Credit card debt is something none of us want to worry about.

Unfortunately, it happens. And if it does, it’s a big drain on your finances.

With most credit cards charging an annual interest rate of 20%, the size of interest payments can add up pretty quick…

To help pay off this debt, you’ll need to forget about a card that offers rewards.

Instead, you need a card that offers low interest balance transfers to help save on the crushing interest payments you owe on your credit cards.

And the best one out there right now is the . It has the best permanent balance transfer of any credit card in Canada right now.

Let’s go over what this card has to offer, and see how much you can save on credit card interest payments.

Related: How Credit Card Interest Works in Canada

MBNA True Line Mastercard details

So what does this card have to offer?

For starters, the balance transfer offer is 0% for the first 10 months. That’s right, you’ll pay no interest on the balances you transfer to the card for 10 whole months. It’s currently the best non-promotional balance transfer offer in Canada.

Just make sure to complete any transfers from other cards within the first 90 days to take advantage of this offer. You’ll also pay a fee of 3% for each balance transfer you make to the card, with a minimum charge of $7.50.

But this card doesn’t just come with a great balance transfer offer. It also has a lower interest rate of 12.99% on purchases and balance transfers made outside of the promotion period – a savings of around 8% compared to the usual APR of most credit cards.

Sadly, the cash advances rate is still 24.99%, so you don’t really get any savings there.

To top it off, it’s all for no annual fee. Even more savings to help you get a grip on your debt.

And while this card offers no rewards, that’s not what it’s for. Its sole purpose is to get your finances in order, and help eliminate your credit card debt. Once you have that sorted out, you can start focusing on rewards again.

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Here’s how much you could save on interest

So with the ultimate goal of saving money on interest, how much could you save?

Fortunately, our interest calculator is here to save you from doing the math yourself:

Find out how much you could save with your new rate, plus how long it’ll take to pay off your debt. Simply enter in your current rate, your new rate, and how much you pay per month.

Of course, since the MBNA True Line offer won’t charge you any interest for the first 10 months, to figure out how much you need to contribute monthly to get your debt under control before the promotional period is over, simply divide your total owed by 10 months.

For more details on how it works, head here.

The do’s and don’ts of a balance transfer credit card

While this card is great and will give you a big helping hand with your debt, there are a few rules to remember when taking advantage of its balance transfer offer.

Related: Balance Transfer Credit Cards 101

Do – Transfer all your balances to this card within 90 days

Transfer all your balances to this card within 90 days of opening your account to take advantage of the 0% transfer offer.

Also note – you won’t be able to transfer balances from existing MBNA OR TD cards. You can only transfer balances from other Canadian banks.

Don’t – Use this card to make purchases

Once you’ve made a balance transfer, don’t make any purchases with this card. And it’s not just because it doesn’t offer rewards.

When you make payments on a credit card, most of them will apply your payments to the balance that has the lowest interest rate. So unless you pay off the whole balance, you’ll be making payments towards your balance transfers at 0%, and your new purchases will start accruing interest with a rate of 12.99%, defeating the purpose of what you’re trying to accomplish.

So basically, make your transfer, and put the card away somewhere you won’t use it.

Do – Make your minimum monthly payment on time

It should go without saying – you may be paying less interest, but you still need to make at least the minimum payment that’s listed on your credit card statement.

But it’s even more important that you make your payments on time when you make a balance transfer. Miss just one payment, and you lose your 0% promotional interest rate. Those balance transfers you made will now be subject to the standard 12.99% interest rate this card charges.

Miss a second payment within 12 months, and your interest rate shoots up to 21.99%. Ouch.

Always remember to make your minimum payment, and make it on time.

Don’t – Use this card once your balance is paid off

Unless your credit score won’t allow it, don’t use this card once your balance has been paid off. You’ll be missing out on valuable rewards you could earn with another card, which can help you save money in other parts of your life.

And even though it does have a lower interest rate, you just got out of credit card debt hell, and you don’t want to be tempted by having a lower interest rate card kicking around.

If you have a poor score and can’t replace your card, then keep using it to help rebuild your credit.

Credit card debt doesn’t have to be scary

So while credit card debt is obviously something we want to avoid in the first place, it doesn’t have to be the end of the world.

The right credit card can help you make a serious dent in what you owe, and help get you back on the right financial path.

And the will help get you on the right financial path, while freeing you of interest payments along the way (at least for the first 10 months).