Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • TheShape
    • By TheShape 7th Mar 17, 10:35 PM
    • 1,146Posts
    • 920Thanks
    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 5
    • molerat
    • By molerat 14th Sep 17, 3:10 PM
    • 17,484 Posts
    • 11,719 Thanks
    molerat
    .........................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
    But has just seen fit to increase my current card credit limit
    www.helpforheroes.org.uk/donations.html
    • iwblue
    • By iwblue 5th Oct 17, 8:16 PM
    • 80 Posts
    • 15 Thanks
    iwblue
    Following this thread I've just checked my MBNA card that I've been using for 0% card purchases for and seen the Money Transfer offer. If I use the available credit on the MBNA to MT and then BT the same amount back onto MBNA will this be credited to my MT or the card purchase balance or both. I'm wondering if I'd need to BT the whole amount of MBNA balance (card purchases and MT) if that makes sense, to avoid the 4.9% on the MT?

    Thanks
    • zx81
    • By zx81 5th Oct 17, 8:29 PM
    • 14,402 Posts
    • 15,199 Thanks
    zx81
    Any payment, including BTs, goes to the highest rate balance.

    If balances are at the same rate, it will be as per the terms of your card.
    • Mogley
    • By Mogley 6th Oct 17, 10:31 AM
    • 229 Posts
    • 188 Thanks
    Mogley
    I'm wondering if I'd need to BT the whole amount of MBNA balance (card purchases and MT) if that makes sense, to avoid the 4.9% on the MT
    Originally posted by iwblue

    I had the same dilemma 2 months ago. If you are trying to minimise the interest charges without a BT for the purchases, you're best doing the MT as close to the statement date as possible and do the BT after the statement date so that the payment gets allocated to the MT portion of your account.


    If you are planning on doing multiple MTs then it maybe easier to BT enough to clear the purchases too.
    No.25 for 2017 £1070/£4000 saved.
    You should pay attention to the needs of the moment - otherwise there is no future. But to ignore the future is foolish - living solely for the moment leaves nothing for when the next moment arrives.
    • TheShape
    • By TheShape 30th Oct 17, 4:37 PM
    • 1,146 Posts
    • 920 Thanks
    TheShape
    You should have gone into a branch first to check and saved yourself the hard search. I've always done this whenever I have wanted another Lloyds/Halifax/BOS card, you can see on their screen what your rating is and what credit card limit they will give you and what cards and loan amounts are available.

    http://forums.moneysavingexpert.com/showthread.php?t=4866010
    Originally posted by Candyapple
    Deposited a cheque into my Club Lloyd's account today. Asked about the possibility of a credit card and was told the system indicated I would be eligible with a £4000 limit. Didn't get to look at the screen as I was at the counter and there was a queue building behind me.

    How accurate is the indication and might the offer not be applicable to their 0% purchases card. Cashier did say the system indicated I am 'one of their best customers'. Have I got a 'special' code?
    • TheShape
    • By TheShape 4th Nov 17, 4:10 PM
    • 1,146 Posts
    • 920 Thanks
    TheShape
    Deposited a cheque into my Club Lloyd's account today. Asked about the possibility of a credit card and was told the system indicated I would be eligible with a £4000 limit. Didn't get to look at the screen as I was at the counter and there was a queue building behind me.

    How accurate is the indication and might the offer not be applicable to their 0% purchases card. Cashier did say the system indicated I am 'one of their best customers'. Have I got a 'special' code?
    Originally posted by TheShape
    MSE eligibility checker shows a 0% chance of getting the card and the Lloyd's eligibility checker states that I'm not eligible. Do I trust the branch and make an application or trust the eligibility checker? Should I apply in branch?
    • MABLE
    • By MABLE 4th Nov 17, 6:33 PM
    • 3,349 Posts
    • 1,775 Thanks
    MABLE
    MSE eligibility checker shows a 0% chance of getting the card and the Lloyd's eligibility checker states that I'm not eligible. Do I trust the branch and make an application or trust the eligibility checker? Should I apply in branch?
    Originally posted by TheShape
    In my experience with Lloyds if you apply online and you are already a customer of said bank they do not normally do a hard credit search. Its only when you apply in branch for say a loan a hard search is done.

    So based on the above could be worth chancing it.
    • TheShape
    • By TheShape 4th Nov 17, 6:53 PM
    • 1,146 Posts
    • 920 Thanks
    TheShape
    In my experience with Lloyds if you apply online and you are already a customer of said bank they do not normally do a hard credit search. Its only when you apply in branch for say a loan a hard search is done.

    So based on the above could be worth chancing it.
    Originally posted by MABLE
    Thanks.

    I was likely to chance it anyway as my last Lloyd's application/rejection had not resulted in a hard credit search.

    MBNA are offering a fee-free money transfer again this month (@6.9%). If I get a decent balance transfer offer lined up I can take it and get it transferred away to 0%.

    I'm always unsure what to put when they ask what credit limit would be useful. With Halifax I entered £8000 and that's what I got. Would I have got £10K if I'd asked?
    • TheShape
    • By TheShape 11th Nov 17, 5:12 PM
    • 1,146 Posts
    • 920 Thanks
    TheShape
    Successful application for the Lloyd's card with £6450 limit. MBNA Money Transfer to follow before month end.

    Will be able to push the stooz pot above £28k for the first time.
    • ceredigion
    • By ceredigion 12th Nov 17, 3:01 PM
    • 2,420 Posts
    • 3,022 Thanks
    ceredigion
    Successful application for the Lloyd's card with £6450 limit. MBNA Money Transfer to follow before month end.

    Will be able to push the stooz pot above £28k for the first time.
    Originally posted by TheShape


    Hope you went through a cash back site, Worth £21 on TCB,
    • TheShape
    • By TheShape 12th Nov 17, 3:47 PM
    • 1,146 Posts
    • 920 Thanks
    TheShape
    Hope you went through a cash back site, Worth £21 on TCB,
    Originally posted by ceredigion
    I did, only £20.20 though (£21 for Plus members I think).
    • TheShape
    • By TheShape 13th Nov 17, 11:45 PM
    • 1,146 Posts
    • 920 Thanks
    TheShape
    My post from 8th Sept:

    Applied for a MBNA 0% purchases card. Declined. Reason given - MBNA believed my current Credit Limit £5200 was sufficient based on my income £30100 (wage + investment income).
    Originally posted by TheShape
    Email today stating that MBNA are planning to increase my credit limit from £5200 to £8700 on 20th December. Unsure whether to accept or decline.

    Would take my limits to:

    MBNA £8700
    Halifax £8000
    Lloyds £6750
    Tesco £6800
    Tesco £4400
    Nationwide £5300
    Virgin £3300
    Sainsburys £1500

    That's a total of £44750 or around 150% of my income.
    • Vortigern
    • By Vortigern 13th Nov 17, 11:52 PM
    • 2,324 Posts
    • 1,532 Thanks
    Vortigern
    I did a money transfer from MBNA to current account, followed by a BT to clear the MBNA balance to a 0% card. Unfortunately MBNA produced a statement between these two transactions.

    The statement says they will collect the minimum payment of £x by DD on a date in December. The T&Cs say they will collect the DD regardless of any interim payment. Will they really collect that DD when my account balance is zero, and thus put me into a positive balance?

    Any stoozers had a similar experience?
    Last edited by Vortigern; 14-11-2017 at 12:19 AM. Reason: Aberrant Apostrophe!
    • TheShape
    • By TheShape 14th Nov 17, 12:08 AM
    • 1,146 Posts
    • 920 Thanks
    TheShape
    I did a money transfer from MBNA to current account, followed by a BT to clear the MBNA balance to a 0% card. Unfortunately MBNA produced a statement between these two transactions.

    The statement says they will collect the minimum payment of £x by DD on a date in December. The T&Cs say they will collect the DD regardless of any interim payment. Will they really collect that DD when my account balance is zero, and thus put me into a positive balance?

    Any stoozer's had a similar experience?
    Originally posted by Vortigern
    Happened to me when I took advantage of the MT offer that prompted this thread. My MBNA account was set to take full statement balance which was around £2500.

    I called them but was close enough to payment date that DD couldn't be stopped. CSA set a task for a couple of days after the payment debited to refund to my current account minus the small amount of interest that I'd incurred between the Money Transfers and Balance transferring away. He did say when I called that if I'd called earlier he could have sorted something out, presumably stopping the DD.
    • Vortigern
    • By Vortigern 14th Nov 17, 12:34 AM
    • 2,324 Posts
    • 1,532 Thanks
    Vortigern
    My MBNA account was set to take full statement balance which was around £2500.
    Originally posted by TheShape
    As soon as I requested the MT MBNA warned me that my DD was set to full payment. I was able to change that before the statement date.

    He did say when I called that if I'd called earlier he could have sorted something out, presumably stopping the DD.
    That's good to know, but as mine is just a minimum payment I'll let the DD collect and spend the balance next month.
    • Mogley
    • By Mogley 14th Nov 17, 11:16 AM
    • 229 Posts
    • 188 Thanks
    Mogley
    Email today stating that MBNA are planning to increase my credit limit from £5200 to £8700 on 20th December. Unsure whether to accept or decline.
    Originally posted by TheShape
    I don't see any significant benefit from an increased credit limit if you are using the card for multiple MTs covered by BTs from other cards. A minor benefit would be less transactions required.
    No.25 for 2017 £1070/£4000 saved.
    You should pay attention to the needs of the moment - otherwise there is no future. But to ignore the future is foolish - living solely for the moment leaves nothing for when the next moment arrives.
    • TheShape
    • By TheShape 14th Nov 17, 12:53 PM
    • 1,146 Posts
    • 920 Thanks
    TheShape
    What I'd have much rather had is the £3500 credit limit on a new 0% purchases card. Fewer transactions to complete the MT/BT combos would be a minor benefit.

    I think it's a case of finding a balance between available credit and how that will impact future applications.
    • ricky_v
    • By ricky_v 20th Nov 17, 8:48 PM
    • 265 Posts
    • 131 Thanks
    ricky_v
    Incase anyone is interested Lloyds Bank has also started to offer fee free MT at 4.9% for existing credit card holders.

    Could only muster £3k BT from Tesco. Virgin Money and Sainsburys seem to hate me and I have cards from all the other fee free BT providers.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,979Posts Today

6,021Users online

Martin's Twitter