Balance Transfers

Balance transfers1 are a convenient way for you to potentially save money by transferring your higher-interest balances from other credit cards, retail cards and/or loans to your lower-interest MBNA® credit card. You can even transfer money from your MBNA credit card to your chequing account.

Why Should I Complete a Balance Transfer?

You could pay off your higher-interest credit cards and loans faster
With MBNA's low promotional interest rate on balance transfers, you can pay down the principal faster. Even if you keep your payments the same as always, you’ll see your balance decrease more quickly than they would with an account at a higher interest rate.

Simplify your payment plan
Instead of making multiple payments to several 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 a balance into your personal chequing account, you'll have quick access to cash for your financial needs.

You could keep more money in your pocket
Paying less in interest each month means you could have more money for yourself.

With an MBNA credit card with a promotional annual interest rate ("AIR") of 1.99% for 10 months on balance transfers, look how much you could save:

For illustration purposes only. Calculations are rounded to the nearest dollar and are based on months of 30 days and do not include the balance transfer fee. Not all credit card accounts are eligible for a balance transfer at a 1.99% promotional AIR. Potential savings under a promotional balance transfer offer are subject to the specific terms of the offer. Please refer to the terms and conditions of your credit card account for fee and other details.

How Do I Request a Balance Transfer?

To start saving with lower interest rates, login to Online Banking now. It’ll only take a couple of minutes to make a balance transfer request2, but it is best to have the following information ready:

  1. The name of the creditor you’re transferring a balance from
  2. The credit card or account number of the associated creditor
  3. The amount you want to transfer to your MBNA credit card

1Balance Transfers are an advance of credit obtained by a transfer of funds to another creditor or to one of your bank accounts upon request.

2Allow at least 2-5 business days for processing of the balance transfer. Continue paying each creditor until your balance(s) have been transferred to your MBNA account. Call 1-888-876-6262 for full details.

Promotional AIR offers are available for a limited time as described in the specific offer and remain subject to: (i) your MBNA® credit card account being in good standing during the promotional period, and (ii) your financial status not having changed since the date we initially determined that your account was eligible for a promotional AIR.

Balance transfers must be repaid and otherwise dealt with according to the terms of your Account Agreement and are subject to credit availability. Balance transfers cannot be used for repayment of any account established or maintained by MBNA or its affiliates. A balance transfer fee may apply. See your Account Agreement for full details.