MBNA has shocked the credit card market by launching one of the cheapest debt-shifting deals seen in years.

The lending giant's Platinum card offers new customers 1.9% APR interest for the first 12 months on all balance transfers made in the first 90 days of account opening.

Unlike similar balance transfer deals that offer lower 0% rates, the MBNA card does not charge a separate one-off fee on the debt shifted within the first three months.

You must apply directly via MBNAs website (see the Best Balance Transfers guide).

After a year, the rate on the transferred debt rockets to 17.9%, at which point you should switch again if any debt remains.

Dan Plant, MoneySavingExpert.com money analyst, says: "If you can repay debts within a year, this is the best new balance transfer deal for years.

"Someone who shifted 3,000 of debt onto it and paid off the whole balance within twelve months would pay about 30 in interest, equivalent to a very-low 1% one-off fee. Such cheap debt costs are unheard of in the current market."

Balance transfer card warning

Whenever you transfer a balance do not spend on that new plastic.

Most cards apply your monthly payments to the cheapest debt (in this case the 1.9% debt), leaving your spending at standard interest rates trapped and accruing interest at a rate of knots.

With MBNA Platinum, card holders will face a much higher 15.9% rate on spending.

Further reading/Key links

Best balance transfers: www.moneysavingexpert.com/balancetransfers
0% purchase cards: www.moneysavingexpert.com/purchases