MBNA has launched a competitive new credit card offering a very low interest rate of 6.7%, but only to the first 1,000 customers.
The new MBNA card also offers the low 6.7% APR on all balance transfers, with no balance transfer fee on transfers made in the first 60 days (a 3% fee applies for transfers made more than 60 days after taking out the card).
Competitive but only if you’re in the first 1,000
Martyn Saville, Which? credit card expert, commented: ‘Some credit card providers, including MBNA, have started to offer competitive new deals to a limited number of customers. This card is great for longer-term borrowing, but only if you’re one of the first 1,000 people to apply successfully.
‘The big problem with this deal though is that you have no idea when applying if you will be one of those 1,000 people. If you happen to be customer 1,001 you probably won’t get this card and could damage your credit rating by applying. If you’re offered an alternative card with a higher APR, you’ll end up paying more interest when you borrow on the card. If you’re rejected altogether this will show on your credit file and may affect the rate you’re offered when you next apply for a different credit card.
‘Deals like the new one from MBNA are eye-catching, but it’s worrying that you don’t know if you’ll get the card or the advertised rate until you submit an application, even if you meet all the criteria.’
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We’ll be looking at credit card applications and interest rates in a forthcoming issue of Which? Money. You can try out two issues of Which? Money for just £2.
Expert credit card reviews from Which?
To compare this card with the other Best Rate cards for borrowing, check out Which? Best Rate credit card reviews.
If you’re not sure which credit card is best for your circumstances, read the free Which? guide to choosing a credit card.
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