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Lower balance transfer fees with new MBNA credit cards

14th February 2013 Print

Less than one in five (18 percent) of UK credit cardholders has taken advantage of a zero percent balance transfer promotion on a new credit card in the last two years, according to research commissioned by MBNA.
The findings are revealed as MBNA launches two new lower fee products for consumers looking to save money by transferring their credit card balances.
Michael Donald, MBNA's Business Development and Marketing executive, said; "Consumers who are eligible to move their credit card balances have the opportunity - right now - to capitalise on one of the most competitive balance transfer credit card markets we've ever seen in the UK. The value offered by balance transfer credit cards has improved significantly over the last two years, so whether they are looking at longer term zero percent offers or lower handling fees, the savings could be significant."
MBNA has launched a new Platinum credit card offering zero percent interest on balance transfers and money transfers for up to 22 months, provided they are made in the first 60 days of opening an account. The handling fee for balance transfers is 2.5 percent, a reduction on the 2.85 percent fee on MBNA's previous 23-month offer. A 4 percent fee applies to money transfers. The card also offers zero percent on purchases for three months from the date the account is opened.
MBNA has also re-launched its 14-month MBNA Platinum Credit Card offer. New customers successfully applying for the product will benefit from up to 14 months at zero percent interest on balance transfers, provided they are made within the first 60 days of opening an account. The 1.25 percent handling fee that applies to balance transfers on this card is the lowest MBNA currently offers in the UK.
Donald added:  "We want to give UK consumers the opportunity to purchase today with money they will earn tomorrow using a company they can trust. We'll do this by continuing to offer greater flexibility and choice for eligible customers who may be considering a new credit card that can deliver value and suit their needs."
Both products are contactless-enabled and are available to eligible new customers on MBNA's website
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.