MBNA Long Term Low Interest Credit Card review 2020

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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: ★★★★★

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

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.

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

Pros

  • 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

How does it compare with other low rate deals?

Table: sorted by representative APR, promoted deals first
Data indicated here is updated daily
Name Product Purchases Balance transfers Annual/monthly fees Rep. APR Incentive Link
TSB Advance Credit Card Mastercard
0% for 3 months reverting to 7.95%
0% for 3 months
(0% fee)
£0
7.9% (variable)
Representative example: When you spend £1,200 at a purchase rate of 7.95% (variable) p.a., your representative rate is 7.9% APR (variable).
More Info
The Co-operative Bank 3 Year Fixed Rate Visa
8.9%
8.9%
(0% fee)
£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).
More Info
MBNA Long Term Low Interest Credit Card
4.9% for 48 months reverting to 8.9%
4.9% for 48 months
(0.5% fee)
£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).
More Info
Ulster Bank Credit Card Mastercard
9.9%
6.9%
(0% fee)
£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).
More Info
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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

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.

Finder credit card ratings

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Our experts score credit cards to determine their value against similar products on the market. We look at a number of important factors, like its suitability for its intended purpose, any perks/extras it brings to the table, 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.

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