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True Line Mastercard Review
9 Oct 2018

True Line Mastercard | Credit Card Review

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 in order to be approved for a True Line MasterCard credit card, as well as some sort of income (not necessarily very much, though).

Card Details

Network Mastercard.
Provider MBNA.
Card Type This is a low interest credit card focused mainly on balance transfers.

Fees and Interest

Purchase Interest Rate Charging either items or services to this card will incur 12.99% interest yearly.
Cash Advance Leveraging your credit for cash will cost you 24.99% interest each year on the total amount.
Balance Transfer Outside of the initial welcome bonus period, balance transfers on this card will cost you 12.99% in interest.

Eligibility

Income Requirements There is no stated income requirement for this card, but because it is a lower-range offering, most low-to-middle income applicants shouldn’t have trouble being accepted.
Household Income Requirements See above.
Annual Fee None – it’s completely free, aside from interest and other fees.

Rewards

Welcome Bonus For new cardholders who apply before December 31, 2018, a promotional interest rate of 0% will be applied to all balance transfers in the first 6 months.
How To Earn Points This card has no points system.
Benefits This card comes with access to MNBA’s dedicated fraud protection service which can be reached at any time, day or night.

About True Line MasterCard Credit Card

Main Features

The True Line MasterCard credit card is a low-interest card intended to help alleviate some of the high cost of credit use for people who sometimes or often fail to pay off their entire bill every month. It’s no secret that this can result in some incredibly high charges, especially when compounded over time; this is particularly harmful because people who have trouble with their bills like this also tend to not have much money to throw around in the first place. Every dollar counts in some income ranges, so credit card charges need to be as low as possible.

Fortunately, you’ll be able to achieve significant savings on interest charges for regular purchases with the True Line MasterCard credit card. This card’s interest rate for this category sits at a very competitive 12.99%, much lower than typical industry averages that can easily reach 20% or more. That’s a savings of just over 7% comparatively, or $7 for every $100 of purchase balances you’re carrying per month. While it’s nothing that will drastically improve a dire financial situation, this discount can provide more than a bit of relief to those with frequent credit card debt and can potentially mitigate a downward spiral into an even worse financial state. While you should still ideally be aiming to avoid carrying a balance at all, doing so with this card instead of another won’t cost you nearly as much. Little proactive actions like this can make a bigger difference than you might thing over the long term.

Aside from having very reasonable rates on purchases made while holding it, the True Line MasterCard credit card also excels in one particular area: its balance transfer rates. This feature complements its focus on affordability and consumer savings. The people who will get the most out of this card are those with a bit of disarray in their personal finances. One common way to help get your financial house in order is to use balance transfers to get a more favourable interest rate applied to your existing debts and get more of your debt obligations centralized to a single company. This makes it easier to keep track of all the money you owe, what payments you’ve made toward settling those debts, and how much you still have to pay before you’re finally free of them. More importantly, though, it will save you plenty of money in the long run, especially with larger balances. Because most credit cards offer some sort of introductory low rate for balance transfers, you can give yourself a good few months of breathing room with lower payments if you choose your new credit card carefully.

If that’s what you’re aiming to do with the new card you’re looking for now, the True Line MasterCard credit card is without a doubt your best bet at the moment. While it may be subject to change in the future, the introductory promotion they are currently running offers an astounding 0% interest on balance transfers for the first 6 months in which you have your new card. This means that you’ll have 6 months of potential payments where absolutely none of the money you spend will be going to anything other than actual debt repayment. If you were hypothetically paying about 20% in interest (which is actually a somewhat lower amount than is common on the market) on a $500 balance, for example, you’ll save $100 a month in interest alone. That’s an incredible total savings of $600 by the end of the introductory grace period, and that number is potentially much lower than many people with higher debts who are eyeing this deal will be able to save. This amazing rate won’t last forever, but when it could potentially shave so much off the total cost of your repayment, imagine how much closer to your repayment goals you could be by the time it ran out!

You may also be happy to hear that you won’t be paying ridiculous amounts  in interest even when the welcome offer does run out – in fact, the interest rates for balance transfers at that time will be the same as those for regular purchases. We’ve already noted that this 12.99% charge is quite low considering some of the other options available for Canadian credit cards, and this remains true when we’re speaking of balance transfers specifically. Let’s go back to our $500 example balance, and assume you didn’t pay that amount down at all during the 0% introductory period. Now that your 6 months are up, you’ll be paying $64.95 per month in interest on that outstanding amount. While that doesn’t sound great on the surface, it’s markedly better than the $100 you’d be paying at the original 20% interest you started at (a savings of $35.05 per month, to be exact). Whether before or after that initial offer ends, the True Line MasterCard credit card is undeniably an excellent choice for consumers who know they will have some unpaid credit card bills hanging around for a while.

Further, it’s significant that the True Line MasterCard credit card is considered a lower-end option among the ranks of the cards offered by its provider, MNBA. It isn’t at all difficult to get one for yourself; as long as your credit score is at least middling and your income isn’t rock-bottom, there’s no reason to think you won’t be approved. Almost everyone can take advantage of this impressive offer, which only makes it all the more exceptional. You’ll also pay absolutely no annual fee to have the card, making it even more economical than it already was. There’s little else you could reasonably ask for in a credit card focused around saving you money.

The notable exception to all these excellent features is the interest this card charges on cash advances, which at 24.99% is slightly higher than what most other cards charge and certainly not discounted in any way. Most people do not make frequent use of the cash advances available to them through their credit card, so this discrepancy shouldn’t make too much of an impact on their decision process here. If you’re someone who like to be able to get a little extra cash on the side from time to time, however, you should definitely be mindful of this downside. Depending on the ratio of purchase charges and balance transfer amounts to cash advance charges on your card, you could end up losing money by choosing the True Line MasterCard credit card. You’d have to have more than double the total amount of other charges in cash advances, though, so even heavy users are unlikely to see that much of an adverse effect.

Conclusions

MBNA’s True Line MasterCard credit card aims to do one thing: keep costs as low as possible for cardholders. At a time when many people find themselves struggling with cash flow, this is a very consumer-friendly goal, and this card aligns very well with that ideal. Aside from the cash advance rate (which can easily be avoided with the right spending habits), all interest rates applicable to this card are very low at their normal levels and even lower when the promotional discount involved. In other words, it’s quite difficult to get yourself into any real trouble with this card, even with a lower level of income.

If you’re absolutely certain of your ability to keep yourself free of troublesome credit card charges, this of course won’t do you much good, and you’ll probably be more satisfied seeking out a rewards card that will let you capitalize on your decent income and good financial habits. However, very few people are so financially secure that they could conclusively rule out ever benefiting from these rates. Whether you want to prioritize protection or reward accumulation is entirely up to you, but if you end up choosing the former, the True Line MasterCard credit card is worth considering in terms of potential savings.

About MBNA

MBNA is just one of the many smaller companies that have been acquired by the Toronto-Dominion (TD) Bank over the years. Now operating as a subsidiary of that colossal financial company, MBNA is responsible for millions of credit card accounts for citizens all around the country. They are known for having an extensive selection of credit cards among their offerings, as well as for having exceptionally responsive customer service policies. They can be reached by phone at any time and will be happy to answer any questions you might have about your application, your credit card, or anything else having to do with your business dealings with them.

What We Think

The True Line MasterCard credit card offers an incredible deal for a certain type of customer, but its performance for just about anyone who occasionally carries a balance on their card is quite good as well. Even if you do tend to stay on top of your credit card bills every month but are just a little bit worried about what might happen if you were to slip up once or twice, this card can give you some extra peace of mind regarding the financial costs of that issue.

If your primary goal is to pay down some other debts by using a balance transfer to get cheaper rates, don’t even bother looking elsewhere – this is almost certainly the best deal you’ll find, and you may as well start filling out your application now. If you want lower rates in general, it’s great for those too, but there are other options out there with similar offerings that you could also look at. It goes without saying that this isn’t the card for you if rewards are what you’re after, but that should be obvious from the beginning. Overall, unless rewards are your main object in your credit card hunt, the True Line MasterCard credit card is a solid pick for cash-strapped consumers.