'Allo! I'm not contributing to Ciao for the time being but if you are bored / desperate / weird enou...
'Allo! I'm not contributing to Ciao for the time being but if you are bored / desperate / weird enough to wish to continue to read my ramblings, you can find me on Dooyoo under the user name plipplop. See you around! :P
Member since:15.07.2000
Reviews:694
Members who trust:826
I spotted an advertising banner for this on Ciao the other day, and decided that it might therefore be a useful time to share my views on whether this is a terribly good credit card provider or not.
I have been an MBNA Platinum Plus cardholder for several years but in that time have never used the card as my primary credit card account. One of the reasons for this is that on the whole I tend to clear my balance monthly, so I want a credit card that offers something for simply using the card for every day transactions – unfortunately the MBNA Platinum Plus card does not have any sort of loyalty scheme.
Application ========
MBNA have always been heavy hitters in the advertising market, and invest more money in leaflets, Internet advertising and press adverts than most credit card companies. Your attention will often be drawn therefore to a new offer – normally an introductory APR on balance transfers. When I applied for the card, I filled in one of the leaflets that I found in a magazine. The whole process probably took about two weeks (that is until I actually received the card) but in that time there was no additional contact from MBNA. I would have appreciated a courtesy call to say that the application
was being processed – for all I knew the paper work could have got lost. They could also benefit from an online application process (currently unavailable).
Eligibility =======
As a Platinum Visa, there are a number of eligibility rules for all applicants. There is a minimum earnings threshold, plus all the normal credit-scoring rules apply. If you are not eligible for the Platinum Plus card, MBNA may well offer you one of their other cards, providing you meet the credit scoring requirements.
Competitiveness of APR ==================
The MBNA Platinum Plus card does not offer a very competitive APR. The current standard APR for purchases or cash advances is 15.9% - not the highest in the market, but not the lowest either. Where the card offers much greater value is in the APR for balance transfers or introductory customers. Current offers can be found for 1.9% for the first five months – as a customer you will also receive regular mailings offering discounted APR rates. These are normally for a fixed period of time, although occasionally they will offer the rate until such time as the balance is paid off. Whilst all these offers are good, the problem is that sooner or later you have to revert to the standard APR – which simply isn’t competitive enough. If you carry a balance from month to month, then chances are you would find a better deal (Cahoot, Egg etc).
Product Package ===========
Aesthetically, I have always thought that the Platinum Plus card was very uninspiring. It’s just had a bit of a revamp, with a jazzy new liquid metal design, but overall it doesn’t look the part. The product package is equally uninspiring – a chequebook and a free additional cardholder are about all you will get. MBNA are keen to promote their payment protection (i.e. they make a lot of money out of it) but otherwise they do little to increase brand loyalty. Whereas Barclaycard offer travel insurance, life insurance, offers on hotels and holidays, mobile phones and much more, MBNA stick to the basics – which means that they are essentially very dull.
Statements ========
The MBNA statements are laid out on a full A4 sheet, unlike most card providers who go for a slim line sheet. The font on the statements tends to be very small – if you have a number of transactions it can be quite difficult to find certain expenditure. However, the current APR is clearly displayed at the foot of the page – not always the case with other card companies. The statement also clearly identifies the balance, minimum payment, and payment due date. One thing that really drives me up the wall is the fact that the account number shown is NOT the card number – so if you want to quote the account number to your bank for telephonebanking you have to refer to the card not the statement. Why can’t they both be the same?
The normal payment options apply – but it is worth paying as soon as possible. Once a balance has carried, interest is calculated on a daily basis. This means that even if you think you’ve paid something in full, the next statement may have a small charge on it for the interest paid between you receiving your statement, and actually making the payment.
Reward Scheme ===========
There isn’t one!
Additional Charges ==============
I have not encountered any additional charges on my account. Replacement cards are free, as is the process of having transactions queried. Furthermore, MBNA do not charge a handling fee for cashing cheques – this is very unusual for a credit card company. (Barclaycard charge 2% on all cheques). Occasionally, they will offer payment holidays (where no payment is due). These should probably be avoided, as they will still charge a full month’s interest. There is a £15 late payment charge though, so make sure you pay your bill on time (which really goes without saying).
Customer Service ============
This is generally average at best. The free phone customer advice line has a relatively lengthy call steering system, which bombards you with balance transfer offers whilst you are waiting. Typically, you will wait a long time to speak to an advisor, but fortunately the advisors are normally very good. I once had a rogue charge applied to my account – a quick call to the help line removed it without hesitation. Unfortunately, the company is yet to offer an online service, and as MBNA is not a bank with branches, the help line is therefore the only route of contact. I don’t feel supported by MBNA – the company doesn’t seem particularly interested in looking after me.
My Verdict ========
As time goes on, I think MBNA will find it harder and harder to compete in the credit card market. Their product offers few benefits to every customer, and as a company they are simply too remote. They need to develop online account management as quickly as possible, and look at passing on some of the savings that will entail by reducing their standard APR. With other online banks offering APR rates as low as 8.9% there is a lot of room for improvement. The Platinum Plus does not live up to it’s name – this card does not offer a platinum service, let alone anything more.
Not recommended.
How helpful would this review be to a person making a buying decision? Rating guidelines
Well written op. I kind of agree with most of the negative things about MBNA but am still unable to completely write them off as even though their interest rates are not the best they've excelled themselves (in my circumstances) in their customer services. When I had problems they extended their credit limit and agreed to change both their interest rate and payment date at the drop of the hat over the phone when requested (without 50,000 questions). I don't use the card very often any more but would advise them for their helpfulness over any other card that I have had.
... PS, I just wanted to add (before wondering why I didn't just write an op) that although there is no reward scheme as such I often get zero payment months which, while it does nothing to reduce my balance (interest still gets added), I have to pay SFA.
m_weller 19.08.2002 16:15
Good op. I keep getting mail from them about their various credit cards.
volpina 09.06.2002 10:04
I too have experienced the 'huge' benefits of this platinum service..NOT! I switched because I found a better deal. Caroline
Advantages: Good customer service, frequent incentives to transfer balances at very low rates, one of the longest interest free periods on the market, Up to 59 days interest free Disadvantages: Payments are used to clear balance transfers first whilst any other spending accumulates at 15.9% APR
sue.51 17.11.2001 (28.06.2003)
·
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Ciao members have rated this review on average: very helpful
Review of MBNA Platinum Card
Advantages: Good intro rate, good customer service, Credit card chequebook Disadvantages: Poor "normal" rate, no incentives (e.g. cashback), no Internet presence
madwolf 28.07.2000 ·
Read review
Ciao members have rated this review on average: very helpful
Review of MBNA Platinum Card
Oct 28th, 2001
very helpful by (98%):
helpful by (2%):
