MBNA Platinum Plus MasterCard Review
MBNA Canada has a solid line-up of credit cards ranging from cash back and travel rewards, to low interest rate and balance transfer cards. While this site is dedicated to helping you find the best rewards in Canada, it’s important to recognize that a rewards credit card is not the best fit for some people.
If you carry a credit card balance from month-to-month, consider a balance transfer credit card like the MBNA Platinum Plus MasterCard. This card offers 0% interest for the first 10 months, and doesn’t have an annual fee.
MBNA Platinum Plus MasterCard
A balance transfer credit card can be a great deal if you use it to your advantage. The 10-month interest free period offered by cards like MBNA Platinum Plus can give you the time you need in order to control your spending and pay down your debt. Here are some other features you can get with the MBNA Platinum Plus MasterCard:
- no annual fee
- 0% interest for first 10 months
- 17.99% interest on purchases
- 19.99% interest on cash advances
You’ll also receive the following card benefits:
- 24 hour customer service
- Emergency cash transfers up to $5,000
- Emergency card replacement
- Purchase assurance coverage
- Extended warranty coverage (doubles manufacturer’s warranty up to 1 year)
How much interest can you save?
I don’t carry a credit card balance, but if I did, here’s how I would use a balance transfer card like the MBNA Platinum Plus MasterCard to my advantage.
First, I would only use a balance transfer card once I had complete control of my spending on both my old and new credit card. If you can’t stop piling on the debt, you’ll be in even more trouble when the interest free period expires.
Second, I would take my credit card with the highest balance and highest interest rate and transfer as much as I can over to the MBNA Platinum Plus MasterCard.
Let’s assume you carry a $5,000 balance on your standard credit card with a 19.99% interest rate. Transfer that balance to the MBNA Platinum Plus MasterCard put $500 a month toward repaying your debt with the goal to eliminate it before the 10-month interest free period expires.
The same repayment schedule on the card with the standard 19.99% interest rate will take you two months longer and cost you $515 in interest charges (instead of $0).
Final Thoughts
Balance transfer cards like the MBNA Platinum Plus MasterCard can be used as a tool to reduce credit card debt. With an introductory offer of 0% interest on balance transfers, more of your money goes towards paying off the principal instead of just the interest.
Just make sure you don’t fall back into your old spending habits and start piling the debt back on.