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MBNA launches two new Rate for Life credit cards

11th September 2013 Print

MBNA has launched two new ‘Rate for Life' credit cards for eligible UK consumers, offering them a choice of low lifetime rate cards to best serve their financial needs.

The two new cards - the ‘Rate for Life Credit Card' and the ‘Rate for Life Purchase Credit Card' - have been launched for new customers looking to either consolidate existing card debts or make large purchases, such as a new car, holiday or home improvements.

The new MBNA Rate for Life Credit Card is aimed at helping consumers to use their approved credit limit to consolidate other card balances, and offers a low promotional rate of 6.9 percent for life on all balances transferred within the first 60 days of opening an account. MBNA has also removed the handling fees charged to transfer balances from other cards during the same 60-day period.
 
For major purchases, MBNA has launched the Rate for Life Purchase Credit Card as a possible alternative to a loan. The new credit card comes with a low promotional rate of 6.9 percent for life on all card purchases made in the first 90 days of opening an account. The card offers an agreed line of credit with all the flexibility and protection of a credit card, no early repayment charges, and the freedom to make repayments on the customer's terms, providing they make at least the minimum payment every month.
 
Michael Donald, Business Development and Commercial executive for MBNA, said: "Everyone's financial needs are different, and we're pleased to be able to offer consumers a choice of Rate for Life credit cards so they can apply for the one that best suits their financial requirements."
 
Rates for both of these products do not change on application. Customers are either accepted for the new Rate for Life credit cards as offered with the 6.9 percent promotional rates, or they are not.
 
The cards are available now to compare and apply for now at mbna.co.uk.