MBNA True Line Mastercard vs MBNA True Line Gold Mastercard

Jordann Brown
by Jordann Brown July 31, 2018 / No Comments

If you have credit card debt that you are trying to pay off, the first thing you should do is transfer your debt to the lowest interest credit tool you can find. A good option is a line of credit, but in some instances, a low-interest credit card could be a better option, especially if that credit card offers a rock-bottom introductory rate.

In the low introductory interest rate game, the MBNA True Line Mastercard and the MBNA True Line Gold Mastercard hold their own. Both credit cards offer enticing interest rates on balance transfers for the first six months, and – even better – when the promotional period expires, any remaining balance will be subject to reasonable interest rates, which allows you to keep your debt repayment momentum and finish paying off that debt once and for all.

While these two MBNA credit cards are similar in that they both rank among the top low interest cards and best balance transfer cards available, they do have a few key differences that will affect which one makes the most sense for you. Let’s look at the details of each credit card, starting with the MBNA True Line Mastercard.

MBNA True Line Mastercard

The MBNA True Line Mastercard credit card is a no-fee credit card offering a low interest rate on balance transfers and a competitive interest rate on new purchases. This credit card offers:

  • A 12.99% purchase interest rate;
  • A 24.99% cash advanced interest rate; and
  • Until December 31, 2018, card holders can get a 0% promotional interest rate on balance transfers, with a fee of 1% of the advanced amount (minimum fee of $7.50).

Once the promotional period expires, any remaining balance will be subject to the purchase interest rate of 12.99%. To qualify for the promotional balance transfer rate, balance transfers must be made within 90 days of your account opening and the interest rate lasts for six months.

The 12.99% interest rate on purchases made through this credit card come into effect after a 21-day grace period, while the 24.99% interest rate on cash advances begins to accumulate immediately. Using the cash advance feature will also cost either 1.00% of the amount advanced or $7.50, whichever is greater, so you should use this feature with caution.

Like most credit cards, the MBNA True Line Mastercard credit card comes with around the clock protection against fraudulent charges, 24/7 customer service in the event you lose your credit card and need emergency assistance, and you can use the cash advance feature at over a million automatic teller machines around the world.

MBNA True Line Gold Mastercard Credit Card

If you have credit card debt that you are working hard to eliminate, the MBNA True Line Gold Mastercard credit card might be the right choice for you. This credit card offers:

  • A super low 8.99% purchase interest rate;
  • A 24.99% cash advanced interest rate; and
  • Until December 31, 2018, card holders can get a 0% promotional interest rate on balance transfers, with a fee of 1% of the advanced amount (minimum fee of $7.50).

If you can’t pay off your transferred amount within the six-month promotional period, your remaining balance will be subject to the credit card’s purchase interest rate of 8.99%. 8.99% is an exceptionally low interest rate for a credit card and makes the MBNA True Line Gold Mastercard credit card a good option for Canadians looking to take control of their debt, or for Canadians planning to use this credit card as a last line of defense against financial emergencies.

This credit card does have an annual fee of $39. The MBNA True Line Gold Mastercard credit card is also protected by fraudulent charge protection and offers 24/7 customer support.

If you’re having trouble choosing between the two credit cards, below is a table comparing them side by side:

Credit Card Annual Fee Balance Transfer Rate Promotional Period Purchase Interest Rate Cash Advanced Interest Rate
MBNA True Line Mastercard $0 0% + 1% of balance (fee) 6 months 12.99% 24.99%
MBNA True Line Gold Mastercard $39 0% + 1% of balance (fee) 6 months 8.99% 24.99%

When it comes to transferring a balance, both credit cards are a good option and you’ll need to do the math to determine whether the $39 annual fee will outweigh the lower interest rate offered by the MBNA True Line Gold Mastercard. If you plan to carry a balance for longer than the promotional period, it’s important to do your research and compare these interest rates to the rates offered on other financial products like lines of credit.