Approval for any credit card will depend on your status. The APR shown represents the interest rate offered to most successful applicants. Depending on your personal circumstances the APR you're offered may be higher, or you may not be offered credit at all. Fees and rates are subject to change without notice. It's always wise to check the terms of any deal before you borrow.
MBNA Long Term Low Interest Credit Card review 2020
Looking for a versatile credit card with long-term low rates? Here's MBNA's answer.
Whether you’re looking to transfer a balance to reduce your monthly interest costs, or looking to spread the cost of upcoming purchases, MBNA’s low rate card does what it says on the tin – offering a rate of 4.9% for 48 months reverting to 8.9%.
You say: ★★★★★We say: ★★★★★
Doing its job: 5/5
In a nutshell:
Up to 56 days
Interest-free each billing period
|Balance transfers||4.9% for 48 months reverting to 8.9%|
|Balance transfer fee||0.5% for transfers in first 60 days|
|Purchases||4.9% for 48 months reverting to 8.9%|
|Purchases interest-free period||Up to 56 days|
|Money transfers||4.9% for 48 months reverting to 8.9%|
|Min credit limit||£0|
|Max credit limit||Not specified|
|Additional cards available||3|
Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
Most of MBNA’s cards offer an interest rate of 0% on a specific part of your card balance (normally existing debt or forthcoming purchases), for specified period. This versatile offer is a little different, however, boasting a low (but not zero) rate for an even longer period. The rate applies to balance transfers (that’s when you bring existing card debt across to a new card), forthcoming purchases and money transfers (that’s when you transfer funds from your new card to a bank account).
There are more specialised offers out there, which would probably work out cheaper, if you have a single card purpose in mind (and provided you can get approved). But if you’re all about the versatility right now, this card makes for a competitive choice, and you’ll have peace of mind from knowing that it’ll stay competitive for a long time.
The MBNA Long Term Low Interest Credit Card is issued on the Mastercard network so it's accepted at nearly 53 million merchants across more than 210 countries and territories.
Pros and cons
- A low ongoing interest rate (variable)
- No annual fee
- Minimum annual income requirement of £20,000
- Applicants with low credit scores are unlikely to be eligible
How does it compare with other low rate deals?
You can make manual repayments through MBNA Limited's app, by logging in to your online banking or over the phone (03456 062 062). Alternatively you may wish to set up a direct debit.
A direct debit protects you from forgetting to make a repayment and either damaging your credit score, getting hit with a penalty fee (£12) or losing any promotional rates as a result.
You can arrange a direct debit for repayments when you apply for the credit card. The table below shows the options available.
Choose from the following direct debit options for your monthly repayments:
|Minimum amount||Fixed amount||Fixed percentage||Full amount|
How to apply
If you’ve compared cards and want to apply, completing the secure online application form takes about 15 minutes. Before you apply, MBNA requires you to use its “clever Check” eligibility tool, to see which cards you’d stand a strong chance of being approved for. This part of the process involves a “soft” credit check, and won’t hurt your credit score at all. If you then do then opt to apply for a card, MBNA will run a full, “hard” credit search, which has a small (but usually short-lived) negative effect on your credit score.
Frequently asked questions
Can I withdraw cash using the MBNA Long Term Low Interest Credit Card?
Although it's possible, withdrawing cash from a credit card account is generally not a good idea, as "cash-like transactions" (withdrawing cash at an ATM, getting cashback at the till, spending at a casino, buying currency, etc.) often incur steep fees and/or higher rates of interest.
The cash advance fee on the MBNA Long Term Low Interest Credit Card is 5%.
The interest rate on this part of your balance will be 27.9%, which is 213% more than the standard purchases rate (chargeable from the day of the transaction – the card's usual "up to 56 days interest-free" grace period won't apply).
How much does it cost to use the MBNA Long Term Low Interest Credit Card abroad?
Non-sterling transactions are subject to a 2.95% charge. For example, if you spend 200 euros (£177.37), it'll cost you around £5.23.
What is the minimum payment on the MBNA Long Term Low Interest Credit Card?
Each month you must pay at least 1% of your balance at that point or £25.00 – whichever of the two figures is greater. So if you had, say, £2,450.00 outstanding, you'd pay £25.00, and if you had £10,000.00 outstanding, you'd pay £100.00.
Paying only the minimum required amount each month is generally not advisable as it tends to be a very expensive way to borrow money which can lead to persistent debt.