Want to save on credit card debt?
The has the best balance transfer option in Canada.
And, for a limited time, it just got even better.
This offer is not available to residents of Quebec. For residents of Quebec, please go here.
MBNA True Line Mastercard now with 0% interest for 12 months on balance transfers
Until February 29, 2020, you can get a whole year of no interest on balance transfers made to the .
That’s right. A. Whole. Year.
Are there a few things to keep in mind? Of course there is. Here are some major points you should know before you take the plunge.
Offer not available to residents of Quebec
First, this offer is not available to residents of Quebec. Your standard offer of 0.99% interest for 10 months still applies (but you don’t have any balance transfer fee to pay).
You can view more about the Quebec version of this card here.
Balance transfer fee
Second, you’ll have to pay a balance transfer fee of 3% of the total amount being transferred, with a minimum fee of $7.50.
So, if you want to transfer $1,000, you’ll have to pay a fee of $30. Transfers also have to be completed within 90 days of account opening.
Can’t transfer from MBNA or TD credit cards
If this applies to you, you can see more balance transfer credit cards here.
To learn more about how balance transfer credit cards work, you can find all the details here.
Plus up to 4% cash back.
Ends December 18, 2019.
How much could I save on interest?
To get an idea of how much you could save on interest, or how long it might take to pay off your debt, you can use our interest calculator:
Simply enter in your current credit card balance, the new rate (in this case 0%), your current rates, and how much you’ll pay per month.
Keep increasing the monthly payment until the “Months to pay balance” reaches 12 months, and that’s your goal to avoid interest charges on your current balance.
And if you can’t meet it by then, this card still has a low annual interest rate of 12.99% once the promotion period ends.
For anyone who has credit card debt, MBNA has a great offer to help get your finances in order. Just make sure to make your payments on time so your interest rate won’t skyrocket.
What are your thoughts on this offer?
Let us know in the comments below.