MBNA has launched a new credit card aimed at consumers looking to consolidate high interest bearing debts on a new lower long term rate.
The Rate for Life credit card offers a promotional rate of 5.9 per cent and a handling fee of 1.5 per cent on all balance transfers made within the first 60 days of opening an account.
The new product also offers a promotional rate of 5.9 per cent on money transfers, for a four per cent fee.
Michael Donald, business development and commercial executive for MBNA, said: “There is a lack of credit cards offering long term rates for UK customers and longer term borrowing options – for example, unsecured loans – have become more difficult for people to access.
“The card can offer certainty of cost on borrowing, no early repayment fees and flexible payments if circumstances mean customers can pay more in a particular month.”
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