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Tuesday, 02 September 2014

UK’s Largest Credit Card Provider Launches New ‘Rate For Life’ Card

Advertising feature. MBNA released their latest credit card last week, the ‘Rate for Life’ card which comes with a balance transfer rate of 5.9% for the entire life of the outstanding debt.  The card also comes with a reduced balance transfer fee of 1.5% and arrives on the market in the same week that the Treasury and the Better Banking Body ramped up their campaign for better credit.

Better Banking is made up of charities that support the idea of ‘smarter lending’ and fairer credit for UK credit card holders. The new ‘Rate for Life’ card from MBNA seems to fit perfectly with the requirements of the lobbyists although MBNA’s Chief Marketing Officer, Greg Reed, says it was their customers who where the inspiration: “We have listened hard to what customers want and I believe that this simplified, easy-to-understand, low rate card will have enormous appeal to customers.”

MBNA have over 6 million credit card holder in the UK, making them the largest in the market place and the ‘Rate for Life’ credit card is quite a development on their usual card packages. In recent years, they’ve seen great success with a range of affinity cards branded with well known charities and rugby clubs, the most popular proving to be the football credit cards designed for fans wanting to support their club at the checkout.

But with interest rates now at a 12 year high of 18.8%, MBNA are no doubt trying to tap into the portion of the 30 million strong UK credit card holders that simply want a long lasting, low interest deal. The ‘Rate for Life’ card is aimed at these people and instead of hooking customers with a 0% deal, it encourages them to manage and clear debt responsibly – a proposition that will gain MBNA some friends within the ‘smarter lending’ camp.

 

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