The True Line Mastercard from MBNA is two things: Currently the best balance transfer card in the market, though the 10 month 0% offer is meant to end Dec 31, 2019; and not as good as the Platinum Plus card, whose retirement by MBNA caused anguish amongst credit card debtors throughout all of Canada, from our fertile south up through our hallowed northern tundra.
However, it is not fair to True Line to constantly compare it to its predecessor, as any couple in therapy can attest; the True Line is a good card – a great one actually. We can only hope that they extend the promotional period well into 2019, or at least replace it permanently with an almost as good offering.
The Balance Transfer Promotion
MBNA’s True Line has a great stat line. The headline 10 months at 0% would already be the best in the market. Couple that with a 1% transfer fee, no annual fee, and a 90 day period to complete as many transfers as you want, and this is the number one card for balance transfer customers. Everyone else is playing for second.
That 90 day period is important; each particular balance transfer is eligible for a full 10 monthly statement periods of 0% average interest rate, meaning that the True Line is an excellent destination to transfer debt from current balance transfer cards with varying offer expirations.
Note that interest rates reset to default if the minimum payment is missed twice within any 12 payment periods. Late payments themselves do not need to be consecutive to trigger the default rates of 19.99% purchase, 21.99% balance transfers and access checks, and 24.99% on cash advances. Moral of the story – do not miss your minimum payment.
Low Standard Annual Fees
Once the promotional balance transfer rate expires, the card resets to one of the most competitive annual interest rates in the market, 12.99%.
If you can get the MBNA True Line Gold instead of the standard card, that standard rate is 8.99%, best in show. Of course, you need to sacrifice 4 additional months of 0% AIR on balance transfers, as the gold card offers a promotional period of only 6 months.
There are really no frills on the True Line, this card is entirely meant for customers that need to cheaply pay off credit card debt. And if you count yourself in this category, there is no card more valuable for you. The savings that you can make on your interest payments dwarf any frills or thrills you might get on a rewards-type card. The True Line Mastercard is the top balance transfer card in the market, and should be your go-to option if you have not yet taken advantage.