MBNA balance transfer card tops best buy table

Published by Tom Wilson on 07 August 2015.
Last updated on 07 August 2015

MBNA balance transfer card tops best buy table

MBNA has improved the terms on its balance transfer credit card, offering a market-leading 0% interest on balance transfers for a full three years.
MBNA is now one of six providers offering 36 months 0% interest on balance transfers. The others are Bank of Scotland, Barclaycard, Halifax, Lloyds and Virgin Money. MBNA now also offers a similar card through its fluid brand.
There's a 2.48% balance transfer fee with the MBNA card (2.79% for fluid). The cheapest balance transfer fee among the leading best buy providers is 1.99%, from Barclaycard.
Most of the top providers only offer 0% balance transfers between credit cards, though these new products also allow 'money transfers' (the ability to take cash from your credit card and pay it into a current account) that allow you to clear other debt, such as overdrafts or even a personal loan.
MBNA and fluid offer a shorter, 20-month term at 0% interest for money transfers and there's an initial fee of 4% of the balance. The only other best buy for balance transfers to accommodate 0% interest money transfers is Virgin Money, which also has a 4% fee.
The APR for the MBNA and fluid cards is 18.9%, matching the other leading providers. However, don't use the cards to withdraw cash as you'll be charged a 5% fee (min £5) and interest of 27.9%.
Interest-free deals are rising in popularity, with the UK Cards Association recently estimating there is no interest due on 41% of outstanding credit card debt.

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