Balance transfer cards get an outstanding fee cut | Product News - Moneyfacts

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Balance transfer cards get an outstanding fee cut

Balance transfer cards get an outstanding fee cut

Category: Credit cards
Date: 23/07/2015

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

MBNA Limited has reduced the cost of its introductory balance transfer fees on selected credit cards, earning an 'outstanding' rating as a result.

The basics…

The MBNA Platinum 36 Month Balance Transfer Credit Card Visa now has an introductory balance transfer fee of 2.48% after receiving a significant reduction of 0.31%, while MBNA Platinum Low Fee Credit Card Visa has had its introductory fee cut to 1.55%, a 0.10% reduction.

The finer details…

The Platinum balance transfer card has a joint market-leading 36-month 0% balance transfer period as well as an initial 20-month interest-free offer on money transfers, which come with a 4.00% fee. Both money and balance transfers must be made within 60 days of the opening of the account in order for borrowers to benefit from the introductory deal.

Meanwhile, the low fee card has a 32-month interest-free offer on balance transfers in addition to a 24-month 0% offer for money transfers (with a 1.99% fee). Transfers must again be made within 60 days to benefit from the initial offers.

Applicants must be 18 years or older to apply and should remember that rates are dependent on their credit history. Applications can be made either online or by phone.

Why we like them…

The fee reductions to these cards have enhanced their competitiveness in the active 0% balance transfer market. The 36-month card is particularly impressive, boasting a joint market-leading 36-month interest-free balance transfer window and a cost-effective introductory fee to see it secure a top-three position in the charts. This is an outstanding product that fully deserves the highest Moneyfacts rating.

Moneyfacts rating: Outstanding.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 
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