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  • FIRST POST
    • Stu_N_
    • By Stu_N_ 13th Feb 16, 1:18 PM
    • 186Posts
    • 105Thanks
    Stu_N_
    Money transfer credit limits
    • #1
    • 13th Feb 16, 1:18 PM
    Money transfer credit limits 13th Feb 16 at 1:18 PM
    Hi ppl

    In your experience, when you are approved for a money transfer card, is the credit limit usually about the same as cards for other purposes? I've been given limits of 6-7k on spending & BT cards, so I'm thinking if I could get the same on, say, 2 money transfer cards then I could instantly have a pretty big stooze pot. I wouldn't want to have to apply for more than 2 cards to get a decent pot.
Page 1
    • YorkshireBoy
    • By YorkshireBoy 13th Feb 16, 1:22 PM
    • 28,926 Posts
    • 16,703 Thanks
    YorkshireBoy
    • #2
    • 13th Feb 16, 1:22 PM
    • #2
    • 13th Feb 16, 1:22 PM
    In my experience it doesn't matter whether it's a money transfer card or a purchases card as to the limit offered. However, since MBNA are the main money transfer card provider it's fair to say they give some of the most generous limits.

    Why the reluctance for more than two cards? After all, reward is directly proportional to effort expended!
    • Stu_N_
    • By Stu_N_ 13th Feb 16, 1:56 PM
    • 186 Posts
    • 105 Thanks
    Stu_N_
    • #3
    • 13th Feb 16, 1:56 PM
    • #3
    • 13th Feb 16, 1:56 PM
    Why the reluctance for more than two cards? After all, reward is directly proportional to effort expended!
    Originally posted by YorkshireBoy
    I guess you're right! I suppose it's trickier to maintain a big stooze when you have a mortgage though, unless you earn loads (which I don't). I'll probably have a mortgage next year, so won't be applying for money transfers before that's in place. And then I'll probably have to clear the full balance before remortgaging...
    • Chrisubank
    • By Chrisubank 15th Feb 16, 8:58 PM
    • 21 Posts
    • 4 Thanks
    Chrisubank
    • #4
    • 15th Feb 16, 8:58 PM
    • #4
    • 15th Feb 16, 8:58 PM
    Just Bumping this up...

    Anyone have any of these cards?

    Just wondering on limits. I can't seem to find much info online apart from their 1200 example.
    • Superscrooge
    • By Superscrooge 16th Feb 16, 8:39 AM
    • 785 Posts
    • 557 Thanks
    Superscrooge
    • #5
    • 16th Feb 16, 8:39 AM
    • #5
    • 16th Feb 16, 8:39 AM
    In my experience the credit limits for balance transfer cards and money transfer cards tends to be similar. But often the fee for money transfer cards is higher
    • Candyapple
    • By Candyapple 16th Feb 16, 10:33 AM
    • 1,729 Posts
    • 1,364 Thanks
    Candyapple
    • #6
    • 16th Feb 16, 10:33 AM
    • #6
    • 16th Feb 16, 10:33 AM
    Just Bumping this up...

    Anyone have any of these cards?

    Just wondering on limits. I can't seem to find much info online apart from their 1200 example.
    Originally posted by Chrisubank
    More info here:
    http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs

    However the article fails to mention other providers that also do money transfer cards/offers for existing customers: Barclaycard, Tesco and Fluid.
    • JimmyTheWig
    • By JimmyTheWig 16th Feb 16, 10:49 AM
    • 11,497 Posts
    • 11,163 Thanks
    JimmyTheWig
    • #7
    • 16th Feb 16, 10:49 AM
    • #7
    • 16th Feb 16, 10:49 AM
    I agree with the consensus that limits are about the same on all cards, regardless of whether they allow money transfers or not.

    The limit they give you is based on the risk they are prepared to take on you. I don't see how a money transfer affects that risk so no reason for the limits to be different.
    • noh
    • By noh 16th Feb 16, 8:06 PM
    • 5,093 Posts
    • 3,417 Thanks
    noh
    • #8
    • 16th Feb 16, 8:06 PM
    • #8
    • 16th Feb 16, 8:06 PM
    Different cards will give different credit limits which will vary among individuals.
    My experience in applying for 8 credit cards in a short space of time last month was that the credit limits varied between £1200 and £7000.
    The MBNA zero money transfer fee card came with a limit of £4200. The other cards were 0% balance transfer cards with zero fees.
    I used the MBNA card as a "mule" to transfer the available balances from the balance transfer cards to my bank account.
    The result being around £27000 interest free and fee free.
    Don't try this if you will need credit in the near future for a serious purpose!
    • YorkshireBoy
    • By YorkshireBoy 16th Feb 16, 11:58 PM
    • 28,926 Posts
    • 16,703 Thanks
    YorkshireBoy
    • #9
    • 16th Feb 16, 11:58 PM
    • #9
    • 16th Feb 16, 11:58 PM
    Different cards will give different credit limits which will vary among individuals.
    My experience in applying for 8 credit cards in a short space of time last month was that the credit limits varied between £1200 and £7000.
    The MBNA zero money transfer fee card came with a limit of £4200. The other cards were 0% balance transfer cards with zero fees.
    I used the MBNA card as a "mule" to transfer the available balances from the balance transfer cards to my bank account.
    The result being around £27000 interest free and fee free.
    Don't try this if you will need credit in the near future for a serious purpose!
    Originally posted by noh
    Good to see you're still active noh.

    Could I ask, did you mule in ~£4K chunks or load the card up and transfer larger positive balances?

    I had some success in late 2014/early 2015 with 4 or 5 fee-free BT cards muled through my Virgin Atlantic card, keeping each transfer under £10K. This card has a £25K limit, and I regularly get 12-13 month 0% MT offers, but with the original 2% fee I can't make them pay as all my high interest current accounts are full.
    • Westminster
    • By Westminster 17th Feb 16, 5:55 AM
    • 627 Posts
    • 385 Thanks
    Westminster
    I got approved for 0% money transfer cards with headline fee/duration from MBNA (12k limit) and Virgin (8k limit).

    This was only a couple of weeks ago.
    • noh
    • By noh 17th Feb 16, 8:51 PM
    • 5,093 Posts
    • 3,417 Thanks
    noh
    Good to see you're still active noh.

    Could I ask, did you mule in ~£4K chunks or load the card up and transfer larger positive balances?

    I had some success in late 2014/early 2015 with 4 or 5 fee-free BT cards muled through my Virgin Atlantic card, keeping each transfer under £10K. This card has a £25K limit, and I regularly get 12-13 month 0% MT offers, but with the original 2% fee I can't make them pay as all my high interest current accounts are full.
    Originally posted by YorkshireBoy
    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.
    I found the easiest way was to money transfer amounts less than 95% of my credit limit of £4200 from the MBNA card after putting the account into positive balance.
    I found that if you put the MBNA card into a positive balance and then try and do a money transfer that is larger than 95% of your credit limit, the online system will allow the request, but the money transfer will be refused the next day.
    This happened on my first transfer when I put the MBNA card £5700 positive and then tried a money transfer of the same amount. I called them and got the positive balance refunded to my current account on that occasion. After that I just did multiple online money transfers with no problems.
    Last edited by noh; 17-02-2016 at 9:07 PM.
    • Stu_N_
    • By Stu_N_ 18th Feb 16, 3:27 PM
    • 186 Posts
    • 105 Thanks
    Stu_N_
    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.
    Originally posted by noh
    Were there not balance transfer and money transfer fees to take into account?
    • noh
    • By noh 18th Feb 16, 5:46 PM
    • 5,093 Posts
    • 3,417 Thanks
    noh
    Were there not balance transfer and money transfer fees to take into account?
    Originally posted by Stu_N_
    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/
    Last edited by noh; 18-02-2016 at 5:51 PM.
    • Stu_N_
    • By Stu_N_ 18th Feb 16, 6:11 PM
    • 186 Posts
    • 105 Thanks
    Stu_N_
    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/
    Originally posted by noh
    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
    • By noh 18th Feb 16, 8:12 PM
    • 5,093 Posts
    • 3,417 Thanks
    noh
    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
    • By ceredigion 18th Feb 16, 8:44 PM
    • 2,046 Posts
    • 2,274 Thanks
    ceredigion
    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.
    Originally posted by Stu_N_

    Noh is braver than me. I've always done the MT first putting the card in debit, then done the BT 24hours later.
    • noh
    • By noh 18th Feb 16, 9:18 PM
    • 5,093 Posts
    • 3,417 Thanks
    noh
    Noh is braver than me. I've always done the MT first putting the card in debit, then done the BT 24hours later.
    Originally posted by ceredigion
    That would work too. Did you have any interest to pay?
    • JimmyTheWig
    • By JimmyTheWig 19th Feb 16, 9:46 AM
    • 11,497 Posts
    • 11,163 Thanks
    JimmyTheWig
    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.
    Originally posted by Stu_N_
    That would be my concern with noh's approach. That's why I would do the same as ceredigion:
    Noh is braver than me. I've always done the MT first putting the card in debit, then done the BT 24hours later.
    Originally posted by ceredigion
    That would work too. Did you have any interest to pay?
    Originally posted by noh
    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.
    • jeepjunkie
    • By jeepjunkie 19th Feb 16, 1:00 PM
    • 1,341 Posts
    • 1,290 Thanks
    jeepjunkie
    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.
    Originally posted by Stu_N_
    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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