To mark the bank’s first birthday, Metro Bank has launched a new credit card deal offering 14 months at 0% on balance transfers, purchases and cash advances.
Key credit card details
- The 0% MasterCard deal is available to all existing and new customers
- There is a 3% balance transfer fee for new customers. This fee is waived for existing credit card customers
- You need a Metro Bank current account to be eligible for the offer
- The standard rate on all transactions once the 0% deal runs out on 30 September 2012 is 13% APR, well below the market average. Metro Bank does not use risk-based pricing, so anyone who is accepted for the card pays the same interest rate.
A better deal for existing Metro Bank credit card customers
Which? credit card expert Martyn Saville commented: ‘This card deal offers Metro Bank current account customers an excellent opportunity to save some money over the 14-month period. While the individual elements can be beaten by other 0% balance transfer and 0% purchase credit cards, for a bank to offer a flexible 0% deal on balance transfers, purchases and cash transfers (for example from an existing overdraft) is rare.
‘We often complain that existing bank customers get a worse deal than new customers. In this instance, existing customers actually get a better deal as not only do they get the 0% offer, but they also don’t have to pay the 3% balance transfer fee paid by new customers.
‘Of course, it’s a great marketing opportunity for Metro Bank too – to get hold of the 0% credit card, you need to have a current account with the bank. Once the 14-month deal runs out, Metro Bank clearly hopes it will retain those new customers for the long term. The Metro Bank current account doesn’t pay credit interest and has no interest-free overdraft facility, so it will have to live up to its claim of excellent service to win customers over. If it can, the linked credit card deal is an excellent one.’
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