Looking for a credit card that helps you manage your debt and makes large purchases easier to handle?
The MBNA Platinum Credit Card offers long 0% interest periods for balance transfers and purchases!
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This card is designed for those wanting to consolidate debt or advance payments for larger purchases, making it a popular choice for UK consumers. It offers great benefits, providing significant breathing room to pay off debt or manage new expenses.
Key Benefits of the MBNA Platinum Credit Card
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Advantages and Disadvantages of the MBNA Platinum Credit Card
Before deciding, it is important to weigh the pros and cons of the MBNA Platinum Credit Card.
Here’s a detailed look at what you can expect from this product.
PROS
- Extended 0% balance transfer period The MBNA Platinum Credit Card offers one of the longest 0% interest periods on balance transfers in the market, lasting up to 24 months. This gives you nearly two years to pay off existing credit card debt without incurring additional interest, making it a top choice for anyone looking to consolidate and manage their credit card balances.
- 0% interest on purchases In addition to the long balance transfer period, the card provides 0% interest on purchases for up to 12 months. This feature is helpful for large purchases or unexpected expenses, allowing you to spread the cost over a year without paying interest.
- No annual fees The MBNA Platinum Credit Card does not charge an annual fee, keeping your overall costs low and ensuring you won’t face any unexpected charges throughout the year.
- Flexible credit limits and manageable repayment options The card comes with flexible credit limits, meaning you can manage larger expenses without worrying about overspending. The flexible repayment options allow cardholders to structure payments according to their financial situation.
CONS
- Balance transfer fees Although the 0% interest on balance transfers is a big draw, it’s important to note that there is a 2.99% balance transfer fee. While this fee is relatively standard, it may eat into the savings you expect to make from avoiding interest. Make sure to factor in this cost when calculating your overall savings.
- High APR after the 0% period Once the promotional periods end, the card’s interest rate reverts to a variable APR of 24.9%. This is a fairly high rate, so it’s important to ensure you can pay off your balance before the promotional period expires to avoid hefty interest charges.
- No rewards or cashback programme Unlike other credit cards, the MBNA Platinum Credit Card offers no cashback or rewards on spending. If you’re looking for a card that gives you something back on your everyday purchases, this might not be your best option.
- There are no specific travel benefits. While this card offers strong financial management tools, it doesn’t come with perks like no foreign transaction fees or travel insurance, which could be a drawback for frequent travellers.
Yes, the MBNA Platinum Credit Card requires a minimum annual income of £14,000. Applicants also need to have been residents of the UK for at least three years.
After the promotional periods, the interest rate reverts to a variable APR of 24.9%. Paying off your balance before these periods end is advisable to avoid incurring high interest charges.
Yes, while you’ll enjoy 0% interest on balance transfers, there is a 2.99% transfer fee. It’s important to calculate this cost when planning your balance transfer.
Conclusion: Is the MBNA Platinum Credit Card Right for You?
The MBNA Platinum Credit Card is an excellent choice for anyone looking to consolidate existing debt or finance a large purchase.
With 0% interest on balance transfers for 24 months and 0% on purchases for 12 months, it offers significant flexibility for managing debt and expenses.
However, the balance transfer fee and high APR after the promotional periods should be considered.
This card is best suited for those who can pay off their balance within the promotional periods and are willing to miss out on rewards or travel perks.
If you’re looking for a simple, low-cost way to manage debt or make large purchases, the MBNA Platinum Credit Card is a reliable choice.
But if you’re after rewards or cashback, you might want to explore other options.
Another great option: the Barclaycard Platinum Credit Card
Consider the Barclaycard Platinum Credit Card if you want a card with similar 0% interest periods but added perks like no foreign transaction fees.
It offers up to 29 months of 0% interest on balance transfers and travel-friendly benefits.
Barclaycard Platinum Credit Card review
Is the Barclaycard Platinum Credit Card right for you? Dive into our detailed review, dissecting its features and benefits to help you decide!
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