MBNA launches low lifetime rate credit cards for UK

MBNA has launched two new credit cards for the UK market offering low lifetime rates for eligible customers.

MBNA has launched two new credit cards for the UK market offering low lifetime rates for eligible customers.

According to MBNA the cards, dubbed ‘Rate for Life Credit Card’ and ‘Rate for Life Purchase Credit Card’, are aimed at customers wishing to either consolidate other credit card debts or at customers making a one-off large purchase, as an alternative to a loan.

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."

Both cards have a promotional rate of 6.9% on all purchases made within the first 60 days of opening an account for the credit card, and 90 days for the purchase credit card. Handling fees are also removed for the same period.

MBNA claims the cards offer 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.