MBNA Launches new Rate for Life Credit Card

Mon Dec 31, 2012 6:58am EST

* Reuters is not responsible for the content in this press release.

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 
[http://www.mbna.co.uk/understanding-credit/contactless/index.html ] 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limit the 5.9 per cent promotional rates will be withdrawn and they will be charged the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.   



    Photo: 
    http://photos.prnewswire.com/prnh/20121231/586337




MBNA Europe Bank Ltd

CONTACT:  For further information contact: Gary Jenkins, Corporate
Communications, MBNA, Tel: +44(0)1244-574136, Email: gary.jenkins@mbna.com
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.