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MBNA Canada Gold MasterCard credit card reviews

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

MBNA is a financial institution which offers various types of credit loans and insurances. Among its most successful products is the Gold MasterCard, which is available nationwide to any permanent resident of Canada, provided that he or she satisfies the company’s employment income and credit history requirements.

Unlike the Platinum Plus MasterCard, the other very popular MBNA card, the Gold MasterCard does not offer a zero percent introductory rate on balance transfers and cheque cash advances, but it charges a much lower standard interest rate. All transactions with the Gold MasterCard, regardless of their type, are charged at a rate of 9.99 percent. However, there is also a default interest rate, which is governed by the same terms and conditions as that for the Platinum Plus – it is 5.00 percent higher than the standard rate. It is applicable when the card holder fails to make two or more of his due payments on time within a period of 12 consecutive billing cycles. But if the card holder later manages to make the minimum payments for 12 consecutive cycles, the default rate will be revoked.

There is an interest-free grace period of 21 days for all purchases made with the Gold MasterCard, which will apply only when the cardholder pays the balance in full by its due date. No grace period is allowed for transactions other than purchases, such as cash advances and balance transfers, and they will be charged with interest from the date they are posted to the card account.

MBNA does not levy an annual fee to service the Gold MasterCard, but all transactions and occurrences with the card will be charged in the following way: – Every card transaction is subject to a fee of 1.00 percent of the transaction sum. Regardless of how much 1.00 percent is, the fee cannot be smaller than $7.50. – Returned payments and cheque cash advances are charged $20.00, while exceeding the credit limit is penalized with $25.00. – Inactive accounts are charged once a year with $25.00 or a sum equal to the credit balance.

Other important features of the Gold MasterCard are the accidental death insurance, the common carrier travel accident insurance, the purchase assurance, and the extended manufacturer’s warranty for all products purchased with the card.

In addition, MBNA also provides a 24-hour customer service, and card holders can turn to the bank’s representatives in case of card loss or theft. There is a possibility for emergency cash advance (via Western Union), cash transfer (of up to $5,000), and card replacement within 7-10 days by mail or courier.

HSBC Gold MasterCard is another financial product that comes with plenty of added features: Car Rental Insurance, Purchase Assurance, Trip Insurance, legal assistance, and roadside assistance. The product goes with an interest rate of 19.9 percent, low interest rate of 12.9 percent, annual fee of $60, and grace period of 21 days (if you choose the low interest rate option, the interest-free period is 23 days). The annual fee for the latter is slightly higher, set at $85. Two rewards programs are offered with the HSBC Gold MasterCard. If you choose HSBC Cash Back Rewards, you will get a 1 percent rebate on all purchases charged to the card. Under the HSBC Travel & Rewards Merchandise, bonus points can be redeemed for credit to advance savings accounts, extra payments to residential mortgages, etc.

Credit Card Details
NameMBNA Canada Gold MasterCard Apply Now
Interest Rate9.99%
Annual Fee$0
Cash BackNo
Low InterestYes
Auto and GasNo
Instant ApprovalNo
Balance TransferYes
US DollarNo
No Annual FeeYes