Not only is the MBNA True Line Mastercard the perennial winner of the best balance transfer credit card in Canada, but its low interest rates and no annual fee also make it one of the best ways to save money on difficult-to-shake balances.

Here's our analysis of this interest rate powerhouse and some comparisons to other cards.

Interest rates

The MBNA True Line Mastercard has the best balance transfer offer in Canada. With it, you'll pay 0% interest on balance transfer for the first 12 with a small transfer fee of 3%.

So long as you know the basics of how to use a balance transfer credit card, you'll be able to potentially save a huge amount of money as normal interest rates for Canadian credit cards are around 20%.

The card also comes with low permanent interest rates of 12.99% on purchases and 17.99% on balance transfers made outside of the promotion window.

You can calculate your potential savings with our credit card interest rate calculator.

2 benefits of the MBNA True Line Mastercard

On top of low interest rates, here are a couple of other things to like about it.

1. No annual fee

First, this card has no annual fee. Most low interest credit cards have low annual fees ranging from $20 to $40.

It's a little extra savings you can use towards paying off debt.

2. No income requirements

There are also no income requirements to meet. It's one less barrier to entry for your credit card interest savings.

2 downsides of the MBNA True Line Mastercard

There are also 2 cons to getting this card.

1. Not available to residents of Quebec

If you live in Quebec, you won’t qualify for this card. You'll have to turn to balance transfers offers from other issuers if you're looking to save on credit card debt.

2. No insurance included

It's a little thing, but if you use this card for big purchases to potentially save on interest, the basics of an extended warranty and purchase protection aren't here.

While these are standard coverages, they're helpful in case something happens to any decent sized purchase you make, like a new TV.

Comparison to other cards

MBNA has another low interest credit card for you to consider: the MBNA True Line Gold Mastercard.

Here's how these 2 low interest credit cards compare.

	MBNA True Line Mastercard	MBNA True Line Gold Mastercard
Balance transfer offer	$135 GeniusCash + 0% interest on balance transfers for 12 months (terms)	None
Permanent interest rates	* 12.99% purchases * 17.99% balance transfers * 24.99% cash advances	* 10.99% purchases * 13.99% balance transfers * 24.99% cash advances
Annual fee	$0	$39

The first major difference is the balance transfer. The Gold version unfortunately doesn't have an offer right now. But the Gold version shines with its much improved permanent interest rates on purchases and balance transfers.

But the Gold card also has an annual fee of $39 to contend with. Whether it's worth it or not will ultimately depend on how much of a balance you hold, and whether or not the interest savings will outstrip the annual fee (again, our interest calculator can help).

Comparison to the CIBC Select Visa Card

CIBC also has a balance transfer credit card in the CIBC Select Visa Card. We'll start off with another easy-to-read comparison table.

	MBNA True Line Mastercard	CIBC Select Visa Card
Balance transfer offer	$135 GeniusCash + 0% interest on balance transfers for 12 months (terms)	0% interest on balance transfers for 10 months (terms)
Balance transfer fee	3%	1%
Permanent interest rates	* 12.99% purchases * 17.99% balance transfers * 24.99% cash advances	* 13.99% purchases * 13.99% balance transfers * 13.99% cash advances
Annual Fee	$0	$29

In pretty much all cases, other than the better cash advance rate and the lower balance transfer fee, MBNA wins out.

Comparison to the BMO eclipse rise Visa Card

One more big bank option you may consider is the BMO eclipse rise Visa Card. Here's a side-by-side comparison.

	MBNA True Line Mastercard	BMO eclipse rise Visa Card
Balance transfer offer	$135 GeniusCash + 0% interest on balance transfers for 12 months (terms)	0.99% for the first 9 months
Balance transfer fee	3%	2%
Permanent interest rates	* 12.99% purchases * 17.99% balance transfers * 24.99% cash advances	* 21.99% purchases * 23.99% balance transfers * 23.99% cash advances
Annual Fee	$0	$0

Again, the MBNA True Line Mastercard flexes its muscles with its outstanding balance transfer offers and better permanent interest rates. Similar to the CIBC card, the BMO card has a lower balance transfer fee. Other than that, it's either all square or a step behind MBNA's offering.

The biggest thing that makes the BMO eclipse rise Visa Card stand out, however, is that it earns rewards on purchases. The same cannot be said for any of the other cards in our comparisons. Here's what you'll earn:

• 5 BMO Rewards points for every $2 spent on dining, groceries, and reccurring bills
• 1 point per $2 spent on all other purchases

This equals a maximum earn rate of 1.675%.

You'll also get a welcome bonus of 20,000 BMO Rewards points after spending $1,500 in the first 3 months. This is easy to earn and works out to $134 in value.

Plus, you’ll get $125 in GeniusCash on us if you get approved. It's a nice cash bonus that you can use right away.

Other perks and benefits include:

• An annual bonus of 2,500 points when you redeem 12,000 points annually
• Saving 7 cents per litre at Shell gas stations
• 3 types of insurance

This is a good long-term option as you'll be able to earn rewards, but again, you do lose out on maximizing your savings on interest with the slightly less optimized balance transfer offer.

How do you plan on saving on interest with the MBNA True Line Mastercard?

Looking at its benefits and best-in-class balance transfer promo, this is an excellent card to save on credit card debt if you use it to its full potential.

Have you used this card to help with debt? Or do you plan on getting one after reading our review? Or perhaps you prefer one of the other options we've researched.

Let us know about your experiences by leaving a review below.

FAQ

Does the MBNA True Line Mastercard have the best balance transfer offer?

Yes, the MBNA True Line Mastercard comes with the best balance transfer offer in Canada. You'll get a low rate of 0% for 12 months. This is an incredible offer to help save on credit card interest.

What credit score do you need for the MBNA True Line Mastercard?

You'll need an estimated credit score between 660 and 724. In other words, you'll need a good credit score to get approved.

What are the interest rates for the MBNA True Line Mastercard?

The MBNA True Line Mastercard has low permanent interest rates of 12.99% on purchases and 17.99% balance transfers. The cash advance rate is quite high at 24.99%.

What are the annual fee and income requirements of the MBNA True Line Mastercard?

The MBNA True Line Mastercard has no annual fee or income requirements.