CHESTER, England, December 23, 2013 /PRNewswire/ --
New MBNA Platinum credit card offers up to 29 months at zero percent interest on balance transfers and money transfers, meaning eligible consumers could save an average of £1,100 in interest repayments[1]
Credit card offers zero percent on purchases for three months from account opening
MBNA has launched its longest credit card offer, with eligible new customers now able to receive zero percent interest on balance transfers and money transfers for up to 29 months from the account opening date.
(Photo: http://photos.prnewswire.com/prnh/20131223/659795 )
The offer applies to transfers made within the first 60 days (a 2.89 percent handling fee applies to balance transfers and a 4.00 percent fee applies to money transfers).
The new MBNA Platinum credit card is available for consumers to apply for now at http://www.mbna.co.uk.
Anyone making an application for the new credit card offer can use MBNA's new "eligibility checker", which allows consumers to check their eligibility for a particular MBNA credit card without a credit search registering on their credit file, before continuing with a full application. Once a full application is completed, an online application decision could be made in minutes and the card delivered within 10 days.
The card also offers zero percent on purchases for three months from the date the account is opened.
Michael Donald, MBNA's Business Development and Marketing executive, said: "This new long-term balance transfer credit card is the longest we've ever offered in the UK, and we're delighted to be able to make it available for eligible new customers looking to get their finances in order after their Christmas spending or in the New Year. We're constantly seeking ways to make life easier for consumers, and the new eligibility checker is designed to be a useful aid when they are considering a card."
MBNA has also developed a new online balance transfer calculator[2] in order to help consumers estimate interest savings they could make on their existing card balances by transferring them to MBNA's Platinum credit card at a promotional rate and for the promotional period. The new calculator is available now at http://www.mbna.co.uk/choose-credit-card/ and can be used before applying for the new MBNA credit card through a PC, laptop, tablet or mobile phone.
"Choosing the right credit card is an important decision and we hope this new balance transfer calculator is a useful tool for new customers", Donald added. "It is part of our ongoing commitment to making life easier for those we serve now, and for those we hope to serve in the future."
The new MBNA Platinum credit card is contactless-enabled (click here for details).
Representative example 18.9% p.a. variable on card purchases. Equivalent to 18.9% APR representative variable based on a credit limit of £1200.
Picture Caption: The new Platinum credit card from MBNA
[1] The average savings amount is calculated as the difference between paying no interest, and paying interest at an average rate of 17.88 percent (taken from Bank of England data for UK average annual effective rates on credit cards Sept 2013), on an average MBNA balance transfer amount of £3,600 over the period shown and with the cost of the transfer fee already deducted. It assumes that only the minimum repayment is made each month in line with MBNA's terms and conditions. Interest will be charged on any remaining balance when the promotional rate ends, which will reduce the amount of any savings made. Promotional rates will no longer apply from the beginning of any statement period during which a customer has breached their terms and conditions, for example if they haven't paid on time or have gone over their credit limit. Customers cannot transfer balances between MBNA accounts.
[2] The calculator gives estimated savings only and is for illustrative purposes. Consumers are informed that their existing balances may be made up of amounts attracting different rates. Savings shown can only be calculated on the rate provided by the user and on the balance transferred, assuming that minimum repayments are made in line with MBNA's terms and conditions. Promotional rates will no longer apply from the beginning of any statement period during which a customer has breached their terms and conditions, for example if they haven't paid on time or have gone over their credit limit. Customers cannot transfer balances between MBNA accounts.
About MBNA Limited:
MBNA Limited is a wholly owned subsidiary of Bank of America Corporation (NYSE: BAC). For more information, visit the company's website at http://www.mbna.co.uk.
Editor and supplementary notes:
The information contained in this press release is intended solely for journalists and should not be used by consumers to make financial decisions. Any consumer interested in learning more about any of this product should visit http://www.mbna.co.uk for full terms and conditions.
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