MBNA 60-days 0% purchase

JohnBravo

Hi All,
I have this credit Mastercard. It says 60 days 0% purchase from account opening but I cannot see what exactly indicates account opening.
I have this Pre Contract Credit Information and Adequate Explanation and draft email on the 1st of October then "Your application has been successful" the same day. I registered to Online Card Services on the same day.
The card arrived a week later and was activated on the 11th, 1st purchase on the 11th of October.
Please advise.
Thank you

[Deleted User]

What did MBNA say when you asked them?

molerat

What does it show on the breakdown of balances section on the statement ?

JohnBravo

Account information:
Your standard interest rates are:
20.93% p.a. (variable) for Cash Transactions20.93% p.a. (variable) for Purchases
20.93% p.a. (variable) for Balance Transfers
20.93% p.a. (variable) for Money Transfers
19.15800% p.a. (variable) for Default charges

Please refer to the Breakdown of balance within this statementfor more information regarding your interest rates.

Breakdown of balance
Balance Type: Purchases(Promotional)
Monthly Simple Rate (%): 0.0000
Annual Effective Rate (%): 0.00
Outstanding Balance (£): x,xxx.xx
Interest Charged (£): 0.00
Expiry date: 31/12/21

DirectDebit is on 12th of each month.

born_again

JohnBravo wrote: »

Hi All,
I have this credit Mastercard. It says 60 days 0% purchase from account opening but I cannot see what exactly indicates account opening.
Thank you

I would say one the account is up and running. Ie once they have approved it.

JohnBravo

or does it mean I have to start using it within 60 days otherwise I lose the promotion?

[Deleted User]

It means you have 60 days from account opening before the purchases offer expires.

Either ask them, or take a rough estimate that the account was created four or five days before you received the PIN or card.

JohnBravo

[FONT=Arial, Helvetica, sans-serif][FONT=Arial, Helvetica, sans-serif]Purchases within the first 60 days - [/FONT]00.00% p.a. fixed interest for the first 27 months from either your account opening or the date of your account transfer[/FONT]
[FONT=Arial, Helvetica, sans-serif]
[/FONT]
[FONT=Arial, Helvetica, sans-serif][FONT=Arial, Helvetica, sans-serif]We will notify you before any promotional offers you have taken out expire. We may make other promotional offers available to you in the future if you are eligible for them. The length, interest rate and fee may depend on many factors. These may include the way you use your account, your credit risk or our reasonable response to changes in the financial services industry. We will notify you from time to time and show them on your monthly statement if you use them.[/FONT][/FONT]

[FONT=Arial, Helvetica, sans-serif][FONT=Arial, Helvetica, sans-serif]
[/FONT][/FONT]
[FONT=Arial, Helvetica, sans-serif][FONT=Arial, Helvetica, sans-serif]As of yet I have not received any notifications so I think I am fine.
[/FONT][/FONT]

CollinT

MBNA really are an odd fish with their 0% purchase card.

What MBNA do is make the 0% purchase offer only apply to purchases made within 60 days of opening the account. These then remain interest free until the end of the 27 months provided the minimum amount is paid on time after the monthly statement is produced etc.

If you make purchases after the 60 days you pay interest on them (unless paid off in full etc).

Most other banks 0% purchase card allow purchases at 0% for the whole of the offer period (27,24,30 months etc).

It really makes you wonder why anyone would entertain an MBNA purchase card with its narrow 60 day purchase window when most other Banks/card issuers allow purchases at 0% for the full period. Unless it is the only card one can get of course.

Vortigern

CollinT wrote: »

It really makes you wonder why anyone would entertain an MBNA purchase card with its narrow 60 day purchase window when most other Banks/card issuers allow purchases at 0% for the full period. Unless it is the only card one can get of course.

It's useful for those who want to purchase a big ticket item and spread the cost over the next few months. Or those who've just bought a house and need to furnish it.

It's just not a card for day-to-day spending.