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.
MBNA Long 0% Balance Transfer Credit Card review 2023
By Chris Lilly
- Representative example:
- When you spend £1,200 at a purchase rate of 23.94% (variable) p.a., your representative rate is 23.9% APR (variable).
- 0% interest on balance transfers
- 27 months
- 0% interest on money transfers
- 12 months
- Account fee
- £0
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.
Pros
- Customers report excellent customer service when dealing with MBNA Limited
- 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
- Relatively high balance transfer fee
- Relatively high money transfer fee
Details
Product overview
| Issuer | MBNA Limited |
| Network | Mastercard |
| Annual/monthly fees | £0 |
| Balance transfers | 0% for 27 months reverting to 23.94% |
| Balance transfer fee | 3.49% for 2 months reverting to 5% |
| Purchases | 23.94% |
| Purchases interest-free period | Up to 56 days |
| Money transfers | 0% for 12 months reverting to 23.94% |
| Cash advances | 23.94% |
| Minimum credit limit | £0 |
| Maximum credit limit | Subject to status |
| Additional cards available | 3 |
| Additional Rewards Info | Earn up to 15% cashback on purchases through Smart Rewards at popular retailers. |
| Potential costs | ★★★★★ |
| Doing its job | ★★★★★ |
| Extras | ★★★★★ |
| Overall Finder rating | ★★★★★ |
| Overall customer rating | ★★★★★ |
Fees and charges
| Minimum monthly payment | 2.5% or £25 (whichever is greater) or the total of any interest, default fees and charges plus 1% of the outstanding balance plus any arrears. |
| Annual/monthly fees | £0 |
| Balance transfer fee | 3.49% for 2 months reverting to 5% |
| Money transfer fee | 4% for 12 months reverting to 5% |
| Foreign usage charge (EU) | 2.95% |
| Foreign usage charge (rest of world) | 2.95% |
| Cash advance fee | 5% (min. £0) |
| Late payment fee | £12 |
| Replacement card fee | £0 |
| Duplicate statement fee | £0 |
| Exceeding limit fee | £0 |
| Additional card fee | £0 |
| Dormancy fee | £0 |
Application requirements
| Minimum Age | 18 |
| Minimum income | £14,000 |
| Residency | Must hold a UK bank/building society account. Must hold permanent UK address for 3 years. |
| Availability | Available to new customers |
The MBNA Long 0% Balance Transfer Credit Card is issued on the Mastercard network so it's accepted at more than 50 million merchant locations across more than 210 countries and territories.
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How does it compare?
MBNA Limited's card
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Table: sorted by length of 0% balance transfer offer, promoted deals first
Approval for any credit card depends 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.
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 27 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" (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 0% Balance Transfer Credit Card is 5%.
The interest rate on this part of your balance will be 23.94% (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 (£171.45), it'll cost you around £5.06 in fees.
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 2 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 4% for 12 months reverting to 5% (for transfers made in the first 12 months).
Finder credit card ratings
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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.
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