MBNA Long 0% Balance Transfer Credit Card review 2021 | 20.9% rep. apr | Finder UK

MBNA Long 0% Balance Transfer Credit Card review 2021

Last updated:  

If you have existing credit card debt and you're looking to clear it quicker by minimising the amount you have to pay in interest and fees, this offer may appeal to you.

You say: ★★★★★We say: ★★★★★

Representative example: When you spend £1,200 at a purchase rate of 20.93% (variable) p.a., your representative rate is 20.9% APR (variable).

28 months

0% interest on balance transfers

20.9%

Representative APR

12 months

0% interest on money transfers

£0

Account fee

Details

IssuerMBNA Limited
NetworkMastercard
Annual/monthly fees£0
Balance transfers0% for 28 months reverting to 20.93%
Balance transfer fee2.79% for 2 months reverting to 5%
Purchases20.93%
Purchases interest-free periodUp to 56 days
Money transfers0% for 12 months reverting to 20.93%
Cash advances20.93%
Min credit limit£0
Max credit limitNot specified
Additional cards available3
IncentiveEarn up to 15% cashback on purchases through Smart Rewards at popular retailers.

Expert review

Avatar

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

MBNA’s longest balance transfer deal is all about that table-topping 0% period – so don’t expect bells and whistles and bear in mind that it’s only likely to be available to those with good excellent histories.

On the plus side, it’s quick and easy check whether or not you’re likely to be approved before you apply, by using MBNA’s eligibility checker – which won’t affect your credit score. If you’re not eligible for this card, MBNA will show you which card’s are still on the table.

Don’t forget that a transfer fee applies (which could be painful for those transferring larger balances), but the good news is this is reduced for transfers made within a set introductory period. And finally, you should aim to clear your balance in full before the 0% period is over. At that point any outstanding balance will start to accrue interest at the card’s standard rate.

The MBNA Long 0% Balance Transfer 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

  • Over two years of 0% interest to focus on reducing existing card debt
  • A year of 0% interest on funds you transfer out from the card
  • No annual fee

Cons

  • Minimum annual income requirement of £14,000
  • Don't forget that balance transfer fee! If cutting the interest on existing card debt is your main reason for considering this card, check out no-fee deals first

How does it compare?

MBNA Limited's card

Data updated daily
Name Product Balance transfers Balance transfer fee Purchases Annual/monthly fees Rep. APR Incentive Link
MBNA Long 0% Balance Transfer Credit Card
0% for 28 months reverting to 20.93%
2.79% for 2 months reverting to 5%
20.93%
£0
20.9% (variable)
Earn up to 15% cashback on purchases through Smart Rewards at popular retailers.
Representative example: When you spend £1,200 at a purchase rate of 20.93% (variable) p.a., your representative rate is 20.9% APR (variable).
More Info
loading

Compare up to 4 providers

Other popular balance transfer deals

Table: sorted by length of 0% balance transfer offer, promoted deals first
Data updated daily
Name Product Balance transfers Balance transfer fee Purchases Annual/monthly fees Rep. APR Incentive Link
M&S Bank Transfer Plus Mastercard
0% for 29 months reverting to 21.9%
2.75% (min. £5)
0% for 3 months reverting to 21.9%
£0
21.9% (variable)
Earn 1 point for every £1 spent at Marks and Spencer's and 1 point for every £5 spent elsewhere. 100 points = £1 reward voucher. Points will be converted into reward vouchers 4 times a year.
Representative example: When you spend £1,200 at a purchase rate of 21.9% (variable) p.a., your representative rate is 21.9% APR (variable).
Check eligibility
More Info
Santander All in One Credit Card
0% for 26 months reverting to 17.9%
0% for 26 months reverting to 3% (min. £5)
0% for 20 months reverting to 17.9%
£3 per month
23.7% (variable)
0.5% cashback after £1 of monthly spend. Cashback paid monthly into card account. Maximum spend for cashback purposes is limited to credit limit.
Representative example: When you spend £1,200 at a purchase rate of 17.9% (variable) p.a. with a fee of £3 per month, your representative rate is 23.7% APR (variable).
Check eligibility
More Info
HSBC Balance Transfer Credit Card
0% for 25 months reverting to 21.9%
2.85% (min. £5)
0% for 3 months reverting to 21.9%
£0
21.9% (variable)
Discounts and exclusive offers for dining experiences, leisure activities and shopping available through HSBC Home and Away.
Representative example: When you spend £1,200 at a purchase rate of 21.9% (variable) p.a., your representative rate is 21.9% APR (variable).
Check eligibility
More Info
M&S Bank Shopping Plus Credit Card
0% for 20 months reverting to 21.9%
2.9% (min. £5)
0% for 20 months reverting to 21.9%
£0
21.9% (variable)
Earn 1 point for every £1 spent at Marks and Spencer's and 1 point for every £5 spent elsewhere. 100 points = £1 reward voucher. Points will be converted into reward vouchers 4 times a year.
Representative example: When you spend £1,200 at a purchase rate of 21.9% (variable) p.a., your representative rate is 21.9% APR (variable).
Check eligibility
More Info
loading

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 (0345 606 2062). Alternatively you may wish to set up a direct debit.

A direct debit protects you from forgetting to make a repayment and losing your promotional interest rate as a result (as well as damaging your credit score and incurring the late payment fee of £12). You could use a fixed-amount direct debit to ensure you've cleared your debt before the 0% period expires – simply divide your outstanding balance by 28 to see what you'll need to pay each month (this assumes you don't use the card for additional spending).

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 0% Balance Transfer 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 0% Balance Transfer Credit Card is 5%.

The interest rate on this part of your balance will be 20.93% (chargeable from the day of the transaction – the card's usual "up to 56 days interest-free" grace period won't apply).

What should I do with my old credit card after transferring the balance to the MBNA Long 0% Balance Transfer Credit Card?

Transferring a balance doesn't automatically close your old account. In most cases, you'll want to close the old account(s) straightaway, especially if they have an annual/monthly fee or if you might be tempted to use them in the future. There is an argument that you should keep the old account open to help your credit score. That's because doing so keeps your "credit utilisation ratio" lower (that's a measure of how much credit you're using compared to what's available to you), and helps the average age of your credit accounts. However, unless you're just about to apply for a new mortgage, it's probably fair to say that most people would prefer to have no more bank accounts open than was truly necessary.

How much does it cost to use the MBNA Long 0% Balance Transfer Credit Card abroad?

Non-sterling transactions are subject to a 2.95% charge. For example, if you spend 200 euros (£173.09), it'll cost you around £5.11.

What is the minimum payment on the MBNA Long 0% Balance Transfer Credit Card?

Each month you must pay at least 2.5% of your balance at that point or £25.00 – whichever of the two figures is greater. So if you had, say, £980.00 outstanding, you'd pay £25.00, and if you had £4,000.00 outstanding, you'd pay £100.00.

Paying only the minimum required amount each month is generally not advisable as it makes it much harder to get debt-free before that introductory 0% period expires.

Can I transfer money from the MBNA Long 0% Balance Transfer Credit Card to a bank account?

Yes. That's what's known as a "money transfer" (rather than a "balance transfer") in credit card jargon. You can arrange this from your online banking or using MBNA Limited's app. New customers will pay no interest on this part of their card's outstanding balance for up to 12 months. The fee for a money transfer is 2.99% for 12 months reverting to 5% (for transfers made in the first 12 months).

Finder credit card ratings

★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor

Our experts score balance transfer cards to determine their value against similar products on the market. We look at a number of important factors, like the length of the balance transfer offer, the balance transfer fee, any restrictions to making a transfer, 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

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked
Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use and Privacy and Cookies Policy.
Go to site