MBNA launches simple, new Low Rate Credit Card

MBNA has launched a simple, low rate credit card for eligible new customers offering a single low rate, no balance transfer or money transfer fees and no annual fee.

The new MBNA Low Rate Credit Card comes with a low rate of 6.5 percent p.a. on balance transfers and also money transfers which allow customers to transfer some of their credit limit into their current account. The card is designed for everyday spending or larger purchases.
 
“Our customers want simple and attractive products and the MBNA Low Rate Credit Card is certainly that”, said Michael Donald, Marketing and Commercial executive for MBNA. “The new MBNA Low Rate Credit Card enables customers to use the card in a number of ways. They can transfer other more expensive card balances and potentially save money on interest rates2; money transfer some of their credit limit into their current account; make a large purchase on the card or use it for their everyday spending. All of this sits on a single low rate.”
 
The low rate offered is not a promotional rate; therefore, balances will not default to a higher standard rate after a fixed period. There is no promotional window within which transfers3 need to be made and the product offers all the flexibility and protection of a traditional credit card.
 
“This is a card that customers can use every day or as and when they need it for larger purchases”, added Donald.

Consumers can find out if they might be eligible before applying for this card. As part of the eligibility check a quotation search will be carried out, which won’t show on their credit record as an application for credit and so it won’t affect their credit rating. If they are not eligible for the leading low rate of 6.5 percent, they may be offered an alternative rate of 8.9 percent or 11.9 percent to consider. Both alternative options come with no balance transfer or money transfer fees and no annual fee.
 
Once a full online application is completed and a customer is approved, their card should be delivered within 10 business days.
 
The new MBNA Low Rate Credit Card is also equipped with contactless technology.

The new MBNA Low Rate Credit Card is available for consumers to apply for now at mbna.co.uk.