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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 3
    • TheShape
    • By TheShape 11th Apr 17, 12:38 PM
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    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?
    Originally posted by faddy
    Do you mean BT to create a +ve balance on the MBNA then get a +ve balance refund to my current account?

    I think i made 5 different MTs and 6 BTs in total between 4 cards. If I was using the MBNA as a mule that might have been a bit much.
    • faddy
    • By faddy 12th Apr 17, 12:31 AM
    • 366 Posts
    • 37 Thanks
    faddy
    Do you mean BT to create a +ve balance on the MBNA then get a +ve balance refund to my current account?
    Originally posted by TheShape
    No, I meant doing a (fee free) MT to transfer the +ve balance. Same as you did/are planning, just in the other order.
    • YouStoozeYouLose
    • By YouStoozeYouLose 30th Apr 17, 12:08 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?
    Originally posted by 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.
    Originally posted by YouStoozeYouLose

    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.
    Originally posted by TheShape
    Hi all, just a quick update -

    Applied and got accepted for a Virgin Money 0% zero fee 2yr BT card 60 day window.

    Current balances:
    Barclaycard - £2665
    Tesco - £2225

    Virgin BT card will have a £3600 limit and I asked to BT £2500 to Barclaycard.

    In light of my previous questions, I now have a few more -

    Can I only BT the requested £2500 to Barclaycard or do I have a bit more wiggle room?
    If I have more wiggle room, should I transfer another £700 to the Tesco card as well?
    Am I missing the chance to further increase the stooze pot by not applying for another 0% purchases card and spending on that then doing another BT from Virgin to the new card within the 60 day window?

    Any advice is greatly appreciated.
    • molerat
    • By molerat 30th Apr 17, 12:47 PM
    • 17,088 Posts
    • 11,243 Thanks
    molerat
    You can BT 95% of your Virgin limit so room to move another £920 across. Get the whole allowance.
    www.helpforheroes.org.uk/donations.html
    • molerat
    • By molerat 12th Jun 17, 3:34 PM
    • 17,088 Posts
    • 11,243 Thanks
    molerat
    Just received the offer again, 4.9% pa and £0 fee until 30th June. Might try and get another BT card
    www.helpforheroes.org.uk/donations.html
    • TheShape
    • By TheShape 12th Jun 17, 10:02 PM
    • 1,044 Posts
    • 803 Thanks
    TheShape
    Just received the offer again, 4.9% pa and £0 fee until 30th June. Might try and get another BT card
    Originally posted by molerat
    Nothing for me at the moment. I check at the start of every month. I need a new BT card soon as my 0% period on my TSB card ends in Aug and the MBNA offer gives the opportunity to max out a card limit easily.
    • Vortigern
    • By Vortigern 13th Jun 17, 12:57 PM
    • 2,273 Posts
    • 1,473 Thanks
    Vortigern
    Just received the offer again, 4.9% pa and £0 fee until 30th June. Might try and get another BT card
    Originally posted by molerat
    They keep trying to interest me in 0% BT or MT for 12 months, but with a 5% fee. No thanks MBNA.
    • MallyGirl
    • By MallyGirl 13th Jun 17, 5:15 PM
    • 1,967 Posts
    • 6,672 Thanks
    MallyGirl
    same here - rubbish offer!
    • zsolmanz
    • By zsolmanz 14th Jun 17, 8:05 AM
    • 11 Posts
    • 3 Thanks
    zsolmanz
    I have a few questions about a fee-free but non-zero interest Money Transfer:

    Does the interest start from the moment you request the MT or the moment it completes? (Does the money disappear from the card substantially before appearing in your account or is it close to instantaneous?)

    If your MT interest starts on the same day that the replacement BT comes in, do you still get charged for that day's interest? Or by the hour? Or does it just nullify it?

    If you can only MT up to 95% of a £1000 card limit, but pre-load (against T&Cs) with BTs to an available balance of +£4000, can you still only MT £950 or would it go up to £3800 for the first transfer?

    Thanks in advance
    • molerat
    • By molerat 16th Jun 17, 12:21 PM
    • 17,088 Posts
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    molerat
    The interest starts from the day the money goes from the account until it is BT'd back in. I did 3 last time and did not get charged any interest as I timed it right even though the debits showed on my account for 1 clear day. I believe TheShape was charged minimal interest because they did not time it right and were stuck with a balance over a weekend. Interest works out at about 13p / £1000 / day. The money appeared in my bank account during the day so would have been FP.
    www.helpforheroes.org.uk/donations.html
    • poiuytrewq10
    • By poiuytrewq10 17th Jun 17, 9:37 AM
    • 18 Posts
    • 6 Thanks
    poiuytrewq10
    I've long thought about how money transfers could be used to maximise stoozing potential.

    I currently have a few 0% and BT CCs on the go, alongside several current accounts, a few regular savers, S&S ISA and a small P2P lending account.

    My question is, where are you placing all your money to gain maximum interest?

    Other than my S&S ISA, the other accounts average at around 3% interest. The current accounts are all full and there are not many more I can open which pay interest. I have all the regular savers I can get. The P2P (ratesetter) seems to be relatively low at the moment and carries a risk. If I was to put a large amount in my S&S ISA, there is obviously a risk that it will not perform well (eventhough I invest passively).

    Any indication of your interest gaining strategies would be interesting to see.

    Also, how old are you people, if you don't mind my asking? I wondering if I'm too young for this being only 30!
    • TheShape
    • By TheShape 17th Jun 17, 11:11 AM
    • 1,044 Posts
    • 803 Thanks
    TheShape
    What I've effectively done is replace my cash savings with stoozed funds and moved the majority of my 'original' cash savings into a S&S ISA, a SIPP and p2p lending.

    I'm not worried about the short term performance of my S&S ISA (or p2p) as I have an amount equal to my stooz pot in easily accessible cash savings + approx £4/5k. This 'cash' pot is shuffled around to whatever current account or regular saver is paying the best rate at any one time. As regular savers mature, I intend to make lump sum payments into the S&S ISA with part of proceeds and hopefully kick off further regular savers with the remainder.

    39 next week. If I'd known about stoozing at 30 I'd have been doing it.
    • YorkshireBoy
    • By YorkshireBoy 17th Jun 17, 11:37 AM
    • 29,446 Posts
    • 17,230 Thanks
    YorkshireBoy
    39 next week. If I'd known about stoozing at 30 I'd have been doing it.
    Originally posted by TheShape
    Happy birthday!

    I started just over 12 years ago in early 2005, and made an awful lot of money between then and 2007-08. However, even I missed the real golden years which were 2001-05 IIRC, when people like FD were giving £25K limits and fee-free BTs to almost anyone.

    These were then routed through the mules of the day, ie MBNA and Egg Green. The stoozer's best friend, Egg Money*, came along in Autumn 2006. Those were the days...loads of fee-free BTs, multiple cards from the same lenders, big limits, a £70-80K stoozpot (others were approaching 6-figures!), and all of it making 5% AER with ING Direct. £250 a month AFTER savings interest tax!


    * Anyone remember the BACS loophole where we got 1% cashback on BACS transfers of +ve balances? That was worth another £200 a year...for 2 phone calls requesting £10K transfers each time!
    • poiuytrewq10
    • By poiuytrewq10 17th Jun 17, 1:26 PM
    • 18 Posts
    • 6 Thanks
    poiuytrewq10
    Happy birthday for next week and thanks for response.

    I started stoozing with very little at the start of 2015 and have now made over £2000 from bank accounts alone. That's not including what I've earned from P2P and S&S ISA. Wish I'd known earlier!

    Most 0% balance transfer cards are around 24 - 30 months long. When you get to end of those interest free periods, will you just roll them on new balance transfer cards?

    How long did you hold the MBNA card before they sent you the offer for 0% money transfers?

    Admittedly, I'm not going to be starting with the money transferring until next year as there is a mortgage renewal on the horizon. After that, I'm hoping to get started with it.
    • TheShape
    • By TheShape 17th Jun 17, 1:42 PM
    • 1,044 Posts
    • 803 Thanks
    TheShape
    I intend to roll over balances to new 0% BT cards. Got a 0% period ending early August so should be applying for both a new 0% BT card and a 0% purchases card soon.

    I've held the MBNA card for quite some time. It started out as a Play.com credit card in 2009. I wasn't in the habit of checking for offers so they may have been available previously. I received the MT offer by email which I don't remember receiving before. I'm now in the habit of checking each month.
    • molerat
    • By molerat 17th Jun 17, 5:17 PM
    • 17,088 Posts
    • 11,243 Thanks
    molerat
    Looks like my further stoozing has been put on hold. The man from Tesco he say NO and sent me a nice letter about responsible lending and how my credit file shows a large amount of credit card borrowing. My current "debt" is 1.25 my income with a further .75 income available, only another £1.5K left on my TSB slow stooze card but loads left on my MBNA which is not really useable.
    www.helpforheroes.org.uk/donations.html
    • YorkshireBoy
    • By YorkshireBoy 17th Jun 17, 5:25 PM
    • 29,446 Posts
    • 17,230 Thanks
    YorkshireBoy
    Looks like my further stoozing has been put on hold. The man from Tesco he say NO and sent me a nice letter about responsible lending and how my credit file shows a large amount of credit card borrowing.
    Originally posted by molerat
    Welcome to the club!

    Don't know how many current account providers you have, but I've found that when you think all is lost...up pops one of them with a 'guaranteed acceptance'! My most recent was a visit to a Halifax branch where I had 'peek' at my profile on screen. I already had a BoS card (with a £5K limit), but the adviser said there was a Halifax card available if I wanted it...with a £12K limit! I went straight home and made an online application, and when asked how much I wanted I entered £14K. Message said no, but I could have £12K if I wanted it. Yes please!

    I've had similar experiences with Lloyds and Santander.
    • TheShape
    • By TheShape 17th Jun 17, 6:28 PM
    • 1,044 Posts
    • 803 Thanks
    TheShape
    Welcome to the club!

    Don't know how many current account providers you have, but I've found that when you think all is lost...up pops one of them with a 'guaranteed acceptance'! My most recent was a visit to a Halifax branch where I had 'peek' at my profile on screen. I already had a BoS card (with a £5K limit), but the adviser said there was a Halifax card available if I wanted it...with a £12K limit! I went straight home and made an online application, and when asked how much I wanted I entered £14K. Message said no, but I could have £12K if I wanted it. Yes please!

    I've had similar experiences with Lloyds and Santander.
    Originally posted by YorkshireBoy
    When you say you had a 'peek', was it actually a surreptitious look while their back was turned or did you ask whether there was a card offer available? I don't have any business to transact in branch but it might be handy to find out if I've got any offers available
    • YorkshireBoy
    • By YorkshireBoy 17th Jun 17, 7:15 PM
    • 29,446 Posts
    • 17,230 Thanks
    YorkshireBoy
    When you say you had a 'peek', was it actually a surreptitious look while their back was turned or did you ask whether there was a card offer available? I don't have any business to transact in branch but it might be handy to find out if I've got any offers available
    Originally posted by TheShape
    I've never been refused a look at my Halifax profile, whenever I've asked over the years.

    And Lloyds were always happy to show me too.
    • TheShape
    • By TheShape 19th Jun 17, 12:13 PM
    • 1,044 Posts
    • 803 Thanks
    TheShape
    A decline for a BT card from Lloyd's. Unfortunate as it's no-fee and £20 cashback available. It will soon be 6 months since I closed my Barclaycard account so I think Barclaycard will be the next one to try for. Got a balance of £3900 on a TSB card with the 0% period ending 02/08/17 which I'd rather not pay off.
    Last edited by TheShape; 19-06-2017 at 12:28 PM.
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