MBNA cuts balance transfer fee on 20-month deal to 2.5 per cent

MBNA has cut the handling fee on its longest balance transfer credit card to just 2.50 per cent for balance transfers.

The deal for new customers offers zero per cent interest for 20 months on balance transfers and money transfers from the date the account is opened as long as they are made within the first 60 days of opening an account (a 2.50 per cent handling fee applies to balance transfers; a four per cent fee applies to money transfers).

The card also offers zero per cent on purchases for three months from the date the account is opened.

Michael Donald, Business Development and Commercial executive for MBNA, said: "This is the lowest fee we've offered on our longest balance transfer deal.

"The credit card is available exclusively on our website because we want people to know that they can receive good value by coming to us directly for all their credit card needs.

"We are continually looking to expand the credit card options available to consumers and to provide fantastic value for people looking for alternatives to some of the higher handling fees in the UK market."

Representative example 16.9% p.a. variable on card purchases. This is equivalent to 16.9% APR representative variable based on a credit limit of £1200.

The new credit card from MBNA is contactless-enabled.

The new MBNA Platinum Credit Card offer is available exclusively online at mbna.co.uk.