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 December 2019
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%.
Finder rating: ★★★★★
Representative example: When you spend £1,200 at a purchase rate of 8.9% (variable) p.a., your representative rate is 8.9% APR (variable).
8.9%
Representative APR
£0
Account fee
Up to 56 days
Interest-free each billing period
Details
| Issuer | MBNA Limited |
|---|---|
| Network | Mastercard |
| Annual/monthly fees | £0 |
| 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% |
| Cash advances | 27.9% |
| Min. credit limit | £0 |
| Max credit limit | Not specified |
| Additional cards available | 3 |
| Minimum Age | 18 |
|---|---|
| Minimum income | £20,000 |
| Residency | Must hold a UK bank/building society account. Must hold permanent UK address for 3 years. |
| Availability | Available to new customers |
| Annual/monthly fees | £0 |
|---|---|
| Balance transfer fee | 0.5% for transfers in first 60 days |
| Money transfer fee | 0.5% for 48 months reverting to 0.99% |
| Foreign usage charge (EU) | 2.95% |
| Foreign usage charge (rest of world) | 2.95% |
| Cash advance fee | 5% (min. £0) |
| Late payment fee | £12 |
| Duplicate statement fee | £0 |
| Exceeding limit fee | £12 |
| Additional card fee | £0 |
| Replacement card fee | £0 |
| Dormancy fee | £0 |
Expert review
Review by
Chris Lilly
chris.lilly@finder.comChris 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.
Expert review
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.
How does this card compare with other similar cards on the market?
MBNA’s card
Updated December 11th, 2019
Other low rate deals
Table: sorted by representative APR, promoted deals first
Updated December 11th, 2019
Repayment options
When it comes to repayments, you can make manual repayments online or over the phone (03456 062 062), or alternatively set up a direct debit. A direct debit is a great idea because it protects you from forgetting to make a repayment and either damaging your credit score, getting hit with a penalty fee 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 for the MBNA Long Term Low Interest Credit Card
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.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.