Transfer your overdraft to a 1.9% credit card deal
Bank of America has this week launched what could prove to be a very attractive and very interesting offer for many struggling in the UK. The banking giant has issued a new MBNA credit card deal which will allow not only credit card balances from other card operators in the UK to be transferred but also other borrowings such as overdrafts. As long as the transfers are carried out within 90 days of opening your new MBNA credit card account the funds in question will attract a 1.9% interest rate for the first 12 months.
This particular deal is only available on the Bank of America website and it must also be recognised that any purchases on your new MBNA credit card will attract the standard 16.9% interest rate. However, it is the ability to transfer over a raft of debts onto the new credit card at a significantly reduced rate which is likely to catch the eye of many consumers in the UK. If you're paying in excess of 20% on an existing credit card debt or you have outstanding loans or overdrafts then this may well offer the potential to significantly reduce your interest payments.
The more you're able to reduce your interest payments the more capital you will be able to pay off which will continually reduce future interest rate payments assuming you do not increase your debt.
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