In this article, we are reviewing the MBNA 0% Transfer and Purchase credit card, which stands out for its long interest-free periods on, not only balance transfers and purchases, but also money transfers.
Key facts about MBNA 0% Transfer and Purchase credit card
Best for: Those looking for a multipurpose card that includes a money transfer feature.
Introductory offer: Interest-free for 20 months on balance transfers and purchases, and 12 months on money transfer, all completed within the first 60 days after opening the account.
Representative APR: 21.9%.
Fees: 2.99% on balance transfers and 21.93% on money transfers after 12 months.
Perks: No perks or benefits, but balanced out by good interest-free periods and reasonable APR after the introductory period.
Pros of MBNA 0% Transfer and Purchase credit card
- It offers an extra function to many all-round cards with the inclusion of money transfer.
- Its interest-free periods stack up well against its rivals.
- Although MBNA is part of Lloyds Banking Group, alongside Lloyds Bank and Halifax, balance transfers from those providers are accepted to this MBNA card.
Cons of MBNA 0% Transfer and Purchase credit card
- It doesn't offer any perks, so if features like cashback or discounts are important to you, other cards might be better.
- The transfer fees are high, especially when there are fee-free options available, albeit often with less favourable terms on the length of the introductory offers.
- After the first 60 days, any purchases, balance transfers or money transfers won't be interest-free.
How to manage your payments on MBNA 0% Transfer and Purchase credit card
MBNA has online and mobile accounts, so you are able to manage your card easily.
How to apply for the MBNA 0% Transfer and Purchase credit card
MBNA has a 'Clever Check' system, which assesses applicants eligibility for its whole range of cards, as well as the potential credit limit, without leaving a hard footprint on your credit file.
Alternatives to the MBNA 0% Transfer and Purchase credit card
- Capital One Balance Transfer credit card
- Sainsbury's Dual Offer credit card
- Santander All in One credit card
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