The MBNA Low Fee 0% Balance Transfer Credit Card has been discontinued and is no longer available. However, this information has been kept for historical purposes. You can use this page to compare similar cards from other issuers.
MBNA Low Fee 0% Balance Transfer Credit Card review
By Chris Lilly
Reviewed by Rachel Wait
- Representative example:
- When you spend £1,200 at a purchase rate of 24.94% (variable) p.a., your representative rate is 24.9% APR (variable).
- 0% interest on balance transfers
- 22 months
- 0% interest on money transfers
- 12 months
- Account fee
- £0
Our verdict
This card is no longer available, but you can use our review to find alternatives.As one of the biggest-hitters in the balance transfer game, MBNA, along with the likes of Barclaycard and Virgin Money, provides a range of balance transfer cards to suit various situations.
While the card issuer's very longest 0% deal comes with a fairly painful balance transfer fee (especially if you want to transfer a larger sum), this card offers a reduced fee in return for a few months less at 0%. If the 22-month deal on offer here gives you enough time to clear your card debt, then you could opt to take advantage of the low transfer fee (divide your outstanding balance by 22 to see what you'd need to pay each month). Before you do, however, you should check out the selection of balance transfer cards currently available with no balance transfer fee.
Pros
- Customers report excellent customer service when dealing with MBNA Limited
- Almost 2 years of 0% interest to focus on reducing existing card debt
- A year of 0% interest on funds you transfer out from the card
- No annual fee
Cons
- Minimum annual income requirement of £14,000
- Relatively high money transfer fee
- A punishing fee of 5% on cash withdrawals (you should avoid using a credit card to withdraw cash in any case)
Details
Product overview
| Issuer | MBNA Limited |
| Network | Mastercard |
| Annual/monthly fees | £0 |
| Balance transfers | 0% for 22 months reverting to 24.94% |
| Balance transfer fee | 1.99% for 2 months reverting to 5% |
| Purchases | 24.94% |
| Purchases interest-free period | Up to 56 days |
| Money transfers | 0% for 12 months reverting to 24.94% |
| Cash advances | 24.94% |
| Minimum credit limit | £0 |
| Maximum credit limit | Subject to status |
| Additional cards available | 3 |
| Additional Rewards Info | Earn up to 15% cashback on purchases through Smart Rewards at popular retailers. |
| Introductory Rewards | £20 cashback on balance or money transfers of £1K or more made within the first 60 days of opening. |
| Potential costs | 3.9 ★★★★★ |
| Doing its job | 4.3 ★★★★★ |
| Extras | 4.0 ★★★★★ |
| Overall Finder Score | 4.1 ★★★★★ |
Eligibility
| Minimum Age | 18 |
| Minimum income | £14,000 |
| Residency | Must hold a UK bank/building society account. Must hold permanent UK address for 3 years. |
| Availability | Available to new customers |
Fees
| Minimum monthly payment | 2.5% or £25 (whichever is greater) or the total of any interest, default fees and charges plus 1% of the outstanding balance plus any arrears. |
| Annual/monthly fees | £0 |
| Balance transfer fee | 1.99% for 2 months reverting to 5% |
| Money transfer fee | 4% for 12 months reverting to 5% |
| Foreign usage charge (EU) | 2.95% |
| Foreign usage charge (rest of world) | 2.95% |
| Cash advance fee | 5% (min. £0) |
| Late payment fee | £12 |
| Replacement card fee | £0 |
| Duplicate statement fee | £0 |
| Exceeding limit fee | £0 |
| Additional card fee | £0 |
| Dormancy fee | £0 |
The MBNA Low Fee 0% Balance Transfer Credit Card is issued on the Mastercard network, so it's accepted at more than 50 million merchant locations across more than 210 countries and territories.
Other balance transfer deals
Table: sorted by length of 0% balance transfer offer, promoted deals first
1 - 5 of 47
Approval for any credit card depends on your status. The representative APRs shown represent the interest rate offered to most successful applicants. Depending on your personal circumstances, the APR you're offered may be higher, or you may not be offered credit at all. Fees and rates are subject to change without notice. It's always wise to check the terms of any deal before you borrow. Most of the data in Finder's comparison tables is provided by Moneyfacts.
Repayment options
You can make manual repayments through MBNA Limited's app by logging in to your online banking or over the phone (0345 606 2062). Alternatively, you may wish to set up a direct debit.
A direct debit protects you from forgetting to make a repayment and losing your promotional interest rate as a result (as well as damaging your credit score and incurring the late payment fee of £12). You could use a fixed-amount direct debit to ensure you've cleared your debt before the 0% period expires – simply divide your outstanding balance by 22 to see what you'll need to pay each month (this assumes you don't use the card for additional spending).
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
Sorry – MBNA Limited is no longer accepting applications for this card. However you may wish to consider one of the alternatives listed above.
Frequently asked questions
Finder credit card scores
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Our experts score balance transfer cards to determine their value against similar products on the market. We look at a number of important factors, like the length of the balance transfer offer, the balance transfer fee, any restrictions to making a transfer, plus the potential costs involved with running the card both in the short and longer term.
You can read more about our scoring criteria on our credit card methodology page.
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. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
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