Now here is a blast from the past. What has happened? I am now 40, and found myself at a loose end, ...
Now here is a blast from the past. What has happened? I am now 40, and found myself at a loose end, so I thought I would pick up my opinionating pen again. Will pop in from time to time and write stuff.
Enjoy!
Nolly
Member since:27.04.2001
Reviews:136
Members who trust:16
MBNA was the first credit card that I got when I started working as a teacher. I thought I was a big cheese, and I was immediately given a credit limit of £1500 (this was in 1994). Over the years the card has had its uses, but there are a number of alarming issues that I feel should be pointed out to members of the general public before they sign up and splash the plastic:
1- Interest Rate - MBNA does not have the most expensive, but then again it does not have the lowest interest rate.
2- Minimum Payment - The minimum payment on MBNA cards is only 2% of the outstanding balance. You may feel that that is irrelevant to you, but if you are one of the millions of folk who do not pay their balances off in full, there can be a few problems down the line. MBNA are happy to up your credit limit from time to time. Before I got rid of it, my limit was up to £5500 ! If you have payment protection on your card, which initially seems like a good idea, and you have a balance of, say £3000, your monthly repayment will not cover the interest and payment protection, and your balance will in fact increase! If you do not have payment protection, and pay off a balance of £3000 by the minimum 2% every month, it will take you 37 years to pay it off completely- and I feel that that is an alarming statistic.
3- Charges- The charges on late payments are stinging! In addition, if you get into financial difficulties, they can be swift to send letters and threaten court action.
I hope you find this useful.
How helpful would this review be to a person making a buying decision? Rating guidelines
Advantages: what advantages Disadvantages: I went into hospital twice in two months, mbna refused to cancel the charges that they put on my card unless i took a direct debit out with them to pay every month
oliver1971 22.11.2006 (22.11.2006)
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Ciao members have rated this review on average: somewhat helpful
Review of MBNA Silver 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 ·
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Ciao members have rated this review on average: very helpful
Review of MBNA Platinum Card
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
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May 2nd, 2001
very helpful by (71%):
helpful by (29%):
