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MBNA Long 0% Money Transfer Credit Card review 2020
Last updated:
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).
22.9%
Representative APR
12 months
0% interest on balance transfers
18 months
0% interest on money transfers
£0
Account fee
Details
| Issuer | MBNA Limited |
|---|---|
| Network | Mastercard |
| Annual/monthly fees | £0 |
| Balance transfers | 0% for 12 months reverting to 22.93% |
| Balance transfer fee | 4% for 2 months reverting to 5% |
| Purchases | 22.93% |
| Purchases interest-free period | Up to 56 days |
| Money transfers | 2.99% for 2 months reverting to 5% |
| Cash advances | 22.93% |
| Min credit limit | £0 |
| Max credit limit | Not specified |
| Additional cards available | 3 |
Expert review
Review by
Chris Lilly
chris.lilly@finder.comChris 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 18 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%.
Pros and cons
Pros
- A year of 0% interest on balances transferred to focus on reducing your card debt
- Over a year of 0% interest on funds you transfer out from the card
- No annual fee
Cons
- Minimum annual income requirement of £14,000
- Applicants with low credit scores are unlikely to be eligible
- Relatively high balance transfer fee
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
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 18 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.