CHESTER, England, December 29, 2016 /PRNewswire/ --
- Best ever MBNA Balance Transfer
Credit Card offers up to 43 months at
zero per cent on balance transfers (3.29
per cent fee applies)
- Potential applicants can check their eligibility
before applying for the new card, and will receive £20 cash back
when they transfer £1,000 or more in the first 60 days of opening
an account
MBNA is offering customers looking to consolidate their
post-Christmas debts and card balances its longest ever balance
transfer credit card.
(Logo:
http://photos.prnewswire.com/prnh/20160905/404050LOGO )
In line with recent years, over half a million UK consumers are
likely to make in excess of £1.3bn worth of balance transfers
during January to help them get their finances fit for
2017[1], MBNA has launched the new
"MBNA Balance Transfer Credit Card", which includes:
- A market-leading zero per cent term of up to 43 months on
balance transfers.
- A competitive 3.29 per cent balance transfer handling fee.
- A £20 cash back offer when customers balance transfer £1,000 or
more in the first 60 days of opening an account.
"Many people's new year's
resolutions are focused on consolidating their debts and card
balances at this time of year, so we've looked to offer a
compelling new option in time for January - and it's our best ever
balance transfer offer", said Richard
Whatmough, Marketing and Digital director at MBNA.
"Not only is 43 months at zero per cent our longest ever, but
we've added a special £20 cash back offer and retained
competitively low handling fees for customers looking to manage
down the cost of borrowing in the new year and beyond."
To transfer a balance of £1,000 to be eligible for the cash back
offer, new customers would pay a one-time fee of just under £33.
They would then benefit from zero per cent interest for 43 months
if the transfer is made at the beginning of the offer window. That
is equivalent to paying no interest for more than three-and-a-half
years, around 1,308 days, 31,390 hours or 1,883,400 minutes.
"When the value of this offer is put into these types of
numbers, we think this is an incredibly attractive option for many
people aiming to improve their financial fitness this January",
Whatmough added. "And anyone applying for the card can see if
they're eligible before they go on to make a full application."
The new MBNA Balance Transfer Credit Card offer also enables new
customers to transfer money into their current account and pay no
interest for 20 months (a 4.00 per cent handling fee applies).
These "money transfers" could then help new customers pay down
other higher interest-bearing balances and loans they hold
elsewhere, such as expensive store cards or overdrafts.
The new MBNA Balance Transfer Credit Card offer is available for
eligible new customers to apply for from today (Thursday,
29 December 2016). Visit
https://www.mbna.co.uk/compare-credit-cards/balance-transfer-credit-cards/mbna-platinum/
for more information or full terms and conditions.
A range of other MBNA credit card products is also available at
https://www.mbna.co.uk.
Eligibility for the MBNA Balance Transfer Credit Card offer is
dependent on individual circumstances and the results of MBNA's
eligibility check. The APR, credit limit and terms of the offer may
differ from the examples above.
Representative example 18.9 per cent per annum variable on card
purchases. This is the equivalent to 18.9 per cent APR
representative variable based on a credit limit of £1,200.
Editor's notes:
People interested in applying for the new MBNA Balance Transfer
Credit Card offer can check their eligibility before applying. As
part of MBNA's eligibility check, a quotation search will be
carried out which won't show up on their credit record as a full
search, so it won't affect their credit rating. The APR, credit
limit and terms of the offer may differ based on their
circumstances.
Promotional offers will no longer apply from the beginning of
any statement period during which customers have breached their
terms and conditions; for example, if they haven't paid on time or
have gone over their credit limit. Cardholders cannot transfer
balances between MBNA accounts.
About MBNA Limited:
MBNA Limited is a member of the Bank of America group. It
is one of the UK's leading credit card providers and was voted by
customers as Credit Card Provider of the Year for the third year
running in the Consumer Moneyfacts Awards 2016. MBNA is
committed to implementing innovations to improve the credit card
experience for its customers. Headquartered at Chester Business
Park, Chester, CH4 9FB for over 20
years, the company has a long history of investing in community
projects in across North West of England and North
Wales.
[1] Expectations based on January credit card balance
transfer statistics from the BBA, which show the following: In the
January 2015 month period, more than
592,000 balance transfers were made in the UK (to the value of
£1.34 billion). In the January 2016
period, more than 588,000 balance transfers were made (to the value
of £1.365 billion)
SOURCE MBNA Limited