MBNA Platinum Plus® MasterCard®
MBNA Platinum Plus MasterCard: 0% Interest on Balance Transfers for 10 Months + RFD Special Offer
This deal has expired!
February 12 Update: Our special offer has been extended until the end of February!
Originally posted January 11: If you're carrying a credit card balance at the moment (certainly possible after the holidays), you may be looking at your credit card options. One card to consider is the MBNA Platinum Plus MasterCard, which has a 0% interest rate for 10 months on balance transfers and no annual fee. Here's a closer look at the card's features:
- 0% annual interest rate (AIR) on balance transfers, access cheques and deposits for the first 10 full months (for the first 10 billing cycles, 19.99% thereafter)
- $0 annual fee
- Credit limit up to $100,000
- Platinum perks including extended warranty benefits and free car rental insurance
As a great added bonus, if you apply via RedFlagDeals.com and are approved, RedFlagDeals.com will provide you with a bonus of $100 via our cash back system. Be sure to use the green cash back links in this post, or our Cash Back section. You must apply from the links in this post or the cash back section to qualify.
Note that you won't see any mention of this in the application -- the $100 bonus is offered by RedFlagDeals.com itself and only through our cash back program. Assuming you are approved, it may take up to 5 weeks to see this bonus in your account.
Our special offer (the $100 bonus) is valid until January 31, 2013.
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In my case I did a balance transfer of $1000. It showed up as a $1000 balance transfer and another $10 charge appeared on my statement for the fees.
In the case of something like a $500 transfer, you'll be charged $7.50 in fees, as it's the minimum.
The max that you can withdraw is 9,901 (taking out any more will lead to an over-drawn balance = extra fees)
They will charge your account 9,901 + 99 (1%) = 10,000. Then, over the course of 10 months, you can make the minimum repayment which is 1% of the outstanding balance.
Do you have to do the balance transfer now or just apply and do it later?
(I pay my cards off in full every month and am not really keen on cancelling an existing card.)