Best MBNA Credit Cards

There are two broad categories of credit cards which correspond to two different customer types. Reward cards are tailored for customers known as a “transactors”. A transactor pays his credit card off in full each month, never carries a balance, and thus is enticed by cards paying out high percentages of spend back in points or cashback, and additional value adds.

Top 3 MBNA Cards

RankCardAnnual FeeRatingApply
1
MBNA True Line MasterCard
$0 Apply NowReview
2
MBNA Platinum Plus Mastercard
$0 Apply NowReview
3
MBNA Rewards World Elite
$89 Apply NowReview

The second type of customer is known as a “revolver”. These credit card users do carry balances, and so the value offered by rewards cards is less important than the interest charged on debt.

It is debatable who offers the best rewards cards; when it comes to the second type of card, those targeting revolvers with low interest credit cards, MBNA is the hands down, undisputed champion of Canada.

MBNA – Canada’s go-to Bank for low APRs

MBNA’s trueline credit card offers APRs as low as 5.99%, depending on applicant credit history. This is three percent less than the AMEX Essential, the next lowest APR card in the market.

Even if you miss the lowest rate, the next rung up is 7.99%, still the best in the marketplace by a full percentage point. Simply put, this card should be the first stop for anyone anticipating future credit card debt.

Balance Transfer Cards

MBNA not only has the best balance transfer card in Canada with the Platinum Plus, they have the second best card with the MBNA Rewards card.

The Platinum Plus card offers a 12 month interest-vacation, with 0% APR on balance transfers for a full year. Need an extension to that? Perhaps you can open up an account with MBNA Rewards, which not only offers a 6-month interest sabbatical on balance transfers, but gives new accounts $50 just for giving the card a try.

Additional Considerations

Lean-Forward Reputation

This is entirely hearsay, but MBNA does have a reputation for a more liberal approval policy than some of the competition, who are quicker to reject applicants. Additionally, MBNA is known for offering higher credit limits for those who have demonstrated responsible payment of debt. For those embarking on projects or life events requiring significant capital expenditure, best to start with MBNA – particularly the Platinum Plus which offers a cash advance up to your limit at 0% APR for 12 months.

Insurance

MBNA insurance lags the market because they do not offer travel medical on any of their cards. While it makes sense to omit medical from MBNAs low interest cards, we are a bit disappointed that the World Elite does not keep up with the competition in that regard. If their current flat 2% cash back program included medical it would place the card amongst the elite in the travel category.

Closing Balance

It is a no-brainer to crown MBNA the leading provider of low-interest credit card options to Canadian clients. They dominate the space and if you currently are – or anticipate in the future – carrying debt, you should make MBNA your first port of call.

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