I got the MBNA credit card application form in the mail. I used to get it mostly in my snail mail. Usually, I treat it as junk mail. Just tear the paper and throw it in the recycle bin.
Just recently, I opened it to see what the offer is. They are giving 0% interest on balance transfers for 12 months. Really??? So, I want to know how it actually works.
You can enjoy zero interest for the transfers done on the first 90 days of accounting opening. After that, there will be regular interest charges, which is 19.99%.
The promotional rate will change if you are late to do a minimum payment in any of the 12 months.
There is a minimum fee of $7.50 when you make the balance transfer.
In the terms and conditions, they says clearly that to get approved, you have to be in good standing with your creditors. So, those who have bad credit cannot enjoy the benefit of zero interest by MBNA.
Like many credit cards, there is no annual fee. My family uses only no annual fee credit cards.
I didn't apply for the MBNA MasterCard, because, I do not carry a balance on my credit cards. I don't need a new credit card at present.
I was considering it when we were experiencing the job loss though. But, we were able to manage without accumulating any credit card balances.
If you are in bad financial situation with good credit rating at present, then this is a credit card you must think of applying.
I am not financially compensated by MBNA or any other financial institution for this article. Opinions are mine. Do your own research in getting a credit card.