MBNA launches its cheapest ever balance transfer credit card

MBNA has launched a new 14-month balance transfer credit card that comes with its lowest ever fee of just 1.25 per cent.

The new credit card is only available to people in the UK and has to be applied for through its website.

New customers will receive 14 months where they pay no interest on their balances that are transferred as long as the transfer is made within 60 days of opening an account.

Thomas Rebel, Product Marketing executive for MBNA, said: "We've developed this low-fee credit card for consumers looking to repay existing balances within 14 months, but without the higher initial outlay associated with some of the more headline-grabbing, longer-term deals available in the UK credit card market.

"We've listened to our existing and potential customers, and we're interested to gauge the consumer appeal of low-fee products like this. By offering exclusive deals on our website, we're able to give more value to consumers searching out the best credit cards deals. Plus, what you see is what you get. Everyone who successfully applies for this product will get this promotional offer."