readers with complicated questions.
To address your concerns about the 30-35% utilization ratio and its importance in the application process, we can’t give a perfect answer. MBNA’s methods for determining the individual weights of each credit report entry are unknown to us, but the 30% rule is generally upheld the industry by most. Whether it’s a hard requirement, we can’t say. However, if it will be very hard for you to get to that point, then forget it – just apply and get a head start on your obligations sooner.
Try to manage it so that the smallest pieces of the debt are paid off first. This could mean transferring off a $2,000 and a $3,000 card into your $5,000 Platinum Plus limit and then working these off first, rather than trying to pay off a portion of $7,000. This allows you to clean your credit report faster and also lower your credit utilization ratio faster as well. Good luck!
Don’t apply a Credit card just because they offer some tempting rates or cash back. I applied MBNA because they had some tempting offer. But now I have to cancel it because the custom service is so bad , rude and unprofessional. Every time when I have to call, the custom service people are so rude and unreasonable and make me irritable. It really does not worth the on-and-on trouble compared to the small offer.
Hey Grace, thanks for coming to Greedyrates with your concerns. We’re sorry you’ve had a poor experience with MBNA, and assure you that this is highly irregular according to our interactions with them in the past. We won’t encourage you to be a cardholder with any issuer you don’t like, of course, and only your own experiences can inform your decision.
Thanks for reading,
I currently have a MBNA card, I was trying to do a balance transfer online but the option isn’t there no more. I have used balance transfer in the past. Is something wrong with the website or is it just me?
Hey Kevin, thanks for your insightful questions.
Regarding balance transfers to the MBNA Platinum Plus, you might be running into trouble due to the fact that you already have an MBNA account open. It’s hard to tell the exact reason without understanding more about your current situation.
If the MBNA card you have is the Platinum Plus, then the balance transfer option may not be there because you’ve had the card for longer than three months. All balances transferred by those who seek eligibility for the promotional rate must be completed within this 90-day window.
If neither of these are accurate, then we simply suggest you call MBNA and ask them what the problem is. It could be that there is a problem with the website, but from our side things look like they always have. Please give MBNA customer service a call and inquire, then follow up with us here. We’d like to help further! Thanks again, and good luck.
I have this card since 2002, I just got a nice letter to inform me of an increase from 9.99% to 14.99%. A 50% increase, that is kind of insulting! I called and they said it has nothing to do with my credit, it is a general letter. The part of the letter that reads”We value you as a customer” doesn’t really feels right. For the promotion is great, after that…
Hello! Thank you for the review. I went to apply for the MBNA card for 0% balance transfers, but when it asks for me to input the information of my cards where I want the balance transferred, no TD credit cards are listed. I have a PC Financial Mastercard as well as a TD Visa, will they not allow me to transfer the TD visa balance? This affects whether or not I would apply for the card in the first place.
Thank you for your help
Hi John, thanks for reading!
There is no fine print about certain banks being ineligible for balance transfers, so we think this may just be a mistake on MBNA’s part or a problem with the application.
There are certainly many people who have successfully transferred their balance from a TD account to MBNA, so we recommend that you call customer service and ask why you cannot proceed with the application. Before doing so, make sure to try a few different browsers and clear your internet cache if possible, this also might help.
While MBNA has the final word on which transfers are approved and which are not, we think a short call will clear it up quickly. Let us know how it goes.
Not true, as TD owns MBNAs credit department you cannot transfer a balance from a TD Visa card or line of credit. You’ve discussed this before, and of course the work around is doing a balance transfer into a bank account, including TD and then moving the money to pay the credit card.
Hi Bob, thanks for getting back to us.
We appreciate that you’ve done such a great job researching this issue, and we will incorporate the correct information wherever it appears incorrectly on GreedyRates. Overall, you’re right: because TD purchased MBNA’s assets, the two issuers are now considered the same in everything but title. This means that cards limited to one active account per owner cross the lines between TD and MBNA, which can be confusing for some customers. At the moment, one of the best workarounds to the balance transfer issue is to simply use a bank as a pit stop between transfers.
Thanks again for reading,
Hi. I have been a longtime MBNA platinum plus cardholder (2000) , and over the years I taken advantage of a few balance transfers. I currently have a 37k limit. Last week I received a notice stating that my 6.99% interest rate which I have enjoyed for years will be increased to 11.99% effective July 2017. My problem is that as a small business owner I have been using this affordable rate to finance all kinds of projects and have amassed a 31k$ balance on this card. My payment history is near perfect and I never even ask for limit increases. I called customer service only to be told that there was nothing I could do. I am almost certain that somewhere in the credit card contract, MBNA or TD has the right to adjust the rates as they seem necessary, but to rope in customers in with large credit limits, and then near double their rates while sitting on big balances is morally corrupt. I may be able to juggle around this large debt, but others could have devastating family outcomes. Please be careful in recommending MBNA as a creditor as they are unfair in practice. I rank them alongside the Money Marts, and Instacheque. Their business strategy probably includes dangling 0% money transfers to lower income groups, generously increasing limits , and then pulling the rug out without shame or concern for their customers financial well being. Not Happy ….
Your answers are so insightful. Thank you for your continued responses. In your experience, are you able to give a credit score range that one needs to qualify for this credit card? Also the and usual limit(amount) approved. Do you know if importance is placed on income earned or is it strictly credit score based.
Thanks for reading Greedyrates! We’re happy to help and are pleased to answer your questions.
Regarding the qualifications that one must have for the Platinum Plus card, we cannot be sure of the exact method that MBNA uses to determine a person’s creditworthiness. We can recommend however, that you print out your credit report and check it for any erroneous entries or things you believe don’t belong. This will increase your chances of being approved.
Additionally, we cannot be certain which metric MBNA puts more emphasis on, household income or credit score. Both are pretty important, but in our experience, issuers can sometimes be flexible. Good luck!
I am carrying a balance of 14K on my MBNA card from last fall through their 0% promotional rate. Various amounts are due from Oct – Dec, but I won’t be able meet all of those obligations. I am currently being offered a 1% transfer until May 2018, which would help me to stagger paying off those fall obligations.
As I am ineligible for a new card with a 0% rate – is this the best alternative?
Hey Mary, thanks for your great questions.
We’re glad that you were able to take advantage of the MBNA Platinum Plus in paying off some of your outstanding balance. If you are truly ineligible for other 0% balance transfer rate cards, then we think that 1% until May of 2018 is fair.
In some instances, MBNA offers reduced rates for a period of time in excess of the introductory bonus, and you can use this time to get ahead on the payments that you need to make. If you’re still left with a balance after May of 2018, try applying for the other cards on this list once more or getting in touch with us again. Good luck!
I am holding 4 credit cards and my total credit limit is 16k.I have completed one year in canada and i am not sure how is my credit score looking.I am looking for MBNA Platinum Plus card with atleast 10k limit as i have to transfer my balance one of my credit card.What is the possibility of getting the MBNA Platinum plus card with 10K credit limit.
Hey Rajesh! Thanks for your questions.
Regarding your concerns about being approved for the MBNA Platinum Plus MasterCard for the purpose of a balance transfer, we unfortunately can’t predict how eligible you are without a credit score. It is important for you to know that you can access your credit report online for free. In it, you can see your score and what has impacted it. MBNA will use this to determine if you’re approved for their card, and if so, at what credit limit.
Because you have many credit cards, we recommend working to pay some of them off before applying, and trying to get your total credit utilization percentage under 30%. If you can pay off a single card and lower your utilization, your credit will improve dramatically and the chances that you will be approved increase as a result.
Hi and thanks for all you are doing!
I have a TD emerald “low interest” visa at 17k and am self employed; my debt ratio is a bit over the 36% mark. Since TD owns MBNA will this mean I am not eligible to apply or will it effect the application in any way?
I asked their managers at TD visa for a lower rate being that I’ve been with them for many years but they declined, only offering a higher limit. Sadly that doesn’t allow me to pay it off OR grow my business. Any insight would be wonderful!
We’re very glad you appreciate us, and thanks for your questions!
The fact that you currently have a TD card will not impact your application or bonus eligibility for the MBNA Platinum Plus whatsoever. While TD does own MBNA, usually the brands remain separate and do not interfere with one another.
In fact, the only rule that alters eligibility for the bonus is that you currently do not have an active MBNA Platinum Plus card. It’s worded this way specifically to encourage those who already have a different MBNA account, or those who have had the Platinum Plus in the past to apply for the card. We think that given your issues with your current card that trying a new one is an excellent idea.
The Platinum Plus is seriously one of the best bonus offers out there, which is why we recommend it so frequently. Let us know how it goes!
Thank you so very much for your website! To give you some background I had an existing MBNA card with a 26k limit. I successfully attained a 0% cash deposit transfer for 10k February 2016 and paid it off in full by the due date. They had taken the 10k off the 26k limit on the original existing card limit.
My dilemma I encountered is I have been a MBNA customer since 2002 and when I called MBNA in March to request a new card application, the representative told me it was a one time offer only and I can not get it again. Should I close this new account and apply again? If so, is there a period of time I should wait until I reapply for a new card?
Thank you in advance for your time and for helping us all.
Hey DC in BC, thanks for your awesome questions, and nice work on paying your balance!
As we understand it, you had an MBNA card with a $26,000 balance, and you transferred (and then successfully paid off) $10,000 with a balance transfer card that let you enjoy 0% APR for 12 months. If this was the MBNA Platinum Plus card, then that may be why the MBNA representative told you that you weren’t eligible.
Supposedly, the rules have changed this year and now MBNA will not let you open another Platinum Plus card while you still have one open.
If this is the case, you can try closing your account and then putting through a new account and card application, though be wary that this is a hard credit check. Typically, issuers don’t make loopholes public knowledge, but you can always try customer support via the phone.
Otherwise, you might want to look at other balance transfer cards that will help you pay off the remaining balance.
I experienced the very same thing in late April. I used your website’s link to make another card, as of many review below say it is possible to have multiple cards…and I automatically got a denial. My credit score is still very viable; the reply I had was that there was only one card at a time.
I figure it makes sense because it will be arriving at 20% Interest Rate and it is a nice profit for them.
So then the best solution is to use your website’s ranking of Low Transfer cards to pick an other?
Thanks for your comments. We’re sorry you ran into this issue when applying for another Platinum Plus MBNA, however you certainly have options. We surely have had customers and readers who have benefited from multiple of these cards over the course of their outstanding balance, but ultimately, MBNA has the last word on approvals. Calling customer service and explaining that you’d like to keep your business with MBNA might make a difference. We’ve seen them extend low rates to certain customers, so you might get as low as 1% or 2% for another 6 or so months. This may be enough for you to pay the whole thing off, but if not, no worries.
You can definitely apply for one of the other balance transfer cards listed here, and then cancel your Platinum Plus. Afterwards, MBNA is probably more likely to approve you for another, with the same introductory bonus. Nice job staying away from high rates!
Hi, can I transfer all of my balance on my high interest credit card to this card (if approved for that amount) and still get the 0% ? I thought I read somewhere that the debt has to be in the last 90 days in order to transfer and take advantage of the 0%.
Thanks for your questions. And sorry for the long response time, we do our best to reply to as many comments as possible and sometimes it gets overwhelming 🙂
If you’re seeking to transfer a balance from another of your credit cards and have chosen the MBNA Platinum Plus, nice going! This is one of the best deals you can get on balance transfers.
Regarding your first comment about transferring your balance from the high interest card you currently hold, MBNA will tell you how much you are approved for during the application process. You will enjoy 0% interest on that amount for a year. So, if your entire balance from the other card is approved, then you pay 0% on it for a year. If this is the case, then we recommend you close the account associated with your current high interest card immediately after the transfer, which brings us to your next question.
You are correct that there are some rules regarding balance transfers, but the debt does not need to have been accrued within 90 days before the transfer to be eligible. Any balance, no matter when it was accrued, can be transferred. What you likely read was the transfer rule common to many balance transfer cards. That is, that once approved for the transfer, it must take place within 90 days of opening the new account in order to be eligible for the bonus. So if you are approved, as long as you transfer your balance within those 90 days after the opening of your new MBNA account you will pay 0% on the whole amount for the next year.
Thanks, I was wondering about this too. I’m thinking about doing a balance transfer to MBNA for the 0% 12 months, however, I’m a bit nervous. I read one customer’s review that you are only allowed to make the minimum payments…leaving you with a horribly high %rate and a balance at the end of the 12 months. Is this true? I wanted to make payments to have a zero balance before the promotional period ends. If I only make minimum payments, this won’t be possible. I don’t want to be hasty and transfer the balance, only to be stuck paying more than I am now!
Thanks in advance,
Hi Shanna, thanks for your question!
If paying off an outstanding debt is a priority, the MBNA Platinum Plus is the very best option that any Canadian has at the moment. We’re not sure where you heard that MBNA only allows minimum payments, as this would entirely defeat the purpose of such a promotion. We can confidently say that this is not true, and you can pay off your balance with payments as large, or as small, as you’d like.
We invite you to please confirm this with MBNA, because we understand that it’s a big decision. They will tell you the same as we just have. Sign up for the card and get a head start on your card balance now – you won’t regret it. Thanks for being a GreedyRates reader!
I have a card with Royal bank with 1.9% this promotion is ending next month, and they won’t renew the offer.
The balance will completely be at 0.00$ by then.
Should I cancel the card and apply for a new one.
PS I already have an MNBA ending in Oct ( I’ve reAD YOUR INFO ON HOW TO RENEW THAT)
Good question, and congratulations on getting your balance paid off before the introductory rate ends!
Whether to cancel the card or not is up to you, and what you see yourself needing in the future. Balance transfer cards usually do not empower cardholders with rewards or other bonuses, but exist mainly to help people pay off debt. Now that you have no debt it may not be beneficial to keep it.
If you find yourself needing a card to complement your existing MBNA card, or if you are planning on not renewing it come October, we recommend you find something with a healthy cash back or travel bonus program in place. If cash back is of particular interest to you we recommend checking out the New no annual fee SimplyCash card from American Express.
We hope that helps,
I applied for the MBNA card in May 2016 and was approved for $12,000.00 and have been paying fairly low payments ever since as I focus on other debts with high interest. Now I owe aprox $8,500.00 but next month or so interest will start accumulating on the balance. I was hoping that I could apply for another MBNA card and pay this balance as well as some more with zero percent. Will they allow this?
There’s been some change in the air since March 29th! MBNA will no longer allow you to apply for another MBNA Platinum Plus MasterCard while you still have another one open. However, there is still a loophole if you’re looking to for another balance transfer promotional rate!
If you have a remaining balance, and your 0% promotional term is about to expire, we recommend you either get the no annual fee MBNA Best Western MasterCard (1.99% for 10 months) or the no annual fee RBC Cash MasterCard (1.9% for 10 months).
If you get the MBNA Best Western MasterCard, you’ll have to do a “deposit transfer” (same 1.99% for 10 month terms) into any Canadian checking account for the amount of $8,500 and then pay down your MBNA Platinum Plus MasterCard from your checking account.
Once you’ve transferred your MBNA Platinum Plus balance, close the account. Then when the 10 months expire on your new balance transfer offer, you can re-apply for a new MBNA Platinum Plus MasterCard.
Hope that helps!
I have a 30k credit limit on my MBNA card but I am not eligible for the promotional offer anymore. If I apply for a new card will MBNA give me my 30k credit limit. I would hate to start over 🙁
Good question. We’re glad you went with MBNA and understand your need for a $30,000 credit limit, and it’s unfortunate that you are no longer eligible for the promotional offer. However, there is a solution! You can easily apply for a new card from MBNA, and if you’re approved it’s very simple to call the issuer (MBNA) and ask for your old limit back. There is no way to get a new card with your old limit, but the representatives will have data in their system on your past limit and may reinstate it without further hassle.
We hope this helps,
In Dec2015 I have activated my very first MBNA Card. I took the Balance transfer option with 0% interest.
I have fully paid if off with in an year (by 2016 Jan 1st).
Some emergency came up this month. I would like to take the money out again at 0%.
1. Can I increase the credit limit on my current MBNA card and take out the entire amount at 0% interest?
2. On the current card, For balance transfer what would be the transfer fee 1%, 2% etc….
3. If this doesn’t work, do I have any other options with MBNA?
Thank in advance.
Hi Uggy. Great question! Firstly, it is possible to increase the credit limit on your MBNA card and then take more money out. If you are still within the 12 month introductory period you will enjoy APR at 0% on your balance.
The MBNA Platinum Plus has a balance transfer fee of 1%, but this applies when transferring a balance and not when increasing your limit. If this is not the best option for you, when the 12 months with MBNA is over, you can transfer your new balance to another card a 0% balance transfer fee, like RBC’s Cash Back Mastercard With No Annual Fee card.
Do they have some maximum amount you can apply for or this depends on the individual situation ?
How many times during the 12 month period at 0% interest and 1% balance transfer fee can you do a balance transfer? I recently was approved for an MBNA of $2000, however this won’t be enough to pay the current CC debt I have (16k!). I’m self employed so I’m not sure if that had something to do with my approval but I’d like to do a balance transfer for the full 2K and I should have it paid off within 1-2 months. Can I request another balance transfer of the full amount after I’ve paid off the first transfer with the same card? How many transfers would I be able to do during the 12 month period? Any help or suggestions to work with a 2K MBNA to pay out a high interest 16k CC would be greatly appreciated!
Hello, thanks for stopping by 🙂
With MBNA Platinum Plus card, you can transfer your balance multiple times and still enjoy the 12 months 0% interest rate offer. All you’ll need to do is apply for another MBNA Platinum Plus card.
However, since transferring balance from one bank’s CC to another card from the same bank is not permissible, we suggest you do the following:
As soon as you get approved for your new Platinum Plus card, ask the guys at MBNA do a deposit transfer from your new card into your checking account (equal to the size of your balance on the first card). Then, use the money from your checking account to pay off the balance on your first card. So now you owe the balance on your new card at 0% for 12 months with a 1% transfer fee! Now lather, rinse, repeat until your entire debt of $16k is paid in full at 0% interest rate.
IMPORTANT: Make sure to space out the applications by 2-3 months so your credit score doesn’t get hit.
Hope that helps,
I recently requested a credit limit increase on my MBNA platinum plus. currently 8000$ They pull my credit report and they said I have too many credit cards (too many available credit) they suggest me to close fews cards. I know I need to avoid closing old cards because my score may be affected I recently apply and get approved for 2 cards (Amex open 09/2016) and rogers bank (01/2016) they have low limit
Here is my question : do you think, if I close the Amex and the rogers bank ( they offered me the card pre approval and I accepted….) my credit can be affected ? I know it depends on my debt ratio VS the credit but the cards is low limit 2000 and 4000 of 45 000 in total
I need to know if closing account help or don’t help the score…
Excluding credit utilization considerations, on its own, closing credit card accounts have no impact on your credit score.
I’m interested in getting this MBNA 0% Credit Card to use it as a LOC. IO am looking forward to get atleast 15k approved and transfer that complete amount to my current account. I do not have any debt at the moment to pay off. I just need to have some extra money in my account for future uses and return it back in the course of 12 months 0% period. I would like to use it as a 0% interest loan.
Is it fine to use it like this? As I won’t be paying the full amount until the end of the 12 months course, would it affect my credit score?
I have 4 CC right now with a consolidated credit of $16k. If I get a credit approved of 15k with MBNA and I take the complete amount as deposit transfer into my current account. That’ll make my overall credit utilization close to 50% and it’ll remain like this until I payback a significant amount back to MBNA. Would this also affect my credit score?
Here are some answers to your questions:
1. Yes, it’s absolutely ok to use your MBNA Platinum Plus MasterCard like a line of credit. Once the cash is deposited into the checking account of your choice at 0% for 12 months, you can use it as you wish, like you would any cash in your checking account.
2. The typical suggestion for credit utilization is 30%. However, people need some perspective. The point of a good credit score is to access cheap credit. You may be far better off paying 0% on $15,000 with a small decrease in your credit score, than paying 12%-19% and maintaining your credit score. Unless, your credit score drops precipitously and you need additional credit in the short term, don’t be a prisoner of your score.
Well thanks alot for the response.
When I’m not paying back the full amount for 12 months, would that also effect my credit score? Like I really do not need this money to pay off any debt or anything. I just need it for probable future needs. So would it be a big enough risk to the credit score?
No problem, JJ87, happy to help. As to your other question about your credit score, if after a year the full balance is not paid, your APR will rise to above 0% – meaning that your credit utilization ratio will change, and your score may as well.
While only you can say what you are comfortable with, the MBNA Platinum Plus is an exellent card for the purposes you describe, and your intentions are good. If you are responsible over time, your credit score will reflect that!
Is it possible to had several “MBNA Platinum Plus accounts”? I had one platinum plus cash back card(had own it 2 and half year) and had balance transfer on it. I also paid the above minimum payment each month for the balance transfer. But when I apply the ‘MBNA Rewards Platinum Plus® MasterCard’ the system said that the application is pending and need review…..
Yes, you can have multiple MBNA credit cards. In fact, there are people who have upwards of 12 MBNA Platinum Plus accounts.
1) Does the transfer work from an LOC, which came with a physical card, to the mbna cc?
2) If I have an existing, non active, MBNA CC, could I switch that card to this card, at no hurt to my credit score and still get the offer?
1. After you get your MBNA Platinum Plus MasterCard, simply request MBNA do a “deposit transfer” from your MBNA Platinum Plus MasterCard to the Canadian checking account of your choice. You’ll get the same 0% for 12 month rate as a traditional balance transfer. Then use the cash in your checking account to pay off your LOC.
2. We’d recommend you get a new MBNA Platinum Plus MasterCard, to get the 0% for 12 month promotional rate. You can then consolidate your credit lines if you wish. We’re not sure of your credit situation, so it’s tough for us to comment on whether it will hurt you or not.
I am coming to the end of my promotion period and have the balance half paid for. Should I apply for another another loan transfer card with Mbna or another institution?
Because MBNA still offers the best balance transfer rate out there, for the longest period of time (0% for 12 months), we’d recommend getting another MBNA Platinum Plus MasterCard.
However, as you may know, you cannot transfer a balance from one bank’s credit card, to another card from the same bank. However there is a workaround for MBNA. Once you get approved for your new Platinum Plus card, simply call-in to request that MBNA do a “deposit transfer” from your new card into your checking account (equal to the size of your balance on the first card). Then use the money from your checking account to pay off the balance on your first card.
You will then owe the balance on the new card at 0% for 12 months, with a 1% transfer fee! We know of people with as many as 12 MBNA Platinum Plus accounts, using this strategy.
Two days back I applied for BMO card and was approved. Yesterday I applied for RBC line of credit and got approved. I don’t want to use BMO card which I still didn’t receive yet. Should I close BMO card and then apply for this card to get better limit? Do you think I can get approval or chances are that I will not get approval because of recent line of credit and BMO card?
It’s hard for us to say, especially without knowing your credit profile. That said, applying for three credit products within 2 weeks is not advisable. You might want to wait a month or two. You probably should cancel the BMO card if you have no intention of using it, and want your MBNA application to be approved with a higher limit.
Hello! Two questions:
1) I’m nearing the end of my 12 month 0% deal of my current MBNA card. I will have the $6000 I was given last year paid off in full next month. So, do I sign up for a new MBNA 0%for 12 month card WHILE signed in to my current account? Or do I start fresh on the main website as if I don’t currently have one?
2) If I do NOT close my current acct (it will be paid in full and no longer used – if I am sent a second one, that is), will I eventually be charged a fee (annual or otherwise) for no use?
1. We’d recommend applying for a new MBNA Platinum Plus MasterCard fresh. Any offers you might receive from MBNA could have a higher balance transfer fee of 3% for offers on your account, instead of the 1% your guaranteed if you apply for the offer above.
2. You will not be charged an inactivity fee on your old MBNA Platinum Plus account, unless you maintain a balance and are inactive for 12 consecutive months. If there is no balance, there is no inactivity fee. If you maintain a balance, and make payments, there is no inactivity fee.
Thank you!! Your commitment to replying to all of these messages is wonderful! A great help.
How long before the 12 month period is up that one can apply for a second MBNA card to do a balance transfer to avoid paying interest?
We’d recommend applying around the middle of month 10, giving you enough time to get approved, receive the card and perform the “deposit” transfer.
Thank you for the info, also I have one other question.
With all my debts combined, it comes to about $17000. First off I’m not sure if I’ll be approved for that whole amount if I apply for this card. If I were, could you tell me what the minimum payments would be for that balance? And most likely I won’t be able to pay it all off within 12 months, so I know I’ll need to do a deposit transfer to a second MBNA as I saw in the comments below. But what if I don’t get approval for a second card when the time comes, what are my options to avoid paying the high interest after the 12 month period?
Your minimum payment with the MBNA Platinum Plus MasterCard is the greater of $5 or 1% of the balance. On $17,000 that would be a minimum monthly payment of $170 and then declining since you will be lowering the balance each and every month since you’re not paying interest.
We answered the second part of your question in your most recent comment. That said, if you don’t get approval for another balance transfer at the end of your 12 month term, you can keep your balance with MBNA (although your interest rate will increase) and request that MBNA lower your interest rate, or you can pay your balance down with any other existing low interest credit facilities you may have (home equity line of credit).
That said, chances are that if you get approved now, and your economic situation either stays the same or improves, you’ll be able to get another credit card at the end of the promotional term. Especially if you’re able to close some of your current accounts that you’ll be transferring balances from – thereby reducing total credit lines and reducing total unsecured credit exposure for MBNA. You would then be less risky then, than you are now.
Hi, if I apply for an MBNA Platinum Plus for the 0% for 12 months and want to balance transfer to someone else’s MBNA card (not in my name), will it still transfer?
The official answer is no, however, there is a very easy work-around. After you receive your MBNA Platinum Plus card, simply ask MBNA for a “deposit transfer”, and they will deposit your requested amount into any Canadian checking account you designate. Then use the money from your checking account to pay off your wife’s balance.
You will then owe the amount you transferred into your checking account at the same 0% for 12 month terms as the balance transfer offer (it’s considered a balance transfer transaction in MBNA’s eyes).
I recently apply and get approved for the mbna platinum plus. 6 months ago I need to know.. what do you know about the automatic credit limit increase ? They still use this in 2016? I know they need to advise you before now.. but I want to know if you know after 6 months or 12 months if an ” automated system” review your account and send give you an offer to increase your current limit.. i don’t want to apply becaude it’s a hard check .. what can you tell me about This if you know ..
Thanks in advance
Good question. It’s different for each account. That said, MBNA tends to be one of the most aggressive Canadian credit card issuers when it comes to their credit lines (both the initial line assignment and credit line increases). There is no official date. However, it would be fair to assume that your account would be run through their credit line increase model at month 6 – definitely by month 12 you should hear from them, because they’ll be anticipating the end of your promotional period.
Can I transfer from a TD Emerald Visa to this card? It is not in the drop down menu when applying.
The reason it’s not on the drop down menu is because no banks allow you to transfer from one of their own cards, to one of their cards. Unfortunately TD owns MBNA. That said, you can do a deposit transfer. After you receive the card, simply ask MBNA to deposit the amount of your TD Emrald Visa balance into any Canadian checking account of your choice. You can then pay down your Emerald balance from your checking account.
You will then owe the amount transferred on your MBNA Platinum Plus card at the same 0% for 12 month rate as a typical balance transfer, since MBNA considers “deposit transfers” to be a type of balance transfer.
Can you clarify your answer on this for me? We have a TD Travel Visa and wanted to do the interest free 12 month balance transfer. However, as you stated TD now owns MBNA. I don’t quite understand the meaning of “deposit transfer”. So do we apply for the MBNA MasterCard without checking off balance transfer? Just apply for the card as you would normally apply for a credit card? Then once we receive the new card we call the MBNA phone number and ask that they deposit the balance from our TD Travel Visa to a Canadian checking account? That’s where I get lost. I don’t understand what that means by depositing the balance of the credit card to a checking account. Is this a checking account associated with the new MBNA MasterCard? How does this balance end up on the MBNA for 12 months at 0%? I’m sure this is simple and I’m just not getting it. Lol. Thanks in advance.
It works as follows:
1. Let’s MBNA advances $5,000 cash from your new MBNA Platinum Plus card, to any checking account you choose – it could be RBC, CIBC, BMO or Scotia.
2. You then owe $5,000 on your new MBNA Platinum Plus card, at 0% for 12 months
3. You then take the $5,000 in your checking account and pay down the balance on your TD Travel Visa card.
4. In the end you now owe $0 on your TD Travel Visa card and $5,000 on your MBNA Platinum Plus card at 0% for 12 months.
Hope that clarifies things!
Thanks. Totally makes sense. : )
Hi there, I currently have debt on one credit card, and also have a personal loan and consolidation loan.
Am I able to use the MBNA card to pay off all 3 debts, or only for other credit cards?
The answer is yes. You can have MBNA automatically transfer the balance on your credit card. Then you can have MBNA transfer up to 100% of the rest of your credit line, at 0% for 12 months, into any Canadian checking account of your choice. You can then use that cash to pay down your personal loan and debt consolidation loan (or for anything else).
MBNA calls the transaction a “deposit transfer”, and once you’re approved for the card you simply call MBNA and make the request to deposit the money into your bank account and you get the cash at the same terms as the balance transfer i.e. 0% for 12 month with a 1% transfer fee.
I just applied and get approved for 14k credit limit. My question is 1) can I transfert the entire 14k? Aslo, what will be the minimum payment for 14k ?
Congratulations! You can request a balance transfer up to 100% of your credit line. Your minimum payment will be the greater of 1% or $15 (plus interest, but since the interest will be 0%, there will be no interest charge). On $14,000 your minimum payment will be $140.
I think the most u can transfer is actually 99%
Correct, it’s the 99%, plus the 1% reserved for the balance transfer fee. Good to clarify. That said, unlike in years past, you’re able to use up to 100% of your credit line for the balance transfer transaction, a nice improvement – which always equals the transfer amount, plus the fee.
I have an mbna platinum plus 0% card with a balance of around $7300 left from $10000 originally borrowed to pay some debt. My expiry date for this original transfer is in March. Mbna had an offer to transfer credit card balances from my same card for the same 0% interest with an expiry date of August. My question is if I borrow from this new promotional deal and paid part of my original debt ($7300), does the bank split my new payments between my new borrowed amount and the old left over balance or will my payments go directly to the original debt that I had?
Thank you for the advice.
We’d recommend a different approach. Instead of getting an 8 month balance transfer offer at 0%, which may come with a 3% transfer fee, get another Platinum Plus MasterCard, with a 0% rate for 12 months and a 1% transfer fee.
Once you’ve been approved by MBNA for the new card, ask them to consolidate your lines of credit from your old card to your new card. Then do a “deposit” transfer of $7,300 from your new Platinum Plus card, to whichever checking account you designate (it can be with any bank). Then use the $7,300 in your checking account to pay down your balance on your old MBNA Platinum Plus card. In then end, you’ll have a $0 balance on your old MBNA Plat Plus account and a $7,300 balance on your new Plat Plus account, at 0% for 12 months!
I have MBNA credit card already and I paid off the entire transfer in full. Now I want to make another transfer at 0% rate, following your advice, I would just apply for a new Platinum Credit card. My concern is that it might not be approved, since I have just recently received another cc from the other bank. Should I first close my existing MBNA credit card (which is empty by now), in order to be approved on the new one?
We wouldn’t recommend you start by closing your current MBNA Platinum Plus account. First, you should apply for another MBNA Platinum Plus card – assuming your credit is fine. Request a small credit line – the minimum is $500. Then, once approved, you should request that MBNA consolidate the credit line from your old MBNA Platinum Plus account, with your new MBNA Platinum Plus account.
I currently have an mbna card (0% for 12 months) which I applied for in June 2016. The balance transfer was approximately $7000.00. I have a current balance of $3500.00. I have until June 2017 to pay the outstanding without incurring the interest charge. Is there a way of extending the 0% interest
The best way to extend the 0% interest rate beyond the initial term, is to simply get another MBNA Platinum Plus MasterCard. Some people have as many as 10 MBNA Platinum Plus cards.
Instead of doing a balance transfer from one card to another, which you can’t do within the same bank, you will do a deposit transfer from your second MBNA Platinum Plus card into any Canadian checking account of your choice. Deposit transfers are done at the same promotional rate terms as balance transfers, 0% for 12 months with a 1% transfer fee. You will then use those funds to pay down the remaining balance on your first MBNA Platinum Plus MasterCard. You will then owe a balance at 0% for 12 months on your second MBNA Platinum Plus MasterCard.
What is the interest rate on this card on new purchases? So if I used it right away to buy a $2000 tv would I be charged interest? I know I could transfer it as a cash balance and do it that way but i’m curious about the initial new purchase interest rate
While we always recommend keeping your balance transfer card separate from a card for new purchases, it’s Purchase APR is 19.99%. Like you said, if you’re looking to buy a new TV for $2,000 and want access to the 0% rate, do a deposit transfer of $2,000 from the Platinum Plus card into any checking account of your choice, you’ll then have a $2,000 balance on your credit card at 0% for 12 months, then buy the TV with the cash from your checking account.
I see from the comments that more than one MBNA platinum plus card can be obtained. Is that true?
Yes you can obtain multiple MBNA Platinum Plus credit cards, each having the 0% for 12 month balance transfer offer, with no annual fee. We know some folks who have as many as 10.
I know MBNA offering 0%, 0.99% or 3.99%. I used 0% when I got my card a few years ago, than 0.99% and now my credit limit increased to 27K and MBNA offers me the only 3.99% transfer rate. Is there is a way to get from MBNA lower rates again? Is this because of my credit limit? Can I ask them to decrease my limit to 12K or so? Will this help?
I always paid the loan on time, may be once my bank delayed the transfer for 1 day .
The easiest thing for you to do will be to apply for another MBNA Platinum Plus card, and get the 0% for 12 month offer with a 1% transfer fee. Some people have up to 10 MBNA Platinum Plus accounts. Once approved for the new card, you can then request MBNA transfer some of your line from your old card to your new MBNA Platinum Plus card, or you can close your old account and transfer the entire line to your new credit card.
The other advantage of applying for another MBNA Platinum Plus card, as opposed to accepting a balance transfer from an existing account, is that the transfer fee will likely be lower – 1% instead of 3%.
I just applied for the MBNA 0% balance transfer card. I was given a response along the lines of unable to provide a decision at this time. They said they will inform me with the answer within 10-15 days. Is there anything I should do at this point?
It may be helpful for you to call MBNA’s credit department. MBNA is one of the few issuers where you can actually call their credit department and discuss your application. If it’s pending, it likely means MBNA didn’t have enough information to approve you right away, but at the same time, may have not had enough information to decline you right away either. As a result, your application may get reviewed by a credit analyst. Calling them may help fill in whatever information they are looking for.
Call 1-877-428-6060, dial 1 for english, 3 for customer service and then hit 0 twice to speak with an operator right away and they will patch you into the credit department.
Great card! So I have a question.. I just got my card but was only given $5000 (not enough to pay off 2 cards which total $8000) . I did a deposit to my chequing account for $4900 and will have this paid off in 6 months or so but my question is… if in 6 months time ive paid off the MBNA and apply for another plat plus card and say they only give me $2000 on the second card could I then transfer my first card over to the second and would that new total credit ($7000) fall under the 0% promotion for a new 12 months or would it be just the new credit allowance of $2000?
Great question. MBNA gives you the choice to either re-distribute your credit line from you original account to your new account, or consolidate your accounts, where you close the original account and merge both credit lines. In either case, the 0% for 12 month rate would extended to the combined limit on the new card. In your case, you would have $7,000 available at 0% for 12 months!
I plan on transferring my CIBC Visa balance to the MBNA Mastercard. I may not be able to pay the full amount within 12 months. Will I be charged 21.99% interest when I have to transfer back the remaining balance to my CIBC Visa?
You will only be charged the 0% interest rate for 12 months, plus the 1% transfer fee by MBNA. If you decide to transfer a remaining balance to another credit card at the end of the MBNA promotional term, you will be charged whatever interest and or transfer fee the new credit card charges. That said, unless you get a balance transfer promotion from CIBC, we recommend you find another balance transfer card to switch your balances to, other than your old CIBC Visa card (hint: you could even get another MBNA Platinum Plus Card at 0% and do a deposit transfer to pay off your remaining balance!)
To reiterate, MBNA does NOT charge a penalty for not paying down the entire balance, as there is with some sales finance products.
Awesome GreedyRates stuff !If i do transfer from MBNA to my checking account,is it this money taxable? Does the bank report payment to anyone?Thx.
I apologise if is questions already answered(i tried to read everything).
Thanks for the kind words. No it’s the cash advance is not taxable, because it’s not income, you have to pay it back!
In fact, in some circumstances, like for a business, the interest and/or fees you pay on a loan or cash advance may be deductible, since it’s an expense.
Thank you very much GreedyRates ! Thanks to your information i decide to apply for Plat Plus and i got $8000 .
I would to hear your advice please….i planning to buy around holidays some stuff(Tv,furniture…) ,maybe $2-3000 value .Do you think is better idea to apply for lets say Leon’s (Desjardins) credit card with 12-24 month financing option or simply use my existing Amex/Visa card and after transfer balance to MBNA ?This will be first time that i own money ,usually i always pay full balance in time .
Since you recently applied for the MBNA Platinum Plus card you might want to avoid applying for additional credit. Moreover, if you make the initial purchases at Leon’s with your Visa rewards card, and then transfer that balance to your MBNA Plat Plus card at 0%, you’ll get your rewards points from your initial purchase and a 0% rate for 12 months!
I applied online fot a second MBNA mastercard and was approved for $10000 within a couple of minutes of applying. A couple of hours later I signed into my MBNA account to see if the second card was showing. It wasn’t there yet which wasn’t a concern but I was somewhat disturbed that the limit on my first card had been reduced by $10000….or basically cut on half. Is this normal?
By reassigning your line from an essentially dormant account, to your new account, MBNA actually did you a favour, because you now have an additional $10,000 credit line at 0% interest for 12 months. The alternative would have been to issue you a very small line of credit at 0% and keep the $10,000 line at the non-promotional rate or decline you because you had too much aggregate credit line exposure. This is an example of how MBNA looks for ways to help applicants get approved with the largest credit lines available in the industry.
Thanks….great detailed info and interaction on this site. I’ll be trying to move the rest of my credit room from the first card to the second either way, and from what I’ve read here that shouldn’t be an issue.
Hi, I have a question regarding transfers of credit card balances. The first one is: If you choose the transfer balance, can you do it for a partial amount of the balance, not the full balance of the existing credit card? The another question is, what happens with the first credit card from wich you transfer the balance?
1. Yes, you can choose to only pay off a portion of a credit card balance. For example, if you have a $5,000 balance with CIBC, you can decide to only transfer $3,000 of the CIBC balance to your MBNA Platinum Plus card.
2. Nothing happens to the original card after your balance transfer. If you paid it off in full, you can decide to keep the account open or close the account. That’s between you and the credit card company – MBNA has no right to close your account.
If I transfer a balance for the 0% for 12 months promotion. Does the whole balance have to be paid off in the 12 months? Is there an interest penalty if it is not all paid off? I have seen some comments about transferring the balance again near the end of the 12 months. Is to avoid a possible interest penalty?
Great question. There is no interest penalty if you do not pay off the balance after the 0% promotion expires. After the 12 month 0% promotional rate expires you can either pay down your balance or transfer it again, with no penalty whatsoever. You can also keep your balance on the same card, but your rate will increase to the “go-to” rate on future months.
If you do have a balance left over at the end of the promotional term, we highly recommend you either pay it down, transfer your balance to another card (balance surfing), or pay it off with a “deposit transfer” from another MBNA Platinum Plus card at 0% for 12 months. The reason we recommend you do so is because at the end of the 12 months you will start paying interest on the remaining balance in future months.
To be clear, unlike some sales finance products you’ll find with some retailers, there is no “retro-active” interest penalty if you don’t pay down your balance at the end of 12 months.
Hi, I already have the MBNA Platinum Plus and my card has about 10000 on it. Im looking to transfer this via deposit transfer. Id like to know if Im guaranteed approval based on already having a card, and always making payments on time.
No one can guarantee you approval. That said, if your credit score is largely the same as when you first applied and all else is equal, you should be confidant.
Obviously your challenge is getting around the rule each bank has that you can’t do a balance transfer from one of their own cards to another card of theirs. There’s a great workaround to this with MBNA, which allows you to repeatedly take advantage of the 0% for 12 month rate.
To pay off your $10,000 balance on your first MBNA Platinum Plus card, when you get your second MBNA Platinum Plus Card, simply request a “deposit transfer” from MBNA for $10,000 (MBNA deposits $10,000 cash into the bank account of your choice). MBNA classifies “deposit transfers” as a type of balance transfer and offers the same 0% for 12 month rate and 1% transfer fee.
You can then use the $10,000 cash in your checking account to pay down the balance on your first MBNA Platinum Plus card (or for anything else actually). Your first card will then have a $0 balance, and your new card will now have a $10,000 balance at 0% for 12 months.
Hi GreedyRates team!
If i do already have an MBNA account that I signed up with 11 months ago via GreedyRates — with a remaining of $4000.
Could I take up this current MBNA offer and then raise my credit limit to $4000 and proceed to do a balance transfer to pay off my previous $4000 to enjoy the 0% rates for the next 12 months?
Will this work?
While you cannot do a balance transfer to and from cards within the same bank, there is an easy workaround with MBNA. When you get your new 0% Platinum Plus MasterCard, simply request that MBNA do a “deposit transfer” into your checking account. MBNA will then transfer $4,000 from your new card into your checking account. You will then use that money to pay down the $4,000 balance on your old credit card. You will then owe $4,000 at 0% for 12 months on your new credit card – deposit transfers have the exact same terms as a balance transfer for MBNA.
I currently have a Platinum Plus card that I’ve had since July. I got a very low credit limit on it (2500) however now my income has increased, my credit score has gone up and my utilization has gone down. I want to apply for a second Platinum Plus card, get a higher limit than I did the first time and and get another balance transfer.
My other credit card offered me a large credit increase which I accepted as I thought it would help lower my overall utilization. However from reading your website, I understand that having too much available credit from other cards will reduce the amount of credit that MNBA will offer me.
How can I maximize the amount of credit MNBA will give me on my new card? Should I ask my other credit card to decrease my credit limit? I understand that I can transfer my credit limit from my first Platinum Plus card to my second, but I’m currently still paying off the first card so I can’t do that just yet. Also, how soon can I apply for the second card? I got my first one in July.
Actually you can do the following with MBNA. After you get approved for your new MBNA Platinum Plus MasterCard, first call in to MBNA and request that they consolidate your credit line from your first Plat Plus card with your new one.
Second, speak with the credit department, explain to them how much additional line you’d like and for what purpose and why you can handle the increase (strong assets, low debt to income ratio, etc…) Assuming your credit is strong and your fundamentals sound, MBNA often increases your limit to accommodate you.
Of all the issuers, MBNA is one of the few where you can actually speak to the credit department, where we’ve found them willing to work with its customers to find ways to help you get approved for more, as opposed to finding reasons to say no.
Told by MNBA***
We’re not in a position to determine or suggest what limit you will be approved for. Even if you lower some of your outstanding credit lines elsewhere, there could be other factors that dictate a lower limit. If nothing has substantially changed on your end i.e. income, balances, expenses, credit, score, and you lower your unused credit lines elsewhere, it would seem MBNA might provide you with a higher limit, but without a clear picture we cannot say it with confidence. Sorry we could not be more helpful.
is a person’s credit has been damaged by late payments but has never been put in for collection, would it be a possibility that a person like that would be able to qualify for the 0% card. I wouldn’t want to apply unless I knew, beforehand, because any time you apply for credit…the banks look at that as a negative factor
Approval will depend on multiple factors. If you’ve been recently delinquent, that could impact your ability to get approved. We believe MBNA’s FICO cutoff is 640. MBNA is pretty aggressive in their approvals, but no bank, regardless of offer, looks favourably upon recent delinquencies. That said, if you’ve developed a good recent repayment history, and you’re late payment was small and infrequent, it may not be a big deal. Hard for us to say without a full picture.
Is MBNA the only credit card company that offers the 0% interest on transfers
and if so what would be the next best credit card to apply for
Thanks for the kind words! No MBNA is not the only credit card company to offer a standing 0% balance transfer rate, but it offers 0% for the longest term, no one else does it for 12 months. Next best is 6 months from Scotia and American Express. You can check out our review of all the top balance transfer cards in Canada. In fact, mathematically your better off with a 1.99% rate for 10 months, than a 0% rate for 6 months – assuming both come with 1% transfer fees.
All that said, the MBNA Platinum Plus offer of 0% for 12 months is the best offer of all.
I applied MBNA PLATINUM PLUS Master card i would like to know about credit limit of this card because i heard
MBNA is part of TD Canada Trust also i just received TD VISA and i have $ 5,000 credit limit and $ 3,000 cash advance. Please help me THANKS
The credit limit assigned is customized based on your particular situation, the card you are applying for and of course MBNA’s underwriting goals. MBNA will derive an “open to buy”, which is the aggregate credit limit they think you should have across all credit card products. What you already have with TD will affect the limit MBNA provides you for their card. Despite being owned by TD they do not work hand in hand and you cannot redistribute limits from TD to MBNA. That said, MBNA typcially has some of the highest credit limits in the industry. Officially, their limit is $100K, though that is far from typical obviously.
I applied for the MBNA Platinum Plus MC and it says:
‘Your application form was received, but we are unable to provide a decision at this time. A credit analyst is reviewing your application and may be in contact within 10 to 15 business days regarding any additional information that is required to complete your request’.
Any idea what that information can be? And if there are chances to be approved later, cause from what I read in the comment section people got approved instantly.
MBNA is one of the few Canadian credit card issuers that has a manual review adjudication department. Sometimes, before automatically declining someone, they may want to do a manual review, to better understand your application. One thing you can do is be proactive and call MBNA credit department. If you applied online, it will be in their system within 1-2 hours (if you applied over the phone it can take 2-5 days). Call MBNA and ask for the credit department. See if you can have them review your application while you’re on the phone and if you can help address any questions they might have about your application.
I didn’t call back as I read your message the following day only. Anyway I got my card in the mail box exactly one week later with a credit limit of $4500.
I have 3 more MC (different banks) besides this one from MBNA. Do you think if I close one MC (I have $7500 credit limit on this one that I have in mind) and then call MBNA they can increase my credit limit with this amount???
I very much appreciate your advice and info.
Absolutely! But MBNA makes it even easier than that, giving you two options. You can ask MBNA to keep both accounts open and redistribute lines from one account to the other. Or, as you suggested, you can consolidate both credit lines by closing one account and consolidating the closed line with the new card’s credit line.
After paying my debt for other cards can I used it to deposit money thru my checking account for personal purchases?
How long can I used the 0% interest? Is it 12 months?
You have 3 months from the time your account is opened to do a balance transfer at 0% for 12 months. For example, if you do a balance transfer in the third month after you receive your card, you will still get a 0% balance transfer rate for 12 months. However, you will not get the 0% rate if you do a balance transfer in the fourth month.
You can do as many balance transfers or deposit transfers within the first three months, up to your credit limit, and still get the 0% for 12 month term.
Also, how long does it take to get the MBNA card in the mail and do the credit card transfer of funds from my CIBC Visa?
Once you’ve been approved, it can take between 7-10 business days to receive your card in the mail. You can do the balance transfer on the online application itself, in which case it will be automatically executed with 2-5 business days after you receive your card in the mail.
The fastest way to get approved with MBNA is to apply online. The slowest way is to apply over the phone, because it take up to 5 business days before the call center delivers the application to the credit department and gets it data entered into the adjudication system.
If you apply online, you may get instantly approved. If not, you can call within 1-2 hours after submitting your online application, and ask for MBNA’s credit department. You can then supply them with whatever additional information they require and you may get instantly approved on the spot and you’ll also be able to request a higher line than their model may originally assign you.
1) Is this card still available?
2) Also, the ‘Cash Advance’ feature of this card sounds TOO GOOD TO BE TRUE. In essence, doesn’t this mean you can have access to CASH for a YEAR with NO INTEREST!!What are the conditions – there must be some – that apply to cash advances?
3) I applied (and received) an MBNA card about 2 years ago – I did not activate it. Would this negatively affect by ability to qualify for this Platinum MBNA card.
1. Yes this card is still available. Click on any of the links in the article above and it will take you directly to MBNA’s application page.
2. It is a great deal. MBNA actually calls it a “deposit transfer”. It’s available on the same terms as the balance transfer offer, 0% for 12 months with a 1% transfer fee. It’s very similar to a cash advance, but the money is deposited into you bank account. Once you receive your card, just go to your online account and request the transfer or call in to request the transfer.
3. That should not affect your ability to qualify for the Platinum Plus card from MBNA.
In regards to your earlier statement ‘At the end of your 12 month term, or in month eleven, you can apply for another Platinum Plus card and take advantage of the 0% rate for 12 months once again’
How do you apply for a Platinum Plus card at the end of the 12 month term while you already have one?
Great question! MBNA allows you to own multiple Platinum Plus accounts. In fact, some people have as many as 9 MBNA Platinum Plus accounts. There are a few things to remember:
1. Once you receive your second MBNA Platinum Plus card, you can call MBNA and have them consolidate your available credit line from your first card to the other.
2. Second, since you can’t do a direct balance transfer from one MBNA card to another, you can have MBNA do what is called a “deposit transfer” from your new Plat Plus card, to your bank account (it’s like a cash advance, but right into your bank account, done at the same 0% for 12 month rate as the balance transfer). Then use the cash in your bank account to pay down the balance on your first Platinum Plus card.
Was that helpful?
Yes these answers are very helpful. Thank You!
Once you consolidate the amount still owing to the credit card company, wouldn’t it make sense to close out the first card? instead of keeping too many open credit card accounts! which of these two solutions has lower fees involved? and which one is more straight forward and less hassle?
Either option is pretty straight forward. But if you transfer over the line from one MBNA card to the other, there is no issue with closing the older account, if that makes you feel more comfortable. Then again, with no fee, there’s also no issue with keeping it open. It’s completely up to you and your preference.
Thank you so much for your great advise…keep up the good work!
Hello. This is very detailed text, thank you!
One qs: If you apply for this CC and you pay the minimum monthly, lets say you transfer 4000 and you pay 40 x 12 months that means only 480 of 4000 then you apply for another Credit card to transfer the balance (3520) that you still owe; do you need to keep the first credit card? even if you don’t want to use it (Not looking on get another debt ) and when you pay all your debt how many cc will you have? That part doesn’t make sense to me.
So you start with $4,000 of debt. There is a 1% transfer fee to start, so your balance is $4,040. If you make minimum payment of $40, you’re left with approximately $3,560 at the end of the 12 month term. If you then transfer your balance to another card, in effect what happens is, the new card pays down the balance of the old card. Then the new card shows the balance of $3,560 and the old card shows a balance of $0.
You can choose to close the old account, or you can keep it open (there is no annual fee), which will keep your credit line open and thus your utilization rate lower, having a more positive impact on your credit score. If you keep it open, and don’t use it, there is no new debt you will be assuming, so there is nothing to worry about from that perspective.
I received a balance transfer offer from RBC 5.9% for 30 months, no transfer fee and no annual fee. I was wondering if this is a good offer or should I proceed with the application for the MBNA Platinum Plus balance transfer 0% for 12 months. I’m planning to transfer 4,000 from my other credit card and my concern is I could only afford payments for the 30 months compared to the 12 months. I want to pay the monthly payment (not the MINIMUM monthly due) so I could get rid of my credit card debts sooner. If I will transfer 4,000, how much is my monthly payment for RBC 5.9% for 30 months? How about 4K, 0% for 12 months? Please advise. Thank you so much.
Great question! Here’s our answer:
1. Balance transfers are not installment loans. With a balance transfer offer, all you are required to pay is the minimum payment. However,you have the right to pay more than the minimum payment, without any penalty. So if the minimum monthly payment is $40, on $4,000 of transferred debt, you can pay down $200 per month if you’d like. The advantage, with the MBNA 0% balance transfer offer, is that the entire payment will be applied against your balance, since their is no interest payment during the 0% promotional period.
2. The RBC offer’s minimum monthly payment is $10, plus interest, which should come out to about $29 per month in your case, of which $19 is interest and $10 is principal. That’s based on RBC standard min monthly terms, we have not analyzed your offer specifically.
3. THE MBNA Platinum Plus has a minimum monthly payment of 1%, which should come out to $40 per month in your case, of which 100% will be applied against your principal/balance.
If your goal is to “pay the monthly payment so you could get rid of your credit card debt sooner”, the MBNA Platinum Plus offer is the best offer for you, because there is 0% interest versus 5.9%, more of your payment will go towards paying down your balance than the RBC offer, and the effective minimums are close to the same.
At the end of your 12 month term, or in month eleven, you can apply for another Platinum Plus card and take advantage of the 0% rate for 12 months once again.
Thank you so much for the great explanations. I already applied for the MBNA Platinum Plus and got approved with a limit of $4,500. Now, all I need to do is to apply for the balance transfer online and hopefully becomes debt-free at the end of the 12 month term.
Great stuff and congratulations! Glad it worked out.
I ‘m just wondering if you need a certain balance on the credit card in order to do a balance transfer.
We’d love to help you on this! Can you elaborate a little, not sure we understand the question just yet. MBNA’s answer to this question in general is:
“You may choose an amount up to the amount, without exceeding, your available credit line. For example, if you have a $2,000 balance on another bank’s credit card and your credit line is $15,000, you can ask for a balance transfer up to $15,000. We may not approve the total credit line limit for a
Let us know if you were looking for a different answer.
This is a very informative Q&A.
1. If I’m applying online, and don’t indicate any credit card details for balance transfers, will MBNA grant me the “maximum” credit line based on my income, current debt servicing ratio, etc., or will they grant a smaller number?
2. With regards to #1, my preference is to get the “cash advance” on the same terms, and then pay down my credit card balance (as opposed to them doing a direct balance transfer). If MBNA doesn’t know that I am doing a balance transfer (because I don’t give those details on the application), would they assume I just want more credit, and hence offer a smaller credit line?
3. With regard to credit scores, and MBNA’s scoring, when they are looking at credit utilization, do they look just at credit cards, or also at lines of credit (e.g. unsecured, secured with your home, etc.)?
Thanks for the kind words!
1. Your credit line assignment is not influenced by whether or not you included a balance transfer(s) on your application.
2. No, not at all. Same as answer to #1.
3. The credit bureaus (Equifax, TransUnion) will look at what you owe on all types of credit accounts on your file i.e. credit cards, installment loans, lines of credit. Each type of loan is accounted for differently. Credit cards are evaluated based on how much of your credit line is being utilized. The bureaus measure utilization for each account, and overall. Installment loans (car loan) are evaluated based on how much of the original loan balance has been paid down. The exact algorithms the bureaus use is not public – aside from the 30% rule (total balances should not exceed 30% of your available credit limit).
Thank you, that’s helpful.
Assuming I don’t put a balance transfer amount, but they approve me for some amount that is less than the amount I want to transfer, is it advisable to call them and ask for an increase? e.g. from 15k to 20k or 25k with the argument that the balance on the other card is going to go away? would it help to say I’m going to decrease the limit on the other card, or would this be counterproductive in terms of the 30% utilization rule?
First, if you can avoid paying significant interest, I wouldn’t worry about the 30% utilization rule. Too many people end up paying massive amounts of interest to maintain their utilization rates, when one of the primary purposes of the credit score is to access cheaper rates. If you can get cheaper rates, but it “costs” you a couple of points on your credit score, big deal. It’s better than it costing you real dollars. Your credit score will recover.
That said, it might be hard for you to get a credit line increase so quickly after being approved. However, because MBNA has a manual review and adjudication department, they are one of the few credit card companies where it’s possible to actually speak to someone n the credit department. That said, the decision is entirely up to them and there are multiple factors they may take into account, given your individual situation we’re not aware of. Of course we would always recommend calling them, that costs nothing and there is only upside to having a conversation with them.
Hi there, i’m so glad i found your post/comments, very informative and easy to understand. Thank you. here is my question:
i have a RBC MC and my husband a Visa which we want to pay off using a MNBA transfer card. can I request ONE MNBA with 2 credit card balances to transfer (VISA under my husband’s name)?. we have 13000$ balance in total between the two of us. maybe is better that the one of us with better score applies or is it a better idea to apply for 2 mnba’s one for each balance transfer?
ooops sorry, that’s not one question 🙁
Why not the person with the better credit apply first. If the credit line is sufficient, use it to pay down both balances. If the credit line is not sufficient, then the second person can try to apply, and if approved pay down his/her balance.
When doing a balance transfer, the names on the credit cards have to match. So you can’t pay off you’re husband’s credit card balance, and vice versa. What you can do is ask MBNA to deposit the cash amount to pay off your husband’s balance into your checking account. Then use the cash to pay off your husband’s balance. You will then owe that amount on your balance transfer credit card, and it will be on the same terms as a regular balance transfer, 0% for 12 months with a 1% balance transfer fee.
Have you done this? Did it work well?
Hi, I’m not exactly sure I understand the part where you say :
”You can also advance cash from your MBNA Platinum Plus Mastercard account to your bank’s checking account and use it for any purpose you’d like and enjoy the same 0% interest rate for 12 months. It’s like a cash advance, except the money is deposited into your checking account, at 0% for 12 months.”
Nowhere on the application form do I see any mention of this, and wondered how one would proceed to do that, or if it is still available.
Thank you very much!
It is absolutely still possible and done all the time. Once you’re approved, all you have to do is call MBNA and request the transfer of funds to any checking account. The product is mentioned on the legal disclosure for the card under fees, where it states: Balance transfers (including transfers of funds to a bank account).
Transfers of funds to a bank account are defined by MBNA as the same as a balance transfer, and as such get the same 0% terms.
Hope that helps clarify.
I just want to make sure I have this figured out.
So I plan on making a purchase for about $2000. From what I read I should make the purchase with my other credit card (capital 1) then apply for this credit card, then transfer these balance on my capital one over to this MBNA card to take advantage of the 0% interest for 12 months, is this correct?
That would definitely be a strategy. It would certainly allow you to collect points on one card, while taking advantage of the 0% rate on the Plat Plus card. However, if you’re not collecting points on the first card, you could also just get the MBNA Platinum Plus card, then have MBNA do a deposit transfer of $2,000 into your bank account – it will be done at the same 0% for 12 month promotional rate, Then you can use the cash to make your purchase.
Either way works. If you do it your way, just make sure you get approved for the Platinum Plus card first, so you’re not stuck with a high interest rate on your CapOne card.
Thanks so much for the reply!
I would like to apply for a no interest credit card to pay off my debt, and I’m torn between the MBNA and and Capital One. Which would you recommend for someone who has to pay off $5000. Also, does making a request with both hurt my credit score? I’ve been told that every credit inquiry has the potential to hurt one’s credit score. Thank you
We have not seen a 0% balance transfer offer from Capital One that is open to the public. You likely received a special promo. That said, you will want to compare the rate, length of the promotional term and the balance transfer fee.
We like MBNA Platinum Plus offer because it comes with the best balance transfer offer available to the public at this time: 0% rate, 12 month term and a 1% transfer fee. Many issuers are now charging a 3% transfer fee, which is in the fine print, we’re not sure what fee the CapOne offer you received is charging. Make sure you compare apples to apples.
If you make too many applications, in too short a period of time, it can negatively impact your credit. Space them out. One application every couple of months. However, also remember, if you’re credit is good to begin with, your credit will recover quickly.
I tried to do a balance transfer from my MDNA platinum Plus. To my TD Visa and when I sea have it doesn’t give me any options for TD. Or Canada Trust
You can’t do a balance transfer from one credit card to another card from the same bank – no banks allows it. MBNA is owned by TD, hence the restriction. There is a workaround however. Simply request a deposit transfer from your MBNA card to your bank account. MBNA will transfer the funds, at the same 0% for 12 month rate, from your Platinum Plus credit line to the checking account you provide. You can then use that cash as you wish, including to pay down your TD credit card balance.
Hope that was helpful,
How soon can you apply for a second card? The limit on my first card was extremely low, and I’d like more BT money.
If your credit is fine MBNA will say you should wait around 6 months before you apply for a second Platinum Plus card. MBNA does offer some of the highest credit lines in the industry, so if you received a low line, you should also try to understand why. You might want to call their credit department to ask them why your initial line assignment was low (income, existing debt obligations, credit, etc…)
I want to apply for the MBNA 0% balance transfer card to use it to pay off (along with my savings) my car loan so im not wasting money on interest while I am paying it off. My auto loan is with TD and it says in the legal disclosure for the mbna card that balance transfers or deposits cant be used to pay off or down loans from any of mbna’s ‘affiliates” .
I believe TD is an affiliate of mbna or vice versa.
has anyone done this? if they deposit the money into your chqing account how would anyone be the wiser?
Not an issue. Once you get the card, just call MBNA and ask them to do a deposit transfer. They will deposit the amount of cash you request, from the Platinum Plus card, at 0% for 12 months, into your checking account. MBNA consider’s deposit transfer and balance transfer to be the same, so you get the same terms for each. However, MBNA cannot track and doesn’t care where you spend the cash once it’s in your checking account. You can then use that money for any purpose, including, paying down your TD auto loan.
Does a person have to have a TD Bank Account to do this, or can they deposit to a totally different bank?
Great question. You can do a deposit transfer to any bank of your choice, not just TD.
Interested in the ‘cash advance deposit into any checking account’…would Tangerine account also qualify as any ‘bank of our choice’?
Absolutely Tangerine qualifies. It just has to be deposited into your Tangerine no fee checking account.
I have no debt. But I plan to use this card instead of a line of credit method to open a small business. All I need is around $10000. My current credit card with BMO limit is $13500. I plan to spend $5000-10000 to open up a low investment business. Then take advantage of 12 months no interest to do a balance transfer to my credit card. Is this a good idea or should I just go with a line of credit instead?
It’s a good idea, but we would do two things differently:
1. Take out a line of credit as well, so that at the end of the 0% for 12 month term you can pay down the balance transfer with a low interest option. Just keep your line of credit open. It costs nothing.
2. Before you start spending, make sure you have your Platinum Plus card in hand. Remember, you can also do a money deposit (cash transfer) from your Plat Plus card into your checking account, (if you need to spend cash), and still get 0% for 12 months.
What is the interest rate after the first 12 months?
The interest rate after the promotional period is 21.99%. That said, we would strongly encourage one of 3 scenarios:
1. Using the 12 month interest free period to pay down one’s entire debt
2. Surfing to another 0% balance transfer promotion before the 12 month promotional period expires
3. Paying down the balance at the end of the 12 month promotion with a cheaper debt instrument (like a line of credit)
We would never recommend keeping your balance at 21.99%!
Hello! I love this site,very informative.
Can you explain closing cards and credit utilization? I’ve closed cards in the past once I’ve paid them off thinking it will be good for my credit score.
Great question. Most credit scores can be slightly reduced if credit utilization exceeds 30%. Credit utilization is defined as your credit card debt divided by your credit line.
If by closing an account, you reduce your total credit line such that your remaining balance exceeds 30% of your total credit line, it could have a negative impact on your balance.
That said, if you do not carry a balance it’s not as big of a concern. We would never recommend you keep a credit card with an annual fee open just to maintain a credit score.
Also, if you have too many credit cards open, sometimes it will be hard for you to apply for a new card and receive a significant line.
Hope that helps.
Thank you! I understand it now.
How many open cards are too many?
There really isn’t a limit to how many credit cards you keep open. In fact, the number of cards you have open is not reflected in your credit score at all. Plenty of people have 15+ open accounts with 700+ credit scores. The only way it could impact you, is if an issuer is uncomfortable issuing you a sizeable credit line for a new account, because you have too much unsecured credit line already.
In those cases, if you’re applying for an additional credit card from the same issuer (MBNA for example) you can always consolidate your credit lines or move credit lines onto one credit card, without the need to close the other accounts, if you so desire.
can I pay off my line of credit from a credit union with the card
Yes you can. After you get approved, just ask MBNA to transfer the required funds (deposit transfer) into your bank account. MBNA will do so on the same 0% for 12 month terms as the balance transfer offer. You can then use those funds, that are now in your bank account, for anything, including paying down your line of credit from your credit union. It’s a virtual cash advance at 0% for 12 months.
I was approved instantly online since I have a Smart card with them. My card limit is $6300 and has a zero balance. I have done balance transfers and paid off on time about 4-5 times so I have a good relationship with them. Now my instant approval is for $2500! That’s so little. I have a Fico 755 score.
Can I have that increased?
Great question Jessica!
You have two options with MBNA. First you can do a line redistribution, where you can request MBNA take a portion of another credit card’s line and assign it to your new account. You can shift lines between credit cards as often as you’d like.
Or you can do a line consolidation, where you choose to close any number of accounts and assign their lines to your designated account. For example, if those 4-5 other MBNA credit cards of yours are still open, you can close them, and have the totality of their lines added to your new account.
Lastly, you can speak with MBNA’s credit department to see why your limit was only $2,500 and ask the likelihood of being approved for more. Hopefully the two alternative strategies above can solve your issue.
I was wondering if MBNA gives a warning when the 0% on balance transfer is about to expire? How will I know that it’s been 12 months since I made transfers?
Also, is the promotion still valid? When looking at my online statement, I don’t see anywhere the 0% interest promotion anywhere.
MBNA provides the expiration date of the 0% promotional offer at the top right of your monthly statement every month.
Yes the promotion is still on effect. However, the 0% for 12 month rate is only available for the first 3 months after you’ve been approved for the card. If you want to access the 0% for 12 month offer again, your best bet is to get another Platinum Plus card.
Hope that helps. let us know if you need more clarity,
Hello, on this site it says “There is no stated minimum income for the Platinum Plus card” but on the MBNA site and verified with their chat service it says the minimum income has to be $35,000. My income is way below that amount, around $12,000 and I’m the only one with this household income. What are my chances of getting this Platinum Plus card even after having been pre-qualified from the Royal Bank for Visa Gold, Visa Platinum, Visa Preferred and then downgrading back down to the no annual fee of Visa Gold, and now together with a Capital One Gold card? By the way, I wanted to use the Platinum Plus card to pay off an outstanding debt with my Royal Bank credit line, if only if there is a slight chance of getting that card for balance transfers. The other cards don’t offer much of a deal for balance transfers.
We just verified with MBNA Canada ourselves and there is no stated minimum income for any MBNA credit cards other than the World and World Elite cards. We also double checked their online application to see if anything has changed, and again, can’t find any reference to a minimum income requirement of $35K. We can also confirm that they do not verify income.
That said, MBNA does have minimum credit score cut-offs in the 640 range. However, if you’ve recently been pre-approved by RBC you shouldn’t have a problem getting approved by MBNA, as they tend to be a little less restrictive than RBC in their approval criteria.
It must be a different card I was asking the chat representative about. That sounds good…I’ll make the application and see how it goes. Thanks.
I just called MBNA and asked why the application was declined, she said it was because my debt income was way too high even though my credit score was very good. So, if anyone wants to apply for a credit card like this one to pay off a big debt, the size of debt is also taken into consideration in the application. The application did not work out that well for me.
Thanks for the follow-up. Sorry to hear your application was declined. One of the key factors in the issuer’s adjudication scorecard is a customer’s ability to repay. As such, it’s not so much the size of your debt that is taken into account, as it is your debt servicing capability. Your debt servicing capability factors in the size of your debt, your income, and your current fixed obligations. The issuer will then use that information to calculate whether you have the ability to pay the minimum payments required – despite having a history of on-time payments.
Before filing for bankruptcy, and without knowing your financial picture, you might want to speak with RBC to see if they can lower your interest rate, or reduce your minimum monthly payments. Many banks are willing to work with customers who are experiencing financial difficulties – they dislike charge-off’s as much as the customer.
With income of $12,000.00 per year you really should not be obtaining credit cards. It would be impossible to live on such a limited income and pay debt at the same time. Please do not take my comment in a rude manner as it is not intended to be rude, but just realistic and coming from someone who has worked as a credit grantor. Credit can be a dangerous tool to have and when your income is so low it is too easy to take something on credit and later you have to make the decision if this week you’ll buy groceries or pay the credit card bill.
The problem is, Tim is looking to pay down a debt he already has through his RBC line of credit. The deed is done. In that case, if he can access a rate of 0% for 12 months, with a transfer fee of 1%, he’s likely better off than his current interest rate with his line of credit, spending less of his $12K income on interest and more elsewhere.
Very cool comments area and great answers.
I was just approved for $12,000.00 on the MBNA Platinum but the credit card that I want to pay has $25,000.00 owing on it at 15.45%. I have aprox $700.00 total that I can allocate to the two cards monthly. Do you think it would be better to pay the minumum on the MBNA card monthly and allocate the rest to the 15.45% card or focus on the MBNA card? I hope to apply for a second MBNA card around the 11 month mark to get 0 onterest again. Unfortunately it will take me longer than 1 or 2 years to pay this off. Any ideas are welcome!
Thanks so much.
You’ll definitely want to pay the minimum on the Plat Plus, taking advantage of the interest holiday, and pay as much of your remaining high interest debt down as possible. That will be the cheapest way to pay down your debt over the long term.
Does it have a negative impact on your credit history if you use it as cash advance? I’d pay the more than the required minimum.
There is no difference to your credit score whether you do a balance transfer, deposit transfer, cash advance, or purchase.
When you pay off a credit card using balance transfert the bank who receive the payment know that the payment came from another credit card ? (Balance Transfert) Or its like a regular payment for them
While most credit card companies will not accept credit card payments from another credit card to pay down your credit card bill, they will accept balance transfers, if that’s your concern. So they treat it like a regular payment from the bank issuing your balance transfer card.
Does that address your question?
Hi! Great info in the comments! I recently applied & was approved for $6000. I transferred $4000 over to my checquing acct to pay off high interest VISA. I have auto payments set up x12 months for $336 to ensure it is paid off in full before the year is up.(interest free! Yay!) Just so I’m clear – once the 12 months is up, I will no longer have 0%, but can apply for another MNBA card (as long as the current 0% promotion is still on) to do it all again on another loan? (We have a large Line of credit with a 4% interest rate, but would love to pay off a chunk at 0%! ) And, if the answer is yes, I can also cancel the first MBNA card as I will no longer be getting the 0%?
Thanks for using GreedyRates.ca and your kind words!
1. Yes, when your 0% for 12 month term expires, you can then apply for another Platinum Plus card to get access to the same deal again.
2. Yes, you can cancel the first MBNA card if you’d like.
MBNA will offer either 0%, 0.99% or 3.99% balance transfer rates quite often. Opening and closing credit cards too frequently is not good for your credit report. So closing a card and then reapplying for another credit card is not the greatest idea. You’re better off to use that 12 months and pay as much off as possible to give yourself breathing room and to get a head.
We’re glad you brought that up. We’d like to take the opportunity to clear-up three misconceptions.
First, if you take an MBNA balance transfer offer from an existing MBNA credit card, you will pay a 3% balance transfer fee. Whereas, if you open a new Platinum Plus account, and take the 0% offer, you will only pay a 1% transfer fee. As a result, with MBNA, it always pays to take a balance transfer with a new Platinum Plus card.
Second, you can have an unlimited number of credit card accounts, with zero impact on your credit score. The only factor that will impact your credit score is the proximity with which you wait between applications. If you space them out appropriately there will be no issue. There is no magic formula, and it may depend on how strong your credit is. Just be reasonable and don’t apply for a credit card every week – that behaviour will be suspicious to the credit bureau and will result in a lowering of your score. Space your applications out every few months and your golden. One GreedyRates staff member has already applied for 6 credit cards in the past 12 months and been approved for each and every one, no issues.
Third, closing credit card accounts on its own does not impact your credit score either. The only factor that could impact your score when closing an account is if doing so lowers your credit line and as a result increases your credit utilization. However, if you open a new account, and transfer your old balance on to it, there shouldn’t be an issue, stays below 30%. Some people keep credit cards open with annual fees out of fear closing them will hurt their credit score. We think this is a huge mistake – there’s nothing wrong with closing accounts – your credit history from the account will stay active for another 7 years.
Is there a limit, that you know of, to how much MBNA will approve? Thanks!
MBNA can go up to a $100,000 credit limit, but that’s certainly not the norm!
Is their a requirement to close the credit card that is paid off by MBNA?
So, once the approval is done can they just transfer the money to my TD chequing account and then I can pay down my cc balance myself?
Thanks for your help
There is no requirement to close the credit card that is paid off by MBNA. In fact MBNA does not even provide that as an option.
Do you know if asking the Credit card company to transfer the debt to MBNA results in any kind of hit to your credit? I guess what I’m asking is, is it better to ask your credit card company to transfer the balance to MBNA or is it better to just ask MBNA to transfer the money to your bank account then make a payment to pay off your credit card?
I guess I prefer to just make the payment myself rather if they are both options.
Thanks for your help.
Both methods will have the same impact on your credit score. The credit bureaus will not look at one or the other less, or more, favourably.
Very informative article (and comment section!)
A couple of questions:
1) You mention that you can apply for another Platinum Plus card after 6 months. Does that mean I have the option of getting another deposit transfer into my bank account at 0% from the second card after my first cards promotional period expires? (Essentially getting two years of 0%)
2) Following up on that, if we don’t get approved for a rate that matches our current credit card debt, do you recommend applying for a second Platinum Plus card after 6 months or asking for a credit increase on the first?
3) Is there any consequences for transferring the balance off of this card and closing it after the 12 month promotional period?
4) What is the minimum income needed for this card?
Thanks in advance!
1. Yes. By getting a second Plat Plus card, you are essentially getting 2 years a 0%.
2. Not sure we understand the question perfectly.
3. There is no consequence to paying off this card and closing it after the 12 month promotional period – or at any other time for that matter.
4. There is no stated minimum income for the Platinum Plus card, but it might help to have $15K or so.
I have a question. I have had the MBNA PP card for a few years and only ever used it for getting out of debt. Recently I racked up $2500 of CC debt after a move and taking a parental leave of absence from work. I realized while trying to pay this back that the interest rates are insulting so I decided to dust off my MBNA card and use a deposit BT to pay off the CC debt that I recently accumulated. When I called them they told me of course that I could not get the 0% promotional rate for a new card activation but they could give me 1.99% with a 1% processing fee. The lady on the phone asked if I wanted more money and told me if I took more they could give me a better deal. She offered .99% rate and 0% processing fee if I borrowed at least $15000. Well I did some quick math and realized that the interest would be about $12 per month on the full $15000 and the processing fee was free vs. taking the first offer and only borrowing $2500. The 1% processing fee would be $25. I decided to take the whole $15000 to save the $25 processing fee, then I can turn around and give them the $12500 back right away. Does that make any sense? Did I make a mistake? Maybe I can take that money and put it into some kind of short term investment? Not sure if it would be worth it. Oh one more thing, they can’t charge me a penalty for paying it off right away can they?
Great post! Yes it does make sense, however, we’d probably recommend you pay back the balance of your loan.
1. We have not read the terms of your loan, however, for MBNA’s standard Balance Transfer there is no pre-payment penalty
2. If you can get a better guaranteed return than .99% then, yes you can invest the balance of your loan – it’s actually a technique called “stoozing”. It used to be much more popular when savings and CD rates were much higher. Given the abysmally low savings rates, we’re not sure the risk of a misshap is worth the reward. Not sure we’d risk investing in equities, if you’re forced to sell in 12 months time – that’s pure speculation.
3. You could have applied for another Platinum Plus card – despite what the customer service rep told you. Some people have more than 10 Platinum Plus cards.
I just applied online & was immediately approved for 12,000 credit limit. when completing the online application, I asked to have the $4500.00 balance from a Capital One card transferred. It this done automatically for me or is there something else I have to do?
If you put in all of the information requested on the application regarding the card you will be transferring a balance from = name of credit card institution, account number, and requested balance transfer amount – then that’s all you have to do. MBNA will take care of the rest.
Hi I have 2 credit cards that amount to $9000 would I be qualified to apply for MBNA card.And can I use this card as a credit card to do everyday purchase. Please advise.
If you transfer your $9,000 in balances to the the MBNA Platinum Plus MasterCard, we recommend you use it exclusively for balance transfers. Do not make any additional purchases with it – the interest rate will be higher. Use one of your other 2 credit cards, that now have no balances, to make purchases.
We could not say whether you qualify for the card, as we do not have access to your credit history. But we will say that MBNA typically gives one of the highest credit lines in your wallet.
Thank you for your response.
So, I owe about $9000 on 4 credit cards and would like to save interest. I also owe quite a bit more on a Line of Credit, currently just under 4%. My credit rating is very good despite the amount owing. Is my best option to go with the MBNA Platinum Plus for as much of this as I can manage with the intent of paying that sucker down asap, or should I think about a blend of transferring funds from my cards to the MBNA PP and having some put in a savings account? Or, should I just get as much as I will qualify for put in my savings and pay from there? In any case, I am well aware that after 12 months, the good times will be over and will need to have much of that debt significantly reduced. Thanks. Gary
We would recommend you apply for the MBNA Platinum Plus MasterCard. Transfer as much of the your $9,000 credit card debt onto the Platinum Plus as your credit line will allow. Pay down all of your debt first, while it’s at 0%. Then, once it’s paid down, you can focus on your savings.
With deposits rates at record lows, one could also argue you should do the same with your 4% line of credit. Unless you have some type of low risk investment alternative where your return will be greater than 4%, get rid of your debt – there’s a psychological peace that comes with getting ahead of your debt as well.
Hope that helps and good luck,
Thanks so much. I appreciate your quick and well- reasoned reply. Makes sense to me. I’ll be applying very soon.
I made a balance transfer of 4000$ to my mbna card (0% interest). However I also made regular purchases (500$) using that same card. How is the minimum payment calculated?
If I pay for the full 500$, will it go towards my regular purchases or will it be split with balance transfer and purchases?
I am quite confused when looking at my monthly statement
Canadian regulation around that exact question has changed how issuers are allowed to allot your payments. In the past, they would use your $500 payment to pay down your low interest balance first, keeping your high interest balance (issuers called this strategy balance conservation). Now, in Canada, at minimum, they have to distribute your payment proportionately. Meaning, if your 0% balance transfer debt represents 75% of your total balance, and your debt from new purchases represent 25%, they will use $375 to pay down your 0% balance transfer debt, and $125 to pay down your new balances.
Ultimately, we never recommend you make ANY new purchases on your balance transfer credit card, specifically because of what just happened to you. Any new purchases you make should be done on a seperate credit card, so YOU can control how much of each balance gets repaid.
Balance transfer cards are the best products on the market to use against existing debt. They may be the only opportunity to borrow at 0% rates. But never use them to make new purchases – ever.
Thank you for the fast reply.
I had no clue that’s how it worked.
If I put in a request to use my payment to pay off my “normal” purchases before the balance transfer, will it work, or am I simply losing my time?
Pleasure. There is no way to do it, we just reconfirmed. As we said, for the future, keep two separate cards, one for balance transfers, another for new purchases. Never make purchases you intend to pay down at the end of the month with a balance transfer card – ever.
Again thank you for the super fast answer.
If only a certain % will go towards my regular purchases I’m doomed to pay interest on my regular purchases until I pay off the entire amout transfered from other cards?
Unfortunately, that’s exactly how the math works. By the way, almost every issuer allocates their payments that way. Again, to all our readers, always keep your balance transfers on a separate card from new purchases.
I do the same me too I made purchase on the PP mbna card for 800$ and my brother told me that and I Callmbna customer service and they made exception for me I repay the balance for my purchase Immeditly and they put 100% of the payment for the purchase
It’s smart that you called MBNA to ask for 100% of your payment to be applied against your higher interest balance. In the future, keep your balance transfer card separate from your credit card to make new purchases, so you can control where you want your payments to be applied. If you want to purchase something and access the 0% rate for 12 months, just ask MBNA to forward the cash amount to your checking account.
I know you’ve told us about the deposit transfer to chequing accounts. Will they deposit to a TD Chequing Account? Or do you have to be with a different institution?
Obviously i’m trying to balance transfer to clear up my TD Visa.
To answer your question, we just reconfirmed with MBNA. MBNA will do a “deposit transfer” to a TD checking account. What you do with the money at that point is your business.
I currently have an MBNA rewards card with a $7,500 limit. Can I get MBNA to switch this rewards card to the platinum plus card? Will I still have the option of getting a cash deposit to my chequing account (1% interest fee)?
You will have to apply for a new Platinum Plus card. MBNA allows customers to have multiple MBNA cards, some with as many as 12, so that should not be a worry. MBNA will also allow you to transfer some of your available credit line from one card to another. At that point you can take advantage of the cash deposit to your checking account (0% interest for 12 months, with a 1% transfer fee).
Of course if you have outside balances you’re looking to transfer you can take advantage of the MBNA Platinum Plus 0% rate to transfer your balances as well.
Thanks for the detailed review. I just want to confirm about the transfer of funds from mbna to my td chequing account. is there really only a 1% transfer fee followed by no interest for 12 months?
e.g. If I transfer 8000 tomorrow, there would be an $80 fee tomorrow and then I simply only need to pay minimum payment for next 12 months?
Please correct me if I’m wrong.
Our pleasure. Your understanding and example are absolutely correct.
I have an MBNA credit card already – I owe corporate taxes and want to pay things off and not be in trouble with the Govt. Can I arrange a cash advance at 0% through MBNA or must I pay it with another card as a cash advance, then transfer that balance to MBNA at 0%? Any advice would be much appreciated. I’ve lost my job effective Dec 23rd (nice, eh?) – so I could use a little breathing room. Thank you in advance
Let’s see if we can make the beginning of 2016 a little better for you. With MBNA you can request a “deposit” transfer, whereby they will transfer money from your credit card to your checking account, at the same rate and terms as the balance transfer, 0% in your case it seems. You can then use the cash in your checking account to pay for your taxes or anything else. It’s yours to spend how and on what you wish.
Just remember, that the 0% for 12 month promotional rate is only good for a balance transfer made within 90 days of your account opening. If you’ve had the card for longer than 90 days, you might want to apply for another Platinum Plus card to get the promotional rate – some people have up to 10 Platinum Plus cards!
Hi I recently get approved from MBNA of $4500.00 credit limit. As I read some comments, you can transfer 98% if your credit limit to pay off your balances from other credit cards.(If I understood correctly) Is that means I can transfer $4200.00 to make checking account? My concern is I want to maintain my credit utilization ratio below 30% of each individual credit card.However if Im allowed to transfer 98% of my limit to pay off my balances without hurting hurting my CUR then it’s really a good New years gift for me. How this 98% transfer will affect my CUR? Any feedback is greatly appreciated. Thank you.
The credit bureaus do take credit utilization into account, however they do so for both total credit utilization and per card utilization. By getting an additional card with a $4,500 line of credit you actually reduce your total credit utilization – which will have a positive effect on your credit score.
Moreover, consolidating your balances onto one credit card, as opposed to having balances on multiple cards, will also positively impact your credit.
That said, you are correct, having a high credit utilization will temporarily have a minor negative impact on your credit. One credit bureau states “If you have a high balance-to-limit ratio on one card, that negative can be significantly off-set by having a low overall utilization rate.”
Regardless, if you can reduce your interest costs to 0% for 12 months, you’re far better off then paying a higher interest. After all, what’s the point of having a credit rating 15 points higher, if it’s costing you $800+ a year ($4,200 X 19.99%)? And remember, your credit utilization will go down as you pay down your principle on your balance. With 0% interest, 100% of your monthly payment will go towards your balance, as opposed to interest costs.
Our recommendation, don’t let your credit score get in the way of making a smart financial decision. That’s not what it’s intended to do, especially if you have the opportunity to reduce your interest costs significantly.
Im 100 % agree with you. Very helpful information. One last question though if woudn’t mind. My question is after you make an application for balance transfer to your checking account or another credit card, MBNA usually have to process it for 2 to 5 business days.
During this process, Is there any possibility that they may decline your request for balance transfer? If so, what do u think are the major reasons why this can happen within the process. Im not trying to be negative here but I do think it is important for me to know. I want to thank you in advance for getting back to my question.
Once you’ve been approved for the card, and assuming you’re not delinquent with MBNA, there is no reason for MBNA to decline a balance transfer, assuming you have the available credit line to do the requested transfer.
Thank you so much.
This site is very helpful. Love this site. Keep up the good work.
Thanks so much Shine! Spread the word!
I have a TDVisa. I read the post about not being able to do a direct balance transfer, instead to request an amount to be deposited into my bank account, and then pay off my TDVisa from that amount. Just to be clear, is this request something I would need to explain while filling out an application, something I would have to fill out another form for, or something I would request over the phone? Thank you!
Once you have your account approved, you can do a deposit transfer to your checking account online, or over the phone, 24X7. Hope that helps.
I have 2 credit cards that are always paid on time and I am one year post discharge from a consumer proposal. I wanted to know what my odds of being approved for this card would be with my scores. I don’t want to apply for credit and be denied. I understand mbna has a cut off of 660 but which credit union do they use. Any information will be helpful. Thank you
MBNA will check both credit bureaus. As such, we’re not sure if your score of 578 with Equifax will make it probable you will be approved. You may want to wait until you’ve brought it up to 660+ as well. That said, it seems like you’re on the right track, keep up the good work!
Gah! So upset I tried before reading this and was declined.
I am looking to transfer the funds into one card
You can transfer balances from as many cards as you’d like onto a balance transfer card. You just have to make sure the total of the transferred balances remains below your credit limit. In the case of MBNA the total of the transferred balances has to remain below 98% of your credit limit.
When this promotion is going to expire, any time line?
MBNA has not affixed an expiry date to the promotional rate. The offer has been around for quite some time.
do you think, it would be there for next few months atleast?
Our guess would be yes, but don’t hold us to it.
With a 661 equifax and 642 transunion score, should i get approved? I don’t want a hard hit on my credit report it I can’t be sure to get approved. Just separated this year and am having to use all my credit but I have a high income (140 000$) but 30% or my income used to pay debt.
It’s very hard for us to say, but we’d be reluctant to say with a 661 and 642 score you should be approved. You’re on the cusp (660 is min for MBNA), and we don’t have a full picture of your credit history, or the underwriting criteria of the bank you’re looking to apply to. You’re score is not great, your income is strong, and you’re debt servicing capacity is starting to get on the high side – but not terrible.
If you’re really worried about applying for a credit card, and getting declined (by the way it doesn’t kill you if you’re not applying for multiple cards in a short period of time, and your score will recover in a couple of months time regardless), you might want to call your issuer and ask them to voluntarily lower your interest rate – surprisingly, many banks are willing to do it.
Hope that helps Pascale,
Can i transfert more than one card?
You can transfer from as many credit cards as you’d like. The only restriction is that you can transfer up to 98% of the available credit limit on your Platinum Plus card.
Make VERY sure you get your payment in on time because if you don’t you will be hit with a rate of 28.99% which cannot be lowered.Believe me I tried.It is the law of the Medes and Persians.
That warning goes for every credit card. To guarantee you make payments on time we highly recommend everyone schedules pre-authorized payments from their checking account to their credit card for the full 12 statements. This will take fate out of your hands and ensure you’re always on time, every time.
That said, if you’re late once, your rate will got to the standard interest rate, if your late twice or more, then it will go to 26.99%. Lesson is, don’t be late, and use pre-authorized payments from your checking account to make your payments, especially if you can’t trust yourself. It’s a god send.
What credit do you need to have in order to apply for the MBNA card? If you have bad credit is it okay to apply? I would like to transfer my credit card.
MBNA typically has a credit score cut off of 640. There are exceptions, and they may do manual reviews if you get declined and have a good reason for your low score.
We are using $150,000 of a $200,000 line of credit with Manulife instead of a mortgage. 1) What amount could we transfer over for a 12 month interest holiday? 2) On the end of 12 months of payments, I suppose we would pay off any balance from the Manulife line of credit. 3) Could we re apply for another 1 months?
When you apply for the MBNA Platinum Plus MasterCard and get approved, you will be assigned a credit limit by MBNA at that time. You can transfer up to 98% of your credit limit. While you can’t transfer from your ManuLife line of credit directly to the Platinum Plus card, there is an easy alternative. With the MBNA Platinum Plus card, you can transfer money from your Platinum Plus credit line to your checking account, at 0% for 12 months, and use the transferred money in your checking account to pay down your Manulife line of credit – or for anything else – it’s very similar to a cash advance.
Does that help?
Hi there. I have a question and is about what’s the minimum credit rate one should have to apply. My EQ is sitting at 620, don’t know my Transunion. But I do not want to apply if I know is not good enough, and instead getting it more damaged due to a credit inquiry.
Thanks in advance.
Your likelihood of being approved is low. MBNA’s typical cut-off is 640, unless there is some type of extenuating circumstance that explains your low score, and MBNA is willing to review your application manually.
I was approved for the platinum card and was asked what card and amount I would like to transfer funds from. How long does it take after approval online for the other credit card to be paid off? What if I over calculated what needs to be paid or make a payment to ther other card before the funds are transferred? I cancelled the other card already and just noticed the balance is still owing. What do you recommend since I don’t have the card yet? Still another 6-11 business days.
It takes 2-5 business days for balances to be paid off and transferred. If you made the mistake of transferring more funds than your balance, your other credit card will show a credit. Worse case, you just have them transfer the difference via direct deposit or check back to you, and then re-pay your MBNA account right away. If you cancelled the other card, then your balance transfer may not go through at all… Does that answer your question?
Why is Scotiabank Credit Card not available in the balance transfer option.
We spoke with MBNA. Despite Scotia not listed on the online application, they confirmed that they absolutely do perform balance transfers from Scotia credits cards. Once you get approved for the MBNA Platinum Plus, just call MBNA and provide them the balance transfer account details over the phone, and they’ll take care of it for you – there are no extra fees doing it over the phone.
Regardless, you can always do a money transfer from your MBNA Platinum Plus card to your checking account, and use the funds from your checking account to pay off any debt, or for any other purpose. Money transfers have the same terms as the balance transfer 0% for 12 months, with a 1% transfer fee – it’s the cheapest cash advance in Canada!
I was approved last November 11, 2015 for 4,000.00 credit limit but haven’t received the physical card as of the moment. I was wondering if I’ll call mbna to have my scotiabank scene card balance be transferred without having the actual card on hand. Is that possible.
You’ll have to wait for the physical card, so that you can activate it and accept the terms and conditions. It should come within 10+- days of approval.
Can i balance transfer my spouses credit card which i am also on as the secondary card and how long does it take to process
You cannot transfer the balance from an account where you’re not the primary cardholder. However, with the MBNA Platinum Plus card you can transfer money from your credit card to your checking account (same 0% for 12 month terms as the balance transfer), and then use that money to pay down your wife’s balance on her card – or for anything else for that matter. It takes 2-5 business days from the time you request the money transfer for it to be funded to your checking account.
Hi, I am wondering about minimum income requirements as I don’t see them anywhere. As I just got on provincial disability, that is a reliable, but low $906/m $11000/y .
I was looking for a low interest loan, to consolidate my $6000(20%) C.Tire CC and another $3000 I need for investment(RDSP). They say my income to debt ratio is high, even that income is solid and I can pay $200 a month for 5 y. no problem. (low rent) . Loan seem to be difficult for some reason.
My credit score is 758, but I don’t want to apply for a CC and then get a $4000 limit which is not enough for what I want to do. Plenty of room(17000) on my CT card, I just need to transfer that credit to a low interest one. CC or line of credit or loan, but CC is unreliable, they can change it any time(limit), for loan my income is too low, line of credit looks like I am looking for more credit, which I am not. Vancity guy said, he will give me $5000 LoC, but since it’s not enough, once they start checking my credit score, it will go down. I don’t know who to start with, Will I get a CC after I took the $5000(8%) from VanCity ?!
Any thoughts? thanks.
A couple of pieces of information.
1. MBNA does not have a minimum income requirement, they will mostly rely on your credit score to determine approval.
2. However, they will rely on your income to debt ratio to determine howmuch credit to extend to you. That said, you will not know how much credit you will be approved for until you apply. If you get approved for less than what you were looking for, you can then speak to a credit analyst at MBNA (one of the great things about MBNA) and explain your situation and apply for a line increase. MBNA’s credit adjudicator’s have the ability to make judgemental calls, unlike many of the other banks.
Perhaps you start with MBNA, see how much of your balance you can transfer at 0%, and worse comes to worse, use your VanCity line to pay down the balance at 8%.
Hopefully that helps,
If I choose to request a balance transfer from my Visa to the MBNA card (upon approval of course), how will the 1% transaction fee be charged? Will it be charged as a purchase? or will they increase my line of credit to meet the total balance of the requested Visa balance transfer and the transaction fee. As well if that transaction fee is going to be added to the balance as a purchase will a first payment within the 21 interest free grace period pay off that purchase? or will I have to pay off the total balance on the MBNA card within that 21 grace period to avoid the standard monthly interest.
Your first payment will be applied against your balance transfer fee. All payments thereafter will be applied to your balance. As an example, if you transferred $4,000, your first payment will be $40 (equal to the 1% balance transfer fee). Your second payment will also be $40 (min payment of $15 or 1% of your transferred balance, whichever is greater), but it will be applied against your balance. Your third payment should be for $39.60 (1% of $3,960 – $4,000 minus $40).
I just got this card approved for $4000 limit and also done the balance transfer from another credit card. Just wonder, for example, if I pay off this $4000 on this card earlier within 6 months, would i be able to do another balance transfer from another credit card or cash advance to get 0% interest until 12 months are over?
The introductory rate of 0% is only available for balances transferred within the first 90 days. However, an often employed strategy with MBNA is to apply for another Platinum Plus MasterCard from MBNA in 6 months (many people have as many as 10 accounts with MBNA, even on the same product. We called to confirm it’s allowed). Once you’ve been approved for the second card, you can then consolidate your credit lines from both your accounts, and then close the first account thereafter, et voila, you can transfer new balances at 0% for 12 months once again.
It should also be noted, that MBNA will frequently make balance transfer offers available to existing cardholders, currently their promo to existing cardholders is .99% for 15 months – not as good as 0%, but not bad.
Is the rule applied for cash advance too? I mean i wont be able to make cash advance after 6 months paying off the balance, unless i need to apply for the same plus card as you said?
The 0% for 12 months applies to balance transfers and money transfers (when MBNA deposits money/cash into your checking account – virtually a cash advance), it does not apply to cash advances per se. But yes, the same applies to money transfers of cash into your checking account.
Just a question, if you have 0% interest with the platinum plus card for 12 months, do you still have to make payments every month during the 12 months period or you can skip a month or two? I’m just confused, thank you
You have to make minimum payments, but 100% of the payment will go towards paying down your balance (because there is 0% interest for 12 months). The minimum payment will be equal to the greater of $15 per month or 1% of your balance per month. So, if you have a $5,500 balance, you will owe $55. The following month, you will have a $5,445 balance and will owe $54.50 and so on…
Hopefully that helps.
Hi I have a Td visa card and i filled out the application for MBNA PLATINUM PLUS but i cant find TD VISA card in Balance transferring section. reply would be appreciated. thanks
We have a work-around for that. Officially, because TD is the parent company of MBNA, they won’t allow you to do a direct balance transfer. That said, we have an easy work around. When you get the MBNA Platinum Plus card, you can have them deposit the amount of cash you require from your available credit line directly into your checking account – at the exact same rate and terms as the 0% for 12 months balance transfer offer. You can then use those funds to pay down your TD VISA card balance or for any other purpose!
Thank you so much.
I have a total balance of $14000 from 2 credit cards both are @19% interest rate – I am thinking of taking advantage of the 0% for 12 month interest rate of the MBNA credit card. If I get approved (my credit history is good – all house bills, phone bills and the credit card payment are made on time) – what would my monthly work out to be to MBNA if I pay back the same combined amount that I currently pay on my credit cards ($300) – and what is MBNA rate after the 12 months.
The minimum payment will be the greater of 1% of your balance or $15. So for the first year, where there is no interest, your minimum payment on a $14,000 balance should equal to $140 per month (it will decline every month, as your balance decreases), 100% of which will go towards paying down your credit card balance. The interest rate will go to 21.99% after the 0% for 12 month promotional rate is over. We recommend paying more than the monthly minimum if you can (stick to your current $300 payment) so that you have the smallest balance you can when you have to start paying interest again. We would also recommend transferring your balance to another promotional rate at the end of the promo period – extending your low interest period for as long as possible while you still have a balance to pay.
Hope that helps Bernie,
Hi there, we have a lien on our house (7K @ 25%) is it possible transfer it to a MBNA Platinum Plus card do you think? THANKS
You can have MBNA transfer money to your checking account from your Platinum Plus MasterCard, at 0% for 12 months. You can then use that money for any purpose you’d like, including paying down the high interest lien on your home. That’s what makes the MBNA Platinum Plus MasterCard so powerful, it can be used as a classic balance transfer card, or as a virtaul cash advance at 0% for 12 months, when the money transfer is used. To our knowledge, MBNA is the only issuer that offers a money transfer to your checking account, at the same rate as your promotional rate balance transfer.
Hello – Quesiton:
I have a balance with a MBNA and would like to balance transfer to a card. You cannot balance transfer MBNA master card to the promotional rate above because they are the same companies, I was told. Any advise?
One trick you can try is to get the MBNA Platinum Plus MasterCard, and then have MBNA money transfer funds from your Platinum Plus card to your checking account. You can then use that money from your checking account to pay down the balance on your other MBNA credit card. Let us know how it goes.
If you’re looking for an alternative balance transfer card, checking out some of the offers in the balance transfer section of our comparison site. That said, none are offering 0% for 12 months that the MBNA Platinum Plus card does.
I don’t see the money transfer 0% deal you mentioned in the legal writing for the card. Is it still available? How do I take advantage of this? I have $9,000 on a LOC right now. Do I have to move that to a different credit card then transfer the balance to the MBNA Platinum Plus Credit Card to take advantage of the 0% deal?
The 0% for 12 months offer is absolutely available through the link provided above in this article. It is described on the first line of MBNA’s landing page “Simplify your finances while enjoying platinum services. 0% promotional annual interest rate† (AIR) on balance transfers✪ for the first 12 full months”. It is then described again in the legal disclosures of the terms of the card “Balance Transfers: 0.00% This Promotional Rate applies to any balance transfers made within 90 day(s) of your account opening (each, an “eligible transaction”) and will remain in effect for 12 Statement Periods from the transaction date of each eligible transaction.”
If you get approved for the MBNA Platinum Plus MasterCard, you can transfer your entire $9,000 LOC balance (credit line permitting) to the MBNA Platinum Pkus card. If you can’t do a direct balance transfer, then MBNA will deposit the cash amount you request from the available line on your MBNA Platinum Plus card into your checking account, at the same promotional rate of 0% for 12 months. You’ll then be able to use those funds to pay off your line of credit. It’s very flexible.
Does that make sense? Let us know if you have any other questions.
I spoke to their live agent and they’re saying this:
“Balance Transfer can only be done from one credit card to another credit card.
Balance transfer is where part or all of the balance (debt) owed is transferred from one credit card to MBNA credit card. This is usually done to save money on interest rates.”
… so apparently transferring a balance from your credit line might not work! I’ll try calling them later.
NVM – the agent finally ‘fessed up (apparently we’re using the wrong term):
“Deposits means transferring fund from credit card account to a chequing account.
Once your account is approved you may contact our customer service department, they will help you transfer the money to your personal chequing account. (another bank account).
Once the money is transferred to your personal chequing account you can use the money according to your convenience.
To be clear, you will not be charged with any interest rate on deposits for the first 12 months.
You will only be charged with the transaction fee.”
“Upon approval of the card you can transfer 98% of your available credit limit”
… So there you have it!
TLDR; you can use this card to get a “deposit” to your chequing account for 98% of the available credit you’re approved for. only a 1% transaction fee is charged to your card.
That’s right Dangerine. To pay off a line of credit, while taking advantage of the 0% for 12 month offer, simply do a money transfer from your Platinum Plus card to your checking account. You can then use that money to pay down your line of credit or for ANYTHING else. As far as we know, MBNA is the only credit card issuer in Canada to allow the practice. It’s essentially a cash advance at 0% for 12 months. Enjoy!
Does moving to a MBNA 0% and or on to another 0%-1% card affect one’s credit rating negatively in any way? We are 6 years after being released from a bankruptcy. We purchased a vehicle last year at 17.5% and would like to purchase (to refinance at a lower rate this year) . Have made all payments since.
We were issued a M/C with a $7k limit. But of course a family member had a financial problem so we helped and now I’m paying $95/mo in interest.
So, as I said….almost out but sure would like to lighten the load.
Oh yeah. Retired on Canadian CPP.
Transferring your balance to an MBNA 0% balance transfer card, or any other low rate balance transfer offer for that matter, does not impact your credit score in and of itself. Just remember to take advantage of the 0% for 12 month interest holiday, and continue to make a high fixed payment every month, so that way your monthly payments go towards paying down your balance (as opposed to interest, which you’re doing today), and you’ll start getting ahead of the game. When your 12 month interest holiday is over, you’ll have a far lower balance to pay down.
I was approved for the MBNA paltinum plus card and I had a credit limit of 1500$ I was expecting to have 6000$ since I have 2 others credit cards that has a high interest. How long after approval should I request a credit limit increase ?
With MBNA, you usually have to wait 6 months, before asking for a credit line increase. Of course, if your circumstances have changed (got a raise, paid down other debt, etc…), you can always call their credit department beforehand to see if you can get a line increase.
I love this Mbna card, I have been doing balance transfers since I have had the card in 2008. Another tip is if you cannot payoff the entire transfer by the 12 months is to tranfer it to another card that gives u like 6 months 0.99-1.99% interest then by the 6 months is up transfer it back to Mbna an they will offer you 15 months at 0.99-1.99% interest depending on your credit rating.
If you do the balance transfer and pay off most of your balance, but say have $1,000 left. Are you charged the interest rate on the remaining balance at the end of the 12 months (going forward), or the interest on the full amount from the past year?
You will only be charged interest on your remaining balance at the end of the 12 months. The first 12 months are completely interest free at 0% – it’s essentially an interest free holiday – just make sure to make your payments on time.
So any new purchases on the card would be at 21.99% interest? Or if you pay off the new purchases balance each month does it not get charged?
Actually new purchases have an interest free grace period of 21 days. If you do not pay your balance in full within the grace period the new purchase interest rate is 19.99%.
Do you mean – If you do not pay your ‘new purchase’ balance in full within the 21 day grace period the remainder new purchase balance will be charged 19.99% interest.
But the original transfer balance will still remain at 0% for the rest of the 12 months?
I just wanted to get clarification if you are making new purchases but paying them off within the 21 days, that you will not incur any interest charges.
Correct. You will not incur any interest charges on new purchases if you pay down the balance of the new purchases within the 21 day grace period or by the payment due date.
BE CAREFUL HERE!
Under no circumstance, do you want to be making normal purchases with this card, after having done a balance transfer! Your monthly payment mostly goes toward the balance transfer first, with very little going towards the purchases. You could end up paying 19.99% interest on those purchases until the entire balance, including your balance transfer, is paid in full. This is a balance transfer card, meant to be just that. Do not make normal purchases on it, you’ll be sorry if you do.
We agree with you – this card should be used to transfer existing balances from other cards to this card. This card should not be used to make new purchases. That said, it should be noted that Canadian legislation has changed, such that any payment a cardholder makes, will at least be equally distributed towards new and old balances.
Just wondering if you have already been discharged from a consumer proposal 6 months ago and have been trying to improve credit all along and even more so since with a credit score around 675 is that good for a chance at approval?
Many issuers will not grant an unsecured line of credit to someone who has recently finalized a consumer proposal. Once emerged, many will wait up to 2 years thereafter to issue additional credit. As you probably know, the consumer proposal will stay on your credit history for 7 years. However, the fact that you have a 675 credit score is encouraging. How long ago did you initiate the consumer proposal, and when was the credit card that you currently have from Canadian Tire issued to you?
Hello. I already own an MBNA Trueline at 9.99% with a balance of over $10,000. I would love to take advantage of the MBNA Platinum at 0% for 12 months. However, MBNA said they couldn’t transfer between the 2 cards. Is there a way of doing this without losing too much money?
Hi Pat, there is a work around that will allow you to get access to the Plat Plus 0% for 12 month offer. When you get the card, instead of doing a balance transfer from your TrueLine card to the the Plat Plus, which MBNA won’t allow, ask MBNA to transfer $10,000 from your Plat Plus card to your bank checking account. Then pay off your Trueline credit card balance from your checking account. You’ll then be left with a $10,000 balance of 0% for 12 months on your Plat Plus card. Sound good?
Sounds really good. We only own the one card (the MBNA Trueline). I did not think that a credit card company would allow you to own 2 different cards with them. I guess I should apply for it anyways?
Thanks for the guidance.
We did get approval now how do we do the deposit transfer from the card to our account?
They did not ask what cards we wanted to pay off.
Congrats on getting approved! Once you have your card, you can call in to MBNA’s customer service (which is open 24X7 365). Just make sure to have your card number handy and your checking account transit number, branch number and account number – basically the numbers at the bottom of your checks.
I’m interested in applying however I have 2 cards at the moment, both Visa (Caisse Pop) and Master Card (National Bank). If I were to apply for the 0% interest rate card platinum master card would this mean that the entire amount of both my cards could be transferred? And as long as I pay the minimum amounts your 0% would apply?
It would entirely depend on the size of the credit line you’d be assigned by MBNA, and the amount of credit card outstandings you’d be transferring from your Desjardins and NBC cards. For example, if the line assigned was $12,000 and you wanted to transfer over $3,000 from one card and $5,000 from the other for a total of $8,000 there would be no porblem. MBNA does tend to assign some of the larger lines in the Canadian credit card industry.
How do you transfer balances from multiple cards on to this one card?
It’s very easy. On the application, or over the phone, you provide each of the credit cards you want a balance transferred from. These may include Visa, MasterCard or Amex credit cards or store cards like the Gap, Home Depot, or Best Buy. You provide the credit card name, credit card number and the amount of the balance from each card you want transferred. MBNA takes care of the rest.
If I were to take advantage of this card and 0% balance offer 6k mastercard 2k Visa = 8k total what would be my minimum monthly payment each month for the FIRST 12 months
Hi Bob, your minimum monthly payment on an $8,000 balance transfer would be the greater of 1% of your balance or $15. In your case it would be 1% of your monthly balance – approximately $80 per month going down to approximately $72.50 by month 12.
What is the interest rate after the 12 months
The go to interest rate on transferred balances after 12 months is 21.99%. The best idea at the end of the 12 months is to either have paid off your balance in full, pay the balance off with a lower interest option like a line of credit or use another balance transfer offer. That said, 12 months at 0% with a 1% transfer fee is the best 12 month option out there right now.
can I make payments online through my iPad and which bank r u affiliated with
Yes you can make credit card payments for the MBNA Platinum Plus card online through MBNA’s Net Banking system. With regards to your second question, we are not a subsidiary of any bank, nor are we a bank owned organization. That said, we do earn referral fees (which is how we keep the lights on). However, we include both commissioned and non-commissioned partners in all of our rankings and reviews, in order to ensure our users can compare and contrast each card in the market objectively. Further, our rankings are not organized based on referral fees, rather based on each cards value to the end user. Hope that helps.
interested to apply.
Hello I am currently a platinum plus card holder with 0%intrest. I am almost done paying it off, and yesterday I had applied for a world elite and still haven’t received any approvals just yet. I plan on closing the platinum in a few months once it’s paid, and of course keep my world elite for everyday purchases. Once I close the platinum, do I still qualify to re-apply for the platinum plus at 0% or since I have my world elite opened am I considered an existing cardholder? ( client with mbna) or does existing cardholder mean “an existing platinum plus at 0%” hope this is as clear as possible. If I can reapply, how long do I have to wait? I would be interested in knowing if anyone else has had two platinum plus accounts at mbna and what the time frames in between applications were ! Thank you
Hi Gab, thanks for leaving your comment! We’re excited to hear you’ve enjoyed the MBNA Platinum Plus, and have used it to great effect. Once you’ve paid it off, feel free to cancel the card and use your World Elite card exclusively. Though the World Elite is also from MBNA, this doesn’t disqualify you from getting the Platinum Plus (and its lucrative 0.00% interest promotion) again, but you should wait a few months before reapplying. Given the logistics involved, you might wait up to 6 months before you can take advantage of the promotion again. Other readers have obtained the card and taken advantage of the promotion multiple times–there’s just one snag.
Regarding your future balance transfers, the rules state that you can’t transfer balances from within the bank. Just remember that while you can get another Platinum Plus card down the road, you won’t be able to transfer the future balance from your World Elite card, because it’s issued by MBNA. This could throw a wrench into your plan, but it can be solved by transferring your balance from the World Elite to a different bank before going back to the Platinum Plus. If you haven’t received the World Elite card yet, perhaps apply for a similar card with a different bank, which will make any future transfers a bit easier. Either way, you’re doing an awesome job. Good luck!
Hi, I am currently enjoying a 0.0% interest rate of MBNA card. Unknown to me, I again used the card for another purchase and was later told it attracts 21.9% or so. I was terrified so I quickly started paying back. I am almost done now. My question is I am still eligible for another 0% promo rate despite having one yet to be fully paid off? Thanks
Hi Akin, thanks for leaving your comment with GreedyRates! We’re glad to hear that you’re loving your MBNA Platinum Plus, and paying 0.00% interest on the balance you’ve transferred. It sounds like you made a purchase or a cash advance with the card and quickly discovered that the 0.00% rate only applies to your original transfer, and not on other charges carried month to month. This is crucial to understand about the card before applying. However, we’re glad that you turned it around and will soon pay back your entire debt.
If you want to benefit from the MBNA Platinum Plus promotion again, you’ll be eligible once you no longer have an existing copy of the card. Only one allowed per customer at any given time. This doesn’t have to mean that your debt is paid–oftentimes, people transfer their remaining balance from MBNA to another bank, cancel the card, and then reapply for it a couple months later. Regardless, it’s entirely possible to benefit from the 0.00% deal after already having had the card previously. If you want step-by-step assistance for your personal situation, feel free to email us and we’ll guide you privately. Thanks again for stopping by.
My question : If I borrow 12,000 and only use 11,700. That means I have 300 dollars at 0 rate.
If after 6 months I have paid down the balance by $500, then buy something for $800. Would I get it all at 0 rate or would I pay 21.99 on the $500 since it was not part of the starting $12,000 loan? Thanks
Hi Randy, we appreciate the kind words! To address your question about how the MBNA Platinum Plus card works, you should first know that only the balance or balances transferred within the first 90 days after receiving the card are eligible for the 0.00% rate. This means that in your example, the $800 purchase would be subject to the full purchase interest rate. Additionally, you should always assume that if you purchase something with the card and plan on letting it carry over a month, you’ll be charged at the 21.99% rate. The Platinum Plus is mostly for the benefit of larger, one-time transfers–but it’s the best credit card option available in the country for consolidating debt. Thanks for your question!