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The MBNA All Round Credit Card

Date: 29th Jun 2016 | Posted in: Financial News, News

Longer term low rate credit card piloted by MBNA

MBNA has launched MBNA 5, a brand new five-year, low-rate credit card that “thinks it’s a loan”. This ground-breaking card is only available for a limited period.

The new product, available at https://www.mbna.co.uk/, offers a rate of only 4.9 per cent p.a. on balance transfers, money transfers and card purchases made within the first 60 days of account opening. The rate is applicable for up to five years (60 months), reverting to the standard rate of 8.9 per cent p.a. after five years. A handling fee of 0.5 per cent applies to any balance or money transfers made on the card. Remember to stay within your limit and to make your monthly payments on time, otherwise you’ll lose the promotional offers on your account and pay the standard interest rate instead.*

“MBNA 5 might be a good alternative to a personal loan if used in the right way. You might say it’s the credit card that thinks it’s a loan”, said Richard Whatmough, Marketing and Digital director at MBNA.

“MBNA is always looking for ways to innovate and improve things for our customers. We’ve launched this product to test the market for a longer-term credit card option, bridging the gap between personal loans and introductory rate credit cards.”

This competitive rate over a longer term with MBNA 5 provides an alternative to a loan, whether it’s for a new car, a wedding, a holiday or home improvements.

“We offer customers a range of different credit cards at MBNA. For people who want to borrow money at competitive, longer-term low rates, MBNA 5 is a fresh alternative”, added Whatmough.

Representative example 8.9%p.a. variable on card purchases. This is equivalent to 8.9%APR representative variable based on a credit limit of £1,200.

Find out if you are eligible before applying. As part of the eligibility check, a quotation search will be carried out which won’t show up on your credit record as full search so it won’t affect your credit rating. The APR, credit limit and terms of the offer may differ based on your circumstances.

*Promotional offers will no longer apply from the beginning of any statement period during which you have breached your terms and conditions, for example if you haven’t paid on time or have gone over your credit limit. You cannot transfer balances between MBNA accounts.