MBNA Platinum Plus Mastercard

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No longer accepting new applicants

MBNA Platinum Plus Mastercard Review

Card is not accepting new applicants.

The Skinny

All good things come to an end we guess, and so goes the MBNA Platinum Plus. What a shame, this was an excellent card, but we suppose it was simply so far ahead of the competition that MBNA decided they were simply bidding against themselves. The replacement card, the MBNA True Line, is both not as good as the Platinum Plus, and still the best in the market. 0% for 10 months, with a 1% transfer fee. It is currently our top rated balance transfer card.

Previous Review

The MBNA Platinum Plus Mastercard is the hands-down king of balance transfer and cash advance cards in Canada, nay the world over. You simply cannot beat 0% interest for 12 months. Look no further then this little beauty if you are stuck paying 12-20% APR on your credit card debt.

Provided you have a household total income of $35k and have not declared bankruptcy in the last seven years, your application should be approved and MBNA will absorb your debt and waive any interest payment for 12 months! Just to put some numbers to it – if you have a $5,000 balance on an interest rate of 12%, you will save $600 annually, no strings.

Or maybe you need a bit of cash for a home improvement or perhaps an engagement ring (congratulations!)? Your friends at MBNA will spot you the cash with no interest for 12 months.

MBNA Balance Transfer Offer

This extraordinary offering comes with minimal work from your end. After a successful application, MBNA will do all the work in getting your balance transferred from your current credit card – they will essentially pay off your current debt and transfer it to the Platinum Plus Mastercard at 0% interest. Why anyone would not take advantage of this offer is a mystery – in the time it takes for you to read this review, you very well could be saving yourself 100% of next year’s interest payment.

MBNA Platinum Cash Advance

If you must take out a personal loan, you are liable to pay somewhere around the prime rate if you are lucky, which is currently 2.7%. Others might be forced to dabble in the notorious payday loan market, which offers criminally high interest rates. With MBNA Platinum you are eligible for a cash advance – a deposit of money into your chequing account – up to your credit line. Like the balance transfer, the interest on this loan is 0% for the first 12 months.

Additional MBNA Platinum Plus Benefits

While the benefits outlined above are the modus vivendi of this card, you will perhaps be happy to know that there are some nice additional value adds. As a platinum card holder you will enjoy some of the best packaged benefits available from MBNA, which we list in part below:

  • $1,000,000 in common carrier benefits – let’s hope your family needn’t collect on this one
  • $2,000 in unexpected return home – in the event of tragedy at home
  • Rental Vehicle Collision Damage waiver benefits –
  • Rental Vehicle Personal Effects Benefit – $1,000 coverage against loss, theft or damage of personal property.
  • Lost Luggage assistance
  • Extended warranty benefits – up to one year additional warranty on most new purchases made with the card
  • Purchase Assurance – Covers items purchases for 90 days of date of purchase, up to $60,000 lifetime.

Closing Balance

We hope it is now evident why the Platinum Plus Mastercard MBNA gets our Checkrate Checkmate honor, as this is Canada’s most valuable card in the balance transfer and cash advance category. For those who need a bit of help getting their finances in order, this card is a breath of fresh air. It is heartily recommended without reservation.

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