MBNA, a subsidiary of Bank of America, launched on Wednesday two new Rate for Life cards for eligible U.K. customers, allowing them to consolidate existing credit card debt or to make large purchases.
The Rate for Life credit card is designed to help consumers use their approved credit limit to consolidate existing credit card balances, under a promotional rate of 6.9 percent on all balances transferred within the first 60 days of opening an account.
The Rate for Life Purchase credit card was designed as a loan alternative, offering a line of credit under a promotional rate of 6.9 percent on all card purchases made in the first 90 days of opening an account. The card features no early repayment charges and the ability to make repayments on the customer’s terms, so long as they make at least the minimum payment.
“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,” Michael Donald, the business development and commercial executive for MBNA, said.
MBNA Corp. is the former parent company of MBNA America Bank before it was acquired by BofA in 2006.