MBNA Long Term Low Interest Credit Card review September 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:
|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.
How does this card compare with other similar cards on the market?
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.