MBNA True Line Gold Mastercard Review 2024

• $39 annual fee
• Standard Annual Interest Rates of 8.99% on purchases, 8.99% on balance transfers✪and access cheques, and 24.99% on cash advances
• Around-the-clock-fraud protection
• Access to 24/7 customer service
• This offer is not available to residents of Quebec
• ✪, Terms and Conditions apply

The MBNA True Line® Gold Mastercard® has one of the lowest interest rates of any credit card in Canada, making it a great choice if you tend to carry a balance or even want to consolidate your credit card debt.

The MBNA True Line Gold Mastercard has an annual fee of $39 and there’s no extra charge to add authorized users, but the highlight of this card is its low interest rate of just 8.99% on purchases and balance transfers. This fixed interest rate won’t go up and down with changes to the Bank of Canada’s key rate. It’s also not an introductory rate that will expire within the first few months. The only downside is that it doesn’t apply to cash advances, which are billed at a very high APR of 24.99%.

If you’re using this card for a balance transfer, MBNA estimates you could save close to $500 per year by transferring a $5,000 balance from a regular credit card at 19.99% interest. That’s money that can go toward paying down your balance faster so you can get out of debt.

That said, unlike competing cards, the MBNA True Line Gold Mastercard doesn’t have an introductory balance transfer offer, so you may be able to find a better deal with another card if you plan to pay off your debt within a year. However, MBNA carries a similar card, the MBNA True Line Mastercard, which has a superior balance transfer offer: 0% interest for 12 months on balance transfers completed within the first 90 days of getting your card.

Aside from its remarkably low interest rate, the MBNA True Line Gold Mastercard doesn’t offer much else to get excited about. There is no included cash back or travel rewards, and the only insurance offered is purchase assurance and extended warranty benefits. It also includes a 10% discount on rental cars at participating Avis and Budget locations (and 5% at locations outside North America), but no rental car collision coverage.

• 8.99% interest on purchases and balance transfers
• Fixed interest rate is not subject to market fluctuations
• $39 annual fee
• No fee to add authorized cardholders
• Limited features and benefits aside from the low interest rate

While many of MBNA’s credit cards come with the opportunity to earn MBNA rewards points, the MBNA True Line Gold Mastercard doesn’t earn any points on your spending.

If you’re looking for a card that earns MBNA rewards points, consider the MBNA Rewards World Elite Mastercard. This card pays up to 5 points per dollar spent and includes a generous welcome offer of up to 30,000 points. MBNA Rewards points can be redeemed for travel and merchandise.

If you’re looking for a a credit card that earns both rewards and has a low interest rate, take a look at the HSBC +Rewards Mastercard. This card pays up to 2 points per dollar spent and comes with a low regular interest rate of 11.90%. HSBC Rewards points can be used for travel and merchandise or redeemed for cash.

• Purchase assurance and extended warranty benefits
• Trip assistance and legal assistance
• Save 10% off rental cars at participating Avis and Budget locations in Canada and the United States
• Save 5% off rental cars at participating Avis and Budget locations internationally

Interest Rates

• Regular APR (Purchases): 8.99%
• Regular APR (Cash Advances): 24.99%
• Balance Transfer APR: 8.99%

Fees:

• Cash Advance fee: 1.0% or $7.50, whichever is higher
• Balance Transfer fee: 1.0% or $7.50, whichever is higher
• Foreign Transaction Fee: 2.5%
• Annual Fee: $39
• Any other fees: N/A

MBNA True Line® Gold Mastercard® vs. MBNA True Line® Mastercard®

The MBNA True Line® Mastercard® is closely related to the MBNA True Line Gold Mastercard. With a 12.99% APR on purchases, the MBNA True Line Mastercard has a higher regular interest rate than its “Gold” sibling—but both are still far lower than the 19.99% charged by most credit cards on average.

That said, the True Line Mastercard currently offers the best balance transfer offer in Canada. You’ll get 0% promotional annual interest rate (“AIR”)† for 12 months on balance transfers✪ made within 90 days, with a 3% transfer fee. Also, it has payment plans that allow you to finance purchases interest-free for up to 18 months for a fee. However, it doesn’t include the purchase assurance and extended warranty protection offered by the MBNA True Line Gold Mastercard.

Overall, which is the better pick depends on what you’re using it for. The Gold version has a better range of features and benefits and a slightly higher interest rate while the True Line Mastercard is better suited toward balance transfers.

†, ✪, Terms and Conditions apply. This offer is not available to residents of Quebec.

MBNA True Line® Gold Mastercard® vs. RBC RateAdvantage Visa

The RBC RateAdvantage Visa card is another low-interest credit card that takes a different approach than the MBNA True Line Gold Mastercard.

Whereas MBNA charges a fixed interest rate on purchases, the RBC RateAdvantage Visa uses a variable rate that’s expressed in relation to the bank’s prime rate. The exact rate you pay depends on how you qualify; the card adds between 4.99% and 8.99% to the prime rate using a formula it declines to share. With the prime rate currently at 7.20%, this card’s total interest ranges between 12.19% and 16.19% but can go up or down as RBC changes its prime rate. It also applies this rate to cash advances, giving it an edge over MBNA in that category.

When it comes to perks, the RBC RateAdvantage Visa comes out ahead of the True Line Gold Mastercard. The RBC card comes with savings of 3¢ per litre at Petro-Canada and 20% more Petro-Points, extra Be Well points at Rexall, and 3 months of no delivery fees with DoorDash.

MBNA True Line® Gold Mastercard® vs. HSBC +Rewards Mastercard

If you want to combine a low interest rate with reward points, the HSBC +Rewards Mastercard is a good choice.

This card charges a lower annual fee than the MBNA True Line Gold Mastercard ($25 compared with $39), but charges a higher fixed interest rate of 11.90%. The HSBC card also extends its low interest rate to balance transfers and cash advances, whereas the MBNA card charges a high 24.99% rate on those transactions.

The HSBC +Rewards Mastercard also comes with rewards. The card offers 2 points per dollar spent on restaurants and entertainment, and 1 point per dollar spent on everything else. With a typical spending profile, Forbes Advisor Canada estimates you could earn $177 in points per year using the card. But be warned that carrying an average balance of just $1,500 will claw back all that value as interest.

When determining a rating for individual credit cards, the Forbes Advisor Canada editorial team factors in an exhaustive list of data points. With this card, the scoring model used takes into account factors such as, but not limited to, rewards rates and categories, fees, welcome bonuses, and other benefits and features. Keep in mind, what may be best for some people might not be right for you. Conduct informed research before deciding which cards will best help you achieve your financial goals.

The MBNA True Line Gold Mastercard may be right for you if you’re looking to carry a balance on your credit card without paying a ton of interest. In the current interest rate environment, this card’s low fixed rate is comparable to many other unsecured lines of credit and car loans which makes it a good choice for carrying small amounts of debt.

This card may not be the best choice, however, if you’re looking for a low interest way to access cash. With a high interest rate of 24.99% and no grace period on cash advances, you’re likely to find a better deal elsewhere (though this is an incredibly uncommon feature in Canadian credit cards). This card might also not be right for you if you want to earn travel rewards or cash back, or want a credit card with additional features like travel insurance.

Related: The Best Canadian Credit Cards