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Balance Transfer Credit Cards
You could save on interest with MBNA Balance Transfer credit cards.
What is a Balance Transfer?
A balance transfer is an advance of credit from your MBNA credit card. Requesting a balance transfers can be a convenient way for you to manage your finances, and potentially pay less in interest charges, by transferring your higher-interest balances from other credit cards, retail cards and/or loans to a lower-interest MBNA® credit card. You can even transfer funds to your chequing account using available credit from your MBNA credit card. Balance transfers are subject to available credit and applicable fees (if any).
Why Should I Consider a Balance Transfer?
- You could pay off your higher-interest credit cards and loans faster
- You could pay less interest
Transferring debt from a credit card or loan with a higher interest rate to a MBNA credit card with a lower standard interest rate on balance transfers could result in paying less in interest each month.
- Simplify your payment plan
Instead of making multiple payments to several credit cards and loans, consolidate what you owe with MBNA and make one easy monthly payment. - Quick access to cash when you need it
With the ability to transfer funds into your personal chequing account using available credit from your MBNA credit card, you'll have quick access to cash for your financial needs.
Are There Any Limitations on Balance Transfers?
Balance transfers are subject to available credit and applicable fees (if any), and may not be used to pay off or down your account balance or any other balances with MBNA or any member of the TD Bank Group. Please also review the applicable balance transfer offer and the MBNA Account Agreement for terms and conditions applicable to balance transfers.
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You could save on interest with a 10.99% interest rate on purchases - our lowest rate credit card available to Quebec residents.
$39
Annual Fee□10.99%
Interest: Purchases
13.99%
Interest: Balance Transfers
20.99%
Interest: Cash Advances
Compare up to 3 cards
Compare up to 2 cards
How do I do a balance transfer?
When you’ve found the right MBNA card, click “Apply Now” at the bottom of the card section. This will take you to a secure online application page for a simple and quick way to apply for your new credit card.
Have your account details ready, including the account number you want to transfer to and the amount you wish to transfer.
You can request a balance transfer:
- During the application - When applying for an MBNA credit card, select the Balance Transfer option and follow the instructions.
Any time after activation - Login to your MBNA account online and navigate to the Balance Transfer section. Enter the required information. You can also use the MBNA app or call customer service at 1-800-404-1346 from Monday to Sunday between 7 a.m. and 12 a.m. ET.
Things to know:
- Requesting a balance transfer doesn’t guarantee approval.
- Your credit card account application allows you to request the transfer of balances from up to three (3) credit card accounts or other types of loans from other creditors.
- Make sure that the total amount (including any balance transfer fee) you wish to transfer does not exceed your available credit limit on your MBNA card.
- If you requested a balance transfer during your application, MBNA will send either full or partial payment to credit card issuer/s or creditors in the order you listed after your account is approved.
- Once approved, you can log into your account and request balance transfers to multiple credit cards or loans, or transfer funds to a personal chequing account of your choice (up to your available credit).
If you are applying for the balance transfer with your MBNA credit card account application, it may take up to 15 business days from account opening to process your request.
If you are applying for the balance transfer after activation of your MBNA credit card, it may take up to 10 business days to process your request.
Things to know:
You should continue to make your monthly payments to other creditors until the balance transfer appears as a credit on that account.
If your funds are deposited to your chequing account, you can transfer the qualifying loan balances online. You can also call 1-800-404-1346 from Monday to Sunday, between 7 a.m. and 12 a.m. ET.
Frequently asked questions
To apply for a balance transfer credit card, you must have reached the age of majority in your province or territory of residence and be a Canadian resident.
If you're struggling to keep up with multiple high-interest credit card balances, a balance transfer might be a good way to regain control over your debt.
Just keep in mind that opening a new credit card for this purpose can impact your credit scores. However, if you manage it wisely, a balance transfer could help improve your scores in the long run.
Check out these helpful resources that will help you learn to manage credit responsibly and better understand your credit score.