Types of Manulife credit cards
ManulifeMONEY+ Visa Infinite. A ManulifeMONEY+ Visa Infinite credit card features a credit limit of $5,000 and more, accelerated cash back rewards on select categories of purchases, extensive travel insurance benefits, and Visa Infinite benefits (like 24/7 personal concierge service and invitations to exclusive events). Normally, this credit card has a $120 annual fee and a 19.99% interest rate on purchases, a 21.99% interest rate — on cash advances, and a 21.99% interest rate — on balance transfers. However, with an introductory offer from Manulife Bank, you can waive the annual fee for the first year and get a 1.99% interest rate on balance transfers for the first six months.
ManulifeMONEY+ Visa Platinum. A ManulifeMONEY+ Visa Platinum credit card features a credit limit of $1,000, 2% cash back at grocery stores, and 0.5% cash back on other purchases. Besides, you can benefit from the insurance coverage options, including — travel accident insurance, purchase protection, and an extended warranty. This credit card involves a zero annual fee and provides a 19.99% interest rate on purchases, 21.99% — on cash advances, and 21.99% — on balance transfers. For the first half a year, you can get the advantage of a 1.99% interest on balance transfers.
How to open a Manulife Bank credit card
You can apply for a Manulife Bank credit card by phone at 1-844-859-4516.
Requirements
To qualify for a Manulife Bank credit card, you must be a Canadian resident of the age of majority in your province, usually 18 years and older. In addition, your credit score should be acceptable, and you must have no undischarged bankruptcy to apply for an unsecured credit card.
When applying, be sure to provide your social insurance number (SIN).
Pros and cons
The advantages of Manulife Bank credit cards are:
Introductory benefits like a low-interest rate on balance transfer for the first half a year and waived annual fee for the first year
A 21-day interest-free grace period
Insurance coverage options included
Here are the disadvantages to be aware of:
ManulifeMONEY+ Visa Infinite credit cards involve annual fees for a primary cardholder, and each authorized user
There are additional charges like cash advance fees, balance transfer fees, over-the-credit limit fees, and more
How to make a payment
Manulife Bank offers several ways to repay your credit card balance:
Adding Manulife Bank Visa as a payee and paying a bill through online or mobile banking
Completing the ManulifeMONEY+ Visa Pre-Authorized Debit (PAD) Agreement and sending it with a void cheque by fax or mail to Manulife Bank to set up automatic credit card payments further
Paying a credit card bill at another Canadian financial institution’s branch, ATM, or online banking website