CHESTER, England, June 3, 2014 /PRNewswire/ --
MBNA today launches a simple, low rate credit card for eligible new customers offering a single low rate, no balance transfer or money transfer fees and no annual fee[1].
(Photo: http://photos.prnewswire.com/prnh/20140603/690178 )
The new MBNA Low Rate Credit Card comes with a low rate of 6.5 percent p.a. on balance transfers and also money transfers which allow customers to transfer some of their credit limit into their current account. The card is designed for everyday spending or larger purchases.
"Our customers want simple and attractive products and the MBNA Low Rate Credit Card is certainly that," said Michael Donald, Marketing and Commercial executive for MBNA. "The new MBNA Low Rate Credit Card enables customers to use the card in a number of ways. They can transfer other more expensive card balances and potentially save money on interest rates[2]; money transfer some of their credit limit into their current account; make a large purchase on the card or use it for their everyday spending. All of this sits on a single low rate."
The low rate offered is not a promotional rate; therefore, balances will not default to a higher standard rate after a fixed period. There is no promotional window within which transfers[3] need to be made and the product offers all the flexibility and protection of a traditional credit card.
"This is a card that customers can use every day or as and when they need it for larger purchases," added Donald.
The new MBNA Low Rate Credit Card is available for consumers to apply for now at http://www.mbna.co.uk.
Consumers can find out if they might be eligible before applying for this card. As part of the eligibility check a quotation search will be carried out, which won't show on their credit record as an application for credit and so it won't affect their credit rating. If they are not eligible for the leading low rate of 6.5 percent, they may be offered an alternative rate of 8.9 percent or 11.9 percent to consider. Both alternative options come with no balance transfer or money transfer fees and no annual fee.
Once a full online application is completed and a customer is approved, their card should be delivered within 10 business days.
The new MBNA Low Rate Credit Card is also equipped with contactless technology. Learn more at http://www.mbna.co.uk/understanding-credit/contactless/.
Representative example: 6.5% p.a. (variable) on card purchases. This is equivalent to 6.6%APR representative based on a credit limit of £1,200.
When you see a representative APR quoted for this product it shows the representative cost of this form of credit over one year. The representative APR includes interest payable along with any minimum interest charge (MBNA charges £1 minimum). The interest rate quoted does not include additional elements; it is just a statement of the effective interest rate. Both the representative APR and the interest rate shown in the Representative Example are based upon the standard rate of interest for card purchases.
Picture Caption: The MBNA Low Rate Credit Card
[1] Eligibility for this card depends on the consumer's circumstances and the results of MBNA's eligibility check. The product, APR and promotional offer they could receive may vary from the example (other options include 8.9 percent or 11.9 percent)
[2] Transferring other debts to the MBNA Low Rate Credit Card and paying only the minimum amount due each month may lower the overall monthly debt repayments, but it may take longer and cost more to repay the outstanding balance. Other lenders may charge a fee for settling a loan early.
[3] Customers cannot transfer balances between MBNA accounts.
MBNA Limited, registered office Stansfield House, Chester Business Park, Chester CH4 9QQ. Credit is available, subject to status, only to UK residents aged 18 or over. Calls may be monitored and/or recorded for quality and training purposes and for compliance with regulations.
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.
Share this article