Credit cards Date:
MBNA has reduced the introductory fee for balance transfers on one of its balance transfer credit cards, enabling it to shore up a position at the top of the Moneyfacts charts.
Platinum 40 Month Balance Transfer Credit Card Visa offers borrowers a joint market-leading 40 months of interest-free balance transfers with a new introductory fee of 2.55%. It also offers a 20-month 0% interest term for money transfers with a fee of 4.00%.
In order to qualify for the 0% interest deals, borrowers must transfer balances or funds within 60 days of opening the card. Once the initial offers expire, balance transfers will be charged at 20.9% per annum (with a fee of 5.00%), while money transfers will carry an annual charge of 22.9% (also with a fee of 5.00%). Standard purchases will be charged at 18.9% APR.
Borrowers must be at least 18 years old to apply and can make an application by either phone or online. Borrowers should remember that rates are representative and dependent on their credit rating.
The cut to the introductory fee has enhanced the position of this card in the market and secured its place at the very top of the charts. Borrowers who are looking for a lengthy term in which to clear their existing credit card debt will certainly welcome the reduced fee, which has made the deal more cost-effective. As a result, this card fully deserves its 'outstanding' rating.
Moneyfacts rating: Outstanding
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