CUSTOMERS should be aware of the a new 0% balance transfer credit card that gives you 32 months to shift debt without paying any interest.
MBNA Limited, which is part of Lloyd’s Banking Group, has launched the offer for potential customers.

MBNA has launched a new credit card for customers[/caption]
A 0% balance transfer credit card allows you to move debt from one card to another without paying interest for a set period.
This can help you pay off your debt faster.
With this particular offer you will initially pay a 3.2% fee on the balance you transfer across.
You will not be charged anything further on this transfer for 32 months, which is almost two and a half years.
So for example, if you had £1,000 on a previous credit card you would initially pay £32 to transfer this debt.
However, if you use this credit card for any other purchases, you will be hit with a 24.9% APR on any further transactions.
APR stands for Annual Percentage Rate. It’s the yearly cost of borrowing money, including interest and other fees.
Credit card interest rates can range between 0% and 50%, but the average credit card charges about 18% or 19%, according to MoneySuperMarket.
So this particular rate by MBNA is slightly higher than other credit card deals you may see on the market.
To be accepted for this offer you must also meet a number of requirements laid out by the bank.
For starters, you must be aged 18 years or older to qualify and also make a minimum income of £14,000 a year.
You must also have a UK bank account and hold a permanent UK address for three years.
You can apply for the deal online at the MBNA webiste
If you are curious about applying the MBNA website has a credit card eligibility checker which tells you whether or not you could be granted access to one.
This can be found at www.mbna.co.uk/credit-card-eligibility-checker.html.
WHAT OTHER OFFERS ARE ON THE MARKET
There are plenty of other 0% balance transfer deals on offer at the moment.
For example, Lloyds Bank has a platinum 0% Balance Transfer Credit Card, which offers no fees for 35 months.
M&S Bank is also running a 0% balance transfer offer which runs for 42 months.
Both deals charge a 24.9% APR if you make any purchases on the card.
If you have credit card debt, start by working out how much you can afford in monthly repayments.
You can then work out how many months it will take before borrowed money is repaid in full.
Opt for the card with enough time to pay off your debt at the lowest possible fee.
You can compare credit card deals on comparison sites such as Moneysupermarket.com and moneyfactscompare.co.uk.
If you can’t repay all the balance during the longest time promotional period, you may need to switch again before the 0% offer finishes.
However, there is no guarantee that you will be able to do so.
When you move a debt from one credit card to another, it’s a good idea to close the original credit card or keep it tucked away and use for emergencies only.
This helps make sure you don’t end up racking up a fresh debt on the card while still paying off the balance transfer card.
How to shift your credit card debt quickly

By James Flanders, Consumer Reporter
UK Finance reports that we spend a whopping £2 billion a month using our credit cards.
While that little strip of plastic makes everyday spending easy peasy, it comes at a huge cost.
According to The Money Charity, the average credit card debt sits at £2,485 per household or £1,312 per adult.
And if you’re stuck on a credit card with a high APR and only making the minimum repayments, you could be forking out hundreds of pounds extra in interest charges.
For example, if you owe £1,312 on your credit card and are charged 24.8% APR.
If you don’t make any more transactions and pay £100 a month in repayments, you will pay off the card by September 2025 but at £207 in interest.
However, by hunting around for a better deal elsewhere and switching to a balance transfer credit card with a lengthy interest-free period, you can save yourself £162.
If the same person was accepted for a 28-month-long zero-interest credit card with a 3.4% balance transfer fee and made the same £100 repayments each month.
They would pay off the debt sooner, in July 2025, and only fork out £45 towards the 3.4% balance transfer fee.
Before taking out a new credit card or increasing the amount you borrow, it’s vital to consider the consequences.
You should only borrow money if you can afford to pay it back.
It’s always vital to ask yourself if you need to borrow before committing to a new credit card, personal loan or overdraft.
If you use a credit card, I’d recommend that you always pay off your balance in full at the end of each statement period.
Lenders have a responsibility to help customers who are in debt.
If you’re in a debt crisis, your first point of call should be your lender.
They might help you out by offering you a reduced interest rate or a temporary payment holiday – so check in with your lender if you’re struggling.