MBNA has launched a new Balance Transfer Credit card which offers 0% on balance transfers for 16 months.
The 16 months 0% on balance transfers applies from account opening when made within the first 50 days. There is a 2.88% handling fee.
The new credit card also offers 0% on card purchases for the first three months.
The standard rate of interest for purchases and balance transfers is 16.7% APR (typical) variable.
The Virgin Money credit card recently increased its 0% balance transfer period to 16 months. It has a 2.89% handling fee.
Will Curley, product executive for Bank of America Europe Card Services, which operates under the MBNA brand in the UK, said: “Our customers tell us they are looking for better offers in the market, and that is what we are delivering.
“We are constantly searching for new ways to bring more choice, simplicity and value to all that we do, including delivering a suite of products that offer real value for customers.”
All of the new cards will be contactless enabled. Using the same safe and secure technology as chip & PIN, contactless is a faster, more convenient way to pay for purchases of £15 and under.
Wherever you see this contactless symbol, just hold your credit card up to the reader and wait for the green light. Simple as that.
Earlier this year MBNA also began allocating customers’ repayments to their highest interest-bearing balances first.
The Balance Transfer credit card is available on the MBNA website.
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