MBNA BALANCE TRANSFER OPTIONS TO MANAGE CREDIT CARD DEBT

2007-03-08 10:33:40

( Financial )



MBNA balance transfer can either be zero balance transfer or fixed rate balance transfer. Zero balance transfer is offered for new clients transferring to MBNA balance transfer card. Fixed rate balance transfer is offered to existing clients who wished to transfer their credit card balances to a fixed rate within the same MBNA credit card. The fixed rate balance transfer is usually offered at a lower rate compared to your previous credit card rate.

Both MBNA balance transfer options offer clients the opportunity to save on interest payments thereby helping them manage their credit card debt efficiently. These options on balance transfers are basically designed to offer new and existing clients the opportunity to avail lower rates for their credit card balances. However, clients are cautioned not to abuse the opportunity offered by MBNA balance transfer through unnecessary use of credit cards in their purchases.

Credit cards should be utilized as tools to make purchasing goods and services accessible without the use of cash. It should not be used as means for unnecessary spending that will lead credit card holders to huge credit card debt.

MBNA balance transfer options are provided as initial step for credit card holders to start implementing debt management plans. The lower interest rates charged can be used as an opportunity to start putting their finances in shape and eventually pull them out of huge credit card debt. This can only be done if credit card holders themselves realize the impact of the opportunity provided by MBNA balance transfer on their finances particularly in terms of debt management measures.

Balance transfers, in most cases, are treated as means to escape paying huge interest rate on credit card balances. It will have more impact to your finances if you treat it as a tool to start managing your finances or debt.


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