MBNA 0% credit cards comes up as a good option on the credit card calculator! IT MAY NOT BE FOR YOU

P1

All the blurb says interest free for 24 months!  However it only applies to payments within the 1st 60 days.  They are not very clear about that on the advert.  Its frustrating as I had 5 other genuine 0% offers from 5 other banks.  My credit score was 989 I think.   I just picked the wrong card out of the 5.  However, the information is there on the email confirming my credit card application.  I missed it in the T&C's.  I wish that bit was in bold writing though!  I wanted it to safely pay for items online.  No one forced me to take a credit card.  I did not need to use the card within the 1st 60 days. As a result my 0% interest for 24 months has become 22%!  I can pay it off but very annoying all the same.  I have lost my job so can't apply for another one.  I have investments thankfully so I can afford to pay it off.  Sucks for someone who falls into this and cant pay it.  This feels a bit dodgy. MBNA are making some wedge!

Fighter1986

It's very normal for balance transfer promotional rates to only apply to transfers made within the first 30-60 days of account opening, it's not just MBNA.

Glad you've got investment to cover the balance though and all the best finding work. 

MallyGirl

the MBNA deal is 0% on purchases made in the first 60 days - that is not normal.

EmpressBlandings

@Fighter1986 It;s not about balance transfers but about purchases. It's marketed as 'free for 24 months' and all other (that I'm aware of) cards limit the interest-free time on transfers, but not purchases. This, as the OP says, somewhat hides the change (even on the copy of T&Cs I have, having a convenient page-break before the line 'charges commence after 60 days at standard rate').

Would be better if MSE clearly explained that too. It's NOT a traditional '0% on purchase' card.
And, before anyone points it out, 'yes. I should have read the full T&Cs'

dr_adidas01

MallyGirl said:

the MBNA deal is 0% on purchases made in the first 60 days - that is not normal.

As @MallyGirl says the MBNA card is a weird one when I did there eligibility check it gave me:

0% for up to 24 months

On purchases made within 60 days of account opening.

I would have expected it to have been for any purchases made within the 24 months not 60 days of opening.

P1

Thanks for your input.  I don't remember that.  I do love the different font sizes though   As I said in the post they should bold the 60 day bit and not the Interest free for up to 24 months. I got the link from this credit card eligibility checker so I did drop my guard a bit.  I just thought I was signing up to a standard 24 month 0% cards like loads of other banks have always given me in the past.  Ultimately its my fault for not thoroughly checking the T&C's.  I will admit I don't go through every detail line by line on my car insurance either!   I always use 0% cards over the years.  Never one like this though.  It is sneaky.   20% interest came by stealth.  Rates are 0.1% right?

P1

MallyGirl said:

the MBNA deal is 0% on purchases made in the first 60 days - that is not normal.

Could this be considered a miss selling?  I dont think it was that clear.  That sort of term change should have been in bold capitals alongside the 0% bit in my view.  Very annoying.

dr_adidas01

P1 said:

Thanks for your input.  I don't remember that.  I do love the different font sizes though   As I said in the post they should bold the 60 day bit and not the Interest free for up to 24 months. I got the link from this credit card eligibility checker so I did drop my guard a bit.  I just thought I was signing up to a standard 24 month 0% cards like loads of other banks have always given me in the past.  Ultimately its my fault for not thoroughly checking the T&C's.  I will admit I don't go through every detail line by line on my car insurance either!   I always use 0% cards over the years.  Never one like this though.  It is sneaky.   20% interest came by stealth.  Rates are 0.1% right?

The different font sizes is because I copied and pasted direct from there website, like you I'm surprised at the within the 60 day limit, as all the 0% purchase cards I've had have been for the duration of the 0% which my last one was for 36 months.

MallyGirl

It is called out in the Best 0% cards article on here:
https://www.moneysavingexpert.com/credit-cards/best-0-credit-cards/

More long 0% purchase cards

CARD	0% LENGTH	REP VARIABLE APR AFTER
Sainsbury's Bank - Must have had Nectar card for 6mths+ Apply direct to lender (not in eligibility calc)	Up to 20 months (i)(ii)	20.9%
Tesco Bank Apply direct to lender (not in eligibility calc)	Up to 20 months (i)	19.9%
TSB Apply direct to lender* (not in eligibility calc)	Up to 20 months (iii)	19.9%
MBNA Apply via eligibility calculator	Up to 20 months only on purchases in first 60 days (iv)	20.9%
Barclaycard Apply via eligibility calculator	18 months	20.9%
HSBC Apply via eligibility calculator	18 months	22.9%

P1

!!!!!!.  Too late for me as I'll have to put unemployed on the form.  Would rather keep my credit rating good!  Apart from me being an idiot who would sign up to that?  Was it displayed like that on the 13th December 19?  Any way to check?

P1

And I'm not blaming this site either!  Just odd that that deal is even there.  Whats the point of it?!?!?!?