MBNA – Company Review

As a subsidiary of the much more well-known TD Canada Trust bank, MBNA doesn’t always get much public recognition. That’s a shame considering how solid their credit card offerings are. They are especially appealing to the 42% of Canadians who regularly carry a balance on their credit cards from month to month; their low-interest card options are some of the best around, potentially slashing the interest paid on balances by more than half as compared to the standard rates you’ll see on the market. Like any larger credit card company, they also have rewards and cash back options for less budget-conscious consumers, too. Without further ado, let’s dive into our MBNA company review.

MBNA Review

You May Be Interested In MBNA Credit Cards If

Almost everyone can get something out of one of MBNA’s many credit cards, but if saving money is your priority, you should pay special attention to their low interest cards.

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MBNA’s Credit Card Lineup

As part of our MBNA company review, let’s look at some of the cards they have available, beginning with the low interest options.

Low Interest Cards

One of the main things we want to highlight in this MBNA company review is the affordability of this provider’s cards. The True Line MasterCard line of credit cards is where this is best demonstrated. It includes both the True Line MasterCard and the True Line Gold, which is an upgraded version of that first option. Consumers who need to minimize their credit card interest spending will find plenty of ways to accomplish that goal here.

To start with, both cards include an incredible welcome bonus that will get applicants with existing credit card debt off to a great start. Their 2018 offer for new customers allows for 0% interest on balance transfers for 6 entire months, making them unarguably the best choice for people with existing credit card debts. If you’re one of them, making the switch to one of these cards to take advantage of that completely interest-free period is a no-brainer. Both cards also offer very low rates when that period is over, with the Gold card beating out the standard version just slightly (8.99% vs. 12.99%). These rates also apply to standard purchase balances, so you’ll save quite a bit even if you have no balance transfers to do.

Rewards Cards

The next segment of our MBNA company review will cover MBNA’s set of rewards cards, headed primarily by the MBNA Rewards Platinum Plus MasterCard and the MBNA Rewards World Elite MasterCard. These are possibly the company’s most popular cards, and it’s easy to see why. Although they aren’t as exceptional as the low interest cards (you can find other similar offerings on the market fairly easily), they are still standout options that deserve consideration from any prospective applicants.

This company is very good at keeping their rewards program accessible and appealing for all types of potential customers. They update their reward catalog frequently and include all sorts of redemption options, including even the much-coveted cash option. You can also earn points surprisingly quickly, with even the simple Platinum Plus card offering double points on all purchases of gas, restaurants and groceries. The World Elite version uses this doubled rate as its base rate but also costs $120 in annual fees versus $0 for the Platinum Plus.

You can also get rewards cards for some specific retailers, including Nordstrom’s, Harley-Davidson and Melaleuca. These cards allow you to accrue points to use on that specific retailer’s merchandise alone, which usually allows you to get a better trade-in value. If you’re a very frequent shopper at a particular store, you might consider one of these cards to optimize your reward collection.

Cash Back Cards

Although their rewards cards can be made to function as cash back cards if the cardholder chooses, MBNA does provide cards to specifically serve this function as well with the MBNA Smart Cash Platinum Plus and Smart Cash World MasterCards. Either card will get you 5% cash back on every gas or grocery purchase within the first 6 months, followed by a permanent 2% rate on those same items afterward. For all other purchases, the Platinum Plus awards 0.5% cash back while the World MasterCard boosts that to 1% (although it costs $39 in annual fees).

These are fairly good overall rates, but they’re especially nice if your discretionary spending isn’t very high – the more of your money normally goes to gas and groceries, the more the generous 2% rate matters to you. Most Canadians will fall into this category purely due to the constraints of a middle-class income, so it’s nice that MBNA offers additional rewards for such common purchases. However, not all consumers will fall into this general pattern. If you know you tend to spend more on other things, the general rates on these cards might be a little too low for them to be truly worthwhile to you.

Conclusions

Although they may not be as well-known as a financial entity compared to some other credit card companies, MBNA is one of the more generous credit card companies out there. They take care to ensure that all of their card types have at least one option with no annual fee, and those that do charge these additional fees offer more than enough value to the right consumers to make them worthwhile. They have a credit card for just about every customer profile are still well-established enough to offer plenty of customer support if you’re in need of that.

What We Think

MBNA may not be especially well-known, but that isn’t because they don’t deserve to be. Every part of how they do business indicates that they value putting their customers first. You can find a card for everything and none of them offer sub-standard rates or bonuses. The final verdict in our MBNA company review is that this credit card provider is one of the best in terms of variability of options and perhaps the very best in terms of affordability. Depending on what you need, it’s hard to go wrong with any of these cards.

A Brief Look Back at the Popular MBNA Platinum Plus MasterCard

Posted on30 Jun 2019

MBNA recently discontinued new applications for their popular MBNA platinum plus card. The card was hailed as one of the best balance transfer credit cards in the market with its 0% introductory interest rate on balance transfers among other exciting benefits. The card has been available in Canada for more than two decades now and it is unfortunate that MBNA stopped accepting new applications after June 30th 2019. Moving forward, the bank has introduced the True Line transfer card with some carry-over of some benefits. The bank also reports that current holders of the MBNA Platinum Plus MasterCard will continue using these cards and enjoying its benefits. Let us take a brief look back at how the MBNA Platinum Plus MasterCard grabbed the…

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An MBNA Smart Cash Card In Your Wallet Means More Money There Too

Posted on19 May 2019

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Take a Closer Look at the MBNA Platinum Plus Credit Card Line

Posted on24 Mar 2019

One of the most important things for many Canadians to look at when trying to choose a credit card is the presence or absence of an annual fee. The MBNA Platinum Plus credit card line is a small but high-value line of no-fee credit cards that most people will find perfectly satisfactory for their credit needs. For Extra Cash, Try the MBNA Smart Cash Platinum Plus MasterCard If you’d like to earn some extra cash by using your credit card frequently, the MBNA Smart Cash Platinum Plus MasterCard can help you do that. The first 3 months in which you have this card will be by far your most lucrative, since there is an introductory offer available that allows you to…

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More Details on the MBNA Smart Cash Program

Posted on20 Mar 2019

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Harley-Davidson Mastercard | Credit Card Review

Posted on25 Oct 2018

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MBNA Rewards Platinum Plus Mastercard | Credit Card Review

Posted on19 Oct 2018

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True Line Gold Mastercard | Credit Card Review

Posted on17 Oct 2018

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True Line Mastercard | Credit Card Review

Posted on09 Oct 2018

Constantly paying interest toward a credit card balance so big that you barely even touch the principle doesn’t do anyone any good. With the True Line MasterCard credit card, you may be able to rescue yourself from this unpleasant situation. Transfer your balances to this card and pay nothing for the first 6 months.   General Information You Are Interested If You often find yourself paying hefty interest fees on other cards and want to make a fresh start on a card that won’t be so hard on your wallet. Brief Description The True Line MasterCard credit card is a card with generously low interest rates in all categories except cash advances. Main Requirements You’ll need a fair credit score…

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