CREDIT CARDS
New Balance Transfer Deal from MBNA
MBNA have launched a new Rate for Life Credit Card for consumers ridden with debt and looking for a low interest balance transfer, which will make it easier to pay off.
This exclusive online credit card offers a promotional rate of 5.9 percent, with a handling fee of 1.5 percent on all balance transfers and money transfers. This handling fee applies for transfers made within the first 60 days of account opening.
The 5.9 percent rate is considerably lower than the average interest rate of 15 percent on a £3,000 loan in the UK market, making it a suitable option for those keen to rid their debt without racking up high interest.
“This card enables customers to bring higher interest-bearing credit card balances, loans, finance agreements or overdrafts together and consolidate them on a lower rate of interest,” said Will Curley, MBNA product executive.
“This credit card can offer consumers certainty of cost, it is covered by the layers of security and protection credit cards offer.”
The offer is available only if the consumer applies via the internet.
Brits Struggle to Pay off Interest on Debts
This new low interest credit card from MBNA comes at a time when Brits are struggling to pay off even the interest on their debts.
Research from Unbiased recently revealed Brits spend the first 45 days of the year paying off the interest, with their earnings unable to start paying off the actual debt until after the 15th February.
Last year saw personal loan levels in the UK reach over £120 billion, with credit card debt pushing £58 billion.
The high interest charged on many loans and credit cards makes it harder for consumers to pay off their debts, as this comes at a time when the cost of living is rising with the VAT hike, high fuel and utility costs, and redundancies and pay freezes are felt across the country.
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