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43-Month 0% APR Credit Card is Here 4 Real — But Across the Pond — Sorry

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Some U.S. issuers offer 21-month 0% intro rate credit cards with stiff transfer fees of 5% but the Brits are giving U.S. issuers a real spanking with a spiffy new card. 

The new MBNA Balance Transfer Credit Card offers up to 43 months at zero per cent on balance transfers (3.29% fee applies) plus receive £20 cash back when they transfer £1,000 or more in the first 60 days of opening an account

In line with recent years, over half a million UK consumers are likely to make in excess of £1.3bn worth of balance transfers during January to help them get their finances fit for 2017.

To transfer a balance of £1,000 to be eligible for the cash back offer, new customers would pay a one-time fee of just under £33. They would then benefit from zero per cent interest for 43 months if the transfer is made at the beginning of the offer window. That is equivalent to paying no interest for more than three-and-a-half years, around 1,308 days, 31,390 hours or 1,883,400 minutes.

The new MBNA Balance Transfer Credit Card offer also enables new customers to transfer money into their current account and pay no interest for 20 months (a 4.00% handling fee applies). These “money transfers” could then help new customers pay down other higher interest-bearing balances and loans they hold elsewhere, such as expensive store cards or overdrafts.

Eligibility for the MBNA Balance Transfer Credit Card offer is dependent on individual circumstances and the results of MBNA’s eligibility check. The APR, credit limit and terms of the offer may differ from the examples above.

Representative example 18.9 per cent per annum variable on card purchases. This is the equivalent to 18.9 per cent APR representative variable based on a credit limit of £1,200.

People interested in applying for the new MBNA Balance Transfer Credit Card offer can check their eligibility before applying. As part of MBNA’s eligibility check, a quotation search will be carried out which won’t show up on their credit record as a full search, so it won’t affect their credit rating. The APR, credit limit and terms of the offer may differ based on their circumstances.

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