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

IssuerMBNA Limited
NetworkMastercard
Annual/monthly fees£0
Balance transfers4.9% for 48 months reverting to 8.9%
Balance transfer fee0.5% for transfers in first 60 days
Purchases4.9% for 48 months reverting to 8.9%
Purchases interest-free periodUp to 56 days
Money transfers4.9% for 48 months reverting to 8.9%
Cash advances27.9%
Min. credit limit£0
Max credit limitNot specified
Additional cards available3
Minimum Age18
Minimum income£20,000
ResidencyMust hold a UK bank/building society account. Must hold permanent UK address for 3 years.
AvailabilityAvailable to new customers
Annual/monthly fees£0
Balance transfer fee0.5% for transfers in first 60 days
Money transfer fee0.5% for 48 months reverting to 0.99%
Foreign usage charge (EU)2.95%
Foreign usage charge (rest of world)2.95%
Cash advance fee5% (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

Chris Lilly

Review by


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.

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
Name Product Purchases Balance transfers Annual/monthly fees Rep. APR Incentive Representative example
4.9% for 48 months reverting to 8.9%
4.9% for 48 months reverting to 8.9%
£0
8.9% (variable)
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).

Compare up to 4 providers

Other low rate deals

Table: sorted by representative APR, promoted deals first
Updated December 11th, 2019
Name Product Purchases Balance transfers Annual/monthly fees Rep. APR Incentive Representative example
9.9%
6.9%
£0
9.9% (variable)
Representative example: When you spend £1,200 at a purchase rate of 9.9% (variable) p.a., your representative rate is 9.9% APR (variable).
9.9%
6.9%
£0
9.9% (variable)
Representative example: When you spend £1,200 at a purchase rate of 9.9% (variable) p.a., your representative rate is 9.9% APR (variable).
6.9%
6.9%
£0
6.9% (variable)
Representative example: When you spend £1,200 at a purchase rate of 6.9% (variable) p.a., your representative rate is 6.9% APR (variable).
4.9% for 48 months reverting to 8.9%
4.9% for 48 months reverting to 8.9%
£0
8.9% (variable)
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).
9.942%
10.362%
£0
9.9% (variable)
1 point per £4 spent (£4 minimum) in Tesco and 1 point per £8 spent (£8 minimum) outside Tesco, must have available credit to earn points. Card can also be used as a Clubcard to collect standard points at 1 point per £1 spent on shopping and 1 point per £2 spent on fuel. Points are converted to Tesco vouchers which can be used towards shopping or exchanged for Partner Rewards.
Representative example: When you spend £1,200 at a purchase rate of 9.942% (variable) p.a., your representative rate is 9.9% APR (variable).
9.95%
9.95%
£0
9.9% (variable)
Representative example: When you spend £1,200 at a purchase rate of 9.95% (variable) p.a., your representative rate is 9.9% APR (variable).
9.9%
9.9%
£0
9.9% (variable)
Representative example: When you spend £1,200 at a purchase rate of 9.9% (variable) p.a., your representative rate is 9.9% APR (variable).
9.9%
9.9%
£0
9.9% (variable)
Representative example: When you spend £1,200 at a purchase rate of 9.9% (variable) p.a., your representative rate is 9.9% APR (variable).

Compare up to 4 providers

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.

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.

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2 Comments

  1. Default Gravatar
    Tajmal
    July 31, 2019

    I would like to apply for an MBNA card. How can I do that?

    • AvatarStaff
      nikkiangco
      August 1, 2019

      Hi Tajmal!

      Thanks for your question! It’s great to know that you are looking to apply for an MBNA card.

      As it says on our page – 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.

      Once done, complete the secure online application form and it takes about 15 minutes.

      As a friendly reminder, check the eligibility requirements of the card before proceeding with your application. Also, read about its features and benefits and see how it fits your financial needs. Additionally, it’s helpful to review the PDS and Terms & Conditions before fully committing to the card. You may also reach out to the bank if you have any clarifications.

      Good luck!

      Best,
      Nikki

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