Overview
The MBNA True Line Mastercard is a straightforward low-interest credit card built for Canadians who carry a balance or need an affordable way to consolidate debt. With a 12.99% interest rate on purchases and no annual fee, it combines two benefits that rarely come together — most low-rate cards charge $20–$25/year, and most no-fee cards charge 20.99% interest.
The card's headline feature is the 0% promotional interest rate on balance transfers for 12 months when transfers are completed within 90 days of account opening. This makes it one of the strongest balance transfer cards in Canada — and it's backed up by multiple 2025 awards from creditcardGenius and RATESDOTCA.
As a Mastercard, it also works at Costco, which only accepts Mastercard for credit payments in Canada.
Balance Transfer Offer
The MBNA True Line Mastercard's standout feature is its 0% promotional annual interest rate on balance transfers for 12 months. To qualify:
- Balance transfers must be completed within 90 days of account opening
- After the 12-month promotional period, the standard balance transfer rate of 17.99% applies
This is one of the longest 0% balance transfer periods available in Canada. If you're carrying high-interest debt on another card, transferring it here could save you hundreds of dollars in interest over a year.
Balance Transfer Savings Example
On a $5,000 balance transfer:
| Scenario | Interest Rate | Interest Paid (12 months) |
|---|---|---|
| Keeping balance on a standard card | 20.99% | ~$1,050 |
| Transferring to MBNA True Line | 0% (promo) | $0 |
| Savings | ~$1,050 |
Interest Rate Breakdown
| Type | Rate |
|---|---|
| Purchases | 12.99% |
| Cash Advances | 24.99% |
| Balance Transfers (promotional) | 0% for 12 months |
| Balance Transfers (standard) | 17.99% |
The 12.99% purchase rate is roughly 8 percentage points lower than standard credit cards. However, note that the cash advance rate of 24.99% is significantly higher — avoid using this card for cash advances if possible.
Who Should Consider This Card?
The MBNA True Line Mastercard makes financial sense if you:
- Carry a balance month-to-month and want to minimize interest charges without paying an annual fee
- Want to consolidate high-interest debt with a 0% balance transfer for 12 months
- Need to finance a large purchase at a lower interest rate than standard cards
- Shop at Costco and want a low-rate Mastercard that works there
- Want authorized users at no extra cost — add up to 9 people for $0 each
Interest Savings vs. Standard Cards
On a $3,000 carried balance (purchases):
| Card Type | Annual Interest Rate | Annual Interest Cost |
|---|---|---|
| Standard credit card | 20.99% | ~$630 |
| MBNA True Line Mastercard | 12.99% | ~$390 |
| Savings | ~$240/year |
And with no annual fee, every dollar saved goes directly into your pocket.
MBNA Payment Plan
For eligible purchases of $100 or more, MBNA offers a Payment Plan that lets you pay in fixed monthly installments over 6, 12, or 18 months. This can help you budget large purchases more predictably. Conditions and fees apply.
Comparison: Low-Interest Cards in Canada
| Feature | MBNA True Line | TD Low Rate Visa | RBC Visa Classic Low Rate |
|---|---|---|---|
| Annual fee | $0 | $25 | $20 (1st yr free) |
| Purchase rate | 12.99% | 12.90% | 12.99% |
| Cash advance rate | 24.99% | 12.90% | 12.99% |
| Balance transfer promo | 0% for 12 months | N/A | 0.99% for 10 months |
| Network | Mastercard | Visa | Visa |
| Rewards | None | None | None |
| Works at Costco | Yes | No | No |
Drawbacks to Consider
No Rewards
This card earns zero points, zero cash back, and zero miles. If you pay your balance in full every month, a rewards card is a better choice — low interest rates only matter when you carry a balance.
High Cash Advance Rate
At 24.99%, the cash advance rate is no better than a standard credit card. The TD Low Rate Visa, by comparison, charges the same low rate (12.90%) for both purchases and cash advances.
No Insurance
There's no travel insurance, purchase protection, or extended warranty included. If you need coverage, you'll need a separate card or standalone policy.
Foreign Transaction Fee
The standard 2.5% foreign transaction fee applies to purchases in non-Canadian currencies. This card is not ideal for international spending.
Who Is This Card Best For?
This card is an excellent choice if you:
- Want a no-annual-fee card with a low interest rate — rare combination
- Need to transfer a balance and want 0% for 12 months
- Regularly shop at Costco and want a low-rate Mastercard
- Want to add family members as authorized users for free (up to 9)
- Don't need rewards and prefer paying less in interest over earning points
It's not the best choice if you:
- Pay your balance in full every month — get a rewards card instead
- Need a low rate on cash advances — consider the TD Low Rate Visa
- Want travel insurance or purchase protection included
- Spend frequently in foreign currencies
Bottom Line
The MBNA True Line Mastercard is one of the best low-interest credit cards in Canada — and it's the only one that combines a 12.99% purchase rate with no annual fee. The 0% balance transfer offer for 12 months makes it especially compelling for debt consolidation, and the Mastercard network means it works at Costco. If you carry a balance, this card can save you hundreds of dollars a year in interest without costing you a cent in annual fees.
