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’s the MBNA Platinum Plus Mastercard that has no rewards, but it’s the only 0% promotional balance transfer credit card in Canada. You get a 0% interest rate on up to your full credit limit for a full year. You can even deposit the money directly into your bank account if you want, the 0% still applies!
Think of it, if you have $8,000 in debt, then you’ll save at least $1,520 in interest when compared to the 20%+ interest rates most credit cards charge. That number is even after you subtract the one-time 1% balance transfer fee that MBNA charges.
Here’s the full list of MBNA cards that are available to all Canadians: