Update: This article was updated on July 19, 2018, to include a link to the new MBNA True Line credit card.
With an introductory interest rate of 0% on balance transfers, the MBNA Platinum Plus Mastercard currently stands as one of the best balance transfer credit cards on the market.
Unfortunately, it won’t be available for much longer. After June 30, MBNA will no longer be accepting new applicants for the card. In its place, MBNA has debuted the True Line low balance transfer card, which offers no annual fee, a 0% interest rate for six months and a balance transfer fee of 1%. Click here to apply for the True Line credit card.
Current cardholders will be able to continue using their existing cards.
The Platinum Plus Mastercard has long been a popular option due to its introductory balance transfer rate — i.e., the interest rate charged to any debts that were moved to the card from another credit card. For the first 12 months after a cardholder opens an account, they are charged zero interest. Once the introductory period expires, the rate changes to 21.99%.
In Canada, the Platinum Plus Mastercard’s biggest competitors offer low balance transfer rates for new customers, but do not eliminate them altogether. The Scotiabank Value Visa has an introductory rate of 0.99% that ends after six months, while two American Express cards — the Essential Credit Card and Air Miles Credit Card — offer rates of 1.99% for the first six months as well.
The Bank of Canada hiked interest rates in January, and experts are predicting that another hike will come during the bank’s next rate announcement in July — a circumstance which may explain why MBNA decided to withdraw its most popular card from the market as its 0% introductory rate becomes more difficult to sustain.