CHESTER, England, February 14, 2013 /PRNewswire/ --
Two new lower fee products launched as research reveals less than one in five credit cardholders has taken advantage of a balance transfer offer in the last two years
Research commissioned by MBNA reveals that less than one in five (18 percent) of UK credit cardholders has taken advantage of a zero percent balance transfer promotion on a new credit card in the last two years.
The findings are revealed as MBNA launches two new lower fee products for consumers looking to save money by transferring their credit card balances.
Michael Donald, MBNA's Business Development and Marketing executive, said: "Consumers who are eligible to move their credit card balances have the opportunity - right now - to capitalise on one of the most competitive balance transfer credit card markets we've ever seen in the UK. The value offered by balance transfer credit cards has improved significantly over the last two years, so whether they are looking at longer term zero percent offers or lower handling fees, the savings could be significant."
MBNA has launched a new Platinum credit card offering zero percent interest on balance transfers and money transfers for up to 22 months, provided they are made in the first 60 days of opening an account. The handling fee for balance transfers is 2.5 percent, a reduction on the 2.85 percent fee on MBNA's previous 23-month offer. A four percent fee applies to money transfers. The card also offers zero percent on purchases for three months from the date the account is opened.
MBNA has also re-launched its 14-month MBNA Platinum Credit Card offer. New customers successfully applying for the product will benefit from up to 14 months at zero percent interest on balance transfers, provided they are made within the first 60 days of opening an account. The 1.25 percent handling fee that applies to balance transfers on this card is the lowest MBNA currently offers in the UK.
Donald added: "We want to give UK consumers the opportunity to purchase today with money they will earn tomorrow using a company they can trust. We'll do this by continuing to offer greater flexibility and choice for eligible customers who may be considering a new credit card that can deliver value and suit their needs."
Both products are contactless-enabled and are available to eligible new customers on MBNA's website http://www.mbna.co.uk.
Representative example 16.9% p.a. variable on card purchases. This is equivalent to 16.9% APR representative variable based on a credit limit of £1,200.
Source: You Gov Omnibus survey commissioned by MBNA and carried out on 2,037 GB adults, 1,453 holding one or more credit cards, between November 30 and December 3, 2012.
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.
SOURCE MBNA Limited