It’s not often that a card with no annual fee is the best card in its category. But in the realm of balance transfer cards, the MBNA Platinum Plus MasterCard is without a doubt the best 0% balance transfer credit card in Canada.
This MBNA MasterCard offers an incredible 12-month introductory interest rate of 0% on balance transfers made within the first 90 days of your account being opened. This offer makes this card the most effective way to pay off your outstanding credit card balances once and for all, as it can save you hundreds of dollars on interest charges for a whole year. Note that there’s a transaction fee of 1% charged for every balance transfer you make, and this rate could rise even higher in the future. For all transfers done, you’re charged a minimum of $7.50 per balance transfer, which would mean you’d have to transfer $750 to pay the 1% fee—anything lower than $750, and you’d be paying more than 1%. This is why you should try to transfer your debt over in as few transactions as possible.
Remember that in order to truly take advantage of the 0% interest rate offer, you should aim to pay off all your credit card debt before the promotional period ends. If you don’t hit the ground running with this goal in mind, you’ll end up being charged an interest rate of 21.99% on the transferred balance that’s still unpaid. If that’s the case, this MBNA credit card still provides a great opportunity to at least reduce your debt to a more manageable amount within the first 12 months.
Finally, the Platinum Plus MasterCard wouldn’t be complete without Platinum benefits. This card comes with a solid set of travel, medical, and purchasing perks that rarely come without an annual fee. Users of this card can rest easy with trip interruption insurance, rental vehicle collision insurance, accidental death and dismemberment insurance (for both common carriers and rental vehicles), and personal effects coverage, which provides protection against loss, theft or damage to your personal property inside your rental car for the duration of the rental. Match these with purchase assurance and extended warranty benefits, and it’s easy to see how this no-annual fee card blows the competition out of the water.
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