MBNA - Platinum Card

stinky985

Has anyone signed up for or have this card?

https://wwwa.applyonlinenow.com/UKCCapp/Ctl/entry?sc=8pt38gs02_ost&mc=SME-AP-11111-15225

I was interested in this card for the ability to transfer money to an account, so i could use it for a low rate Loan for a car renewal. it charges a 2.9% fee but is then interest free until April 2009. If i am reading it correctly!
EDIT: I also have £500 ish that may be worth a transfer at 0% with a 2.9% fee too.
Can anyone comment please?! Any advice?!
TIA

stinky985

Bump?!
I was wondering as it seems to be a good way to get a cheap loan.
Anyone?1 please?!

Buffythedebtslayer

You MUST be on top of your game with MBNA they have a habit of inticing you ( like most cc companies) and then seriously hiking up interest, they are also VERY strict about missed payments and loosing the 0% deal.

I have used them for many years now, and am about to move a balance transfer to them but just be very very careful, only do it if you are absolutely sure you will be able to make the payments with out fail. With Loan you would be able (hopeflly ) to reneogiate or have a payment holiday, with MBNA they will whack interest rates on you like you wouldn't believe.

Sorry if that sounds a bit negative - it is a good deal but they are pretty tough.

Good Luck

Bismarck

MBNA are a dangerous but very useful beast. With good understanding, and self-discipline a Plan B in case you need to pay it off quickly, they can do a lot for you.

But get it slightly wrong and it will bite you - more so than it used to or almost anything else out there...

monstercop

Buffythedebtslayer wrote: »

You MUST be on top of your game with MBNA they have a habit of inticing you ( like most cc companies) and then seriously hiking up interest, they are also VERY strict about missed payments and loosing the 0% deal.

Surely the whole premise of BTs is that you set up a direct debit facility so that you never miss a payment and stay in the appropriate state.

stinky985

thanks for the replies.
I would set up a direct debit for a set amount every monthe , much as you would do with a loan.
I'll look at the deal again! and i'll maybe also try Zopa for their prices of loans.