Chester, UK, February 24, 2011 (Insurance Headlines) February 25, 2011-- Consumers with high interest-bearing debts can find relief by consolidating their balances to MBNA’s exclusive online credit card and enjoy a lower long-term rate.

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, and charges no annual fee.

Will Curley, product executive for MBNA, said: “The MBNA Rate for Life credit 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 compared to high-street bank rates.(1) 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.(2)

“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.(2)”

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 layers of credit card protection and security, 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 http://www.mbna.co.uk/creditcards/mbnacards.

(1) Online research for personal loans from high street banks shows (correct as of 12:00 p.m. GMT, February 21, 2011):

•     Halifax (£3,000 over three years) – 22.9% APR – total interest £1,202.21*
• For Halifax, the first repayment is due three months after the start of the loan; therefore, the loan term is slightly longer than the number of repayments.
•     HSBC (£3,000 over three years) – 18.9% APR – total interest £874.01
•     Santander (£3,000 over three years) – 14.9% APR – total interest £689.64
•     MBNA Rate for Life Credit Card2 (£3,000 over three years) – 5.9% APR – total interest £279.61 ( £45 fee)

(2) If balance and money transfers are made within the first 60 days. The rate applies until the transferred balances are paid off. The standard rate of interest for card purchases will be 16.9% p.a. (representative 16.9% APR variable). Promotional rates will no longer apply from the beginning of any statement period during which a customer has breached their terms and conditions.

About MBNA Europe Bank

MBNA Europe is a wholly owned subsidiary of Bank of America Corporation and is the recognised leader in affinity marketing.

For more information, visit the company’s website at http://www.mbna.co.uk or Bank of America’s website at http://www.bankofamerica.com.

Author: PRSyndication.com