It's rare that you see a Canadian credit card with a 0% balance transfer offer. However, MBNA has a balance transfer card, and it's a good deal -- even by looser American standards. The Platinum Plus MasterCard from MBNA features a 0% APR for 10 months.
That's practically unheard of in Canada. If you are looking to transfer some high interest balances, and pay down a little credit card debt, this might be the card for you.
Platinum Plus MasterCard Benefit: It's All About the Balance Transfer
With the Platinum Plus MasterCard from MBNA, it really is all about the balance transfer. There isn't a rewards program, and the regular interest rate is 17.99%. While not a terribly high rate for a Canadian credit card, it's still not a rate that you want to carry a balance with. But, if you take advantage of the balance transfer offer, you will pay 0% APR for 10 months. Even many American cards don't have an intro rate that substantial.
There are some other perks that come with the Platinum Plus MasterCard, including:
- No annual fee
- 0% introductory rate on Access cheques
- PayPass, as well as Chip and Pin security
- 24-hour customer service
- Fraud protection
As you can see, the Platinum Plus MasterCard from MBNA isn't exactly a stand out when you look at standard features. Really, it's the balance transfer that makes this card valuable. With a 0% balance transfer, you pay no interest for 10 months. That means that every payment you make goes entirely toward reducing your principle and paying down your debt.
Even if you can't pay off your entire balance in 10 months, you can get a good start on it. If you have good credit, and you are looking to eliminate a high interest balance, the Platinum Plus MasterCard from MBNA might be just the thing to help you reach your goals.