Credit card provider MBNA has announced the launch of a new “Rate for Life” card with an interest rate less than a third of the industry average.
It’ll offer users a balance transfer rate of 5.9 per cent for the entire life of the outstanding debt combined with a handling fee of 1.5 per cent.
This comes at a time when many British banks and lenders are hiking their interest rates to protect themselves from consumer debt. The latest industry figures have revealed that credit card interest rates are at their highest for 12 years, with an average of 18.8 per cent.
Recent research has also suggested that credit card debt in the UK has risen to £54 billion, whilst interest rates have risen by more than 25 per cent over the last four years. That’s at a time when the Bank of England’s base rate is at its lowest for decades.
MBNA is expecting its announcement to please debt charities and government bodies which have been asking for ‘smarter lending’ by card providers.
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