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.