MBNA Mastercard

[crazyfound]

People keep telling me to sign up for this so I can get the low % balance transfer I am looking for, but never suggest which card I should take?

I'm on their website right now and see about 60 options in 9 different catagories.

[Mike71]

Apply for whichever card you are interested in. I am pretty sure they all offer the same introductory 3.9% balance transfers. Personally I have a Calgary Flames MBNA mastercard and after a couple years they offered me a 7.99% all the time rate. I have been pretty happy with MBNA and now cause of this low rate it is the card I use the most.

[crazyfound]

According to the website MBNA is not a good option for a low interest balance transfer as it only lasts *4 months*!

"The introductory promotional interest rate for Cheque Cash Advances and Balance Transfers will be 1.9% through your fourth statement closing date commencing on the date your account is opened, if you make your minimum monthly payments on time."

After that it's 19.99%, which isn't very much lower than what I am trying to get away from.

[gqbluez]

I have found that the MBNA mastercards offer good balance transfer rates. I pay off my balances in full every month but last year when I had a few other obligations to take care of I carried a small balance for a few months in the summer. My rate was kept at a 2.9% balane transfer rate provided that I made the minimum monthly payments. I was at the time on a student MBNA card and have since upgraded to the MBNA Starwood Perferred Guest card last februrary. The original balance transfer rate was set to 18.99% and I was given a notice stating that the MBNA SPG card was not meant to be a low interest card because of the type of reward it offers. Oddly though now that most of my spending is put on my amex card I see that my balance transfer rate has dropped dramatically to 3.9% and has been steady since April.

[crazyfound]

Thanks. I'll just call and ask.

[tomtong]

I remember MBNA also charge $50 fee upfront. Unless the fee is waive now, it's not as attractive as it states.

[sudenm]

I remember MBNA also charge $50 fee upfront. Unless the fee is waive now, it's not as attractive as it states.

They charge 1% fees on balance transfer ! still it is attractive some times

I got 1.9% for 10 months 7k -- paaid 70$ fees upfront for balance transfer still it comes to me less than 3% which is not bad for some body who can use this to clear high interest rate loans....

[vasilli]

Watch out for MBNA cards. They're tricky. You REALLY have to read the fine print.

Most of the offers I got included a 1% fee on balance transfer or $7.5, whichever is greater. So basically, unless you're planning to borrow $7500 ONCE, this is not a good deal. Not very flexible (i.e. you can't do many little balance transfers). I would advise against MBNA cards. There are tons of other, legit, credit cards that offer low- or no-interest balance transfers.