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  • FIRST POST
    • TheShape
    • By TheShape 7th Mar 17, 10:35 PM
    • 1,044Posts
    • 803Thanks
    TheShape
    MBNA Money Transfer Offer
    • #1
    • 7th Mar 17, 10:35 PM
    MBNA Money Transfer Offer 7th Mar 17 at 10:35 PM
    Received an email today from MBNA offering a fee-free money transfer offer at 4.9% for transfers between 01 March and 31 March.

    I just so happens that I applied for a Halifax (£8K credit limit) no-fee, 0% BT card on Friday with the intention of using the MBNA card (5.2K credit limit) as a Mule for a £5k balance transfer (MBNA into credit) and topping it (the Halifax card) up to the limit (95%) with a balance transfer from my other cards which have balances.

    I'm thinking that instead I could complete a money transfer from MBNA followed by an immediate balance transfer to Halifax and repeat a second time to fill the Halifax card. The cost should be minimal as I'll incur the 4.9% for only a few days while the BTs complete.

    I could then apply for another BT card in the near future and use the MBNA as a mule at that point complemented by transferring the remainder of my outstanding balances.

    The MBNA has a zero balance.

    Is/are there anything/pitfalls I've not thought of?
    Last edited by TheShape; 07-03-2017 at 11:38 PM.
Page 2
    • molerat
    • By molerat 21st Mar 17, 9:51 AM
    • 17,088 Posts
    • 11,243 Thanks
    molerat
    Did the 89% maximum MBNA/Virgin BT and it showed £200 still available for cash so BT'd that off my slow stooze TSB so now have the 95%.
    www.helpforheroes.org.uk/donations.html
    • molerat
    • By molerat 21st Mar 17, 10:27 AM
    • 17,088 Posts
    • 11,243 Thanks
    molerat
    Another thing with Tesco is that although they say 95% maximum balance transfer, in practice it is 95% of the remainder at any moment, so with a series of transfers over a few weeks you can work your way to over 99.5%.
    Originally posted by redux
    I have got 98.5% on mine
    Originally posted by molerat
    Just realised there is not a minimum BT so had another £92 available for my slow stooze TSB - now at 99.91%
    www.helpforheroes.org.uk/donations.html
    • TheShape
    • By TheShape 21st Mar 17, 10:38 AM
    • 1,044 Posts
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    TheShape
    That's useful if I can keep topping up the balance transfers. Will help to maximise the stooz pot.

    Waiting for another MT to land in my account today and hoping the Tesco card arrives soon. May get another two MTs in by the 31st.
    • molerat
    • By molerat 21st Mar 17, 11:14 AM
    • 17,088 Posts
    • 11,243 Thanks
    molerat
    How long did it take for the Virgin BT to hit MBNA. The e-mail says 2-3 working days which a) will be costing interest and b) may not clear before statement date which means there will be a minimum payment to make on a card I don't use.
    www.helpforheroes.org.uk/donations.html
    • TheShape
    • By TheShape 21st Mar 17, 12:00 PM
    • 1,044 Posts
    • 803 Thanks
    TheShape
    How long did it take for the Virgin BT to hit MBNA. The e-mail says 2-3 working days which a) will be costing interest and b) may not clear before statement date which means there will be a minimum payment to make on a card I don't use.
    Originally posted by molerat
    Requested approx 11pm Thursday 16th. Hit MBNA Monday (20th) morning.
    • molerat
    • By molerat 22nd Mar 17, 11:46 AM
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    molerat
    Both MBNA and TSB showing available balances this morning which include the BTs from Virgin
    www.helpforheroes.org.uk/donations.html
    • TheShape
    • By TheShape 22nd Mar 17, 12:28 PM
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    TheShape
    Latest MT cleared yesterday and requested BTs to Halifax and Virgin that have filled those cards. Now waiting for the Tesco and Sainsburys cards to arrive so i can get them activated another complete another two MT/BT combos completed by next Friday.
    • TheShape
    • By TheShape 27th Mar 17, 2:27 PM
    • 1,044 Posts
    • 803 Thanks
    TheShape
    Update (Tesco Credit Limits)
    Received Tesco card this morning. Called Tesco who adjusted my previous card limit from £6800 to £4400 and increased the new card from £4900 to £7150 (I lost £150 from combined limits due to the new card being on a higher APR).

    Balance transfer requested from MBNA to clear it.

    Will be able to fit in one more MT before the 31st.

    Managed to grow the stooz pot by £15135 so far, should be able to manage approximately another £3725 to fill the Tesco card and the Sainsbury's card which I am still waiting for. Result should be a stooz pot grown from approx £7k to over £25k
    • molerat
    • By molerat 29th Mar 17, 9:05 AM
    • 17,088 Posts
    • 11,243 Thanks
    molerat
    Statement produced this morning and £0.00 interest charged
    www.helpforheroes.org.uk/donations.html
    • noh
    • By noh 29th Mar 17, 3:11 PM
    • 5,118 Posts
    • 3,438 Thanks
    noh
    .......If you're intending using it as a mule, I can report a minor 'grilling' on the reason behind the +ve balance recently. Not too uncomfortable...but might be to someone not prepared for it (I always have been but this was the first time the issue was raised). Might wait until the next statement cycle before making the £9.5K request!
    Originally posted by YorkshireBoy
    Just had the same issue with MBNA the operator couldn't understand why I would balance transfer £13500 to a card with zero balance! She agreed to return it to my bank account. I told her it was a mistake and that satisfied her it was beginning to become uncomfortable.
    What was the explanation you used?
    • YorkshireBoy
    • By YorkshireBoy 29th Mar 17, 4:11 PM
    • 29,446 Posts
    • 17,230 Thanks
    YorkshireBoy
    Just had the same issue with MBNA the operator couldn't understand why I would balance transfer £13500 to a card with zero balance! She agreed to return it to my bank account. I told her it was a mistake and that satisfied her it was beginning to become uncomfortable.
    What was the explanation you used?
    Originally posted by noh
    Said I'd messed up and given the wrong card details.

    Trouble again earlier this week with another, larger, request. CSA said I'd made the same error last week but agreed to my request.

    Going to have to go through it all again on Friday as yet a other very large payment will arrive! And then 2 more c. £3K payments late next week/early the week after.

    That'll be nearly £30K altogether in less than a month. The amount doesn't concern me (limit is £25K)...just the time period!
    • noh
    • By noh 29th Mar 17, 7:57 PM
    • 5,118 Posts
    • 3,438 Thanks
    noh
    Next time, if there is one, I will try a secure message although it may not be as quick it will be less hassle.
    • TheShape
    • By TheShape 29th Mar 17, 11:30 PM
    • 1,044 Posts
    • 803 Thanks
    TheShape
    Sainsbury's PIN arrived today so card should be arriving shortly.

    Last MT request will go in tomorrow and will hopefully have all the BTs wrapped up early next week.
    • redux
    • By redux 29th Mar 17, 11:56 PM
    • 17,231 Posts
    • 21,831 Thanks
    redux
    Just realised there is not a minimum BT so had another £92 available for my slow stooze TSB - now at 99.91%
    Originally posted by molerat
    Yes, sorry, I could have said that too but forgot to mention it.
    • YouStoozeYouLose
    • By YouStoozeYouLose 9th Apr 17, 9:11 PM
    • 4 Posts
    • 1 Thanks
    YouStoozeYouLose
    Hi all,

    Long time lurker and first time poster here. I am currently stoozing a small amount on two 0% credit cards but one ends in June and I need to find a new home for the debt.

    I have the Barclaycard Freedom Rewards card £5,000 limit and utilized £2400 but the 0% period ends in June and also a Tesco credit card £4800 limit and utilized £2200 with the 0% period ending December 2018. I did have £12,000 available credit 6 months ago as I used to have the Santander 123 credit card with a £2200 limit but I have since closed that account.

    I have a clear grasp on stoozing and have the cash in high interest bank accounts however I cannot fully get my head around the Balance transfer and Money Transfer to a bank account option to grow the stooze pot. I see a lot of people mentioning MBNA as the best provider to do the Money Transfers.

    Nationwide are offering me the Select credit card and I checked last night to find I would be given a £1700 credit limit. I have been looking at the Virgin 0% and zero fee card too but I am not sure what my best option is now. I want to continue stoozing to gain the maximum possible return on my money.

    Any advice would be much appreciated and if someone could point to a detailed guide regarding BT and MT or explain it step by step that would be very helpful.

    If you were in my position now, with a good credit score, what would be your next step to continue and increase the stooze?
    • TheShape
    • By TheShape 10th Apr 17, 12:34 PM
    • 1,044 Posts
    • 803 Thanks
    TheShape
    Hi all,

    Long time lurker and first time poster here. I am currently stoozing a small amount on two 0% credit cards but one ends in June and I need to find a new home for the debt.

    I have the Barclaycard Freedom Rewards card £5,000 limit and utilized £2400 but the 0% period ends in June and also a Tesco credit card £4800 limit and utilized £2200 with the 0% period ending December 2018. I did have £12,000 available credit 6 months ago as I used to have the Santander 123 credit card with a £2200 limit but I have since closed that account.

    I have a clear grasp on stoozing and have the cash in high interest bank accounts however I cannot fully get my head around the Balance transfer and Money Transfer to a bank account option to grow the stooze pot. I see a lot of people mentioning MBNA as the best provider to do the Money Transfers.

    Nationwide are offering me the Select credit card and I checked last night to find I would be given a £1700 credit limit. I have been looking at the Virgin 0% and zero fee card too but I am not sure what my best option is now. I want to continue stoozing to gain the maximum possible return on my money.

    Any advice would be much appreciated and if someone could point to a detailed guide regarding BT and MT or explain it step by step that would be very helpful.

    If you were in my position now, with a good credit score, what would be your next step to continue and increase the stooze?
    Originally posted by YouStoozeYouLose
    Usually the simplest way to start off a stooz is to get a 0% purchases card and do all your normal spending on that card. When the balance gets to a high level or the 0% period getting close to ending, apply for a 0% (preferably low/no-fee) BT card and transfer the balance. If you did that for 8 moths you could BT the 0%purchases card balance and the Tesco card balance to a new BT card. I'd probably do that for now.

    You could try to get a long-term 0% BT card to transfer the Barclaycard balance to but you'd not be transferring a particularly large balance. However, if you got a 0% BT card in May with a 90 day BT window you could transfer the Barclaycard balance and the balance of any spend on a card 0% purchases card between now and August sometime.

    The BT/MT wasn't planned. I'd opened a Halifax 0% BT card to transfer a balance from a TSB 0% purchases card and add some transfers from my Nationwide card. My MBNA card just happened to offer a no-fee Money Transfer offer at 4.9%APR. I realised that I could take this offer and almost immediately transfer the MBNA balance to my Halifax card resulting in a no-fee Money Transfer on which I'd pay little interest as I would incur interest for on a day or two per transfer. As the offer was available for the whole of March, it gave me time to open additional 0% Balance Transfer cards.
    • YouStoozeYouLose
    • By YouStoozeYouLose 10th Apr 17, 2:15 PM
    • 4 Posts
    • 1 Thanks
    YouStoozeYouLose
    Thank you TheShape for the quick reply.

    Checking the Credit Club eligibility chances I have the following options;

    All MBNA cards and Barcl platinum 0% chance (Any ideas why MBNA doesn't want me?)

    Virgin money
    32mo 0% 0.6fee 60day transfer limit 95%chance
    30mo 0% 0.55fee 60day transfer limit 95%chance
    24mo 0% 0.00fee 60day transfer limit 95%chance

    TSB - up to
    28mo 0% 0.5fee 90day transfer limit 90%chance

    Looks like the Virgin 24 month card is my best option. I was going to get the Amex Platinum everyday cashback card next month (90% approval) as I have a large spend planned next month however continuing the stooze of £4600 earns me £138/year @ 3% (All higher interest accounts maxed already) and the Cashback from the Amex card would only be £100 for the £2k spend in 3 months.

    What do people spend their Barclaycard Freedom Reward points on? I have about 6,000 points to spend.
    • TheShape
    • By TheShape 10th Apr 17, 11:36 PM
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    • 803 Thanks
    TheShape
    You could get the Virgin Card, transfer your Barclaycard balance to it. If you have a large enough credit limit, you could also get the Amex card, make the purchase and then transfer that balance too, making sure you do it within the 60 day window.
    • faddy
    • By faddy 11th Apr 17, 12:16 AM
    • 366 Posts
    • 37 Thanks
    faddy
    I just so happens that I applied for a Halifax (£8K credit limit) no-fee, 0% BT card on Friday with the intention of using the MBNA card (5.2K credit limit) as a Mule for a £5k balance transfer (MBNA into credit) and topping it (the Halifax card) up to the limit (95%) with a balance transfer from my other cards which have balances.

    I'm thinking that instead I could complete a money transfer from MBNA followed by an immediate balance transfer to Halifax and repeat a second time to fill the Halifax card. The cost should be minimal as I'll incur the 4.9% for only a few days while the BTs complete.
    Originally posted by TheShape
    I assume you want to keep the balance on MBNA below your credit limit because that's also the limit for MTs? But why not BTs before MTs (so avoiding interest on the MTs) rather than the way around you're doing it?
    • faddy
    • By faddy 11th Apr 17, 12:21 AM
    • 366 Posts
    • 37 Thanks
    faddy
    Just had the same issue with MBNA the operator couldn't understand why I would balance transfer £13500 to a card with zero balance! She agreed to return it to my bank account. I told her it was a mistake and that satisfied her it was beginning to become uncomfortable.
    What was the explanation you used?
    Originally posted by noh
    When I quizzed Nationwide about the possibility of using my Select card as a mule they confirmed that positive balance could be transferred to a current account but warned me that amounts over £3k would be delayed for 10-14 working days for money laundering checks (and that amounts under £3k would take 3-4 working days) . Does the same problem arise with MBNA positive balances?
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