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"MBNA launches no fee credit card"

By admin | September 23rd, 2009 | Balance Transfers

A no fee credit card has been launched by financial giant MBNA, and this could help many consumers to save money on the cost of their credit card bills, which will prove invaluable in the current financial climate.

The balance transfer credit card from MBNA comes with a fee free facility for those transferring balances onto the card, and also offers an introductory low rate of just 1.9 percent for the first year. After this time the rate will revert to the standard variable rate, which is 15.9 percent.

Officials have said that many consumers may be drawn to the card because there is no fee charged. With MBNA credit cards the minimum repayment is £25 a month, and this means that repayments are likely to be much higher than any interest being charged on the outstanding debt.

Officials have said that the card could help consumers to save money on interest over a twelve month period even compared to some 0 percent interest credit cards that do charge a fee.

Many people have been turning to balance transfer credit cards in order to save money on interest and this is done by transferring debts from high interest credit cards onto either 0 percent balance transfer credit cards or onto low rate balance transfer credit cards. By doing this consumers are often able to save a fortune in interest, whilst enjoying a generous period within which to repay the debt on an interest free or low interest basis.

One consumer who had several thousand pounds on various high interest credit cards stated: “I was getting fed up with having to pay so much interest on these credit cards debts, but I couldn’t afford to clear them all in one go. I transferred my balances onto one low rate balance transfer card, and this is saving me a fortune in interest as well as providing me with the convenience of dealing with just one provider.”

Tags: fee free balance transfer, MBNA credit cards, Credit Cards, Balance Transfers

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