Europe’s Largest Credit Card Provider, MBNA, Unveils Zero Transfer Fee* Card
In a credit card market where 18% APR is the average and balance transfer deals are a rarity, MBNA has come up with an outstanding new card for UK credit seekers. The MBNA Platinum credit card comes with no handling fee on money and balance transfers and an introductory rate of 1.9 percent for a full 12 months.
*Now, with an offer this good, there is one requirement – that zero handling fee and low rate only apply to balance transfers and money transfers made in the first 90 days of the account being opened. That’s standard fare for the credit card market, unlike the offer and the standard rate of interest for card purchases, which is 16.9% APR (typical) variable, way lower than the industry average of 18.6%
This card is only available through MBNA’s website at http://www.mbna.co.uk and it comes just a few weeks before the Bank of America subsidiary, MBNA alters the way payments are allocated. From September 1, 2010, customer payments to their credit cards will pay off higher interest balances first and low rate debt second.
The combination of better debt management and a great card offer will be hard to beat and speaking about the proposition Will Curley, product executive for Bank of America Europe Card Services, 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, and we will continue to offer more value and choice among our UK credit card deals.”
A card like this entering the market is sure to be popular, the question is: do MBNA’s competitors have anything in the bag to beat it? We shall see.
