MBNA Long 0% Money Transfer Credit Card review 2020

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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: ★★★★★

Representative example: When you spend £1,200 at a purchase rate of 22.93% (variable) p.a., your representative rate is 22.9% APR (variable).

12 months

0% interest on balance transfers

22.9%

Representative APR

24 months

0% interest on money transfers

£0

Account fee

Details

IssuerMBNA Limited
NetworkMastercard
Annual/monthly fees£0
Balance transfers0% for 12 months reverting to 22.93%
Balance transfer fee4% for 2 months reverting to 5%
Purchases22.93%
Purchases interest-free periodUp to 56 days
Money transfers2.99% for 2 months reverting to 5%
Cash advances22.93%
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

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 24 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 22.9%.

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

Table: sorted by length of 0% money transfers offer, promoted deals first
Updated April 4th, 2020
Name Product Money transfers Money transfer fee Purchases Annual/monthly fees Rep. APR Incentive Representative example
MBNA Long 0% Money Transfer Credit Card
2.99% for 2 months reverting to 5%
2.99% for 24 months reverting to 5%
22.93%
£0
22.9%
Representative example: When you spend £1,200 at a purchase rate of 22.93% (variable) p.a., your representative rate is 22.9% APR (variable).
Virgin Money 23 Month All Round Credit Card Mastercard
0% for 23 months reverting to 23.9%
4% for 23 months reverting to 5%
0% for 20 months reverting to 21.9%
£0
21.9%
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).
Virgin Money 20 Month All Round Credit Card Mastercard
0% for 20 months reverting to 27.9%
4% for 20 months reverting to 5%
0% for 17 months reverting to 27.9%
£0
27.9%
Representative example: When you spend £1,200 at a purchase rate of 27.9% (variable) p.a., your representative rate is 27.9% APR (variable).
Virgin Money 29 Month Balance Transfer Credit Card Mastercard
0% for 20 months reverting to 23.9%
4% for 20 months reverting to 5%
0% for 3 months reverting to 21.9%
£0
21.9%
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).
Virgin Money 27 Month Balance Transfer Credit Card Mastercard
0% for 20 months reverting to 23.9%
4% for 20 months reverting to 5%
0% for 3 months reverting to 21.9%
£0
21.9%
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).
Virgin Money 24 Month Balance Transfer Credit Card Mastercard
0% for 18 months reverting to 27.9%
4% for 18 months reverting to 5%
0% for 3 months reverting to 27.9%
£0
27.9%
Representative example: When you spend £1,200 at a purchase rate of 27.9% (variable) p.a., your representative rate is 27.9% APR (variable).
MBNA Long 0% Balance Transfer Credit Card
0% for 12 months reverting to 20.93%
4% for 12 months reverting to 5%
20.93%
£0
20.9%
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).
Virgin Money 12 Month Travel Credit Card Mastercard
0% for 12 months reverting to 23.9%
4% for 12 months reverting to 5%
0% for 12 months reverting to 21.9%
£0
21.9%
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).
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Repayment options

When it comes to repayments, you can make manual repayments online or over the phone (0345 606 2062), or better still 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 or losing your 0% 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

If you’re purely using this card to spread the cost of a major expense, then a good way to ensure you clear the debt before the 0% period expires is to simply divide what you borrow (plus the transfer fee) by 24 and then set up a fixed amount direct debit for that 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

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.

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