Canada’s Best Balance Transfer Credit Card Is Here: 0% For 12 Months With No Annual Fee!

For people who owe money on their credit cards, MBNA Canada’s 0% introductory rate for 12 months continues to be the best balance transfer deal in the country to pay off your existing credit card balances – even cheaper than a personal loan or a line of credit .

Transfer your existing credit card debt to MBNA’s Platinum Plus 0% credit card and you can literally save $100’s, if not $1,000’s, in interest costs in the first 12 months alone!

We’ve reviewed every published balance transfer, line of credit and fixed term payment loan from RBC, TD, CIBC, BMO, Scotia, even upstarts like Borrowell and Mogo. None do better for you than MBNA Platinum Plus Mastercard’s 0% for 12 months promotional offer, making it our number one ranked balance transfer credit card in Canada right now.

With a 12 month interest holiday, 100% of your monthly payments during the promotional period go towards reducing your balance. It’s the cheapest and most effective way to pay off your existing credit card debt – 0% can’t be beat.

How much can you save? Let’s say you have a credit card balance of $4,000 with a 19.99% interest rate, you’d be saving $798 in interest costs over the 12 month 0% introductory period alone!

MBNA Platinum Plus Credit Card Review:

1. 0% Balance Transfer interest rate (APR) for 12 months: The easiest way to cut the costs of your credit card debt is to move your outstandings from your existing credit card with a higher interest rate to one that charges less interest. With a 0% offer for 12 months, there is no better strategy to pay off your credit card debts than a balance transfer, not even a line of credit is cheaper. Sound simple? It is. It’s all done online in a few quick and easy steps. With the MBNA Platinum Plus Mastercard, you get 12 months of breathing room, paying 0% interest.

There is a 1% balance transfer fee, which is charged up front when you transfer your balance from the online application. If you transfer your balance after you’ve applied the fee could go higher. 1% is the same or lower than most of the big banks, which can charge as much as 3% (see RBC)!

2. Money Transfers: You can also advance cash from your MBNA Platinum Plus Mastercard account to your bank’s checking account and use it for any purpose you’d like and enjoy the same 0% interest rate for 12 months. It’s like a cash advance, except the money is deposited into your checking account, at 0% for 12 months.

3. No Annual Fees: Most Canadian banks charge an annual fee for their low interest cards. This card has no annual fee and gives you the best introducotry rate you can find – nothing beats ZERO.

4. Platinum Benefits: The other perk we like about the MBNA Platinum Plus Mastercard card, is that it offers Platinum benefits, such as common carrier accident insurance, auto rental insurance and trip interruption insurance, all with no annual fee.  Here are the top 5 balance transfer offers we’re seeing in the Canadian market right now:

	Balance Transfer Credit Card	Promotional Rate	Promotional Rate Period	Balance Transfer Fee	Annual Fee	Representative Interest Savings on $3,000 Transferred
#1	MBNA Platinum Plus Mastercard	0%	12 months	1%	$0	$522
#2	RBC Cash Back Mastercard	1.9%	10 months	0%	$0	$423
#3	MBNA Best Western Mastercard	1.9%	10 months	1%	$0	$390
#4	Scotia Value Visa Card	1.99%	6 months	1%	$29	$230
#5	Alterna Platinum Plus Mastercard	9.99%	ongoing	1%	$0	$276 (per year)

Our assessment? If you’re looking to cut your existing credit card interest payments, the 0% interest rate offered by the MBNA Platinum Plus credit card for 12 months can’t be beat in Canada right now. It’s clear, simple and has the best value in the country.

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Source: http://docphy.com/business-industry/personal-finance/credit-cards/canadas-best-balance-transfer-credit-card-0-12-months-no-annual-fee.html