Cheap card loans (MBNA)

Member Name: Debc

Product:	MBNA
Date:	06/05/02 (2106 review reads)
Rating:

Advantages: Good customer service, High credit limits, Cheap special rates

Disadvantages: Moderate regular rates

I won't repeat the detail of the many (100's?) of cards that MBNA issue (there's some info at the bottom). They not only issue with their own name but 'affinity' cards for seemingly any organisation, where a small 'cut' goes to the organisation.

The point of this opinion is to praise their customer services and the 'flexibility' (no pun intended) of their cards. I've held quite a few since MBNA came to Chester (early 90's?) and have always been satisfied at their low regular rates but especially their 'offer' rates. I use their cards to access cheap money. The more you borrow the more they offer. e.g. borrow, say £5k at 1.9% for 6 months, and then pay off in full before the rates rise. Their computer seems to say 'hey, this ones getting away. Lets dangle fresh worms' The week after paying off a balance like this and I get calls offering fresh offers of cheap money for a further period. Who am I to refuse when I can earn 5% on money borrowed at 1.9%? The above has happened repeatedly for years, each time the credit limit being raised.

Well, if I was working for them I'd want to put a stop to people like me but in the meantime I'll carry on.

If you want to use the cards as regular CC then I cannot fault them except if you wanted to collect some sort of points. And the customer services is excellent, both via freephone, email and the website (where you can do balance transfers to virtually any account e.g. current account, household bills as well as other CC).

If you want an affinity card with a good rate I recommend the Breakthrough card, which contributes to breast cancer research. The one I've got has an introductory rate of 1.9% for 6 months with a regular retail rate of 14.9%.

Postscript:

The web service is called MBNA NetAccess (http://www.mbnanetaccess.co.uk/). It allows you to:

- Get up-to-date information on all your MB
NA credit card accounts
- Transfer balances from other credit/store cards
- Pay other bills with your MBNA credit card
- Track transactions and payments
- Request address changes
- Review recent statements
- download statements into MS Money (no more pesky statement reconciliation!)

Online applications can be made via http://www.mbna.com/Europe/credit_index.html

Summary: