New 20-month 0% balance transfer card | Product News - Moneyfacts

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New 20-month 0% balance transfer card

New 20-month 0% balance transfer card

Category: Credit cards
Date: 15/07/2015

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 It is now over 6 months old so the content may be out of date.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 unveiled a new credit card with an interest-free period of up to 20 months for balance transfers, money transfers and purchases, securing it a coveted place in the Moneyfacts charts.

The basics…

MBNA Everyday 20/20 Credit Card Visa offers borrowers 0% on balance transfers, money transfers and purchases for 20 months, earning it a well-deserved place among the market-leaders of its sector.

The finer details…

Borrowers must transfer their balances within 60 days of the account opening in order to benefit from the 0% offer. An initial fee of 1.5% will be charged for balance transfers during the introductory period, while money transfers will levy a fee of 4.00%.

After the end of the 20-month introductory offer, balance transfers will be charged at 20.9% per annum with a fee of 5.00%, while money transfers will attract a rate of 22.9% yearly (also with a fee of 5.00%). Standard purchases will be charged at 18.9% APR.

This card is for borrowers aged 18 and over and can be applied for online and by phone. Borrowers must remember that all rates are dependent on their credit rating.

Why we like it…

This card is another competitive offering in the 0% balance transfer and purchase market. Although it does not boast the longest interest-free deal, it is likely to appeal to those who are looking to reduce the cost of their borrowing over a less lengthy time period. However, borrowers must remember to transfer balances within 60 days in order to qualify for the introductory offer.

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 Any products featured may be withdrawn by their provider or changed at any time.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 Any products featured may be withdrawn by their provider or changed at any time.

 
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