Credit cards Date:
MBNA has introduced a new 40-month balance transfer credit card to the market. While the balance transfer fee of 2.79% is slightly higher than the MBNA's previous issue, the card remains highly attractive and therefore secures a coveted position in the Moneyfacts charts.
The MBNA Platinum 40 Month Balance Transfer Credit Card Visa has one of the longest introductory balance transfer terms available at 40 months from date of issue. It comes with an introductory balance transfer fee of 2.79%, as well as the added bonus of a 20-month introductory money transfer period (with an introductory 4% money transfer fee).
After the introductory periods have come to an end, balance transfers will be charged at an annual rate of 20.9% with a 5% fee, while money transfers will attract an annual rate of 22.9% with the same 5% fee. Standard purchases will be charged at 18.9% APR.
Borrowers must be at least 18 years old and can apply online or by phone, and should remember that rates are representative and dependent on credit ratings.
The lengthy balance transfer term is more than enough to make up for the slightly increased balance transfer fee, making the card attractive for new customers looking to clear their debts over the long term. 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 Any products featured may be withdrawn by their provider or changed at any time.
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