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MBNA Balance transfer confusion
Rik5713
Posts: 1 Newbie
in Credit cards
Hi I have to admit to being confused over credit card interest rates. I have a credit card balance that I would like to pay off over time and I read with interest Martin's alert over the MBNA 5.9% for life deal. My current credit card balance is subject to 16.9% APR and a monthly interest rate of 1.313%. On looking through the terms and conditions of the MBNA deal it seems Balance Transfers are given a monthly rate of 1.4566% and an APR of 18.9%. This would surely make me worse off if I transferred, my monthly repayments would be higher than my current ones wouldn't they - or am I looking at it wrongly? Any suggestions would be gratefully received.
0
Comments
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Those numbers relate to transactions made AFTER the first 60 days.On looking through the terms and conditions of the MBNA deal it seems Balance Transfers are given a monthly rate of 1.4566% and an APR of 18.9%.
Anything you transfer within the first 60 days will be at 0% pa until repaid (provided you don't breach the T&Cs!).0
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