Mobile App: To use the MBNA Mobile App you need to have a valid phone number registered to your account. You can either use your Online Services details to log in or you can register for the first time in the app. Our app is available to iOS and Android users only and minimum operating systems apply, so check the App Store or Google Play for details. Device registration required. The app doesn't work on jailbroken or rooted devices. Terms and conditions apply.
To use these features please make sure you have the most up to date version of our app.
Credit cards: are issued by MBNA Limited. Registered Office: Cawley House, Chester Business Park, Chester CH4 9FB. Registered in England and Wales under company number 02783251. Authorised and regulated by the Financial Conduct Authority. MBNA Limited is also authorised by the Financial Conduct Authority under the Payment Services Regulations 2017, Register Number: 204487 for the provision of payment services.
Personal loans: for personal (unsecured) loans, MBNA Limited:
- Works exclusively with Lloyds Bank plc.
- Is a credit broker and not the lender.
MBNA is a trading style of Lloyds Bank plc. Lloyds Bank plc Registered Office, 25 Gresham Street, London EC2V 7HN. Registered in England and Wales number 2065. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278.
MBNA Limited and Lloyds Bank plc are both part of the Lloyds Banking Group. More information on the Group can be found at www.lloydsbankinggroup.com.
The issue of a credit card or loan and the amount of credit or lending offered to you depends on an assessment of your personal circ*mstances. To apply, you must be a UK resident aged 18 and over.
For credit cards and loans, the interest rate offered to you will also be based on this assessment.
Calls and online sessions may be monitored and recorded. Not all Telephone Banking services are available 24 hours a day, seven days a week.
Home Insurance
MBNA Home Insurance is arranged and administered by Lloyds Bank Insurance Services Limited, and underwritten by Lloyds Bank General Insurance Limited. Available to UK customers only.
When making changes to your MBNA Home Insurance policy online, the website you use is operated by Lloyds Bank Insurance Services Limited, Registered in England and Wales No. 968406, Registered Office: 25 Gresham Street, London EC2V 7HN. Authorised and regulated by the Financial Conduct Authority. Financial Services Register Number 310738. Your calls may be recorded for accuracy of information.
Savings
MBNA is a trading style of Lloyds Bank plc, and MBNA savings are held with Lloyds Bank plc as deposit taker. Lloyds Bank plc Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales number 2065. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278.
Eligible deposits with Lloyds Bank plc. are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS). MBNA Limited and Lloyds Bank plc are both part of the Lloyds Banking Group. More information on the Group can be found at www.lloydsbankinggroup.com.
Calls and online sessions may be monitored and recorded. Not all Telephone Banking services are available 24 hours a day, 7 days a week.
FAQs
A balance transfer moves a balance from a credit card or loan to another credit card. Transferring balances with a higher annual percentage rate (APR) to a card with a lower APR can save you money on the interest you'll pay.
Is a balance transfer a good idea? ›
If you need extra time to pay off a big credit card purchase, transferring the balance to a balance transfer card can be a smart move. If you manage to pay off your balance before the intro period ends, you can successfully dodge interest that may otherwise have been added to your balance.
Does a balance transfer hurt your credit rating? ›
A balance transfer can improve your credit over time as you work toward paying off your debt. But it can hurt your credit if you open several new cards, transfer your balance multiple times or add to your debt.
What is a disadvantage to a balance transfer? ›
Cons of Balance Transfers
The balance transfer credit cards charge a fee typically between 3% to 5% of the transferred amount. This upfront cost can cancel out some of the savings from the lower interest rate.
What is the catch to a balance transfer? ›
The problem is that transferring a balance means carrying a monthly balance. Carrying a monthly balance by not paying off the minimum amount due each month—even one with a 0% interest rate—can mean losing the card's introductory APR, its grace period and paying surprise interest on new purchases.
How much will it cost in fees to transfer a $1000 balance to this card? ›
It costs $30 to $50 in fees to transfer a $1,000 balance to a credit card, in most cases, as balance transfer fees on credit cards usually equal 3% to 5% of the amount transferred.
Which is better money transfer or balance transfer? ›
A balance transfer card lets you move debt from your credit cards, whereas a money transfer card lets you move debt from your bank account. So, a money transfer card could be a useful option if you want to either: Pay off something that isn't credit card, such as an overdraft.
When should I not do a balance transfer? ›
If you can't repay your debt in the promotional period, are nearing the finish line on total debt repayment or are planning on applying for major financing soon, a balance transfer may not be a good move.
How much is too much for a balance transfer? ›
Card issuers typically have rules surrounding the amount of debt you can transfer in relation to your credit limit. Many issuers are generous, giving cardholders the ability to transfer their full credit limit, but in some cases, your transfer limit may be capped at 75 percent of your overall credit limit.
Is a money transfer bad for your credit? ›
Balance transfers can have an impact on your credit rating, while money transfers usually don't. Money transfers and balance transfers are both ways to move money from one account to another, but they have different purposes.
Your old credit card remains active after a balance transfer until you request to cancel it. Depending on how much you transfer, and your card utilization, you may see your credit score drop. Diligently paying the balance and lowering your utilization should help it back up.
Is a 0% balance transfer a good idea? ›
A 0% balance transfer credit card can potentially help you save money. In turn, this may help you pay off your debts faster. For example, imagine you have £1,000 of debt on a credit card with an APR (Annual Percentage Rate) of 19%. This means you'd pay £190 every year in interest.
How many credit cards are too many? ›
Owning more than two or three credit cards can become unmanageable for many people. However, your credit needs and financial situation are unique, so there's no hard and fast rule about how many credit cards are too many. The important thing is to make sure that you use your credit cards responsibly.
Does it look bad to do a balance transfer? ›
In some cases, a balance transfer can positively impact your credit scores and help you pay less interest on your debts in the long run. However, repeatedly opening new credit cards and transferring balances to them can damage your credit scores in the long run.
Is a balance transfer ever a good idea? ›
A balance transfer credit card is an excellent way to refinance existing credit card debt, especially since credit card interest rates can go as high as 30%. By transferring your balance to a card with a 0% intro APR, you can quickly dodge mounting interest costs and give yourself repayment flexibility.
What is a common pitfall associated with balance transfers? ›
Fees: Not all balance transfer cards charge a balance transfer fee, but most do. This fee is typically 3% to 5% of the total balance transferred, and the average is 3.12%. Expensive regular APRs: Many balance transfer credit cards offer introductory APRs of 0% for 6 to 21 months on transferred balances.
Is balance transfer of loan a good idea? ›
The Benefits of a Personal Loan balance transfer:
The first advantage of a Personal Loan balance transfer facility is that the rate of interest is decreased, which in turn lowers the borrower's interest burden through lowered EMIs. Generally, the new lender will offer a lower rate of interest on the loan transfer.
