MBNA Platinum Plus Card

MBNA is one of the largest banks that will offer a credit card.  If you apply for the MBNA Platinum Plus card you will have the visa logo.  One of the things that makes this an important aspect of the card for our review is that the Visa logo is the most accepted logo around the world.  There are other important features of this card that we have analyzed to determine if this is a worthy card to have.

The MBNA platinum plus card offers an introductory rate on balance transfers. This introductory rate starts as soon as the account is open.  You have zero percent interest on your balance transfer until June 2009.  This is a little over 12 months and one of the longer offers for zero percent interest on balance transfers offered.

The next benefit that you have is the purchases.  You will have zero percent interest on purchases until August 2008.  This purchase rate is typical at the moment.  This has been the offer for a few months, but if you were to accept it today you would have a three month zero percent interest period.  This offer is subject to change which means they may extend the period or they may eliminate the offer on purchases.

There are other credit card offers that have the three month purchase rate and 12 month balance transfer rate.  So far this card is in line with these other offers even though it is phrased a bit differently.  They do have the same restrictions on how these introductory offers will be awarded.  The next benefit that is important is the annual percentage rate. All cards are going to have this interest rate, but the standard variable rate will differ from card to card.  Currently the MBNA card is offering a 15.9 percent interest.  This is one of the lower annual percentage rates on the market at the moment.  It is subject to change even during the approval process.  All banks reserve the right to analyze your risk and offer a card that fits within that.  The 15.9 percent is just a starting point.

While there are a few things in the benefits we have discussed above that vary from other cards, there is one thing that this card has that  no other card on the market has at the moment.  They are offering a zero percent interest on cash withdrawals to your current checking account.  Normally cash withdrawals even to a current account are 27.9 percent.  This deal can help you out if you are struggling to pay off other debts or bills; however there is a catch.  The balance transfer and the purchases you may make to the card will be paid off before the cash advances.  You also have the cash offer for three months before it returns to the high percentage rate.  This card should be used for one of the introductory rates, but not all three to use it wisely.  To use it any other way would be rather expensive in the end.

Back To Credit Card Reviews