MBNA Long 0% Money Transfer Credit Card review September 2019

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.

Finder rating: ★★★★★

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 transfers0% for 24 months reverting to 22.93%
Cash advances22.93%
Min. credit limit£0
Max credit limitNot specified
Additional cards available3
Minimum Age18
Minimum income£14,000
ResidencyMust hold a UK bank/building society account. Must hold permanent UK address for 3 years.
AvailabilityAvailable to new customers
Annual/monthly fees£0
Balance transfer fee4% for 2 months reverting to 5%
Money transfer fee2.99% for 24 months reverting to 5%
Foreign usage charge (EU)2.95%
Foreign usage charge (rest of world)2.95%
Cash advance fee5% (min. £0)
Late payment fee£12
Duplicate statement fee£0
Exceeding limit fee£12
Additional card fee£0
Replacement card fee£0
Dormancy fee£0

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.

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

Table: sorted by length of 0% money transfers offer, promoted deals first
Updated September 18th, 2019
Name Product Money transfers Money transfer fee Purchases Rep. APR Incentive Representative example
0% for 1 months reverting to 6.054%
3.94% for 1 month reverting to 3.99%
0% for 1 months reverting to 5.94%
5.9%
1 Tesco Clubcard point per £4 spent (£4 minimum) in Tesco and 1 Clubcard point per £8 spent (£8 minimum) outside Tesco in each purchase transaction. Exclusions apply. Clubcard points collection rates are subject to change. Must have available credit. Clubcard points are converted to Clubcard vouchers which can be used on your shopping in Tesco, or get even more value through Clubcard Rewards Partners.
Representative example: When you spend £1,200 at a purchase rate of 5.94% (variable) p.a., your representative rate is 5.9% APR (variable).
0% for 28 months reverting to 21.814%
3.94% for 28 months reverting to 3.99% (min. £3)
0% for 3 months reverting to 19.944%
19.9%
1 point per £4 spent (£4 minimum) in Tesco and 1 point per £8 spent (£8 minimum) outside Tesco. Must have available credit to earn points. Points are converted to Tesco vouchers or can be exchanged for Partner rewards to receive money off a variety of restaurants, entertainment or Avios points.
Representative example: When you spend £1,200 at a purchase rate of 19.944% (variable) p.a., your representative rate is 19.9% APR (variable).
0% for 28 months reverting to 21.814%
3.99% (min. £3)
0% for 3 months reverting to 19.944%
19.9%
1 point per £4 spent (£4 minimum) in Tesco and 1 point per £8 spent (£8 minimum) outside Tesco. Must have available credit to earn points. Points are converted to Tesco vouchers or can be exchanged for Partner rewards to receive money off a variety of restaurants, entertainment or Avios points.
Representative example: When you spend £1,200 at a purchase rate of 19.944% (variable) p.a., your representative rate is 19.9% APR (variable).
0% for 24 months reverting to 22.93%
2.99% for 24 months reverting to 5%
22.93%
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).
0% for 23 months reverting to 23.9%
4% for 23 months reverting to 5%
0% for 20 months reverting to 21.9%
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).
0% for 20 months reverting to 23.9%
4% for 20 months reverting to 5%
0% for 3 months reverting to 21.9%
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).
0% for 20 months reverting to 23.9%
4% for 20 months reverting to 5%
0% for 3 months reverting to 21.9%
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).
0% for 20 months reverting to 27.9%
4% for 20 months reverting to 5%
0% for 17 months reverting to 27.9%
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).
0% for 18 months reverting to 21.814%
3.99%
0% for 3 months reverting to 19.944%
19.9%
1 point per £4 spent (£4 minimum) in Tesco and 1 point per £8 spent (£8 minimum) outside Tesco. Must have available credit to earn points. Points are converted to Tesco vouchers or can be exchanged for Partner rewards to receive money off a variety of restaurants, entertainment or Avios points.
Representative example: When you spend £1,200 at a purchase rate of 19.944% (variable) p.a., your representative rate is 19.9% APR (variable).
0% for 18 months reverting to 27.9%
4% for 18 months reverting to 5%
0% for 3 months reverting to 27.9%
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).

Compare up to 4 providers

Repayment options

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.

We exist to help you find better. The offers we've compared on this page are from a range of products whose details we can track; we don't cover every product on the market...yet. Unless we've indicated otherwise, products are shown in no particular order or ranking. The terms "best", "top", "cheap" (and variations of these) aren't product ratings, although 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, it's wise to consider getting independent financial advice. Always consider your own financial circumstances when you compare products so you get what's right for you.

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