Money transfer deals can offer unparalleled flexibility, but it's important to know the pitfalls if you want to play these cards correctly.
MBNA Long 0% Money 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 money transfers
- 14 months
- 0% interest on balance transfers
- 12 months
- Account fee
- £0
Our verdict
Enjoy an interest-free period on funds that you transfer from this card to other accounts.Money transfer credit cards give you flexibility that most cards don't – effectively acting like a flexible loan (or loans) that you can draw down to your nominated account when it suits you. And in the case of this card, it's an interest-free loan – for an introductory period at least. Crucially, although you get 14 months interest-free, that only applies to money transfers you make in the first 60 days. So if you transfer funds out of the account on day 61, they're liable to incur interest.
Unlike the vast majority of loans, however, you'll incur a transfer fee each time you send money from your card to an account. Although the transfer fee is reduced for the first 60 days, after this period, for larger sums, it could get a bit painful (the fee is based on a percentage of the sum being transferred).
However much you transfer, you'll want to have paid the debt off before the 0% expires. At that point it'll start accruing interest at the card's less-appealing standard rate – currently 23.9%.
Pros
-
Extended 0% period on money transfers
-
No annual fee
-
Competitive rate
Cons
-
Shorter 0% balance transfer period
-
High balance transfer fee
-
Late payment fees apply
Details
Product overview
| Issuer | MBNA Limited |
| Network | Mastercard |
| Annual/monthly fees | £0 |
| Balance transfers | 0% for 12 months reverting to 23.94% |
| Balance transfer fee | 4% for 2 months reverting to 5% |
| Purchases | 23.94% |
| Purchases interest-free period | Up to 56 days |
| Money transfers | 0% for 14 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 | 4% for 2 months reverting to 5% |
| Money transfer fee | 3.49% for 14 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% Money 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.
Money transfer vs Balance transfer
Confused by the difference between these two terms? A balance transfer involves bringing across an outstanding credit card debt from your old card (or cards) to a new card. A money transfer (in this context) simply involves making an online transfer of funds from your credit card to a bank account of your choosing.
How does it compare with other money transfer deals?
Table: sorted by length of 0% money transfers 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 either damaging your credit score, getting hit with a penalty fee (£12) or losing any promotional rates as a result. If you're purely using this card to spread the cost of a major expense, you could use a fixed-amount direct debit to ensure you've cleared the debt before the 0% period expires – simply divide what you borrow (plus the transfer fee) by 14 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
How long does a money transfer take?
It's the same as a balance transfer: up to ten days if you're just applying, or if you already have the card, one day.
How quickly can I ask for a credit limit increase?
After six months. From then on, you can ask for further increases every six months. Any credit limit increases are at the discretion of MBNA, and you'll need to have used your card responsibly since you're had it in order for your request to be granted. That means having stayed within your current limit and having made all repayments on time.
Can I choose my own PIN?
You'll get issued one randomly by MBNA, but if you want to change it you can go to any cash machine attached to a high-street bank, select "PIN services" and then "Change PIN".
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