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MBNA Platinum credit card

Date: 23rd Dec 2014 | Posted in: Financial News, News

MBNA enhances Platinum credit card with lower fee

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, 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 account1.

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.

1 Transferring other debts to this card and paying only the minimum amount due each month may lower your overall monthly debt repayments, but it may take you longer and cost you more to repay what you owe. 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 card2. 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.

2 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.