MBNA credit card help

Eonca

Hi All,

Need some help with the below credit card I am looking to set up. I'm looking to borrow £3000 and transfer it to my current account to buy a car. Am I correct in thinking that it will be a fixed 4% fee for the transfer?

What will the minimum monthly repayments be on £3000?

Would I be able to pay the loan off early if I wanted to?

MBNA platinum credit card

Is this the best option to go for considering that I will be able to pay this amount off within 24 months?

Is there anything which I am missing? I have asked these questions directly with MBNA but no response yet.

Thanks

YorkshireBoy

Eonca wrote: »

Am I correct in thinking that it will be a fixed 4% fee for the transfer?

If you pick the wrong Platinum card, yes. However, if you pick the right Platinum card it'll be 1.94%.

What will the minimum monthly repayments be on £3000?

That's answered on their website. See the summary box and/or the FAQ.

Would I be able to pay the loan off early if I wanted to?

It's not a loan, it's a credit card. The answer is yes.

MBNA platinum credit card

Which one? See above re the fees.

Is this the best option to go for considering that I will be able to pay this amount off within 24 months?

If you pick the right Platinum card, probably yes.

Is there anything which I am missing?

Sounds like you probably haven't spent a lot of time on their website reading up on the product, so almost certainly yes.

A circa £3,200 limit (necessary for a £3K money transfer) might be a big ask for someone who hasn't had a credit card before. Making an assumption here, because if you had you'd know where to find the information on minimum payment calculation, ie in the product summary box.