If you go to Google and search the keyword “Balance Transfer”, what do you see? The first thing that is going to come up is the name MBNA. Do you know why?
Is that means, MBNA have hired skilled SEO Marketing Specialists to promote their website? That way they get ranked on the first page of Google?
No way. I would say, when it comes to Balance Transfer, MBNA is the best.
By the end of this article, you will find out why MBNA Credit Cards are the best in Balance Transfer category.
Little bit about the History of MBNA
MBNA was founded in 1982 as Maryland Bank, N.A a subsidiary of Maryland National Bank in Wilmington, Delaware. In 1989, it was renamed to MBNA America Bank.
In 2005, MBNA was acquired by Bank of America for more than $35 billion and they retained their name in Canada.
As a result, in 2007, MBNA’s Canadian division was named one of Canada’s top 100 Employers.
In 2011, Toronto-Dominion Bank purchased MBNA’s Canadian MasterCard Portfolio.
That helped TD Bank to become a dual Credit Card issuer (VISA and MasterCard).
You know, where is TD right now?
TD become Canada’s largest MasterCard Issuer and one of Canada’s largest credit-issuing banks.
Next, a little bit about Balance Transfer
For those who have a little knowledge about Balance Transfer;
Let us check what Wikipedia says. Credit Card Balance Transfer is the transfer of the balance from one Credit Card account to another, which is held by another Credit Card Company.
In this business, the new Credit Card company is going to pay to the old Credit Card company on behalf of you. That means, whatever you owe to the old credit card company.
But, from then onwards, you will owe the same amount of balance to the new Credit Card Company.
You might be thinking; does it make any sense?
Even if you transfer the balance, you still owe the same amount to the new Credit Card Company. Then why should you do that?
There is something in it. I will break it down for you.
Why is Balance Transfer amazing to you?
I know you still doubt, why Balance Transfer is important or how Balance Transfer is amazing to you. Right?
As far as I know about Credit Cards, Balance Transfer is a great opportunity to clear your debts. It helps you to transfer your debt from your current Credit Card to another one.
Here is the coolest part. You can transfer debt from either your Higher Interest Credit Card or Store Card to a Balance Transfer Credit Card with a Lower Interest Rate.
Or sometimes it could be Zero interest rate. Trust me, that helps you save a lot of money.
A case study says that over 50% Canadian household have an average Credit Card debt of $8000.
In this situation, let us say the standard interest rate is 19.99% (Not everywhere. Actual rate is sometimes higher than that).
Do the math. That 50 % Canadian households pay more than $1,500 every year as Credit Card interest.
Are you one of them? If yes, Balance Transfer is an amazing opportunity to save some money.
When you transfer your balances to a Low Balance Transfer Credit Card, you are saving a lot of money on interest.
What if it is a Zero Balance Transfer Credit Card! You save all the money, that you suppose to pay, as interest for anywhere from 6-12 months.
Now, what makes MBNA the best?
Because MBNA is the only one Credit Card Company in Canada, that offers, Absolutely 0% (first 12 months) Balance Transfer Credit Card.
That is what, today I’m going to talk about.
Something that makes the way easier to a debt free life.
But, you need a great plan for that before you jump into that.
No rush needed, I will break it down in detail, in the following sections.
Balance Transfer in Company’s perspective
Balance Transfer brings up a higher degree of competition in the Credit Card market.
Because it seems like an attractive offer from a consumer’s point of view.
When consumers realize that, Balance Transfer makes it easier to a debt free life, they will definitely go for it. Who wants to lose a chance like this?
So, when someone transfers their balance to another Credit Card Company like MBNA, they increase their business. That is, of course, a detrimental to the prior Credit Card Company.
Even if the new Credit Card Company losing some money on interest or whatever, they are gaining in the numbers. That helps in their future business.
So, companies will be focusing on giving more value to their new customers. That can be lower interest rates, rewards, etc.
Anyway, let us stop this business analysis and market research topic here. I know, it is a bit boring to you and I don’t want to distract you from our topic.
But, these are good to know things before you start playing with Balance Transfer.
Identify MBNA’s Balance Transfer Credit Cards
I know, this is what you have been waiting for.
In a business perspective, MBNA offers the best Balance Transfer deals out there. Let us have a look at it.
MBNA Offers 64 different Credit Cards in Canada under 8 different categories. See, how big their network is.
A majority of the MBNA Credit Cards Offer Balance Transfer but, the promotional offers are different. Let us break that down here.
Top MBNA Credit Cards with Competitive Promotional Offers
At this point, I will pick the best MBNA Credit Cards.
Cards that offer the best competitive promotional incentives for Balance Transfers.
What are the key considerations to rank?
This is something that we consider to rank the MBNA Credit Cards.
This is a part of the ranking. We give more values to Balance Transfer promotional keys such as balance transfer rate, annual fee, etc.
#1 MBNA Platinum Plus (Best Balance Transfer Credit Card in Canada).
MBNA Platinum Plus is the best Credit Card, which offers Stunning Balance Transfer Rates, among any Credit Cards in CANADA.
I can undoubtedly say this because it reflects in the numbers. Numbers speaks a lot.
Platinum Plus Card Benefits
MBNA Platinum Plus – Conditions Applied & Standard Rates
Why MBNA Platinum Plus is the Best Balance Transfer Credit Card in Canada?
It is time to break it down.
If we check online for other Balance Transfer Credit cards, we will see two more names out there.
Those are Scotiabank Value Visa Card and American Express Simply Cash Card.
Let us have a look at their numbers and compare it with MBNA Platinum Plus.
#1 Scotiabank Value Visa Card
Scotiabank Value Visa card offers 0.00% balance transfer rates for the first 6 months. In terms of Balance Transfer, MBNA Platinum Plus is well above this card.
In terms of Balance Transfer, MBNA Platinum Plus is well above this card.
Because MBNA offers the double as that of Scotiabank offers, in terms of the time period.
Also, Scotiabank charges you $29 as Annual fee and there is absolutely No Annual Fee in MBNA card.
No annual fee & log term no interest rates. That’s what you need, then only you can save more, right?
In terms of other charges such as standard purchase rate and Cash advances (11.99%), Scotiabank scores more than MBNA.
But, that is not what we are discussing here, right?
#2 American Express SimplyCash
Just look at the numbers, you can see that AMEX offers, a 0% interest rate, only for 6 months. Of course, there is no annual fee, which is same as MBNA card.
In conclusion, the numbers pretty much show you, MBNA Platinum Plus is the Best Balance Transfer Credit Card in Canada.
#2 MBNA Rewards Credit Card
MBNA Rewards Credit Card is another one in the list. It is suitable to compete with AMEX and Scotiabank in terms of Balance Transfer promotional offers.
Because MBNA Rewards Card offers 0% balance transfer to the first 6 months, without any annual fee. In the case of AMEX Simply cash card, it offers the same thing.
Whereas Scotiabank offers the same for $29 annual fee.
No doubt, it is better than Scotiabank Value Visa and shares equal values with AMEX Simply cash card. What else you need to confirm this?
# Other Balance Transfer Cards
You know what? MBNA offers many other Credit cards in the balance transfer series. But I found that they are in a common pattern.
Whereas almost every card offers the same thing such as;
1.99% Balance Transfer Interest rate for the first 10 months.
Some of them with Annual fee and some of them are not.
As we discussed already, there are no other Credit Cards offer anything like MBNA Platinum Plus does.
Moreover, you need to remember one thing. This article is only about Balance Transfer Credit Cards.
In terms of rewards or cash back offers, I wouldn’t say that, it is the best.
In terms of Balance Transfer, I would say, MBNA Platinum Plus is the Best in Canada.
Thanks for stopping by this article.