MBNA Credit Card

OXFORD_SMOGGY

MBNA Card 0% on all purchases until 01/09/2020

I took out a credit card on the 03/04/2018, as far as I was aware it was 0% on all card purchases until 01/09/2020. My fault completey as I havent checked the statements all this time and fortunately didnt use it two much since opening but hav ebeen subject to interest charges each month.

However MBNA have turned round to me and said the promotional period was only for 2 months, eve though at the bottom of my statement is says promotional period valid until 01/09/2020.

Did anybody else get this card at a similar time, I cant fine my original sign up document now. I cetaintly wouldnt have bothered signing up had it only been 2 months promotional period.

ceredigion

0% until …./…/… on purchases made in the first 2 months.

Very common and equally common for people not to read what they are reading.

Ben8282

If you look at their current offering https://www.moneysavingexpert.com/credit-cards/best-0-credit-cards/ MBNA offer a purchases card which, unlike the 0% purchases cards offered by other providers, only applies the 0% to purchases made in the first two months.
Very unsatisfactory and I personally would not be interested in such a card but that's the way MBNA do things.
And you have not checked your statements for 18 months so you never noticed the increasing minimum payment direct debits as interest started to be charged …..

Ben8282

ceredigion wrote: »

0% until …./…/… on purchases made in the first 2 months.

Very common and equally common for people not to read what they are reading.

Not common on any other 0% purchases cards. Only MBNA do this to my knowledge..

ceredigion

Ben8282 wrote: »

Not common on any other 0% purchases cards. Only MBNA do this to my knowledge..

TSB
https://www.tsb.co.uk/credit-cards/purchases/platinum-purchase-card/
"20 months interest free on both your purchases and balance transfers made within the first 90 days of account opening."

Ben8282

ceredigion wrote: »

TSB
https://www.tsb.co.uk/credit-cards/purchases/platinum-purchase-card/
"20 months interest free on both your purchases and balance transfers made within the first 90 days of account opening."

No
Offer applis to purchases made during the entire period. It is the balane transfers which need to be made within the first 90 days.
Admit the headline can be read both ways but read below the headline at the details where it is made clear.

PixelPound

Ben8282 wrote: »

No
Offer applis to purchases made during the entire period. It is the balane transfers which need to be made within the first 90 days.
Admit the headline can be read both ways but read below the headline at the details where it is made clear.

I have a platinum card and can confirm the 90 days is for BT and purchases are for the full period.

There are a variety of 0% cards and the OP needs to pay attention when applying. You will get 0% BT and 0% purchase cards, it's wrong to assume they are the same. Some will give you a 0% on BT but charge you on purchases or state purchases are 0% for a limited time like 3 months whilst the 0% BT are for the full period. Some providers offer multiple products e.g. a purchase card and a BT card which are different so you need to endure you are applying for the right card.

CakeCrusader

I've just signed up to one of these. I have 0% on purchases for 3 months but for 15 months. I'm assuming I can use it for purchases for 3 months, and I have 15 months to clear the balance from any purchases. If I use the card after 3 months for purchases I'll pay interest. Balance transfers are 0% for the first 30 days.

Ben8282

CakeCrusader wrote: »

I've just signed up to one of these. I have 0% on purchases for 3 months but for 15 months. I'm assuming I can use it for purchases for 3 months, and I have 15 months to clear the balance from any purchases. If I use the card after 3 months for purchases I'll pay interest. Balance transfers are 0% for the first 30 days.

What exactly have you just signed up to?

https://www.moneysavingexpert.com/credit-cards-variant/?_ga=2.65445358.1574606974.1568664791-1015978692.1500054810
The MBNA card which appears right at the top of this list really doesn't belong there at all as it is not a true purchases card and is really a con (as a purchases card) because although it gives you 26 months to repay the purchases made at 0%, it limits the time you have to make the purchases to 60 days. It certainly does not give 26 months interest free spending in the sense that other purchase cards do. A true 0% purchases card will apply a 0% rate of interest for the entire duration of the purchase interest free period irrespective of when the actual purchase is made. In fact this card is useless as a purchase card as any spending made after 60 days will incur interest Having said that though, if the card is required as a balance transfer card the BT offer is quite reasonable but it really should be marketed as a balance transfer card and not put at the top of the list as the best purchases card because it most certainly is not.

The second card on the list, the Sainsburys dual offer card is an excellent product both as a purchases and balance transfer card and would certainly have my recommendation so long as, if you wanted a balance transfer, you were happy with the 3% fee. Unlike the MBNA card interest will be applied at 0% to all purchases made for the entire 25 month duration of the purchases offer. This would enable a balance transfer to be made and also allow the card to continue to be used for purchases without paying interest. This would be of particular interest to Sainsburys shoppers as the normal nectar reward plus the additional nectar points from using the card would equate to the equivalent of 1.5% cashback when redeemed at Sainsburys against the cost of shopping- better than any Amex cashback card after the initial 5% cashback period.

BoGoF

It's not really a con though is it seeing as it quite obviously applies to first 2 months only.

A con would be if you weren't told this important fact.

OP failed to read what they were signing up for....no con.

CakeCrusader

Ben8282 wrote: »

What exactly have you just signed up to?

https://www.moneysavingexpert.com/credit-cards-variant/?_ga=2.65445358.1574606974.1568664791-1015978692.1500054810
The MBNA card which appears right at the top of this list really doesn't belong there at all as it is not a true purchases card and is really a con (as a purchases card) because although it gives you 26 months to repay the purchases made at 0%, it limits the time you have to make the purchases to 60 days. It certainly does not give 26 months interest free spending in the sense that other purchase cards do. A true 0% purchases card will apply a 0% rate of interest for the entire duration of the purchase interest free period irrespective of when the actual purchase is made. In fact this card is useless as a purchase card as any spending made after 60 days will incur interest Having said that though, if the card is required as a balance transfer card the BT offer is quite reasonable but it really should be marketed as a balance transfer card and not put at the top of the list as the best purchases card because it most certainly is not.

The second card on the list, the Sainsburys dual offer card is an excellent product both as a purchases and balance transfer card and would certainly have my recommendation so long as, if you wanted a balance transfer, you were happy with the 3% fee. Unlike the MBNA card interest will be applied at 0% to all purchases made for the entire 25 month duration of the purchases offer. This would enable a balance transfer to be made and also allow the card to continue to be used for purchases without paying interest. This would be of particular interest to Sainsburys shoppers as the normal nectar reward plus the additional nectar points from using the card would equate to the equivalent of 1.5% cashback when redeemed at Sainsburys against the cost of shopping- better than any Amex cashback card after the initial 5% cashback period.

It's a Dual Offer.



"The table below shows you the rates and fees that will apply to some transactions during any introductory promotional period. You will lose any promotional offers if your minimum payment is late or you go over your credit limit."


Introductory promotional offers Balance type Interest rates (effective %) and durations Purchases within the first 60 days 00.00% p.a. fixed for the first 15 months from either your account opening or the date of your account transfer Balance transfers within the first 60 days 00.00% p.a. fixed interest for 15 months from either your account opening or the date of your account transfer, on the transferred amount and the promotional fee Money transfers within the first 60 days
00.00% p.a. fixed interest for 3 months from either your account opening or the date of your account transfer, on the transferred amount and promotional fee