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.
Credit Card Balance Transfers « Personal Cents | Save Money and ...
Credit Cards are an extremely predatory form of lending. No surprise, right? I’ve talked about them several times thus far, because they’re something that’s easy to say “watch out for” and yet, at the same time, mention how valuable they can be when used properly. However, since their very nature is predatory, most things a Credit Card does are aimed at trying to trap you into a cycle of continual payment. Sometimes you screw up, whether by your own fault or life’s circumstances, but Credit Card lenders aren’t typically known for being forgiving. Sure, they’ll play the good neighbor role, so long as it will keep you paying them more and more money.
In a recent blog I talked about looking at refinancing, in this one I’m going to look at something similar: transferring the balance of your credit card. It’s not exactly the same thing, but is certainly something to consider. Just like with refinancing, the decision should be based upon your own personal situation, but that doesn’t mean there aren’t good tips out there to help you make the best decision possible.
Interest
The first thing to consider is interest, since this is one of the most important factors of a credit card. Credit cards have some pretty ridiculous interest rates at times, so getting one with the lowest APR possible is definitely in your best interest. If you were to miss a payment, then you could see a reasonable interest rate jump up to the card’s upper limits. At that point, sticking with the card is likely just a foolhardy sense of honor which is going to cost you more in the long-run. If you’ve consistently been a good-paying customer before and never missed payments, then you still likely have a good enough credit rating to get a much better deal on a new card.
Balance Transfers
Something that is overlooked is the balance transfer fee on the new card. A lot of cards will offer you a 0% balance transfer fee for starting with them, which, if their interest is also lower, is an ideal situation for switching cards. When a new card has a balance transfer fee, you need to consider how much you’ll be saving through interest at first and whether or not it is worth it in the end. Generally speaking the balance transfer fee is still comparatively low, but it’s something you want to be aware of, especially when you can find them free. You’ll also want to know the limit of the new card in comparison to the old. New cards often start out with low balances, and if there’s not enough to do the transfer then you’ll just end up with a split balance and multiple cards. In some situations this can be helpful, but, in most cases it just creates extra hassles and headaches, something you’re trying to avoid in the first place.
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