Review: MBNA Platinum Plus Mastercard Credit Card
By: Miranda Marquit on June 21, 2016
If you are looking for a balance transfer card to save you money, the MBNA Platinum Plus® Mastercard® Credit Card might be the right choice for you. A balance transfer credit card can reduce your interest rate so that more of your payment each month goes toward reducing your original debt, instead of paying interest charges.
Here’s what you need to know about the MBNA Platinum Plus® Mastercard® Credit Card:
Features of the MBNA Platinum Plus® Mastercard® Credit Card
The main feature of the MBNA Platinum Plus® Mastercard® Credit Card is the fact that the balance transfer rate is 0%. In many cases, a Canadian balance transfer credit card has a low rate of 1.99%, 3.99%, or some other rate that is below the usual. This MBNA credit card actually offers the same 0% balance transfer rate that you see with many credit cards from the United States.
One of the nice touches of the MBNA Platinum Plus® Mastercard® Credit Card is that the introductory rate is good for 12 months. That’s an entire year to attack your debt effectively. With the right planning, it’s possible to make significant progress with your debt reduction plan when you use this balance transfer card.
When you transfer a balance through the online application, your balance transfer fee is 1%. However, if you transfer a balance later, the fee is 3%. This is in line with what other issuers and banks charge for balance transfers. Your best results come when you list balances for transfer during your online application.
Other features of the MBNA Platinum Plus® Mastercard® Credit Card include:
- No annual fee
- Access to 24/7 customer service
- Fraud protection around-the-clock
- Access to cash at more than one million ATMs around the world
It’s also worth noting that you receive the platinum benefits associated with an MBNA credit card. This includes auto rental insurance, common carrier accident insurance, and trip interruption insurance. These are perks that can be used when you travel, as long as you pay for your travel with the MBNA Platinum Plus® Mastercard® Credit Card.
Who the MBNA Platinum Plus® Mastercard® Credit Card is right for
This balance transfer credit card is best for those who want help paying down their current high-interest debt. It’s easy to transfer your balances, and you have an opportunity to reduce your debt faster because all of your payments will go toward reducing the principal. This is an advantage when demolishing your debt. The fact there is no annual fee and you have an opportunity to reduce your balance transfer fee are bonus perks that can further help you keep your costs low.
