Lloyds Banking Group has this week completed its £1.9 billion takeover of credit card firm MBNA, but customers of both will see "no changes whatsoever", according to the banking giant.
The takeover, announced in December 2016, means Lloyds Banking Group now controls more than a quarter of the UK credit card market (26%), second only to Barclaycard (27%).
The three million existing MBNA customers in the UK will not receive any communication about the takeover, a Lloyds Banking Group spokesperson said, as there's "no impact" on them. This means that:
- The MBNA brand will remain distinct from other Lloyds Banking Group brands, including Lloyds, Bank of Scotland and Halifax.
- Customers will still be able to transfer credit card balances from MBNA cards to any existing Lloyds Banking Group brand.
- MBNA will continue to offer competing credit card deals to Lloyds Banking Group.
For details on the current best-buy credit cards, including 0% spending, balance transfer and money transfer deals, take a look at our full Credit Cards section.