If you are carrying credit card balance(s) of any significance such as Mr Bunny above, you might well be interested in the brand new offer only available direct from MBNA that launched yesterday.

Instead of the usual offer along the lines of  “0% for 6 months with a 2% transfer fee” or similar, MBNA’s new Platinum Plus card offers 1.9% on the transferred balance for 12 months, and NO fee. If you transfer £3,000 onto the card and paid off the entire balance within the promotion period, you’d only pay about £30 in interest.

Caveats: After the 12 month promotional period, the rate rockets up to 17.9% for your remaining transfer, and 15.9% for purchases so unless you are confident of getting another good deal after, or know you can pay it off inside 12 months, be cautious. You can only initiate a transfer under this deal within 90 days of activating the card. As always, you cannot transfer a balance from a card under the same umbrella to this one, so Virgin Money, Play.com and other card types cannot be shifted on this, because they’re already MBNA cards. Check your paperwork carefully or phone and ask if you’re in any doubt.

If you can deal with the caveats, then this really is the credit card ‘deal of the year’ for balance transfers.

Applications are only being accepted direct at the MNBA website.

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