MBNA is owned by TD Bank but operates a separate credit card programme under the Mastercard network. This creates an interesting situation: TD Visa and MBNA Mastercard products can complement each other better than they compete.
The Key Difference: Network and Programme
| TD | MBNA | |
|---|---|---|
| Network | Visa | Mastercard |
| Top programme | Aeroplan (via co-brand) | Cash back or MBNA Rewards |
| Accepted at Costco | ✗ (Visa not accepted) | ✓ (Mastercard accepted) |
| Accepted everywhere else | ✓ | ✓ |
Head-to-Head: Top Cash Back Cards
| MBNA Smart Cash World Elite | TD Cash Back Visa Infinite | |
|---|---|---|
| Annual fee | $120 | $120 |
| Grocery rate | 5% | 3% |
| Gas rate | 5% | 3% |
| Bills rate | 1% | 3% |
| Base rate | 1% | 1% |
| Income | $80K personal | $60K personal |
| Network | Mastercard | Visa |
Winner on grocery and gas: MBNA Smart Cash World Elite at 5%/5% beats TD at 3%/3% by a significant margin.
Winner on bills: TD Cash Back Visa Infinite earns 3% on recurring bills; MBNA earns 1%.
Winner on income threshold: TD Visa Infinite requires only $60K personal vs. MBNA World Elite’s $80K.
Head-to-Head: Travel Cards
TD’s Aeroplan Visa Infinite ($139) is one of the most popular travel cards in Canada. MBNA has no Aeroplan or airline co-brand card — this is the clearest gap in the MBNA lineup.
If Aeroplan is the priority, TD wins outright. If cash back is the priority, MBNA wins on grocery and gas.
Head-to-Head: Low Interest
| MBNA True Line | TD Emerald Flex Rate | |
|---|---|---|
| Annual fee | $0 | $25 |
| Purchase rate | 12.99% (fixed) | 8.1%–27.9% (variable, prime-linked) |
| Best for | Fixed-rate balance holders | Those with excellent credit who qualify for the lowest rate |
The MBNA True Line offers a predictable, low fixed rate with no annual fee — a straightforward choice for balance carriers who want simplicity.
The Complementary Strategy
Because MBNA is Mastercard and TD is Visa, they don’t compete at the same merchant — they complement each other:
| Card | Why | |
|---|---|---|
| Primary | TD Aeroplan Visa Infinite | Earn Aeroplan on Air Canada, grocery, gas |
| Secondary | MBNA Smart Cash World Elite | 5% cash back at Costco (Visa not accepted) + higher grocery/gas earning |
This two-card strategy lets you earn Aeroplan on most spending via TD’s Visa, while using the MBNA Mastercard at Costco and anywhere you want higher cash back on grocery/gas.
Who Should Get MBNA?
- You want the highest grocery or gas cash back rate in Canada
- You want a Mastercard (for Costco or as a Visa backup)
- You carry a balance and want the lowest fixed rate
- You already have a TD Visa and want a complementary Mastercard
Who Should Get TD?
- You want Aeroplan points and Air Canada perks
- You qualify for the $60K Visa Infinite tier (vs. MBNA’s $80K World Elite threshold)
- You want recurring bill rewards at 3%
- You want to keep all banking with one institution
Related Articles
- Best MBNA Cards in Canada
- How to Apply for an MBNA Card
- TD Aeroplan Cards Compared
- Best Cash Back Credit Cards in Canada
Card details current as of June 2026. Verify at mbna.ca and td.com. See our Advertiser Disclosure.