In this article, I’d like to introduce you to a 0% interest credit card that can help you pay off your debt—whether it's in Canada or in your home country.
If you're currently carrying high-interest debt, don't hesitate to consider this card. The standout feature of the MBNA True Line Mastercard is its balance transfer option: you can transfer funds directly to your chequing account with just a 2% balance transfer fee.
Why This Card is Useful
Let’s say you have a bank loan with a high interest rate. You can apply for this card, transfer funds to your chequing account, and then use that money to pay off your loan. Since the funds land in your chequing account, you can send the money wherever you need to—making it different from most balance transfer cards, which only let you pay off other credit cards.
This flexibility allows you to clear off various types of debt while taking advantage of the 0% promotional interest rate.
Important Note: It’s a Promotional Offer
Keep in mind that this 0% interest offer is promotional. That means you need to pay off the full amount within 12 months. If you don’t, you'll be charged the standard interest rate on the entire balance from the start of the transfer.
Minimum Payment
Like most credit cards, you’ll need to make at least the $10 minimum payment each month. Missing a payment will void your promotional offer, and you’ll be required to pay interest on the balance from that point forward.
How to Apply
1. Click on the Apply Now button below. You’ll be redirected to the official MBNA True Line Mastercard application page.
2. Read all the terms and make sure you’re eligible.
3. Fill out the form carefully. Make sure the address matches the one on your ID, as you’ll need to verify it through Canada Post later.
4. After submitting the application, you’ll receive a confirmation email with a verification barcode.
5. Visit your nearest Canada Post with two pieces of ID and complete the identity verification process.
You’ll receive your card in the mail within 10–15 business days.
Activation and Balance Transfer
Once you receive the card:
* Call to activate it.
* Set up auto-pay for the minimum monthly payment to avoid any missed payments.
* To transfer the balance, log into the MBNA website or app and enter your chequing account details.
Funds usually arrive in your account within 5 business days.
Also, don’t forget to set up bill payments from your bank:
* Add MBNA Mastercard as a payee.
* Use your card number as the account number.
* Note that payments can take 2–3 business days to reflect, so make sure to pay on time.
Bonus Tip
After you've paid off your debt using the MBNA True Line Mastercard, there's a high chance you’ll be offered the same promotional offer again. You can then use it to pay off another debt.
Additionally, this card allows you to increase your credit limit more easily compared to others, which helps improve your overall credit score.
Note: This card is not ideal for daily use—it's designed specifically to help you manage and reduce debt at a low cost.
MBNA also offers other types of credit cards that may be more suitable for everyday spending.
Apply Now
What If You Can’t Pay It Off in One Year?
If you’re unable to repay the MBNA balance within the promotional period, don’t worry. Scotiabank and CIBC also offer similar low-interest cards with 0% interest for the first 10 months.
Want to learn more about 0% interest cards from Scotiabank and CIBC? Click the links below to read before you apply:
* CIBC Select Visa - Apply Now
* Scotiabank Value Visa - Apply Now
