Money transfer credit limits

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  • Strummer22
    Strummer22 Posts: 605 Forumite
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    noh wrote: »
    It's a good few years since I have stoozed a significant amount but it seemed rude not to as this is totally "free" money.

    Were there not balance transfer and money transfer fees to take into account?
  • noh
    noh Posts: 5,800 Forumite
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    edited 18 February 2016 at 6:51PM
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    Stu_N_ wrote: »
    Were there not balance transfer and money transfer fees to take into account?
    No.
    The balance transfer cards were all zero fee and 0% interest from this list
    http://www.moneysavingexpert.com/credit-cards/balance-transfer-credit-cards#nofees
    The MBNA card I have is zero fee for money transfers. Similar to this one
    https://www.mbna.co.uk/compare-credit-cards/low-rate-credit-cards/
  • Strummer22
    Strummer22 Posts: 605 Forumite
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    noh wrote: »
    No.
    The balance transfer cards were all zero fee and 0% interest from this list
    http://www.moneysavingexpert.com/credit-cards/balance-transfer-credit-cards#nofees
    The MBNA card I have is zero fee for money transfers. Similar to this one
    https://www.mbna.co.uk/compare-credit-cards/low-rate-credit-cards/

    Cool, thanks

    I guess I just want to make sure I understand completely - so if I ever want to try this, I don't mess up and pay the consequences.

    Step 1: Transfer balance from a BT card to the MT card (which is a 'mule'). This gives the mule a positive balance.
    Step 2: MT to your chosen account, putting mule card balance back to zero.
    Step 3: Repeat until all BT cards have been used.

    I presume MBNA take no action over repeated positive balances coming onto the card? I have heard that this flags the account for investigation but evidently that's not (always) true.
  • noh
    noh Posts: 5,800 Forumite
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    Yes that's the way it works.
    I didn't have any problems with the process. No questions asked. I don't know what other peoples experience has been.
  • ceredigion
    ceredigion Posts: 3,709 Forumite
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    Stu_N_ wrote: »
    Cool, thanks

    I guess I just want to make sure I understand completely - so if I ever want to try this, I don't mess up and pay the consequences.

    Step 1: Transfer balance from a BT card to the MT card (which is a 'mule'). This gives the mule a positive balance.
    Step 2: MT to your chosen account, putting mule card balance back to zero.
    Step 3: Repeat until all BT cards have been used.

    I presume MBNA take no action over repeated positive balances coming onto the card? I have heard that this flags the account for investigation but evidently that's not (always) true.


    Noh is braver than me. I've always done the MT first putting the card in debit, then done the BT 24hours later.
  • noh
    noh Posts: 5,800 Forumite
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    ceredigion wrote: »
    Noh is braver than me. I've always done the MT first putting the card in debit, then done the BT 24hours later.
    That would work too. Did you have any interest to pay?
  • JimmyTheWig
    JimmyTheWig Posts: 12,199 Forumite
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    Stu_N_ wrote: »
    I presume MBNA take no action over repeated positive balances coming onto the card? I have heard that this flags the account for investigation but evidently that's not (always) true.
    That would be my concern with noh's approach. That's why I would do the same as ceredigion:
    ceredigion wrote: »
    Noh is braver than me. I've always done the MT first putting the card in debit, then done the BT 24hours later.
    noh wrote: »
    That would work too. Did you have any interest to pay?
    On the mule that you linked to, the interest rate is 7.4%pa. For one day that's 0.02%. That's £2 per £10,000.
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    Stu_N_ wrote: »
    Cool, thanks

    I guess I just want to make sure I understand completely - so if I ever want to try this, I don't mess up and pay the consequences.

    Step 1: Transfer balance from a BT card to the MT card (which is a 'mule'). This gives the mule a positive balance.
    Step 2: MT to your chosen account, putting mule card balance back to zero.
    Step 3: Repeat until all BT cards have been used.

    I presume MBNA take no action over repeated positive balances coming onto the card? I have heard that this flags the account for investigation but evidently that's not (always) true.

    MBNA Mule has been positive several times in the last month with BTs from Tesco, Halifax and TSB in addition to Sainsbury, HSBC, Post Office, Nationwide, another Tesco in the preceding months.

    No issues but need to back off for a while as was rejected for AA 0% BT, 0% fee the other day :( Always use secure message for credit balance.
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