MBNA launches new credit cards

MBNA has announced the launch of two new products in the UK credit card market. The products offer different deals; one for customers looking to switch balances to a market leading balance transfer product; and another that offers 12 months at 0% on both balance transfers and card purchases.

New MBNA Balance Transfer credit card - 0% on balance transfers for 16 months

The new MBNA Balance Transfer credit card offers 0% for 16 months from account opening on balance transfers made within the first 60 days, with a 2.9% handling fee.

It also offers 0% on card purchases for the first three months. The standard rate of interest is 16.8% APR (typical) variable.

New MBNA Dual credit card - 0% for 12 months on balance transfers and card purchases

The new MBNA Dual credit card offers 0% for 12 months from account opening on both balance transfers made within the first 60 days and card purchases.

A 2.98% handling fee applies to balance transfers and money transfers made within the first 60 days and the standard rate of interest is 18.9% APR (typical) variable.

Will Curley, product executive for Bank of America Europe Card Services, which operates under the MBNA brand in the UK, said: "We know from speaking to our customers, and potential customers, that they are looking for credit card lenders to deliver greater choice and better offers to the UK credit card market; that's why we are committed to enhancing and expanding our product portfolio when other lenders may not be.

"Our customers are our business, and we will continue to find ways to bring more choice, simplicity and value to all that we do. We are one of only a handful of UK lenders who already allocate our customers' repayments to their highest interest-bearing balances first; we stopped issuing credit card cheques all together earlier this year, we are developing new and exciting improvements to our mobile and online channels, and we are continuing to deliver a suite of products that offer real value for customers.

"Once customers are approved for one of our cards, they will be able to transfer a balance of up to 95% of their credit limit, as the cap MBNA sets on balances transfers is higher than most other lenders in the UK market."

Both cards are available now on MBNA's website: mbna.co.uk.