MBNA UK, a wholly owned subsidiary of Bank of America, has launched a new credit card with no handling fee.
The new product is launched just a few weeks before MBNA changes the way payments are allocated to customers’ credit cards.
From 1 September 2010 payments made to MBNA credit cards in the UK will go towards paying off balances with the highest interest charges first.
Bank of America Europe Card Services product executive Will Curley said that the new MBNA product offers no handling fees on balance and money transfers and a low rate for 12 months if they are made in the first 90 days.
“We know this product will appeal to many of our customers, particularly those looking to pay down their debts over a short period with lower fees and we will continue to offer more value and choice among our UK card portfolio,” Curley said.