CREDIT CARDS

MBNA Launches New Balance Transfer

Consumers looking to transfer their debts on a new credit card should investigate the latest offers on the market.

MBNA has announced that their new Balance Transfer credit card will offer consumers 0 percent on balance transfers for 16 months with a 2.88 percent handling fee.

The credit card also offers 0 percent on card purchases for the first three months from account opening with a standard rate of interest for purchases and balance transfers of 16.7 percent APR.

New cards issued will also come in the new contactless technology so card users can swipe their card at terminals for easy and quick transactions for under £15.

“Our customers tell us they are looking for better offers in the market, and that is what we are delivering,” said Will Curley, Bank of America Europe Card Services product executive.

Sensible Credit Card Spending

Borrowing money through your credit card is one of the best ways of borrowing money at the moment.

Banks are offering competitive deals on balance transfer deals so if you have outstanding debts on one card you can transfer them across to another where it gives you time to repay the debt without acquiring extra interest.

If money is tight and you are uncertain how you will fund all the Christmas gifts you want to buy for your loved ones, putting it on a credit card could be the solution.

With up to three months no interest on purchases available on many credit cards this could give you time to spread the cost of Christmas over a longer period, rather than depend on your monthly pay cheque.

Make sure you keep a close eye on your spending though over this period and set yourself a budget so you know exactly how much you are likely to spend and how long it will take you to pay off the bill.

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