MBNA Credit Card: Benefits, Pros and Cons and How to Apply

Having a credit card can be life-changing, especially when it comes to purchasing big ticket items or when it comes to addressing emergencies. To some, this can bring convenience, as well as an array of perks and privileges that they have yet to experience. 

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When it comes to credit cards, one of the leading financial institutions in the United Kingdom is MBNA. It offers not only a comprehensive selection of credit cards but other financial products and services as well. 

For those who are looking to get a credit card from the bank, below are some details on how to apply and what the MBNA card has to offer. Read on to know more about the credit cards offered by MBNA today, with a spotlight on the MBNA Platinum Visa credit card. 

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  • Get to Know the Different MBNA Credit Card Offerings
  • A Closer Look at the MBNA Platinum Visa Credit Card
  • Advantages the MBNA Credit Card Offers
  • Learning How to Apply for an MBNA Credit Card
  • Rates and Fees of the MBNA Platinum Visa Credit Card
MBNA Credit Card: Benefits, Pros and Cons and How to Apply
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Get to Know the Different MBNA Credit Card Offerings

There are various MBNA credit cards offered by MBNA. All of these address particular aspects and bring something unique to the table. 

MBNA Credit Card: Benefits, Pros and Cons and How to Apply
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Some cards are purchase credit cards that give cashback to cardholders, while others are balance transfer credit cards to individuals who want to consolidate debt and achieve financial success. Money transfer credit cards for those who want to move funds to their bank account, and transfer and purchase credit cards provide the best of both worlds. 

The right credit card varies from one person to another and largely depends not only on their preferences but also their needs and personal circumstances. For individuals who want to ease the costs of purchases and make repayments more manageable, a purchase credit card may be helpful. 

With this in mind, it’s important that applicants know that MBNA does not present applicants with a list of credit cards at the onset. This is because they’ll usually show credit offerings that the user is qualified for. 

How an MBNA Credit Card Works

An MBNA credit card works by allowing cardholders to pay for transactions and other purchases using chip, pin, or contactless technology. This works in the same way a debit card would, but in this case, users are borrowing money directly from the bank. 

After a purchase or a transaction has been made, the amount spent will be charged to the credit card. Cardholders will then be required to pay at least the minimum amount due for the cycle on the given deadline. 

A Closer Look at the MBNA Platinum Visa Credit Card 

To truly demonstrate the benefits that the MBNA credit card can bring, this article will focus on the MBNA Platinum Visa credit card. The main highlight of this credit card offer is receiving cashback on eligible purchases. 

MBNA Credit Card: Benefits, Pros and Cons and How to Apply
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Cardholders who make eligible purchases using the MBNA Platinum Visa credit card may get 0.25% cashback on their purchases for 36 months after opening their account. The cashback will be given in January of every year. 

Furthermore, the MBNA Platinum Visa credit card also extends no foreign exchange fees for the first 12 months of account opening. This benefit is particularly enjoyable to frequent travelers who often purchase things abroad since they won’t pay conversion fees. 

It is also worth noting that the MBNA Platinum Visa credit card has a variable interest rate on both purchases and balance transfers of 12.94% per year, making it one of the most competitive interest rates on the market today. 

Other Notable Benefits the MBNA Platinum Visa Credit Card Offers

Because the MBNA Platinum Visa credit card is powered by Visa, it will be accepted wherever Visa terminals and points of sales are located around the globe. This makes traveling with the MBNA Platinum Visa credit card an important part of any holiday, saving you lots of money while traveling.

MBNA also offers protection to cardholders against fraudulent transactions that may affect their account. To get timely alerts, users also have the option to subscribe to free text alerts so that they can be made aware of any transactions made with the card. 

What’s more, they can use the MBNA services app, online card services, and telephone banking to help manage their credit cards. Through these, users can stay on top of their finances and even make payments when needed. 

Advantages of the MBNA Platinum Visa Credit Card

From the features that the MBNA Platinum Visa credit card, it’s easy to see that MBNA has quite a generous time offering when it comes to extending their 0.25% cash back on purchases. 

MBNA Credit Card: Benefits, Pros and Cons and How to Apply
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With this promotional period lasting for 36 months, cardholders have the opportunity to increase their savings over time by getting cashback through eligible purchases using their credit card. 

What You Should Take Into Consideration

Prospective cardholders should note that although they can earn 0.25% cash back on eligible purchases, this could take a long time before it reflects and goes into their account given that this will only be applied to their credit card in January of every year. 

Another important aspect that cardholders and applicants should look into is their capacity to make their monthly payments. Should they miss the minimum payment requirement or go over their credit limit, all of the introductory offers will be lost and fees will be applied. 

Learning How to Apply for an MBNA Platinum Visa Credit Card 

In order for applicants to determine if they’re eligible prior to applying, they can use Clever Check which checks a prospective applicant’s qualification without impacting their credit rating. 

MBNA Credit Card: Benefits, Pros and Cons and How to Apply
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After completing Clever Check, which requires individuals to provide their personal details, address, income, and employment information, they’ll be given credit card options they can apply for. Proceeding with the actual application online would have an impact on an applicant’s credit rating

The online application takes only just a few minutes to complete. Similar to the eligibility checker, the form requires individuals to provide their name, date of birth, marital status, citizenship, address, contact number, employment details, annual income, and monthly spending. 

Once approved, applicants will instantly know how much credit limit they can get, and the interest rate they qualify for, among other important details, before being issued the MBNA Platinum Visa credit card. 

Eligibility Requirements and Qualifications Necessary for the MBNA Platinum Visa Credit Card

Interested applicants who want to get the MBNA Platinum Visa credit card, should be at least 18 years of age. Applicants should also hold residence in the United Kingdom and be a resident of the country. MBNA will also be determining a person’s eligibility based on their individual circumstances. 

These include their financial situation, employment details, and the like. Given this, having the necessary documents on hand serve as proof for this information may be useful as well. 

Having a good credit score is important, and although MBNA has not specified a credit score, a higher score is generally better. This increases a person’s chance of getting approved for their desired MBNA credit card.

Rates and Fees of the MBNA Platinum Visa Credit Card

The MBNA Platinum Visa credit card has its own set of fees and charges. Applicants should learn more about these and familiarize themselves with such rates so that they can stay on top of their finances and due dates. 

MBNA Credit Card: Benefits, Pros and Cons and How to Apply
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Being a responsible cardholder is important and knowing the MBNA credit card fees and charges is a step towards that. Check out the MBNA Platinum Visa credit card rates and fees below.

  • APR – representative 12.9% APR, ranges from 12.9% APR to 16.9% APR depending on a person’s individual circumstances;
  • Annual Fee – $0
  • Cash Transaction Fee – 5% of the sterling value
  • Balance Transfer Fee – 5% of the amount transferred
  • Money Transfer Fee – 5% of the money transferred
  • Non-sterling Transaction Fee – 2.95%
  • Late Payment Charge – £12

MBNA Bank Address and Contact Information

For credit card application queries, individuals may reach out to MBNA by calling them at 0345-608-6871 from Mondays to Fridays from 9 AM to 5 PM. For other concerns, they can talk with a customer service representative by calling 03456-062-062. 

Those who want to set up an appointment with the bank may do so by visiting their registered office located at Cawley House, Chester Business Park, Chester CH4 9FB. 

The Bottom Line

Getting an MBNA credit card, such as the MBNA Platinum Visa credit card, comes with certain advantages and disadvantages. By learning what these are, applicants are better informed about how these can benefit them in the long run. 

Disclaimer: There are risks involved when applying for and using a credit card. Please see the bank’s Terms and Conditions page for more information. 

References

MBNA credit cardsMBNA: Error

Clever CheckMBNA – Credit Card Application

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