MBNA releases a Low Rate Credit Card which offers a 4.9% APR. Interested applicants and future cardholders can gain access to this low rate for up to 4 years, allowing them to spread their costs over a long-term, low-interest period.
The MBNA Low Rate Credit Card also provides promotional offers on purchases as well as balance and money transfers. Apart from this offering, cardholders are also entitled to low transfer fees. The introductory interest rates of 4.9% offered under this credit card are valid on transfers and card purchases made in the first 60 days. After the initial introductory period, however, a slight increase to 8.9% on the interest rates will be implemented.
Under this credit card, users can make big-ticket purchases or transfers, allowing them to manage their monthly budget, expenses, and ultimately simplify their costs.
Powered by Visa, the Low Rate Credit Card by MBNA is accepted worldwide. Contactless payments, paperless statements, and mobile banking services are also offered under this credit card.
Application and Qualification
Interested cardholders can apply for the MBNA Low Rate Credit Card online. However, with the constant updates being done on the company website, users can start only checking their eligibility from the 27th of February 2019. It’s best to note that applicants must at least be 18 years of age and a resident of the United Kingdom to apply. A good credit history is also key to being approved for this credit card.
Those who intend to proceed with their application will need to provide proof of address and employment and salary information. The credit limit starts from £100.
Other considerations that need to be factored in prior to the application includes the bank’s fees and charges. Cardholders should take note that whilst there are no annual fees, there is a cash advance fee of 5% and a foreign usage charge of 2.95%. Delayed payments and over-limit fees will also be charged £12 each accordingly.