I recently wrote about the slow increase of credit card balance transfer fees.
In this post I mentioned that a number of card issuers now charged as much as 3% for balance transfers while most were still at around 2.5% and some even still at just 2%.
MBNA still advertise on their website a balance transfer fee of 2.5% but as a card holder, I received a letter in the post telling me my tranfer fee had now also risen to 3%.
One thing MBNA do offer however is a cap on the fee. Mine stands at £75 so I need to transfer more than £2500 to benefit. If I transfer £5000 though, it’s the equivalent of just 1.5% so not unreasonable for larger transfers.