Overview of the MBNA True Line® Mastercard® credit card
- Annual fee
- Monthly interest charge
Based on credit balance $500/mo
Detailed card summary
Benefits & features
- This offer is not available for residents of Quebec.
- No annual fee
- Standard Annual Interest Rates of 12.99% on purchases, 12.99% on balance transfers✪, and 24.99% on cash advances
- You could get a 0% promotional annual interest rate (“AIR”)† for 12 months on balance transfers✪ completed within 90 days of account opening
- Around-the-clock fraud protection
- Use available credit on your credit card to transfer funds right to your chequing account.
Apply for the MBNA True Line® Mastercard® credit card today
- Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the “go to site” button.
How to get approved
- Minimum income Any
- Household income Any
- Recommended credit score 660+
- You are a permanent Canadian resident and have reached the age of majority in the province in which you live.
While collecting points or cash back on a rewards card has its appeal, it’s not necessarily the right financial move for everyone.
Rewards credit cards have high annual interest rates (typically 19.99%), and if you’re strapped for cash or can’t quite manage to pay off your balance in full every month, they can actually cost you more in interest than they earn in rewards.
Enter the MBNA True Line Mastercard – the complete package for anyone looking to save on credit card interest and fees.
The card has no annual fee and one of the lowest fixed interest rates on purchases in the country – a big plus if you regularly carry a balance from month-to-month.
MBNA True Line Mastercard – Quick review
- There’s no annual fee (most competing low APR cards charge annual fees between $20-$50).
- The standard annual purchase interest rate is only 12.99% (which is seven percentage points below the typical credit card interest rate of 19.99%).
- The standard balance transfer rate is 12.99% (ideal for consolidating debt).
- The card’s interest rate is fixed and won’t fluctuate based on your credit score or the bank’s prime lending rate – if you don’t miss your minimum payments. See disclosures below
- You can add up to nine authorized card users with no additional fee.
- While the annual interest rate on purchases and balance transfers is low, the rate on cash advances is 24.99%.
MBNA True Line Mastercard – Detailed review
Low standard interest rate
The MBNA True Line Mastercard’s regular annual interest rate on new card purchases is just 12.99%, about a third lower than the 19.99% rate that regular credit cards charge. Over time, that makes a huge difference to how much interest you have to pay.
For instance, here’s how the numbers would play out on a typical credit card versus the MBNA True Line Mastercard if you:
- Racked up a $4,000 balance
- Gradually pay it off in monthly instalments of $250
|Typical credit card||MBNA True Line|
|Your monthly payments||$250||$250|
|Months until your balance is paid||19||18|
|Total interest owed||$690||$416|
Annual fees and income requirements
One of the best things about the MBNA True Line Mastercard is that there’s no annual fee. Zero. Zilch. Nada. That means you can come out ahead by not having to pay a fee every year. For comparison’s sake, most low interest credit cards from the big banks with comparable rates do charge an annual fee (typically between $20 to $39).
You also won’t need to meet specific income requirements to qualify for the MBNA True Line Mastercard. The main eligibility requirements for this card are that you’re a resident of Canada and you’ve reached the age of majority in your province or territory.
Besides a lower interest rate and no annual fee, there are some other perks that come with the card. For example, if you use your card to rent a car at participating Avis and Budget locations, you can save a minimum of 10% off the base rental rates in Canada and the United States. And you can save a minimum of 5% internationally at participating locations.
Another great perk this card comes with is Mastercard Zero Liability. Because you hold a Mastercard, you won’t be responsible for unauthorized purchases made with your card online, over the phone, in store, via a mobile device, or automated teller machine transaction. Note that some conditions do apply.
While the MBNA True Line is arguably the best low interest credit card in Canada with no annual fee, it does have some minor drawbacks.
For one, while the card’s annual interest rate on purchases and balance transfers is low, the rate on cash advances is 24.99%. Secondly, as you would expect from a no fee card with low interest card, the MBNA True Line doesn’t offer much in the way of frills or rewards – which, truth be told, aren’t things you should be chasing if your primary goals are to save on interest and get out of the red.
The bottom line
The MBNA True Line Mastercard has everything you need in a low interest card: a low 12.99% standard interest rate on purchases and balance transfers, along with no annual fee.
† Promotional Rates:
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. 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. Other conditions apply. Offer may be changed, extended or withdrawn at any time, without notice.
Balance transfers and access cheques: 12.99%
Cash advances: 24.99%
If your Minimum Payment is late twice within any  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):
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  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 3.00% 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).
The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank.