MBNA has extended the 0% balance transfer deal on its Platinum Visa credit card to 19 months, as well as offering a below-average handling fee of 2.5%.
The reduced balance transfer fee applies on transfers made within 60 days of opening an account. MBNA’s main rival Barclaycard is the only credit card provider to offer a longer 20-month 0% deal, but charges a higher transfer fee of 3.2% (or 2.9% on its 19-month deal).
The MBNA card comes with a mid-market APR on purchases of 16.7%, making this card uncompetitive for spending.
Which? credit card expert Bobby Nicholls commented: ‘It is great to see a good 0% deal that doesn’t charge an inflated balance transfer fee. However, make sure you pay back any outstanding balance before the end of the 0% deal as any remaining transferred balance will revert to a higher headline rate of 18.8% at the end of the deal.
‘If finding a card provider with good customer service is more important to you than the 0% deal, then MBNA’s score of 51% in our credit card satisfaction survey makes it an unsuitable choice for you. Our Best Rate 0% balance transfer credit cards include competitive deals from other providers such as Which? Recommended Providers Capital One and Nationwide BS.’
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