MBNA Money Transfer Offer

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Comments

  • faddy
    faddy Posts: 508 Forumite
    TheShape wrote: »
    Do you mean BT to create a +ve balance on the MBNA then get a +ve balance refund to my current account?

    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
    YouStoozeYouLose Posts: 8 Forumite
    First Post First Anniversary
    YouStoozeYouLose wrote: »
    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?

    YouStoozeYouLose wrote: »
    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 wrote: »
    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.

    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
    molerat Posts: 31,836 Forumite
    Name Dropper Photogenic First Post First Anniversary
    You can BT 95% of your Virgin limit so room to move another £920 across. Get the whole allowance.
  • molerat
    molerat Posts: 31,836 Forumite
    Name Dropper Photogenic First Post First Anniversary
    Just received the offer again, 4.9% pa and £0 fee until 30th June. Might try and get another BT card ;)
  • TheShape
    TheShape Posts: 1,779 Forumite
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    molerat wrote: »
    Just received the offer again, 4.9% pa and £0 fee until 30th June. Might try and get another BT card ;)

    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
    Vortigern Posts: 3,243 Forumite
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    molerat wrote: »
    Just received the offer again, 4.9% pa and £0 fee until 30th June. Might try and get another BT card ;)
    They keep trying to interest me in 0% BT or MT for 12 months, but with a 5% fee. No thanks MBNA.
  • MallyGirl
    MallyGirl Posts: 6,617 Senior Ambassador
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    same here - rubbish offer!
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    All views are my own and not the official line of MoneySavingExpert.
  • zsolmanz
    zsolmanz Posts: 17 Forumite
    First Anniversary Combo Breaker First Post
    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 :beer:
  • molerat
    molerat Posts: 31,836 Forumite
    Name Dropper Photogenic First Post First Anniversary
    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.
  • poiuytrewq10
    poiuytrewq10 Posts: 23 Forumite
    First Anniversary First Post Combo Breaker
    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!
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