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unique everyday plus credit card

Date: 14th Sep 2015 | Posted in: Financial News, News

MBNA “shakes up the market” with launch of “unique” Everyday Plus Credit Card

Independent experts hail new credit card a “comparison table-buster”

Simple card “ticks all the boxes” – with long-term low rate of 7.4 per cent*, no annual fee, no fees on money transfers, balance transfers, ATM usage in the UK and abroad, or foreign exchange transactions

MBNA has launched “comparison table-busting” credit card with a long-term low rate and no fees for using it in the UK or abroad.

The MBNA Everyday Plus American Express® Credit Card launches today (Monday, 14 September 2015) and offers:

  • A simple long-term low rate of 7.4 per cent for eligible new customers*.
  • No credit card handling fees in the UK or abroad – all fees for money transfers, balance transfers and ATM usage in the UK and abroad have been removed.
  • No foreign exchange transaction fees.
  • No annual fee.
  • Access to a range of everyday offers and benefits from American Express.
  • Apple Pay and contactless technology compatibility.

“By removing certain fees, we’ve created a simple and easy-to-understand credit card that gives people amazing flexibility when it comes to borrowing”, said MBNA Chief Executive Ian O’Doherty. “We believe it’s a card that transcends the current UK credit card comparison tables and delivers value like no other.”

Available for use in the millions of retailers who accept American Express worldwide, the card offers newly approved customers access to American Express® Connect, a programme where benefits, offers, and special experiences are brought together especially for American Express card holders.

Commenting on the launch, Andy Besant, American Express Vice President, and Head of Global Network Partnerships Europe, said: “American Express is delighted to partner with MBNA in providing the Everyday Plus product. By combining American Express’ global brand and value, together with MBNA’s expertise, we have developed a truly compelling product.”  

As with all MBNA-backed cards, the Everyday Plus American Express® Credit Card is compatible with Apple Pay and is contactless technology-enabled.

What do the experts say?

Ahead of the credit card’s launch on Monday 14 September, MBNA asked independent consumer champions and financial experts to give their views:

“This is a card that could easily persuade some rate tarts to ditch the switching habit”, says financial commentator and Director of Moneycomms Andrew Hagger. “The Everyday Plus card from MBNA ticks all the boxes and is a long-term companion for your wallet. The low rate of 7.4 per cent APR is competitive in its own right, but unlike the majority of cards, it also offers the flexibility of a money transfer facility – handy for paying off high-interest loans or expensive overdrafts – plus the fact there is no annual fee and no fees for using the card overseas or for cash advances at home or abroad, it’s a great all-rounder. It really does stand out in a market where there are too many one-dimensional card products."

“It’s seldom that you see a credit card that’s unique or really shakes up the market, but this certainly does that”, said consumer champion and financial expert David Black of DJB Research. “It a comparison table-buster in many ways in terms of its competitive attributes. No charges for money or balance transfers, ATM withdrawals and overseas use coupled with a highly competitive low standard rate remove the hassle and uncertainty of regularly reviewing and switching credit cards. It’s quite common for a disciplined person to have a variety of different credit cards, using each solely to take advantage of its chief attribute. This card takes that need away for many.”

The MBNA Everyday Plus American Express® Credit Card is available to apply for now on the MBNA website: www.mbna.co.uk.

MBNA’s eligibility check allows customers to check how likely they are to be accepted for the card before completing the full application.

Representative example*: 7.4% p.a. (variable) on card purchases. This is equivalent to 7.4%APR representative (variable). Based on a credit limit of £1,200.

* Alternative products at either 9.9 per cent or 12.9 per cent APR may be made available.

The card is part of a commitment by MBNA to offer a broad range of products that help make life easier for consumers to manage their finances.

Balances cannot be transferred between MBNA accounts. The MBNA Everyday Plus American Express® Credit Card is issued by MBNA Limited. Registered Office: Stansfield House, Chester Business Park, Chester CH4 9QQ. Registered in England and Wales under company number 02783251. Authorised and regulated by the Financial Conduct Authority. MBNA Limited is also authorised by the Financial Conduct Authority under the Payment Services Regulations 2009, Register Number: 204487 for the provision of payment services. American Express® is a registered trademark of the American Express company. MBNA Limited issues the MBNA American Express® Credit Card pursuant to a licence from American Express. Credit is available, subject to status, only to UK residents aged 18 or over. Calls, online and/or Smartphone sessions (e.g., completing an application) may be monitored and/or recorded for quality evaluation, training purposes and to ensure compliance with laws and regulations.