All approved applicants of MBNA’s True Line Mastercard will now pay 0% interest for 12 months on any balance transfer, effective Dec. 2. That’s two extra months cardholders won’t be charged any interest at all.
Balance transfer credit cards let you pay off the balance from your current credit card by transferring it to a new card that generally has a lower interest rate. This can help you save money on interest charges and gives you the time you need to get your finances in order.
The best way to take advantage of a balance transfer is to take the amount of debt you're transferring and divide that figure by the number of months the introductory period lasts. You’ll then have an idea of how much you need to pay every month to get rid of your debt.
True Line Mastercard is already one of the most competitive credit cards on the market and the announcement adds that extra incentive to take advantage of the offer.
There’s no annual fee with this card, which is ideal for cardholders who are more focused on paying off credit card debt quickly. On top of this, after the 12-month period, a 12.99% interest rate kicks in on balance transfers, purchases, and access cheques — that’s still a low rate when compared to the best balance transfer credit cards in Canada.
MBNA first introduced the True Line credit card in July 2018. The new offer furthers the banks position on top in the low balance transfer market, which includes competitors like the Scotiabank Value Visa, which has an introductory rate of 0.99%, and the American Express Essential Credit Card and Air Miles Credit Card — both of which offer rates of 1.99% for the first six months.
This is a limited-time offer — prospective cardholders have until Feb. 29, 2020 to apply.