The Platinum credit card offers 32 months with no interest to pay on money transfers, and balance transfers too.
MBNA has increased the 0% period on its longest interest-free Platinum balance transfer and money transfer credit card to 32 months. This means it now offers the longest 0% money transfer period ever.
Let’s take a look at what it offers in more detail and how it compares to the rest of the market.
0% money transfer period
The 32-month 0% money transfer period is the real standout feature of the MBNA Platinum card. This allows you to shift money into your bank account and not pay any interest on it for up to two years and eight months. In return, you will have to pay a handling fee of 4% of the amount you’re borrowing; so on £2,000 this would be £80.
This could be very handy if you have an overdraft to pay off and need a decent length of time in which to do it.
You could use it as a short-term interest-free loan, although bear in mind you may not be able to borrow thousands.
You could, if you’re very disciplined, also use the card to boost your savings. This is a technique known as ‘stoozing’. It involves you making a money transfer into your bank account and then transferring the money into a high-paying savings or investment product.
Lots of people were doing this before the 2007 credit crisis when savings interest rates were high. Problem is they’re not anymore, although if you’re a non-taxpayer you can take advantage of the likes of the TSB Classic account and the Nationwide FlexDirect account, which both pay 5% interest, although in the Nationwide account’s case only for a year.
Whatever you use the card for, you must make the minimum repayment each month or your 0% offer will be withdrawn. You'll also get a black mark on your credit report. You should also make sure you can pay off the money transfer in full by the end of the 32-month period or you’ll be hit by interest charges of at least 18.9% APR. You have 60 days from opening the card to make a money transfer. Note that the amount you can borrow will be dependent on your credit rating.
0% balance transfer period
While the money transfer period is great, the 0% balance transfer period on the Platinum card isn’t too shabby either.
| Credit card | 0% period on balance transfers | Balance transfer fee | Cost of transferring £2,000 balance | Representative APR |
|
34 months |
2.99% |
£59.80 |
18.9% |
|
|
33 months |
2.79% |
£55.80 |
18.9% |
|
|
33 months |
2.9% |
£58 |
18.9% |
|
|
33 months |
3% |
£60 |
18.9% |
|
|
32 months |
2.65% |
£53 |
18.9% |
|
|
32 months |
2.69% |
£53.80 |
18.9% |
|
|
32 months |
2.8% |
£56 |
18.9% |
|
|
Bank of Scotland Platinum 32-Month Balance Transfer MasterCard |
32 months |
2.8% |
£56 |
18.9% |
However, as Barclaycard occupies the top two spots, this could be a decent alternative if you already have a Barclaycard you want to transfer debt from. Note that you'll need a good credit rating to be eligible for any of the above cards.
See if you can get it without affecting your credit score
Another good feature of the Platinum card is it has an eligibility checker so you can see if you’ll qualify for the card without it leaving a mark on your credit report.
Play your cards right
As I’ve already said, make sure you pay at least the minimum monthly repayment.
If you’re worried about debt, there’s free, confidential help available. Have a read of Where to get free debt advice.
More on borrowing:
The best 0% balance transfer credit cards