Credit cards Date:
MBNA has launched a brand new balance transfer credit card onto the market which has taken the Moneyfacts charts by storm, securing a joint market-leading position for its outstanding offer.
The Platinum 37 Month Balance Transfer Credit Card Visa offers 0% on balance transfers for 37 months and on money transfers for 20 months, together with an introductory balance transfer fee of 2.89%.
Balance transfers must be made within the first 60 days to benefit from the reduced fee, after which it rises to 5.00%. Money transfers will attract a reduced fee of 4.00% during the same 60-day period, rising to 5.00% thereafter.
After the introductory terms have come to an end, balance transfers will be charged at an annual rate of 20.9% while money transfers will be charged at an annual rate of 22.9%. Standard purchases are charged at 18.9% APR. Borrowers should remember that rates are representative and dependent on credit ratings
Remember, in order to secure a mortgage, credit card or personal loan you need to have a good credit rating. To find out if yours has a clean bill of health, contact a credit check provider, such as Experian Credit Expert to investigate your credit report.
This brand new launch in the balance transfer sector has certainly made an impact, seeing it instantly storm the charts with its joint market-leading introductory term. The addition of a lengthy 0% money transfer term adds to the appeal, with the combination of its competitive features earning it 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 Any products featured may be withdrawn by their provider or changed at any time.
Moneyfacts.co.uk will, like most other websites, place cookies onto your computer’s
hard drive. This includes tracking cookies.