Balance Transfers Cr Card

The Credit Card with benefits from MBNA

Most households across the UK have one main priority at the moment and that’s saving money and bringing their budget back in line. Rises in costs have seen budget busting spends but how many of those people will have looked at their credit card deal as a way to save money? This is a good question because when it comes to lowering monthly outgoings, a better credit card deal could really save you serious money and right now, the MBNA Platinum Visa Credit Card is the best deal on the market.

It comes with three remarkable promotional rates in the form of 0% on balance transfers for a lengthy 18 months, 0% on money transfers for 18 months plus 0% purchases for 3 months. Needless to say, a deal such as this could reduce your monthly out goings and give you the time to manage your money without accruing mounds of interest. To take advantage of the promotional offers you need to transfer your balance or money within the first 60 days of your account opening. When it comes to fees there are two important figures, for a balance transfer you’ll be charged a 2.88% handling fee and for a money transfer, you’ll pay a fee of 4%.

With the last year seeing some large rises in the cost of fuel, food, clothing, gas, electric and VAT, the Platinum Visa credit card from MBNA offers holders an opportunity to at least reduce the costs associated with their credit card and gain a little financial breathing space. As such, this credit card offer from Europe’s largest credit card lender will no doubt appeal to many individuals, couples and families right across the country who are trying to get their monthly budgets back in line. But the benefits don’t end there.

As well In addition to 18 months interest free on balance and money transfers and 0% on purchases, MBNA has added a number of extra features to the Platinum card that make it a market leading financial product. As a MBNA Platinum Visa Credit Card holder you’ll also benefit from fraud protection to cover you for fraudulent transactions, contactless payment technology for payments up to £15 and paperless statements to make your account ‘greener’. You can also manage your account easily online in your own secure account section, saving you time and giving you more control.

Balance Transfer Credit Cards – Top Tips To Maximise Its Benefits ...

Balance Transfer Cards

One of the best, easiest, and most popular tools that can be used to reduce credit card debt is another credit card. That sounds like a bad idea, but a balance transfer card, when used properly, can be one of the easiest and best ways to get out from under a mountain of credit card debt. These cards work with introductory offers of low interest rates for short period of time, generally between six months to a year, that will allow you to pay down your high interest credit card debt much faster. This is, of course, provided you do it right.

The biggest thing you need to look at for your balance transfer card is going to be the interest rate during the introductory period. You can find rates ranging anywhere between 0% and 5.99%, some are slightly higher but will last much longer, up the the entire life of the balance transfer. Most of the lowest rates will last anywhere between 3 to 6 months (for most 0% offers) to a year (for anything higher than 2.99%). These periods and rates will vary depending on the card, but they seem to be the averages.

It goes without saying that the lower your rate, the less you will pay in interest. If you come across the 0% cards then you need to be sure that all of the other rates, terms and conditions are still going to come out in your favor. You could have a great low rate, but if your high annual fee or other charges negate the benefit, it’s not really a gain, is it?

The next thing that you should check on is the term for your rate. The longer you have your rate then the longer you will be saving money, which is what you’re going to need for very large balance transfers. Your goal here is to pay the outstanding balance before your rate expires, so you need to get a rate that won’t expire before you’ve paid off the debt. You might be okay if you’re stuck with an interest charge for a month or two, but if you transfer a $15,000 debt onto a card with 0% for six months and you only manage to pay down $6,000 of it, you’re stuck with $9,000 at around 20% for however long it takes you to pay it off, which is no good.

The introductory balance transfer rate is important in the short term, but once that’s paid off you’re stuck with the standard rate. For that reason, you need to know what it is and that you can afford it. Or, maybe, that you have no intention of keeping the card once the transfer is paid off.