29 Dec, 2016
MBNA is offering customers looking to consolidate their post-Christmas debts and card balances its longest ever balance transfer credit card.
In line with recent years, over half a million UK consumers are likely to make in excess of £1.3bn worth of balance transfers during January to help them get their finances fit for 2017, MBNA has launched the new “MBNA Balance Transfer Credit Card”, which includes:
- A market-leading zero per cent term of up to 43 months on balance transfers.
- A competitive 3.29 per cent balance transfer handling fee.
- A £20 cash back offer when customers balance transfer £1,000 or more in the first 60 days of opening an account.
“Many people’s new year’s resolutions are focused on consolidating their debts and card balances at this time of year, so we’ve looked to offer a compelling new option in time for January – and it’s our best ever balance transfer offer”, said Richard Whatmough, Marketing and Digital director at MBNA.
“Not only is 43 months at zero per cent our longest ever, but we’ve added a special £20 cash back offer and retained competitively low handling fees for customers looking to manage down the cost of borrowing in the new year and beyond.”
To transfer a balance of £1,000 to be eligible for the cash back offer, new customers
would pay a one-time fee of just under £33. They would then benefit from zero per cent interest for 43 months if the transfer is made at the beginning of the offer window. That is equivalent to paying no interest for more than three-and-a-half years, around 1,308 days, 31,390 hours or 1,883,400 minutes.
“When the value of this offer is put into these types of numbers, we think this is an incredibly attractive option for many people aiming to improve their financial fitness this January”, Whatmough added. “And anyone applying for the card can see if they’re eligible before they go on to make a full application.”
The new MBNA Balance Transfer Credit Card offer also enables new customers to transfer money into their current account and pay no interest for 20 months (a 4.00 per cent handling fee applies). These “money transfers” could then help new customers pay down other higher interest-bearing balances and loans they hold elsewhere, such as expensive store cards or overdrafts.