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The MBNA 5 credit card offers a low interest rate of 4.9% for five years, as long as you make your transfer within 60 days of account opening. It also has a one-off fee of 0.5% to make the transfer, but as long as you can budget to pay it off within the low-interest period, it could beat 'rate-for-life' cards.
What's 'pre-approval'? MBNA has now provided info so we can tell many people they've a 100% chance of getting that exact deal (subject to passing its ID & fraud check). There's no impact on your credit score, though of course if you then apply, that marks your file.
- You must transfer within the first 60 days to get the low 4.9% rate.
- After your low rate ends, you'll pay 8.9% interest a year on any money-transfer debt leftover.
- Some poorer credit scorers getting this card may be given initial interest rates of 8.9%, jumping to 10.9% at the 60 months' end.
- You can't transfer a balance from another MBNA card.
- This card also offers money transfers at 4.9% interest for five years, with a 0.5% fee.
- Always pay at least the minimum monthly repayment, or you'll lose the low-rate deal.
- Don't withdraw cash on this card; it isn't at the cheap rate and cash withdrawals hit your credit file.
- Balance transfer rate & fee: 4.9% for 60mths then 8.9%, 0.5% fee
- Minimum payment: Greater of 1% of balance plus interest or £25
- Min income: £20,000 | Card issuer: Mastercard | Time limit: 60 days
variable APR on spending:
8.9% (Official APR Examples)
A nonsense piece of regulation means we have to tell you if you were to spend £1,200 at an annual interest rate of 8.9% (variable) your Representative APR would be 8.9% (variable).
Unlike applying, which usually leaves a hard search on your credit file and can hurt your future credit worthiness,
our eligibility calculator uses a soft search. We use this to find out how likely you are to be accepted.
You see the soft search on your credit file, but lenders don't, so it has no credit impact.
Use this calculator to home in on the card you're most likely to get.
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