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MBNA credit card review: Platinum Visa

ARE your finances sagging under the weight of high interest payments or overdraft fees? Fight back with the MBNA Platinum Visa credit card.

Life of balance transfer credit cards have a number of advantages over their more well known partners 0% balance transfer credit cards and the MBNA Platinum Visa credit card is no exception.

First, you can avoid having to become a 'credit card tart' - jumping from one 0% deal to the next. With the MBNA Platinum Visa credit card's low rate for life you immediately cut out all those hours searching for a new deal and any of the stress of whether or not you'll be accepted again.

Second, you can have greater flexibility in paying back your debt. Since there isn't a fixed window for repaying your borrowing the MBNA Platinum Visa credit card will be particularly suitable for you if you have a large balance you want to repay slowly.

Finally, if you only want to move your balance once and your outstanding balance will take longer to repay than the length of the best 0% balance transfer deal, you will find you'll save more money with a low-rate for life deal.

Paying interest at a high rate after the 0% rate has ended - even for a little while - is likely to be much more expensive, and continually paying transfer handling fees adds to the cost of swapping between 0% deals too.

It's also worth noting that the MBNA Platinum Visa's offer also applies to money transfers - credit moved to a current account - so it could be used to pay off overdrafts and small loans as well.

On the other hand, users of life of balance transfer credit cards like the MBNA Platinum Visa can be subject to the same pitfalls (and sometimes, rewards) as those with 0% rates.

For example, the MBNA Platinum Visa credit card has an allocation of payments clause that will apply all repayments to the balance transfer before any other transactions (e.g.: purchases). That means that as long as you are using the credit card for a balance transfer it won't be suitable for any other everyday use.

As with 0% balance transfer credit cards, too, the promotional rate is only available within 60 days of the account opening. While you can transfer balances once the account is open, you can also do it when you apply online - so it might be useful to have the details of your other accounts available when you apply so that you can move the money over straight away.

There is a transfer fee of 2% (£3 minimum) for promotional balance transfers. This rate is lower than those on many other balance transfer credit cards and will certainly be a lot less than the high interest payments the credit card can help you avoid. The same handling fee also applies to money transfers, although both fees increase after the initial 60-day transfer window.

Finally, MBNA Platinum Visa credit card holders will have access to a range of MBNA services including online account management, monitoring of your account to protect against fraud and a fraud guarantee.

Interest Rates and Fees
		Notes..
Typical APR	16.9% APR (variable)	16.9% APR - 24.9% APR. The rate you receive will depend upon an assessment of your circumstances and credit history. The typical APR is the rate most people are offered.
Balance Transfers	5.9% for life of balance Includes transfers to a current account	Must be made within 60 days of account opening to qualify. Balances transferred within this period will remain at 5.9% p.a. until you have repaid them in full. Also includes money transfers to a current account. Payments are applied towards lowest rate balances first. After the initial 60 day transfer window, balance transfers will be charged at the standard rate of 18.9% - 26.9% p.a. and money transfers will be charged at the standard rate of 20.9% - 27.9% p.a.
Balance Transfer Fee	2% (£3 minimum)	This fee applies to balance transfers and money transfers made within the first 60 days of account opening. After the initial 60 day transfer window, balance transfers will incur a handling fee of 3% and money transfers will incur a handling fee of 4%.
Cash Withdrawal Rate	27.9% p.a. (variable)	-
Cash Withdrawal Fee	3% (£3 minimum)	-
Annual Fee	None	-
Foreign Transaction Fee	2.99%	This fee will be charged if you make a purchase or cash withdrawal in a foreign currency.

Cardholder Services & Extras
Online Account Management		You can log in to a website and manage your MBNA Platinum Visa credit card account online. Optional paperless statements.
Fraud Guarantee		There is no liability or excess to pay for theft, loss or fraudulent use online or on the high street, as long as you notify MBNA as soon as your card cannot be found or you notice any unsual transactions on your account.
Fraud Monitoring		Fraud Warning System MBNA will monitor your account for any suspicious activity. They also offer a purchase disputes team and a 24/7 365 helpline.
Identity Protection		MBNA do offer a Identity Theft Protection Scheme, which is a free booklet offering advice on how to protect yourself from ID theft.
Verified by Visa		An extra layer of security when shopping online. Register and set up a password-protected identity-check when you shop online with participating online retailers.
Purchase Protection Insurance
Purchase Delivery Insurance
Comprehensive Travel Insurance
Travel Accident Insurance
Travel Inconvenience Insurance
Assistance Abroad
Emergency Card Replacement
Other Extras	- 24 hour UK based customer services - Up to 3 additional cardholders free.
Optional Extras	These are extras that you can choose, but you will have to pay for them. - Payment protection - Card protection - Identity protection alert.

Payments & Payment Details
		Notes..
Credit Limit	£1,500 assumed	Credit limit subject to status.
Interest Free Period	Up to 50 days	For purchases if you pay your statement balance in full and on time every month. There is no interest free period for balance transfers, money transfers or cash advances - except for those within an interest free promotional offer.
Minimum Monthly Payment	1% (£25 minimum)	If your balance is less than £25 you must repay your balance in full. Otherwise, you must repay the greater of: - £25, OR - 1% of your statement balance before any default charges and interest, plus any default charges and interest on the statement.
Allocation of Payments	Low interest rate balances » Higher interest rate balances	Where there are two or more balances at the same promotional rate they will repaid in the following order: - The one which expires first, Then - If the expiry dates are the same - the one which started first, Then - If the expiry and start dates are the same - the one with the lowest standard rate.
Default Charges	£12	This is how much you will be charged for late payments, returned payments and if you go over your credit limit.

Card Details
		Notes..
Online Application	Yes	-
Card Type	Classic	-
Payment Company	Visa	The company who provides the payment technology and infrastructure to allow you to use this credit card. Retailers and ATM machines displaying the 'Visa' logo will accept this credit card.
Card Issuer	MBNA	The bank who issues this credit card. MBNA Europe Bank Limited Stansfield House Chester Business Park Chester CH4 9QQ
Card Advertiser	MBNA	The company who advertises and promotes this credit card.

Review Continued...

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