Millennium Bank refinances credit cards and overdrafts with less than half of the average interest rate on the credit card market Millennium Bank clients can refinance their credit cards and overdrafts with only 12% annual interest rate, which represents less than half of the credit card average interest rate on the market (according to competition survey conducted by Millennium Bank), by accessing the bank’s credit card with the new refinancing option. When applying for a new credit card, clients can activate the option to refinance a previous credit card or overdraft using the installment plan functionality. They also choose the number of monthly installments, which ranges from three to 30. The annual interest rate of 12% decreases significantly the total amount to be reimbursed to the bank for the used amount. For example, in the case of a credit card with an outstanding balance of RON 3,000 and an annual interest rate of 25% (a market average credit card interest rate), if a client pays monthly the minimum amount of 5%, then he will entirely repay the amount in 113 months, and the total interest in this period will be RON 1,900, in addition to the initially used amount. Through Millennium Bank’s credit card, the client can refinance the old credit card outstanding balance of RON 3,000, in maximum 30 equal installments, with a fixed interest rate of 12%. This means the monthly installment will be RON 116.24, and the total interest rate paid during the 30 months is RON 487, which is 75% lower than in the previous case. After repaying the previous credit card or overdraft, clients can use the extra amount available on Millennium Bank credit card as they wish. In addition, as clients reimburse the amount used for refinancing, the available limit on the new credit card increases. Millennium Bank recently launched “Make new Bank mates!” programme, which rewards with a 50 lei bonus credit cardholders who recommend new clients for credit cards. The recommended clients also receive a 50 lei bonus after performing a transaction with their new credit card within the first three months from the card issuance. The bank’s credit cards range of benefits also includes the Romanian market premiere Installment Plan with Zero Interest Rate for purchases made at any of the 30 million merchants located in 200 countries that accept Visa payments. Millennium Bank clients also benefit from up to 30% discounts for all debit and credit cards when paying for goods and services at the bank’s merchant partners, through Discount Programme. Millennium Bank, part of the leading financial private group in Portugal, Millennium bcp, started its activity on the Romanian market on October 11, 2007, by simultaneously opening 39 branches in Bucharest and in other eight cities of the country. The bank addresses both individuals and companies, through an extensive range of products. Millennium bcp is a success story in European banking. Founded in 1985, Millennium bcp registered, at the end of December 2011, total assets of EUR 93.5 billion. Millennium is Portugal's leading private financial group and is included in key national and international stock market indices, in particular the Euronext PSI Financial Services, PSI-20, DJ Eurostoxx banks, Bebanks and Euronext 100, of the Lisbon, Paris, Brussels and Amsterdam Stock Exchanges. Millennium bcp group has a network of more than 1,700 units and a total of above 21,500 employees. Millennium bcp provides a wide range of products and services, namely savings, investment, mortgage loans, consumer credit, commercial banking, leasing, factoring, insurance, investment banking, private banking and asset management, serving its customers on a segmented basis. Emphasis is given to the Internet Banking service, which has been distinguished in Europe for its quality and innovation. Since its incorporation, Millennium bcp has been renowned for its dynamism, innovation, competitiveness, profitability and financial strength. It has made its mark as the top leader in several financial business areas on the domestic market and as reference in the distribution of financial products and services on an international level. Millennium bcp operates in Portugal, Poland, Greece, Romania, Switzerland, Mozambique, Angola, Macao, France and Luxembourg. All operations are carried out under the Millennium brand. Millennium bcp's focus is on the creation of value in markets selected on the basis of a controlled risk profile and high growth potential, to sustain its internationally-recognized service excellence and innovation in financial products.