Approval for any credit card will depend on your status. The representative APRs shown represent 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
This card is no longer available, but you can use our review to find alternatives.
The MBNA Long Term Low Interest Credit Card has been discontinued and is no longer available. However, this information has been kept for historical purposes. You can use this page to compare similar cards from other issuers.
You say: ★★★★★We say: ★★★★★
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% |
| Minimum credit limit | £0 |
| Maximum credit limit | Subject to status |
| Additional cards available | 3 |
Review by
Chris Lilly
chris.lilly@finder.comChris Lilly is a publisher at finder.com. He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. 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.
Pros and cons
Pros
- Customers report excellent customer service when dealing with MBNA Limited
- A low ongoing interest rate (variable)
- No annual fee
Cons
- Minimum annual income requirement of £20,000
- Applicants with low credit scores are unlikely to be eligible
Repayment options
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
Sorry – MBNA Limited is no longer accepting applications for this card. However you may wish to consider one of the alternatives listed above.
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" (such as withdrawing cash at an ATM, getting cashback at the till, spending at a casino or buying currency) 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 purchase 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 (£177.78), it'll cost you around £5.24 in fees.
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 2 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.
Finder credit card ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Our experts score low rate credit cards to determine their value against similar products on the market. We look at a number of important factors, like exactly how low the low rate is, any perks/benefits, plus the potential costs involved with running the card both in the short and longer term.
You can read more about our scoring criteria on our credit card methodology page.
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.
Ask an expert
2 Comments
July 31, 2019
I would like to apply for an MBNA card. How can I do that?
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