The MBNA True Line Mastercard is a popular credit card in Canada. It offers a low interest rate and no annual fee. With travel and cash-back rewards, this card can be an excellent option for many Canadians looking to earn rewards on their everyday spending.
In this detailed post, we’ll cover the rewards, benefits, fees, and fine print associated with the MBNA True Line Mastercard. By the end, you’ll know if this is the right card for you based on your spending habits and financial situation.
MBNA True Line Mastercard Overview
The MBNA True Line Mastercard is issued by MBNA, which is a subsidiary of one of the big 5 banks in Canada, The Toronto-Dominion Bank (TD). It offers a low ongoing interest rate and no annual fee, making it an affordable credit card.
This MBNA credit card is ideal for borrowers who carry a balance and want to save on interest charges. In addition, the True Line Mastercard offers 1% cash back on all eligible purchases. While the earnings rate is lower than premium travel and cash back cards, you’re not paying an annual fee either.
MBNA True Line Mastercard Key Features
Here are some of the main features of the MBNA True Line Mastercard:
- Low ongoing interest rate of 12.99%
- No annual fee
- 1% cash back on all eligible purchases
- Travel rewards and cash back redemptions
- Contactless payment capability
- Mobile device insurance (up to $1,000 per claim)
- Auto rental collision/loss damage insurance
- Extended warranty and purchase protection
Costs and Fees
A major advantage of the True Line Mastercard is the lack of an annual fee. Here is a full breakdown of the fees:
- Annual fee: $0
- Authorized user fee: $0
- Balance transfer fee: 1% of the amount of each transfer (minimum $7.50)
- Cash advance fee: $3.50 for ATM withdrawals; 1% of amount advanced for cash-like transactions (minimum $5)
- Foreign transaction fee: 2.5% of transaction amount after conversion to CAD
- Overlimit fee: $29 per statement period
- Dishonoured payment fee: $45 for NSF cheques or pre-authorized payments
As you can see, there are no surprises or hidden fees. The card costs are straightforward and relatively minimal compared to premium rewards cards that charge annual fees over $100.
How to Apply for the MBNA True Line Mastercard
Ready to apply for the True Line Mastercard? Here are the easy steps to follow:
- Go to the MBNA website and click “Apply Now” on the True Line Mastercard page. This will take you to the online application.
- Enter some basic personal and financial information to begin the application such as name, address, date of birth, Social Insurance Number, income, housing costs, and employment details.
- The application will perform a soft credit check which does not affect your scores. You’ll get an instant decision on whether you’re approved.
- If approved, you’ll need to verify your identity and review the cardholder agreement. This is standard for all new credit card applications.
- Once approved and verified, you will receive your new True Line Mastercard in the mail within 2 weeks. You can call MBNA to activate the card after receiving it.
If you have fair credit or are rebuilding credit, the pre-approval tool lets you see if you qualify without a hard inquiry on your report.
Overall, the application process is quick and seamless. In just a few minutes, you can complete the application and get a decision. If approved, you’ll then be on your way to enjoying the benefits of the True Line Mastercard!
How Does the True Line Mastercard Compare to Other Cards?
How does the MBNA True Line Mastercard compare to other no fee cards on the market? Here is a brief overview:
- Tangerine Money-Back Credit Card – Also no annual fee and offers 2% cash back on select categories and 0.5% on others. Higher earnings potential but no travel rewards redemptions.
- BMO Cashback Mastercard – 1.9% cash back on all purchases, annual fee waived first year. Rate drops to 1% after year 1 unless you have a premium chequing account.
- American Express SimplyCash Card – 1.25% cash back and no annual fee. More merchant acceptance issues than Mastercard.
- Rogers World Elite Mastercard – Popular no fee card with 1.5% cash back on all purchases. Must be a Rogers customer to qualify.
The MBNA True Line Mastercard holds its own against these competitors with the low interest rate, travel redemptions, and mobile device insurance being key advantages.
The card may not be the best fit if:
- You want premium travel perks
- You can earn more with a different no fee cash back card
- You don’t want to bank with a TD subsidiary
Overall, the True Line Mastercard occupies a solid spot among no annual fee cash back cards thanks to its competitive interest rate and key benefits. For the average Canadian consumer, it’s a great starter card to earn rewards without big fees or hoops to jump through.
Who Is the True Line Mastercard for?
So who should consider applying for the MBNA True Line Mastercard? Here are the types of cardholders who can get the most from this card:
- Occasional balances – The low 12.99% interest rate makes this card ideal if you sometimes carry a balance. This can save substantially on interest charges.
- Cash back on spending – While only 1% back, you’re not paying a fee for the earning potential either. Flat-rate cash back is easy to earn.
- Mobile device users – If you want mobile device insurance, this card can provide protection for just paying your wireless bill.
- Fair credit – The True Line Mastercard is accessible for those with fair/average credit based on a flexible approval process. Pre-approvals are also available.
- Travel rewards – Boost your cash back earnings by 10% when you redeem for travel purchases. Great for budget travel hacking.
On the other hand, the True Line Mastercard may not be the right fit if you want premium travel perks or higher cash back rates (i.e. 4% or more on common purchases). But overall, it fills an important niche with the average credit card user in Canada.
How to Get the Most from the True Line Mastercard
Here are some tips to maximize the value you get from the MBNA True Line Mastercard:
- Pay your cell phone bill – Be sure to pay your wireless bill each month with your card to trigger the mobile device insurance coverage.
- Leverage contactless payments – Take advantage of tap and go functionality at retailers for speed and convenience.
- Redeem cash back for travel – Boost rewards by 10% when you convert cash back to travel credits on your statement.
- Use for car rentals – Decline CDW/LDW from rental companies and let your card coverage protect you for free.
- Set up autopay – Set up automatic minimum payments from your bank account to avoid missed payments and interest charges.
- Check your credit limit – Request a credit line increase every 6 months to keep utilization low and credit scores high.
Following these tips can help you maximize rewards earnings, benefits protections, and everyday usage of the True Line Mastercard.
Conclusion
The MBNA True Line Mastercard deserves consideration for any Canadian looking for an affordable Mastercard with cash back earnings. The low interest rate, lack of annual fee, and value-added benefits like mobile device insurance give this card lasting appeal.
For borrowers with average credit, it’s a great entry point into cash back reward credit cards. You can earn rewards on everyday spending without tripping over high annual fees or interest charges.
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