CHESTER, England, December 31, 2012 /PRNewswire/ --
Money transfer
fee reduced from 4 percent to 1.5 percent
MBNA has reduced the money transfer fee on its popular Rate for
Life Credit Card from 4 percent to 1.5 percent, offering even
greater value to customers successfully applying for the card.
(Photo:
http://photos.prnewswire.com/prnh/20121231/586337 )
The new credit card offers a low promotional rate of 5.9 percent
on balance and money transfers made in the first 60 days until the
transferred amounts are paid off, and now comes with a low handling
fee of 1.5 per cent on all balance transfers and money
transfers.*
Customers are able to apply for the new MBNA Rate for Life
credit card at
http://www.mbna.co.uk/credit-cards/mbna-rate-for-life-credit-card/.
Michael Donald, Business
Development and Commercial executive for MBNA, said:
"We are committed to offering new customers greater flexibility
and choice when considering a credit card to suits their needs, so
that they have the opportunity to purchase today with money they
will earn tomorrow using a company they can trust.
"By reducing the money transfer fee on our new Rate for Life
credit card, we are enabling eligible customers more flexibility
and choice when considering potential resolutions to consolidating
their existing debts or funding New Year buying plans."
Money transfers enable customers, for a fee, to move some of
their credit card limit into their current account. The money can
then be used to pay off all or part of any other credit and store
card balances, loans, finance agreements or overdrafts they may
have on higher interest rates.
Rates for this product do not change on application. Customers
are either accepted for the new Rate for Life credit card product
as offered with the 5.9 per cent promotional rates, or they are
not.
The new credit card from MBNA is contactless-enabled (click here
for details).
* This is a promotional offer. If a customer pays late or goes
over their credit limit the 5.9 per cent promotional rates will be
withdrawn and they will be charged the standard balance and money
transfer rates of 18.9 per cent and 20.9 per cent respectively on
all transferred amounts.
Balance transfers can be used to pay off other credit and store
cards. To settle other forms of finance customers may have to make
a money transfer into their current account and pay them from
there. Making a money transfer to a current account then using a
debit card is an alternative way to pay for goods and services;
however, there will not be the same protection under the Consumer
Credit Act 1974. Even with the handling fee, a money transfer at
the 5.9 per cent promotional rate may still work out cheaper than
paying with a higher interest rate credit card over the same
period.
Transferring other debts to this card and paying only the
minimum amount due each month may result in lower overall monthly
debt repayments, but it may take longer and cost more to repay what
is owed. Paying the minimum may also cost more than other
forms of borrowing with fixed repayments over a fixed
period. Other lenders may charge a fee for settling a loan
early.
About MBNA Limited:
MBNA Limited is a wholly owned subsidiary of Bank of America
Corporation (NYSE: BAC). For more information, visit the company's
website at http://www.mbna.co.uk.
Editor and supplementary notes:
The information contained in this press release is intended
solely for journalists and should not be used by consumers to make
financial decisions. Any consumer interested in learning more about
any of this product should visit http://www.mbna.co.uk for full
terms and conditions.