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, 9:35 PM
    • 750Posts
    • 500Thanks
    TheShape
    MBNA Money Transfer Offer
    • #1
    • 7th Mar 17, 9:35 PM
    MBNA Money Transfer Offer 7th Mar 17 at 9:35 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 10:38 PM.
Page 1
    • molerat
    • By molerat 15th Mar 17, 7:52 PM
    • 15,872 Posts
    • 10,077 Thanks
    molerat
    • #2
    • 15th Mar 17, 7:52 PM
    • #2
    • 15th Mar 17, 7:52 PM
    Did / are you doing it ? Cost will be about 13p/£1000/day on the outstanding balance. I have just MTd £2K to fill up my Tesco BT card and am waiting for my Virgin BT card to come through, hopefully in time, and do the same for that. Was going to BT my slow stooze TSB to the Virgin but this seems a better utilization of the cash as I still have a fair bit of headroom on the TSB and hopefully they will up the limit again when I hit the 2nd 6 mth review date. This first one should be done and dusted just before the MBNA statement date so will see how it goes.
    Last edited by molerat; 15-03-2017 at 7:55 PM.
    www.helpforheroes.org.uk/donations.html
    • TheShape
    • By TheShape 15th Mar 17, 9:08 PM
    • 750 Posts
    • 500 Thanks
    TheShape
    • #3
    • 15th Mar 17, 9:08 PM
    • #3
    • 15th Mar 17, 9:08 PM
    Yes, it's ongoing.

    Requested first money transfer £4940 last Weds night. Reached current account Friday. Requested BT to Halifax Sat morning, completed Monday. Requested MT £2660, Mon evening, arrived in current account today. Will request BT tonight or tomorrow morning to fill Halifax card.

    I also applied for a Virgin Money BT card on Thurs night, they emailed yesterday to say the card is on it's way. Only £3300 limit but that will take another £3135 MT/BT.

    Applied also for a Sainsburys BT card Saturday, awaiting decision and a BOS BT card (rejected). Not sure why rejected but may be due to applying to two HBOS cards so close together (Halifax states they won't give a second card within 60 days of a first application).

    Whatever happens it's a fast stooze of at least £10735 which will take the stooz pot to approx £18k. Flexclusive Regular Saver matures tomorrow also, so have more cash than i know what to do with (well, not quite!).
    Last edited by TheShape; 15-03-2017 at 9:10 PM.
    • molerat
    • By molerat 16th Mar 17, 11:55 AM
    • 15,872 Posts
    • 10,077 Thanks
    molerat
    • #4
    • 16th Mar 17, 11:55 AM
    • #4
    • 16th Mar 17, 11:55 AM
    £2K MT applied for yesterday afternoon, shown as pending yesterday evening, appeared in my current account around 10 am this morning, BT applied for from Tesco around 11am so should be back in MBNA by tomorrow latest
    www.helpforheroes.org.uk/donations.html
    • YorkshireBoy
    • By YorkshireBoy 16th Mar 17, 7:38 PM
    • 28,864 Posts
    • 16,635 Thanks
    YorkshireBoy
    • #5
    • 16th Mar 17, 7:38 PM
    • #5
    • 16th Mar 17, 7:38 PM
    @TheShape - did you say on another thread you were thinking of going for another Tesco card? Well today I had a letter from them advising that they were going to increase my limit by £5K from mid-April.

    Of course that is no good to me on a 10 month old fee-free BT deal with a 90-day BT window!

    But it got me thinking...maybe my 'score' has gone up with them?

    Because I can resist anything but temptation(!), I immediately made a speculative application for their latest 24 month 0% fee-free card. Result!...£10K limit, with £9.5K on it's way to the stooz pot.

    Maybe give Tesco a try?
    • TheShape
    • By TheShape 16th Mar 17, 9:04 PM
    • 750 Posts
    • 500 Thanks
    TheShape
    • #6
    • 16th Mar 17, 9:04 PM
    • #6
    • 16th Mar 17, 9:04 PM
    @TheShape - did you say on another thread you were thinking of going for another Tesco card? Well today I had a letter from them advising that they were going to increase my limit by £5K from mid-April.

    Of course that is no good to me on a 10 month old fee-free BT deal with a 90-day BT window!

    But it got me thinking...maybe my 'score' has gone up with them?

    Because I can resist anything but temptation(!), I immediately made a speculative application for their latest 24 month 0% fee-free card. Result!...£10K limit, with £9.5K on it's way to the stooz pot.

    Maybe give Tesco a try?
    Originally posted by YorkshireBoy
    I got a slip with my last statement stating I'd been provisionally accepted for a second card. Got another offer letter in the post today. Browsed their site to see if any restriction on holding two 0% BT cards, can't see any so will probably give it a try, they seem pretty insistent that I have another.

    Virgin Money card arrived today, can't find any mention in the T&Cs re BT limit (ie 95% of credit limit), is it unrestricted with Virgin Money?
    • YorkshireBoy
    • By YorkshireBoy 16th Mar 17, 9:11 PM
    • 28,864 Posts
    • 16,635 Thanks
    YorkshireBoy
    • #7
    • 16th Mar 17, 9:11 PM
    • #7
    • 16th Mar 17, 9:11 PM
    Virgin Money card arrived today, can't find any mention in the T&Cs re BT limit (ie 95% of credit limit), is it unrestricted with Virgin Money?
    Originally posted by TheShape
    From their website (click "More about balance transfers")...
    Once approved, we’ll send the funds (up to 95% of your credit limit) to your other card provider the next business day, if we receive your instruction before 4pm.

    http://uk.virginmoney.com/virgin/credit-cards/money-transfer-cards/
    ...and from the "More about money transfers" section...
    A money transfer is a really flexible feature of a Virgin Money Credit Card that allows you to move up to 95% of your credit card limit into your current account. Turning credit into cash.
    I got the above for you with a tear in my eye, being as they've declined me twice within the last year. Thanks for rubbing it in!
    Last edited by YorkshireBoy; 16-03-2017 at 9:14 PM.
    • TheShape
    • By TheShape 16th Mar 17, 9:15 PM
    • 750 Posts
    • 500 Thanks
    TheShape
    • #8
    • 16th Mar 17, 9:15 PM
    • #8
    • 16th Mar 17, 9:15 PM
    Thanks for that, I went round and round the site, missing that link each time. I knew it had to be there somewhere.
    • TheShape
    • By TheShape 16th Mar 17, 9:58 PM
    • 750 Posts
    • 500 Thanks
    TheShape
    • #9
    • 16th Mar 17, 9:58 PM
    Success
    • #9
    • 16th Mar 17, 9:58 PM
    Applied for another Tesco no-fee 0% BT card. £21 mths with £4900 limit (can also call to discuss swapping unused credit from existing card). Another bonus is that it has a 90 BT window which will end after my holiday to Canada in May so will be able to clear my Nationwide Select card when I get back if I don't manage to max out all my cards with MBNA MTs.
    • YorkshireBoy
    • By YorkshireBoy 16th Mar 17, 10:20 PM
    • 28,864 Posts
    • 16,635 Thanks
    YorkshireBoy
    Congrats! But dangerous making applications late in the evening as the CRA links can be down. I try and avoid where possible.
    Applied for another Tesco no-fee 0% BT card. £21 mths with £4900 limit (can also call to discuss swapping unused credit from existing card). Another bonus is that it has a 90 BT window
    Originally posted by TheShape
    Interesting. When I asked to swap limits last year my request was flatly refused, even after referring upwards...twice! If they've changed stance since then I'll be able to get at the £5K increase on the other card in mid-April...assuming it's not pulled due to the new card's £10K limit.
    ...if I don't manage to max out all my cards with MBNA MTs.
    If you're intending using it as a mule, I can report a minor 'grilling' on the reason behind the +ve balance recently. Not too uncomfortable...but might be to someone not prepared for it (I always have been but this was the first time the issue was raised). Might wait until the next statement cycle before making the £9.5K request!
    • TheShape
    • By TheShape 16th Mar 17, 10:34 PM
    • 750 Posts
    • 500 Thanks
    TheShape
    Congrats! But dangerous making applications late in the evening as the CRA links can be down. I try and avoid where possible.
    Got lucky!

    Interesting. When I asked to swap limits last year my request was flatly refused, even after referring upwards...twice! If they've changed stance since then I'll be able to get at the £5K increase on the other card in mid-April...assuming it's not pulled due to the new card's £10K limit.
    Confirmation screen clearly suggested doing this once card received.


    ...if I don't manage to max out all my cards with MBNA MTs.
    If you're intending using it as a mule, I can report a minor 'grilling' on the reason behind the +ve balance recently. Not too uncomfortable...but might be to someone not prepared for it (I always have been but this was the first time the issue was raised). Might wait until the next statement cycle before making the £9.5K request!
    At present will concentrate on using the current MT offer. Should get two or three (with luck) further MTs from the existing deal before 31st March. I'm keeping the mule option in reserve for now. Thinking some sort of mixed up my Silver Cards and BT window running out excuse, will have to see how that works out if/when I try it.
    • molerat
    • By molerat 17th Mar 17, 1:36 PM
    • 15,872 Posts
    • 10,077 Thanks
    molerat
    E-mail from MBNA saying £2K payment received and account showing full balance available so 48 hours form applying for MT to money back in MBNA. Money out of MBNA for 24 hours so hopefully 25p interest to pay
    www.helpforheroes.org.uk/donations.html
    • TheShape
    • By TheShape 18th Mar 17, 5:00 PM
    • 750 Posts
    • 500 Thanks
    TheShape
    Accepted for the Sainsbury's Card. Only a £1500 credit limit but every little helps
    • redux
    • By redux 19th Mar 17, 3:46 PM
    • 16,166 Posts
    • 19,543 Thanks
    redux
    Applied for another Tesco no-fee 0% BT card. £21 mths with £4900 limit (can also call to discuss swapping unused credit from existing card). Another bonus is that it has a 90 BT window which will end after ...
    Originally posted by TheShape
    Another thing with Tesco is that although they say 95% maximum balance transfer, in practice it is 95% of the remainder at any moment, so with a series of transfers over a few weeks you can work your way to over 99.5%.
    • TheShape
    • By TheShape 19th Mar 17, 6:09 PM
    • 750 Posts
    • 500 Thanks
    TheShape
    Another thing with Tesco is that although they say 95% maximum balance transfer, in practice it is 95% of the remainder at any moment, so with a series of transfers over a few weeks you can work your way to over 99.5%.
    Originally posted by redux
    That could be very useful, thanks!
    • Shakin Steve
    • By Shakin Steve 19th Mar 17, 6:40 PM
    • 598 Posts
    • 412 Thanks
    Shakin Steve
    I've got a headache reading that
    I came into this world with nothing and I've got most of it left.
    • ceredigion
    • By ceredigion 19th Mar 17, 6:53 PM
    • 1,982 Posts
    • 2,214 Thanks
    ceredigion
    I've got a headache reading that
    Originally posted by Shakin Steve
    All easy peasy, The bit of interest to me was the second Tesco money transfer card, pretty sure that I read that you could only have one. The one I have should of been closed 9 months ago but never got to it, problem solved .
    • molerat
    • By molerat 19th Mar 17, 8:03 PM
    • 15,872 Posts
    • 10,077 Thanks
    molerat
    Another thing with Tesco is that although they say 95% maximum balance transfer, in practice it is 95% of the remainder at any moment, so with a series of transfers over a few weeks you can work your way to over 99.5%.
    Originally posted by redux
    I have got 98.5% on mine
    www.helpforheroes.org.uk/donations.html
    • molerat
    • By molerat 20th Mar 17, 10:06 AM
    • 15,872 Posts
    • 10,077 Thanks
    molerat
    Just received my Virgin BT card and can only BT 89%
    www.helpforheroes.org.uk/donations.html
    • TheShape
    • By TheShape 20th Mar 17, 11:00 AM
    • 750 Posts
    • 500 Thanks
    TheShape
    Just received my Virgin BT card and can only BT 89%
    Originally posted by molerat
    When I went to make a BT to Virgin, i wondered why the limit was lower than 95%. My first BT to Virgin should complete today so I'll see how much i can transfer the second time.
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

3,064Posts Today

9,049Users online

Martin's Twitter