Warning: MBNA 0% for 22 Months credit card.

galaerin

This was entirely my fault, but in case anyone else sometimes fails to read the small-print then the 22 month interest free offer from MBNA is not entirley what it seems.

So when you see the following....



...you may (fairly reasonably) expect to be able to make purchases on the card for 22 months @ 0% interest. But that's not the case. Rather than jump straight onto 'Apply Now', click the 'More card info' link. This explains that only purchases made in the first 60 days of opening your account are actually interest free. Anything spent after that is subject to the 24.94% interest unless paid off in full at the end of the month etc.

I fell foul of this with an interest charge I wasn't expecting, and while I take full responsibilty for that, I do feel somewhat tripped-up by it and pi**** off. After all, every other interest-free for x months card I've ever taken out has been just that - interest free on all purchases for x months.

singhini

The statement "A nonsense piece of regulation means we have to tell you this...." caught my eye and would have distracted me from clicking onto "more card info" and i too would have just clicked onto the "Apply Now" button 

And as you say i would expect to be able to make purchases on the card for 22 months @ 0% interest.

Feel for you.

DullGreyGuy

singhini said:

The statement "A nonsense piece of regulation means we have to tell you this...." caught my eye and would have distracted me from clicking onto "more card info" and i too would have just clicked onto the "Apply Now" button 

I understand why companies offering premium credit card argue the APR regulations are "nonsense", because of their high annual fees the APRs can be over 100% but as they argue, their not aiming at people only spending £1,200. Makes little sense on a fee free card advert. 

galaerin said:

This was entirely my fault, but in case anyone else sometimes fails to read the small-print then the 22 month interest free offer from MBNA is not entirley what it seems.

So when you see the following....

Is this from their own website or a third party's? 

Can't see any of the credit cards available directly on the MBNA site, seems you have to do their smart check first. It's common for BT/MT cards to limit the transfer to the first X days but much less common on spending. 

Altior

Fairly standard that you only get a small spending window on a 0% purchases card. Santander is the only provider I can recall where the 0% applied to purchases for the duration of the offer.

prowla

Altior said:

Fairly standard that you only get a small spending window on a 0% purchases card. Santander is the only provider I can recall where the 0% applied to purchases for the duration of the offer.

I've just paid off a NatWest one where the 0% was on purchases made at any point over the 18 months.

Shadyocuk

Altior said:

Fairly standard that you only get a small spending window on a 0% purchases card. Santander is the only provider I can recall where the 0% applied to purchases for the duration of the offer.

Dont agree on that Barclaycard and Lloyds are two I have that offer the full term at 0% on purchases , and I am sure Natwest and others do the same. It is  normal for the 0% on balance trfs to only apply on trfs made in the first 60/90 days though.

QrizB

I was thinking of applying for the MNBA card this morning but saw that 60-day limit in time that I didn't fall into the same trap.

Applied to Lloyds instead, 21 months of purchases at 0%. (During the application process they also offered me 19 months at 0% for BT with a 3% fee, which I declined.)

DullGreyGuy said:

galaerin said:

This was entirely my fault, but in case anyone else sometimes fails to read the small-print then the 22 month interest free offer from MBNA is not entirley what it seems.

So when you see the following....

Is this from their own website or a third party's? 

The screen cap is from MSE's own credit card eligibility calculator.

surreysaver

Altior said:

Fairly standard that you only get a small spending window on a 0% purchases card. Santander is the only provider I can recall where the 0% applied to purchases for the duration of the offer.

I'd say it's fairly standard to have a 0% spending window of up to two years. I've had Marks & Spencer, Nationwide and Halifax over the last couple of years

Altior

Shadyocuk said:

Altior said:

Fairly standard that you only get a small spending window on a 0% purchases card. Santander is the only provider I can recall where the 0% applied to purchases for the duration of the offer.

Dont agree on that Barclaycard and Lloyds are two I have that offer the full term at 0% on purchases , and I am sure Natwest and others do the same. It is  normal for the 0% on balance trfs to only apply on trfs made in the first 60/90 days though.

I've actually had a Barclaycard one that I got slightly caught out on as I paid interest on a purchase after the window.

I do recall that they sent me an email about it, which is how I found out luckily.

'Fairly standard' doesn't mean that's the only option used, perhaps the split is closer to 50/50. But it's certainly not uncommon to have a small purchases window at the beginning of the account where the 0% will apply.

DullGreyGuy

QrizB said:

DullGreyGuy said:

galaerin said:

This was entirely my fault, but in case anyone else sometimes fails to read the small-print then the 22 month interest free offer from MBNA is not entirley what it seems.

So when you see the following....

Is this from their own website or a third party's? 

The screen cap is from MSE's own credit card eligibility calculator.

So not only a third party but a FCA regulated third party. 

Altior said:

Shadyocuk said:

Altior said:

Fairly standard that you only get a small spending window on a 0% purchases card. Santander is the only provider I can recall where the 0% applied to purchases for the duration of the offer.

Dont agree on that Barclaycard and Lloyds are two I have that offer the full term at 0% on purchases , and I am sure Natwest and others do the same. It is  normal for the 0% on balance trfs to only apply on trfs made in the first 60/90 days though.

I've actually had a Barclaycard one that I got slightly caught out on as I paid interest on a purchase after the window.

I do recall that they sent me an email about it, which is how I found out luckily.

'Fairly standard' doesn't mean that's the only option used, perhaps the split is closer to 50/50. But it's certainly not uncommon to have a small purchases window at the beginning of the account where the 0% will apply.

Maybe 3 years ago it was but much more of a minority now

Stevey123

Hi. I took an MBNA card out last September, via mse. It promised a 21 month 0% for purchases which is all I have used it for. Just realised today,I have been charged interest since December. I called and he referred me to T+C which states only purchases made in the 1st 60 days is free. My fault for not understanding t+c/checking statement but doesn't make sense. I've managed cc with virgin/Barclaycard B4 with no issues. Any thoughts.... thanks in advance 😊