# MBNA Credit Card - Interest free?



## thespecialon (26 May 2009)

Hi,

I see MBNA are offering 10months interest free on balance transfers for their Platinum credit card -
 [broken link removed]

It states also 14.9% on Purchases.

If I was to tansfer 3K from another credit card obviously this would be interest free for 10months....If I used the card for purchases,to avoid interest payments on this,all I would have to do it pay off the amount paid on new purchases every month? Correct? Or is there a catch?

MBNA also enable you to view your account online which is very helpful rather than waiting a month for a statement...Has anyone any positive/negative comment on the above? Seems like a no-brainer for me,assuming I pay the initial 3K off within the 10months right?

Thanks,

T


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## Lilly2099 (26 May 2009)

The best advice I can give is to stay away from MBNA at all costs!! They are happy to get you as a customer but after that their customer service is awful!


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## thespecialon (26 May 2009)

Really? So even to save around 300Eur in interest?You wouldnt recommend them?
How bad is bad like? All I will be doiing with them hopefully is transferring balance from another credit card and making a few small purchases from time to time?


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## DublinTexas (26 May 2009)

I am an MBNA customer for years and I have never experienced bad customer service even when the card was compromised. Sure it was a lot of paper work but the agents on the phone are always friendly.

However I don't think your calculation is correct because there is a clear point in the T&C about the

Allocation of Payments: Items at lower rates of interest on your statement will be paid before items at higher rates of interest

So I'm not sure that your payments every month won't go to your balance transfer first before they are allocated to the new charges.

I would suggest asking MBNA about this before you make any decision.


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## LDFerguson (26 May 2009)

I've had an MBNA credit card for years and am happy with their service.  Their online facility is very useful.


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## ivannomonet (26 May 2009)

I've had an MBNA card for 12 years and always found them very helpful to deal with.


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## johnny1234 (26 May 2009)

I'll join with the other posters. Fine service, but delay your payment and you will pay for it. It really is very simple.


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## ali (3 Jun 2009)

Any payment you make will go towards balance transfer and you will pay interest on the purchases. Better to continue to use current card for purchases and transfer each over. No limit to no. of balance transfers. Or use current card for purchases and pay off each month and work at getting your 3k down by making the minimum or more payment each month. If you miss the min payment, you go straight onto high interest, all deals are off! Beware.


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## bond-007 (3 Jun 2009)

MBNA have recently increased their rates to almost 21% APR. Truly penal.


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## thespecialon (3 Jun 2009)

Thanks Ali,
Ya so ill just use the MBNA card for the  balance transfer(and get this paid off in the 9month period) and hold onto my old card for purchases if needed and pay off in full every month..Should save me some money in interest at least.

T


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## Hybrid Boss (3 Jun 2009)

You cant do a balance transfer to a new credit card company & keep the old card. The old card is closed once the transfer is complete. You will get 0% interest on the balance transfer any new purchase will be @ the normal credit card rate. Be very wary of MBNA's hidden charges. You sould contact your exsting card provider & tell them you are going to switch to another company, they may give you a good rate not to switch.


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## bond-007 (3 Jun 2009)

> The old card is closed once the transfer is complete.


Are you sure? I have seen cases where the balance is moved but the card stayed active.


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## thedaras (3 Jun 2009)

Hybrid Boss said:


> > *You cant do a balance transfer to a new credit card company & keep the old card. The old card is closed once* the
> 
> 
> transfer is complete. You will get 0% interest on the balance transfer any new purchase will be @ the normal credit card rate. Be very wary of MBNA's hidden charges. You sould contact your exsting card provider & tell them you are going to switch to another company, they may give you a good rate not to switch.


 
That is NOT CORRECT..
I have transfered my balance to a new credit card company (about 4 months ago) and I still have and can and have used the old credit card.
Where did you get that information from?
Have things changed?


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## renno rannes (3 Jun 2009)

I agree I have had no problems with MBNA, I did a balance transfer at 0% and customer service has been excellent.


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## 10to1 (9 Jun 2009)

I have been a customer also for 12 years. I've had 3  issues with late payments due to my own failure to pay on time. The payment was just a day or 2 late on each occasion. The hit me with a late payment charge. I complained and each time customer service refunded the charge. Be midful that if you are late in one month you lose the 56 days interest free for the following month. I also had a claim for 9 months of a years leisure centre subscription because the leisure centre had gone in to liquidation. They refunded the monies without quibble or delay. I have to say their customer service is excellent. Yes they have some nasty charges but if you pay in full and on time there's no problem.


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## sexitoni (10 Jun 2009)

Just off the phone this minute with a fairly sarky bloke, want to share the detail...

I got a new Ryanair MBNA card in March

My 24th March statement total was €6,371; min payment due by 23/4. I paid €5,631 by that date.

I then changed the statement dates to suit my salary

My next statement total on 9/5 was €3,560, including €121 interest; min payment due by 7/6. I paid €3,750 by that date. Note more than the balance.

My statement total today on 10/6 is €1,058, including €23 interest, despite the fact I had cleared the full previous balance (and some) and on time.

When I got him to stop explaining basic arithmetic to me he conceded that 'the terms and conditions' effectively mean that clearing your balance does not necessarily mean you won't be charged interest. 

Just thought I'd share.


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## 10to1 (11 Jun 2009)

If you don't clear the whole balance each month you are charged interest on the full amount in the statement - not the amount outstanding. That applies to most if not all CC issuers afaik.

I assume that the guy you were talking to works for MBNA. I would find out if you are being charged because first of all you didn't pay the full balance due on 23.4 and secondly because you changed your statement date from 24th March to May 9th which would mean that you were a little over 2 weeks late if the statement date had been 24 April.

I would then ask to speak to a supervisor and ask for a breakdown of the charges and point out (if it wasn't explained to you when you requested a change of statement day) thatyou feel the interest being charged is unfair. I would be surprised if they didn't agree to halve the interest.

Good Luck


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## lightswitch (11 Jun 2009)

Got caught by two Ryanair sales people in the departure tunnel in the Airport in March.  I was half way through answering their questions when I realised that I was applying for a credit card, went ahead with it anyway and forgot all about it.  

They gave me close to 18k which to be honest I was shocked at particularly in the current climate.  Did not realise that it was an MBNA credit Card until I got a call from them.  

Dont need to use it at present so not a problem but I have heard that they are very quick to call the ICB if you miss a payment, not sure how true that is.


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## samanthajane (11 Jun 2009)

LOL lightswitch how did you not know it was for a cc, you cant miss the signs surrounding them. 

18k is a lot of money indeed, if you dont need the card why dont you cancel it. 

They are ok to deal with as long as you pay them.


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## lightswitch (11 Jun 2009)

If I'm being honest Samantha Jane I was somewhat hungover

I'm not too bad with money so there is no fear of my running out and buying Gucci bags and shoes like some of my friends might.  But I'm still not the type to send it back, though I did consider it, you never know when it might be very handy.


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## bond-007 (11 Jun 2009)

> Dont need to use it at present so not a problem but I have heard that they are very quick to call the ICB if you miss a payment, not sure how true that is.


It is very true. They are one of very few credit card companies that supply live data to the ICB.


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## samanthajane (11 Jun 2009)

They must of seen you coming lol 

I put my head down, move as far left as i can and walk as fast as i can to pass them. 

If you can stop yourself frm not using it unless you need to then it's ok to keep it. I couldn't do that which is why i have a very small limit and requested that they never up the limit!!


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## asha3011 (18 Jun 2009)

You can defo keep the old one active when you move you balance to another credit card, I moved my balance from BOI to Tesco an still have both cards, I was also thinking about MBNA but I dont think i will go with them now, I heard they are very handy at adding up the intrest


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