MBNA Long 0% Money Transfer Credit Card review January 2020
Enjoy an interest-free period on funds that you transfer from this card to other accounts.
Money transfer deals can offer unparalleled flexibility, but it’s important to know the pitfalls if you want to play these cards correctly.
You say: ★★★★★We say: ★★★★★
Doing its job: 4/5
In a nutshell:
0% interest on balance transfers
0% interest on money transfers
|Balance transfers||0% for 12 months reverting to 22.93%|
|Balance transfer fee||4% for 2 months reverting to 5%|
|Purchases interest-free period||Up to 56 days|
|Money transfers||0% for 24 months reverting to 22.93%|
|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.
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.
Unlike the vast majority of loans, you will incur a transfer fee when you send money from your card to an account. Although the transfer fee is reduced for a short introductory period, after this period, for larger sums, it could get a bit painful (the fee is based on a percentage of the sum being transferred).
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.
Compare money transfer credit cards
When it comes to repayments, you can make manual repayments online or over the phone (0345 606 2062), 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 0% Money Transfer Credit Card
If you have 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.