True Line® Gold Mastercard® Credit Card

Balance Transfer Intro Rate
0%
Balance Transfer Intro Rate Duration
6 Months
Purchase Interest Rate
8.99%
Annual Fee
$39
Recommended Credit Score
740 850 670 739 580 669 0 579
Fair-Good
You could get a 0% promotional annual interest rate (“AIR”)† for 6 months on balance transfers✪ completed within 90 days of account opening, with a fee of 1% of the amount advanced (minimum fee of $7.50). Limited time offer, apply online by October 31, 2018. Standard Annual Interest Rates of 8.99% on eligible purchases, 8.99% on balance transfers✪ and access cheques, and 24.99% on cash advances.

MBNA has retired its popular Platinum Plus Mastercard, but has introduced two excellent balance transfer credit cards to take over in its absence. Of the two, the True Line Gold Mastercard offers a better balance transfer promotion and more favourable interest rates overall, though unlike the other True Line card it does come with a $39 annual fee.

Balance Transfer Promotion

The main reason to seek out a balance transfer card is its favourable balance transfer interest rate, which provides shelter from regular credit card interest rates—typically 20% or more. The True Line Gold offers a 0% balance transfer rate for 6 months, available on all balance transfers made within 90 days of the account opening. This is the only true 0% balance transfer deal in Canada currently, and it’s only available to those that sign up by October 31, 2018. Prospective cardholders should know that there is a 1% fee for each balance transfer, though this will be a small price to pay relative to the massive amount saved on interest during the promotional period.

Aside from the 0% promotional rate, the True Line Gold also shines compared to its competition in its attractive post-promotional interest rates: unlike most balance transfer cards, the balance transfer interest rate doesn’t jump up to an astronomical level after the 6-month promotion is over. After the 0% rate has ended, it will increase to a very reasonable 8.99%.

Other Notable Features

  • 8.99% interest rate on purchases and access cheques
  • Annual fee of $39
  • 24/7 customer service
  • Proactive fraud protection

Aside from balance transfers, the MBNA True Line Gold card offers an equally attractive interest rate on purchases—8.99%. This is a very rare feature for balance transfer cards: cardholders can not only consolidate debt and avoid high interest on it, but they can also use the card for their everyday purchases and not be harshly penalized. However, they should be cautioned to at least make the minimum payment each month. If a cardholder misses his or her minimum payment twice, interest rates on the card increase to what they’d otherwise look like on a standard credit card.

MBNA provides constant access to customer service via phone and email, so any issues that a cardholder encounters during their transfers or daily use can be addressed immediately. They also offer all cardholders around-the-clock protection from fraud, a service similar to those that scan statement entries in real time and warn cardholders of suspicious activity.

MBNA True Line® Cards Rates

CardPurchase RateCash Advance RateBalance Transfer Rate
True Line® Mastercard®12.99%24.99%12.99%
True Line® Gold Mastercard®8.99%24.99%8.99%

Who’s the Card For?

Those who are trying hard to reduce their credit card debt will naturally be averse to the idea of paying a $39 annual fee. In this case, they might instead be drawn to a no-fee balance transfer card, like the MBNA True Line Mastercard. But before making that choice they should consider the very likely possibility that the lower interest rates of the Gold card will end up saving them far more than $39 in the long run. We’ll give a simple example of how much each card will save someone in interest, and for the sake of simplicity we’ll ignore the effect of making minimum payments:

Over the course of one year, a $10,000 transfer to the no-fee True Line Mastercard accrues about $649.5 in interest: $0 during its first 6 months (0% balance transfer promotion) and $649.5 for the rest of the year (12.99% on balance transfers).

The same example using MBNA’s True Line Gold card would result in only about $449.5 in interest payments over a year: $0 during its first 6 months (0% balance transfer promotion) and $449.5 for the rest of the year (8.99% on balance transfers). That’s a savings of $200, which eclipses the $39 annual fee.

 

Legal Footnotes:
† Promotional Rates: Balance Transfers: 0%
This Promotional Rate applies to any balance transfers made within 90 days of your account opening (each, an “eligible transaction”) and will remain in effect for 6 Statement Periods from the transaction date of each eligible transaction. The Promotional Rate will increase and the remaining balance of the eligible transaction will become subject to the Standard Rate for balance transfers either: (1) on the first day of the first Statement Period that occurs after the expiry of the Promotional Rate; or (2) on the first day of the second Statement Period following any late Minimum Payment.
Standard Rates: Purchases: 8.99%
Balance transfers and access cheques: 8.99%
Cash advances: 24.99%
Default Rates:
If your Minimum Payment is late twice within any [12] consecutive Statement Periods (the “change event”), the Standard Rate(s) that apply to your account at that time will increase to the following new Standard Rate(s):
Purchases: 19.99%
Balance transfers and access cheques: 21.99%
Cash advances: 24.99%
The new Standard Rate(s) will apply on the first day of the second Statement Period following the change event.
If you then pay each Minimum Payment on time for [12] consecutive Statement Periods (“cure period”), the new Standard Rate(s) will decrease to the Standard Rate(s) that applied on your account at the time of the change event. Such rates will apply on the first day of the first Statement Period that occurs after the cure period.
✪ Balance transfers will be fulfilled in the order listed and are treated as balance transfers in accordance with your Account Agreement. The total value of balance transfers cannot exceed your authorized credit limit. If the value is greater, MBNA may send a partial payment to the named creditor/designated account. THERE WILL BE A TRANSACTION FEE EQUAL TO 1.00% OF THE DOLLAR AMOUNT OF EACH BALANCE TRANSFER INITIATED WITH THIS APPLICATION. A MINIMUM FEE OF $7.50 WILL APPLY TO EACH BALANCE TRANSFER TRANSACTION. A balance transfer may not be used to pay off or down your account balance or any other balances with us (including our affiliates, which would include any member of the TD Bank Group). **Coverage is underwritten by Allianz Global Risks US Insurance Company (Canadian Branch) and/or American Bankers Insurance Company of Florida. Certain limitations and exclusions may apply to this benefit and others described in the certificate of insurance sent soon after your Account is opened. The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank.

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