Sorry, I'm not really very active here on Ciao anymore. But will still try to log in and read every...
Sorry, I'm not really very active here on Ciao anymore. But will still try to log in and read everyone else's ops when I get a chance. Lou X
Member since:20.02.2003
Reviews:26
Members who trust:16
I first applied for an MBNA credit card when I was a student and to my surprise very quickly received my first card. As a student this was great. I had free money! And I've found a way of keeping it free ... hope you can benefit too and this isn't just a error that on reading my opnion here someone from MBNA will quickly fix.
The 0% interest free period runs for 6 months. This is pretty standard although some cards will have longer periods if you sign up at the right time. My favourite at the moment is the Tesco credit card which is interest free until Oct 2003 (by the way I have a wide selection of credit cards now!). You have to be pretty organised with your finances to make sure that you don't run over the 6 months and end up paying high rates of interest on accumulated monies that you've eagerly transferred over.
The trick is to make the 6 monthly switch to a new interest free credit card as painless as possible. In my experience credit cards have caught on to the fact people are transferring from one card to another and new credit cardapplications can often be lengthy processes causing you to breach your 6 month personally imposed limit with one card.
Anyway, I've discovered that MBNA have a VERY wide selection of credit cards. There are the standard MBNA branded platinum cards and then a multitude of cards for organisations such as charities and universities which are in fact MNBA cards too. The thing is, rather than having to apply for a new credit card with a different company every 6 months, it is possible to apply for a new card with MBNA every 6 months. The application is a lot quicker and as you already have an account, less paperwork is needed. But you do have to find another MBNA card with 0%.
I started with a standard card at 0%, then asked to upgrade to the platinum (0% for another 6 months). Then I decided to help out a charity and applied for another (again 0% for yet another 6 months). And then I took a break and went to another company (I think it was at this time that I tried Egg). Then another mailshot for an MBNA card with 0% interest on balance transfers came through my door. So I applied. I had a phone call from MBNA asking what I wanted to do with the other account and I instructed them to close it and transfer the balance. Which they did. So now I've enjoyed a full 2 years at 0% from MBNA alone.
Ok so I haven't earnt any points or cashback I here you say. But I have! The trick is, spend with another credit card and then transfer the balance each month. So you get points from them. Goldfish is good for points - I recently discovered that I'd saved up £80 worth of points without realising!
The only downside to this method is you really need to keep on top of your finances and be very disciplined with yourself. Personally, I have a savings account which I pay into the value of my credit card each month (rather than paying off the bill). This means that the money is there in case I need to pay off the full balance. And it's earning me money. And I'm earning points / cashback. And I'm paying no interest.
Quick Summary: Interest rate - 0% for 6 months, then 15.9%
Min requirements - it used to be £20k salary but the website makes no mention of this so it might not still apply
Application process - quick and easy either by their website (mbna.co.uk) or by phone 0800 062062. It takes about a week.
Maintenance - website is basic, but you can see your balance and transactions for 6 months. The customer service number above is free 24 hours a day (and they're very helpful).
Other bens - no annual fee (although not many charge this now anyway), no liability for theft, loss or fraud if you let them know straight away.
It works for me ... I hope it can work for you too.
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Good op - I do this too, as you say, you have to be very organised but it does work.
Incidentally MBNA are currently offering 0% on balance transfers and purchases until July 2004!!
Advantages: Good intro rate, good customer service, Credit card chequebook Disadvantages: Poor "normal" rate, no incentives (e.g. cashback), no Internet presence
Advantages: MBNA are one of the most accessible banks around, and seem to want to please their customers Disadvantages: Balance Transfer Fee, poor points scheme
debcrane 04.05.2002 (08.01.2006)
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MBNA Platinum Card
Feb 23rd, 2003
(Feb 26th, 2003)
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