Confused Between CIBC Select VISA Card And MBNA True Line Gold Mastercard Credit Card? Let’s Find Out More About Them
Read this blog to find out which one to choose, CIBC Select VISA Card Or MBNA True Line Gold Mastercard Credit Card.
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CIBC Select VISA Card and MBNA True Line Gold Mastercard are the best credit cards for low-interest rates. However, both differ in their features, conditions, and benefits.
Let us explore both these credit cards in detail and compare them.
1. CIBC Select VISA Card
The CIBC Select VISA Card is a low-interest rate credit card. You can even use it to make everyday purchases, and at select gas stations, you can earn Journie Points. If you usually carry monthly balances, this credit card might be the perfect option for you.
Welcome Offer
First ten months, you can transfer the balance at a 0% interest rate. You will only be paying a 1% transfer fee.
Let us evaluate this credit card and make you aware of its various conditions and features.
1. Eligibility
| Eligibility Requirements | |
| 1. | You must be a resident of Canada. |
| 2. | You must satisfy the following income conditions: Minimum Personal Income: $15,000 per year Minimum Household Income: $15,000 per year |
| 3. | Be a major to get this credit card in your name. This age of majority may vary from province to province. |
| 4. | Must have a fair to good credit score, preferably more than 660. |
2. Annual Fee
- This credit card has an annual fee of $29.
*The annual fee gets rebated for the first year. It applies only to new cardholders.
3. Interest Rates
| Nature of Balance | Interest Rate |
| Purchases | 13.99% |
| Cash advances | 13.99% |
| Balance Transfer | 13.99% |
* The interest rate offered by the credit card remains fixed. It does not fluctuate on your credit profile/ credit score, or the prime lending rate offered by CIBC.
4. Earn Rate
This credit card offers you Journie Rewards whenever you use it at participating Pioneer, Fas Gas, Ultramar, and Chevron Gas stations. Using it, you can save up to 10 cents per liter in the following manner:
- 3 cents per liter: Whenever you fill up using the credit card
- 7 cents per liter: After reaching 300 Journie points, you can save an additional 7 cents per liter
5. Exclusive Benefit
Using CIBC Select VISA Card, you can send money abroad without any transfer fees. Furthermore, the bank will not charge any interest if you can clear your dues by the due date.
Additionally, this credit card offers you worth $100,000 travel insurance benefits through its carrier accident coverage.
The schedule of accidental losses:
| Event | Amount |
| Loss of life | $100,000 |
| Quadriplegia (both upper and lower limbs) | $100,000 |
| Paraplegia (both lower limbs) | $100,000 |
| Hemiplegia (upper and lower limbs of one side of the body) | $100,000 |
| Loss of speech | $100,000 |
| Loss of hearing | $100,000 |
| Loss or Loss of use of one arm or one leg | $75,000 |
| Loss or Loss of use of one hand or one foot | $50,000 |
| Loss or Loss of use of thumb and index finger of the same hand | $25,000 |
| Loss of sight in one eye | $50,000 |
2. MBNA True Line Gold Mastercard
The MBNA True Line Gold Mastercard is the lowest rate MBNA card that offers you a highly competitive interest rate on purchases, access cheques, and balance transfers.
Welcome Offer
For the first 12 months, you can transfer your balance at a zero-interest rate. However, this applies only to the balance transfers completed within the first 90 days of account opening.
Let us evaluate this credit card and its various conditions and features.
1. Eligibility
| Eligibility Requirements | |
| 1. | You must be a resident of Canada. |
| 2. | There are no minimum income criteria for this credit card. |
| 3. | Be a major to get this credit card in your name. This age of majority may vary from province to province. |
| 4. | Must have a fair to good credit score, preferably more than 660. |
2. Annual Fee
- The bank will charge $39 in the annual fee.
- You can add up to 9 authorized users without paying any additional fees.
3. Interest Rates
| Nature of Balance | Interest Rate |
| Purchases | 8.99% |
| Balance Transfers and Access Cheques | 8.99% |
| Cash advances | 24.99% |
4. Earn Rate
This credit card is a low-interest rate card. It does not offer you reward points or cash back.
5. Exclusive Benefit
This credit card gives you more coverage and support. You can opt for increasing your credit line during regular business hours. Furthermore, you can also take a higher cash advance at banks and ATMs internationally.
It also offers you the following additional benefits:
| Benefit | Description |
| Purchase Assurance | Most items purchased in the first 90 days (about 3 months) are covered The total accumulative limit is $60,000 per account |
| Extended Warranty Benefits | Your existing written warranties get doubled up to one additional year. It applies only to new purchases made using your credit card. |
| Trip Assistance & Legal Assistance | You get assistance and legal support in the following instances: Lost Document and Ticket Replacement Lost Luggage Assistance Pre-trip Information Legal Assistance |
| Savings on Car Rentals | You can use your credit card at Avis Rent a Car and Budget Rent A Car to save a minimum of 10% of the base fare in the US and Canada. |
Comparative Analysis
Let us compare some common conditions and features.
| Parameters | CIBC Select VISA Card | MBNA True Line Gold Mastercard |
| Credit Score Required | 660+ | 660+ |
| Income Condition | Minimum Annual: a) Personal Income: $15,000 b) Household Income: $15,000 | No such condition |
| Annual Fee | $29 | $39 |
| Interest Rate: Purchases Cash Advances Balance Transfer | 13.99% 13.99% 13.99% | 8.99% 24.99% 8.99% |
Opinion of ExpertbyArea.Money
If you are looking for lucrative cashback and rewards, you will be disappointed with these credit cards. A CIBC Select VISA Card lets you earn not-so-impressive Journie Rewards. No such benefit is available in the MBNA True Line Gold Mastercard.
Hence, you must select based on the interest rates and minimum income requirements. An MBNA True Line Gold Mastercard scores high, with a highly competitive 8.99% interest rate on purchases and balance transfers. Besides, there is no income condition as well. However, it charges a whooping 24.99% when it comes to cash advances.
On the other hand, CIBC Select VISA Card offers you a flat 13.99% interest rate. With a savings of $10 in annual fee, you can save up to 10 cents per litre. However, it does have a minimum income condition.
Evaluate your requirements and perform an analysis. Choose the card that better serves your need.
