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    • TheShape
    • By TheShape 7th Mar 17, 10:35 PM
    • 1,044Posts
    • 802Thanks
    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
    • 17,077 Posts
    • 11,230 Thanks
    .........................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
    • iwblue
    • By iwblue 5th Oct 17, 8:16 PM
    • 74 Posts
    • 15 Thanks
    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?

    • zx81
    • By zx81 5th Oct 17, 8:29 PM
    • 13,666 Posts
    • 14,123 Thanks
    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
    • 217 Posts
    • 181 Thanks
    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.
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