MBNA launches new zero transfer fee credit card

MBNA has announced the launch of a new credit card deal offering no handling fee - and an introductory rate of 1.9 percent for 12 months - on money and balance transfers*.

* The no handling fee and low rate will apply to all balance transfers and money transfers made in the first 90 days of the account being opened.

The standard rate of interest for card purchases will be 16.9 percent APR (typical) variable.

Will Curley, product executive for Bank of America Europe Card Services, which operates under the MBNA brand in the UK, said: "MBNA is delighted to be launching this market-leading product, which offers no handling fees on balance and money transfers and a low rate for 12 months if they are made in the first 90 days.

"We know this is product will appeal to many of our customers, particularly those looking to pay down their debts over a short period with lower fees. We will continue to offer more value and choice among our UK card portfolio."

This is an Internet-only offer and anyone interested in taking out this new credit card offer should visit mbna.co.uk.

The new product is launched just a few weeks before MBNA changes the way payments are allocated to customers' credit cards. From September 1, 2010, payments made to MBNA credit cards in the UK will go towards paying off balances with the highest interest charges first.