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MBNA Canada Platinum MasterCard credit card reviews

MBNA Canada Platinum MasterCard credit card details and credit card application link.

As an affiliate of the Bank of America Corporation, MBNA began its operation in Canada in 1997. Since then, it has become the largest MasterCard issuer and the fourth largest credit card issuing bank in the country. The financial institution offers over 70 different credit card packages to suit people from every walk of life white and blue collar workers, students, sports fans, frequent fliers, Harley Davidson riders, and many others have the opportunity to choose a credit card which is specially tailored to meet their specific needs. The company's most popular cards, however, are the Platinum Plus MasterCard and the Gold MasterCard, which have a more general application and are suitable for the payment of everyday living expenses. Here, we will zoom in on the first of these cards, the Platinum Plus.

Upon successful application for the card, individuals are granted an introductory annual interest rate of 0 percent on all balance transfers (including cheque cash advances). However, they will have to pay the standard rates for purchases and cash advances, 17.99 percent and 19.99 percent, respectively, from the get-go. After the introductory period is over, the rate on balance transfers will be set at 19.99 percent. There is also a default rate, which is equal to the standard rate for the particular transaction type plus additional 5.00 percent. The default rate becomes effective if a cardholder is late with his or her payments more than once within 12 consecutive billing cycles, but it will be waived if he or she pays every minimum payment on time for a period of 12 consecutive billing cycles. The interest-free grace period is 21 days, but it is applicable only to purchases (cash advances and other cash equivalent transactions are charged from the moment they take place).

MBNA does not charge Platinum Plus cardholders with an annual fee, but it collects fees for the following transactions and events:

Cash advances, balance transfers, cash equivalents, and wire transfers are charged with a fee equal to 1 percent of the transaction amount. The amount cannot be less than $7.50. Transactions in a foreign currency are converted into Canadian dollars before they are processed. The MasterCard rate of exchange, effective on the transaction date, is used for the conversion. This rate will accommodate the fee which MasterCard collects for performing the conversion. In addition, MBNA will take a fee of 2.50 percent of the transaction sum after it has been converted into CAD. Going over the credit limit is charged with $25.00 per billing cycle. Returned payments and returned cheque cash advances are taxed with $20.00 per occurrence. Inactive accounts, which have a credit balance, must pay an annual fee equivalent to the lesser of $25.00 or the credit balance on the date when the account was last active.

A direct competitor of the MBNA Platinum Plus is the MasterCard Platinum Credit Card of the National Bank of Canada. This product goes with an annual fee of $125, interest rate of 19.5 percent, minimum credit limit of $1000, and a rewards plan. Card holders earn 1.5 points for each dollar they spend. The insurance and assistance program that comes with the product includes: general, legal, and medical assistance, Vehicle Rental Insurance, and Travel Insurance. Extended warranty and purchase insurance are included features.

Credit Card Details
NameMBNA Canada Platinum MasterCard Apply Now
Interest Rate17.99%
Annual Fee$0
Cash BackNo
Low InterestNo
Auto and GasNo
Instant ApprovalYes
Balance TransferYes
US DollarNo
No Annual FeeYes