MBNA is the best kept secret in Canadian credit cards.
If you’re a credit card nerd, you likely already have an MBNA card in your wallet. But if credit cards aren’t your passion then you may not have even heard of them…
That’s because they don’t have a big offline presence in people’s everyday lives like the other big banks do.
MBNA is entirely focused on credit cards and used to be a standalone company that issued credit cards around the world. That changed in 2006 when they were acquired by Bank of America – and then later MBNA Canada was sold to TD Bank in 2011.
What makes their cards so good? Few reasons:
It took awhile for the MBNA Rewards credit cards to catch on. But once people began to realize that you got the same value for your rewards when redeemed cash as you do with travel, they shot up in popularity.
With the MBNA Rewards World Elite Mastercard giving you 2 points per $1 spent, it’s the only true 2% cash back credit card in Canada. You get 2% cash back on ALL purchases with no caps, tiers, or restrictions.
You can literally redeem your rewards anytime you want – and any way you want...instantly.
Choose from direct deposit, cheque, statement credit, charity donation, travel payback, merchandise, gift cards, and more.
Then there is the MBNA True Line Mastercard and the MBNA True Line Gold Mastercard. Both cards start you off with a low introductory balance transfer interest rate, giving you a chance to get a handle on any preexisting credit card debt.
Plus, once the low-rate intro period is over, you will still enjoy low purchase and balance transfer rates on both cards, so you don't need to worry about your interest rates shooting up, and you can focus on paying off that debt.
Here’s the full list of MBNA cards that are available to all Canadians: