Consolidate debt for less with MBNA’s Rate for Life Credit Card

Consumers looking to consolidate high interest bearing debts on a lower long term rate should consider an exclusive online credit card from MBNA.

The MBNA Rate for Life credit card offers a promotional rate of 5.9% and a low handling fee of 1.5% on all balance transfers and money transfers made within the first 60 days of opening an account.

Will Curley, product executive for MBNA, said: "The MBNA Rate for Life card is one of the best products in the market for helping consumers to consolidate higher interest bearing debts; and it could save people a great deal of money. 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, 5.9%, on balances transferred in the first 60 days until they are paid off.

"The money transfer option we offer allows customers to transfer money from their credit card straight into their current account for one of the lowest transfer fees in the market."

The average interest rates on a £3,000 loan in the UK market are currently around or above 15%.

Mr Curley added: "This credit card can offer consumers certainty of cost, it is covered by the layers of security and protection credit cards offer, there are no early repayment fees, it offers flexible repayments if circumstances mean customers can pay more and it can support many in reducing the overall debt and interest charges they pay on other debts, agreements or loans."

This is an Internet-only offer and anyone interested in learning more about the new MBNA credit card should visit mbna.co.uk/creditcards/mbnacards