MBNA Shoppers MasterCard Credit Card
With the MBNA Shoppers MasterCard, you can earn 25 points for every $1 purchase you have made at Shoppers Drug Mart using your Shoppers Optimum MasterCard. Aside from that, 1.99% introductory annual interest rate on cheque cash advances and balance transfers for 6 months. It also offers an around-the-clock fraud security making you risk-free and safe of your personal account. You can utilize the comfort of using online access of your account. The customer service does have 24-hours unparalleled service to their client. The company has been using the enhanced security of Chip & Pin technology as well as PayPass.
Annual Interest Rates of the Card
MBNA Shoppers MasterCard does have a promotional rate of 1.99% for balance transfers. This also includes cheque cash advances. The rate of 1.99% will only be available for your first is billing cycles that post to your account within the 120 days upon account opening. The rate would increase once you have made a late payment or when you go beyond your credit limit. After the promotional rate, the standard annual interest rate for balance transfers will apply to new and outstanding balances. For the standard rate, interest rate for purchases is at 19.99% as well as for balance transfer and cash advances. The same rate goes for cheque cash advances and cash equivalents. With the default rate, the interest rates will increase by 5% if you pay off your balance late more than once within the 12 consecutive billing cycles. However, if you pay off the minimum amount on time for 12 consecutive billing cycles having the rate increase already, your current interest rates will be reduced by 5%. This implies that it is essential for you to keep track of your due dates and pay off your balance to stay away from interest rate increase. The following interest rate being shown will be applied on the day your account has been activated.
Credit Card Interest-Free Grace Period
The cardholder is given an interest-free grace period on new purchases you have made for at least 21 days. This will pursue if you can pay off the total balance found on your billing statement before or on the due date. For balance transfer, cash advances or cash equivalents, the interest-free grace period is not available. It is only allowed for purchases transactions only. All cardholder should take benefit of this grace period given that it does not charge you interest which sequentially can be considered as a savings for you.
Minimum Payment of the Credit Card
The minimum payment for this card will be the sum of the current payment due plus the past due amount. This is subjected to a minimum of $15. The current payment due will be the sum of 1% of your balance not including the new interest charges. If the balance is less than $15, the minimum payment will equal the balance. In this way, the credit cardholder will not get into trouble with paying off the balance but if this goes on for quite sometime and the cardholder experiences financial problems, this could be dangerous for your credit status. You will have a huge debt with the card company.
Foreign Currency Conversion
The credit card company will bill you for all transactions in Canadian dollars. Any transactions that the cardholder has made in a foreign currency will be converted to Canadian dollars utilizing the currency conversion rate established by MasterCard. This conversion rate reflects the fee retained by MasterCard as a cost of performing the conversion service. In addition to the conversion rate, the company will charge an extra fee of 2.5% of the transaction amount after the amount has been converted.
Annual and Other Fees
The credit card does not have any annual fee. If ever there is an annual fee charged, it will be charged on your first statement and annually afterwards on your anniversary date. The card does have other fees to charge on. Transaction fees are given once you are going to avail cash advance including automated teller machine and over the counter advances. The rat is at 1% of the amount of cash advance having a minimum fee of $7.50. For balance transfer including cheque and cash advances, the rate is also 1% of the amount transferred or advanced having the same minimum fee under cash advances. For cash equivalents and wired transfer, the rate and minimum fee are more or less the same at 1% with $7.50 fee.
The card also has account fees. When you go beyond your credit limit, you will be charged $25 per billing cycle. In time of return occurrence, the fee would only be $20 per transaction as well as return cheque cash advance. In case you lost your monthly statement or sales draft, you can get another copy for only $2.50. For inactive balance cases, you will still be charged starting on the date that your account was last active. The fee is at $25.
See Also
Student Credit Cards Canada
Rewards Credit Cards Canada
Prepaid Credit Cards Canada
Points Credit Cards Canada
Platinum Credit Cards Canada
Gold Credit Cards Canada
Bad Credit Cards Canada
Balance Transfer Credit Cards Canada
Best Low Interest Rate Credit Cards Canada
Rewards Program Canada
External Links
Canada.creditcards.com
Mbna.ca
Applyonlinenow.com
