The new MBNA Platinum credit card offers eligible customers 0% on balance transfers for up to 39 months, though it carries a 2.98% handling fee.

It’s also offering 0% on money transfers for up to 20 months, though a 4% fee applies.

The introductory rates apply to balance and money transfers made within the first 60 days of opening the account (it’s available until 20 April 2016) and as long as a customer doesn’t breach the terms, such as not paying on time or going over the credit limit.

After the introductory period, the standard rate for balance transfers is 20.9% while for money transfers it is 22.9% per annum.

MBNA adds that all standard interest rates and handling fees are variable so they may differ from those shown after the introductory offer ends.

How does it stack up?

MBNA says this is “the longest balance transfer and money transfer periods ever offered in the UK”.

However, Andrew Hagger of Moneycomms said that while MBNA has been in and around the top of the best buys for much of the last 18 months, there are other contenders on the market, with lower fees:

• Halifax 40 months (2.58% balance transfer fee)
• Tesco Bank 40 months (2.69% balance transfer fee)
• Virgin Money 39 months (2.49% balance transfer fee)
• MBNA 39 months (2.98% balance transfer fee).

“The advantage that MBNA offers customers is that you can check if you are eligible for the card without it leaving a mark on your credit record,” Hagger said.

MBNA added that if customers are not eligible for this credit card, they may be offered alternative products.