Our handy guide to MBNA credit cards
When comparing credit cards, the choices available can be baffling. But as luck would have it, GoCompare is here to provide useful information. Here we're having a look at credit cards issued by MBNA.
- MBNA offers credit cards, as well as other financial services
- The cards used can affect your credit score
- MBNA is one of the world’s largest independent credit card providers
If your credit card isn’t Amex, Visa or MasterCard, there’s a fair chance it could be an MBNA card. One of the largest independent credit card providers in the world, MBNA has been a financial services provider since being founded in 1982 in Maryland, USA.
It specialises in credit cards, offering a variety of cards such as balance transfer cards for those looking to consolidate their credit card debt.
So what is a credit card?
A credit card operates on a basic 'buy now, pay later' system, also known as a line of credit. They carry credit limits, which means you can only use it for so long before you reach a maximum balance.
So using a credit card for any transaction means you'll be building up debt, and will have to pay your bank or lender back, with interest if you don't have a 0% purchase or balance transfer card.
MBNA credit cards
If you’re looking for a credit card for everyday purchases, or for larger one-off purchases, MBNA could be a provider to consider.
You can spread the cost of a large purchase over time, for example, so long as you at very least meet the minimum payment each month.
However, if you don't want to accrue any interest, it's always smart to clear your balance each month.
If you’re looking to consolidate your credit card debt into one sum, MBNA may offer you a balance transfer card, if you're eligible. This allows you to transfer current debts into one, making your debt more manageable.
Balance transfer cards often come with 0% interest offers for a specified length of time. However, it's wise to clear the balance before this introductory period ends, so you don't end up paying interest on the balance.
MBNA credit cards and my credit score
The regular use of your credit card, and especially paying off the balance on time, should help build up a positive credit score.
This is a numerical value taken from a review of your financial history, and it helps show other lenders and credit card providers how risky it would be to provide you with credit. The worse your score, the less likely it is that they'll lend you money or give you a credit card.
The score isn’t the only thing that's considered when you apply for a loan or credit card, but it does have an impact.
It’s worth talking to your bank or building society about your credit history before you apply for a credit card, or finding it out online.
In addition, by using our smart search, you can see cards you're more likely to be accepted for. Plus this service won't leave a mark on your credit history.
As mentioned, we don't compare MBNA credit cards online, but it's always a good idea to compare different cards to see what's out there. Finding the right card for your circumstances is ultimately down to you.