CHESTER, England, December 23, 2014 /PRNewswire/ --
MBNA Platinum card offers eligible new customers zero percent per annum on Balance Transfers for up to 32 months and zero percent per annum on Money Transfers for up to 24 months, both with a handling fee of 2.20 percent - applies to transfers made in the first 60 days of account opening.
MBNA has enhanced the MBNA Platinum credit card, now offering a handling fee of 2.20 percent on all transfers - money transfers and balance transfers - made in the first 60 days of account opening.
"We have enhanced our Platinum credit card by reducing the fee to 2.20 percent," said Michael Donald, Commercial and Customer Experience executive at MBNA. "Unlike many other credit card providers in the UK, we also offer a money transfer facility that enables customers to transfer some of their available credit into their current account. For a 2.20 percent fee, this money could be interest-free for up to 24 months for eligible customers."
The card, available now on the MBNA website http://www.mbna.co.uk, offers eligible new customers zero percent per annum on balance transfers for up to 32 months and zero percent per annum on money transfers for up to 24 months - both from account opening date. The offer applies to transfers made within the first 60 days of account opening (the 2.20 percent handling fee applies to both money transfers and balance transfers, £3 min).
Money transfers from MBNA are different from balance transfers in that, for a handling fee (in this case, 2.20 percent, £3 min), they enable new customers to transfer money from their credit card account (maximum 95 percent of their available credit limit) into their bank or building society account.
Representative example: 18.9% p.a. (variable) on card purchases. This is equivalent to 18.9%APR representative (variable) based on a credit limit of £1,200.
 Transferring other debts to the MBNA Platinum Credit Card and paying only the minimum amount due each month may lower the overall monthly debt repayments, but it may take longer and cost more to repay the outstanding balance. Other lenders may charge a fee for settling a loan early.
Promotional rates will no longer apply from the beginning of any statement period during which customers have 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.
The credit card features an eligibility check, which enables consumers to find out if they are eligible before applying for the card. As part of the eligibility check a quotation search is carried out and this won't show as an application for credit so won't affect their credit rating. If they are not eligible, they may be offered an alternative MBNA product to consider. Once a full online application is completed, a decision could be made in minutes. Once a customer is approved, their card should be delivered within 10 business days.
Eligibility for the card depends on a customer's circumstances and the results of the eligibility check. The product, APR and promotional offer they could get may vary from the example
Credit is available, subject to status, only to UK residents aged 18 or over. Calls may be monitored and/or recorded for quality and training purposes and for compliance with regulations.
Notes to Editors
- The MBNA Platinum Credit Card is available for consumers to apply for now at https://www.mbna.co.uk/.
- The MBNA Platinum credit card is also equipped with contactless technology. Learn more at http://www.mbna.co.uk/understanding-credit/contactless/.
- 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. Credit card issued by MBNA Limited. Registered Office: Stansfield House, Chester Business Park, Chester, CH4 9QQ. Registered in England and Wales under company number 02783252. Authorised and regulated by the Financial Conduct Authority. MBNA Limited is also authorised for the provision of payment services. Credit is available, subject to status, only to UK residents aged 18 or over.
SOURCE MBNA Limited