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MBNA 0% interest for 12 months on balance transfers is back

  • Last Updated:
  • Sep 6th, 2021 10:34 am
[OP]
Sr. Member
Oct 14, 2009
541 posts
489 upvotes
Rothesay

[MBNA Canada] MBNA 0% interest for 12 months on balance transfers is back

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MBNA Canada
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These low interest balance transfer offers completely went away during the height of the pandemic but finally we're seeing a light at the end of the tunnel and they're back. MBNA is the grandaddy of these offers in Canada and they've relaunched 0% balance transfer offers for 12 month with a 3% fee.

Still, what amount to 3% interest for a full year is way lower than stand 19.99-23.99% interest rates and is a great way to save money on your debt.

This card also has one of the best permanent low interest rates available on purchases and balance transfers at 12.99% so even if you don't get the thing paid of in full after 12 months, you still won't be dinged 24% interest or anything.

From experience, I know you need strong credit to get approved though so if you have any sort of trouble with your credit history or a limited credit history you might as well not bother.

Saw the news here:
https://creditcardgenius.ca/blog/mbna-true-line-offer

Saw it on the mbna.ca homepage as well.

Thought this would have already been posted but didn't see it anywhere.
Last edited by TomRFD on Aug 6th, 2021 10:59 am, edited 1 time in total.
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107 replies
Jr. Member
Oct 29, 2006
106 posts
103 upvotes
Toronto
I haven't used this but just wondering, if you have a big balance on CC, doesn't that usually mean your credit isn't great, so it would be hard to take advantage of this?
Member
Apr 21, 2017
479 posts
513 upvotes
Chelsea
I still have their Platinum Plus with a 20K limit and zero balance - haven’t received an offer in 2+ years, but I logged in tonight and saw I was eligible for a 4K limit increase .. Took it but meh.

Wondering if converting from Platinum to True Line offers the balance transfer…
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Jun 15, 2005
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alexyeung08 wrote: I haven't used this but just wondering, if you have a big balance on CC, doesn't that usually mean your credit isn't great, so it would be hard to take advantage of this?
You can take out the balance transfer and have it deposited into your bank account to use for a world of things - pay off another CC, invest in stocks, buy crypto Etc.
My most recent BT ends this Friday, where I used the $35k from my BT to buy safe bank stocks that paid me 4%+ dividends and luckily appreciated by 21%. Doesn’t always work that way, but it’s a great tool to use responsibly.
Jr. Member
Jul 29, 2020
159 posts
710 upvotes
alexyeung08 wrote: I haven't used this but just wondering, if you have a big balance on CC, doesn't that usually mean your credit isn't great, so it would be hard to take advantage of this?
I've used it twice with a big balance and it helps a lot. If you have a balance of 7k and do a transfer they will charge you the 3% fee which is $210. Then for the rest of the year there is no more interest. On my balance with my PC card of 7-8k I was paying about $160 a month in interest. If you can qualify I would seriously consider it but you need to pay it off. Don't treat it as a loan and then keep spending on your primary card cause then you are stuck with two balances of the same at the end of the year. You can save about $2k in interest if you do this if you arent paying your credit card in full.
Member
Apr 21, 2017
479 posts
513 upvotes
Chelsea
alexyeung08 wrote: I haven't used this but just wondering, if you have a big balance on CC, doesn't that usually mean your credit isn't great, so it would be hard to take advantage of this?
It’s all about credit utilization. Keeping a 5k balance on a 25k credit card is fine.

Rule of thumb is stay below 30% for best results, and never go over 80%.
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Jun 15, 2005
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SimonL556 wrote: I still have their Platinum Plus with a 20K limit and zero balance - haven’t received an offer in 2+ years, but I logged in tonight and saw I was eligible for a 4K limit increase .. Took it but meh.

Wondering if converting from Platinum to True Line offers the balance transfer…
Why not sign up for Trueline, transfer $23,500 of your credit limit from the PP to the Trueline and then use the balance transfer?
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Oct 24, 2016
1165 posts
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ON
I didn’t know that balance transfer was gone during the pandemic. I recall having received the balance transfer offer letter about a month back. I used to avail this offer during the golden days when the balance transfer fees used to be 0.99%. Made a decent profit by investing the money. Compared to that, 3% seems high...lol
Last edited by Holystone on Aug 4th, 2021 8:46 pm, edited 1 time in total.
Isn't it great to live in the 21st century where deleting history has become more important than making it.
Member
Apr 21, 2017
479 posts
513 upvotes
Chelsea
Arkaine wrote: Why not sign up for Trueline, transfer $23,500 of your credit limit from the PP to the Trueline and then use the balance transfer?
I think this is the biggest brain recommendation I’ve ever gotten …!!

MBNA allows to “transfer” credit limits between their cards ?
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Oct 24, 2016
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SimonL556 wrote:
MBNA allows to “transfer” credit limits between their cards ?
Yes they do (or at least used to). I have done it a couple of times for the rinse and repeat.
Last edited by Holystone on Aug 4th, 2021 8:49 pm, edited 1 time in total.
Isn't it great to live in the 21st century where deleting history has become more important than making it.
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Jun 15, 2005
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SimonL556 wrote: I think this is the biggest brain recommendation I’ve ever gotten …!!

MBNA allows to “transfer” credit limits between their cards ?
Oh absolutely. I’ve done this since 2013.
I keep my PP and Smartcash open (since they are no fee cards) and just transfer the credit limits to any new BT cards.
I mentioned $23,500 before, assuming you meant your CL is now $24k. You need to keep a few hundred of CL on the other card or they will close the account.
@titaniumtux explained this all to me back in the day.
Member
Apr 21, 2017
479 posts
513 upvotes
Chelsea
Holystone wrote: Yes they do (or at least used to). I have done it a couple of times for the rinse and repeat.
Arkaine wrote: Oh absolutely. I’ve done this since 2013.
I keep my PP and Smartcash open (since they are no fee cards) and just transfer the credit limits to any new BT cards.
I mentioned $23,500 before, assuming you meant your CL is now $24k. You need to keep a few hundred of CL on the other card or they will close the account.
@titaniumtux explained this all to me back in the day.
Thanks a lot to both of you - will be doing so to receive this offer.
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Mar 17, 2018
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These are great. You can save a butt load of money in interest over a year. That money you'd normally pay on interest can go towards the principal to pay it down faster. I recommend this to help people get out of debt.
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Deal Addict
Aug 5, 2015
2743 posts
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Montreal, QC
I was getting excited until I saw the 3% transfer fee. My HELOC has a better rate than this.
Happy Koodo Public Mobile customer :-)
Member
User avatar
Oct 25, 2008
230 posts
41 upvotes
Toronto
That's okay, Cibc is offering 10months 0% 1% transfer fee. I've been offered every month for it. Check if you have it!
Deal Addict
Jun 4, 2012
2764 posts
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BC
Ok if you carry debt but 3% transfer fee... Ouch...
Deal Addict
Sep 14, 2015
1457 posts
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Mont-Royal, QC
3% fee seems high, I received one offer from BMO last month and the rate was like 1.5% to 2%
Check if you get this BMO offer if you have the CC
Newbie
Aug 4, 2017
12 posts
2 upvotes
Shanks wrote: That's okay, Cibc is offering 10months 0% 1% transfer fee. I've been offered every month for it. Check if you have it!
CIBC only allows 50% of the credit limit to be transferred.
Member
User avatar
Oct 25, 2008
230 posts
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Toronto
Nhe0021 wrote: CIBC only allows 50% of the credit limit to be transferred.
Are you sure? I just read the T&C and it makes no mention of a limited amount.

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