New MBNA 16-month 0% balance transfer dealNew 0% offer is a Which? Best Rate deal
27 September 2010
MBNA has launched two new credit card deals, both of which are new Which? Best Rates - one for 0% on purchases and one for 0% balance transfers.
16 months at 0% on balance transfers
The new MBNA Balance Transfer credit card offers 0% on balance transfers for 16 months from account opening, equaling the best deal on the market from Barclaycard. Balance transfers attract a 2.9% handling fee and must be made within the first 60 days of holding the card.
The credit card also offers 0% on purchases for the first three months. After this period, the standard rate of interest is 16.8% APR (typical) variable.
12 months at 0% on both balance transfers and purchases
The second new deal from MBNA is the MBNA Dual credit card, offering 0% for 12 months on both balance transfers and card purchases from account opening.
A 2.98% handling fee applies to balance transfers and money transfers, which must be made within the first 60 days. The standard rate of interest on the card is 18.9% APR (typical) variable.
Great deals but poor customer service
Which? credit card expert, Martyn Saville, commented: 'If you have existing credit card debt and are looking for the longest 0% balance transfer deal, the MBNA Balance Transfer card is a strong contender. If you want to transfer a balance and use the same card for spending, the Dual card is a good choice - it doesn't offer the longest 0% periods on the market, but for those consumers who only want to carry one card, this card offers a very competitive deal.
'As with all credit card deals from MBNA, however, we have to sound a word of warning. With one of the worst customer satisfaction scores on the whole credit card market (51%), MBNA needs to get its customer service act together. It's not good enough just to offer the best credit card deals - MBNA should be aiming for the excellent customer scores achieved by John Lewis / Waitrose (88%), Smile (83%) and First Direct (78%).'
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