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  • FIRST POST
    • TheShape
    • By TheShape 7th Mar 17, 10:35 PM
    • 989Posts
    • 736Thanks
    TheShape
    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 4
    • Candyapple
    • By Candyapple 19th Jun 17, 12:35 PM
    • 2,246 Posts
    • 1,703 Thanks
    Candyapple
    A decline for a BT card from Lloyd's. Unfortunate as it's no-fee and £20 cashback available. It will soon be 6 months since I closed my Barclaycard account so I think Barclaycard will be the next one to try for. Got a balance of £3900 on a TSB card with the 0% period ending 02/08/17 which I'd rather not pay off.
    Originally posted by TheShape
    You should have gone into a branch first to check and saved yourself the hard search. I've always done this whenever I have wanted another Lloyds/Halifax/BOS card, you can see on their screen what your rating is and what credit card limit they will give you and what cards and loan amounts are available.

    http://forums.moneysavingexpert.com/showthread.php?t=4866010
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
    • TheShape
    • By TheShape 19th Jun 17, 1:42 PM
    • 989 Posts
    • 736 Thanks
    TheShape
    You should have gone into a branch first to check and saved yourself the hard search. I've always done this whenever I have wanted another Lloyds/Halifax/BOS card, you can see on their screen what your rating is and what credit card limit they will give you and what cards and loan amounts are available.

    http://forums.moneysavingexpert.com/showthread.php?t=4866010
    Originally posted by Candyapple
    It's too hot to go out! Will do next time.

    Edit: Thanks for the link, interesting to read.
    Last edited by TheShape; 19-06-2017 at 4:25 PM.
    • molerat
    • By molerat 26th Jun 17, 2:11 PM
    • 16,789 Posts
    • 10,990 Thanks
    molerat
    Looks like my further stoozing has been put on hold. 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. My current "debt" is 1.25 my income with a further .75 income available, only another £1.5K left on my TSB slow stooze card but loads left on my MBNA which is not really useable.
    Originally posted by molerat
    Letter this morning, TSB increasing my limit so will add another couple of months to my slow stooze
    www.helpforheroes.org.uk/donations.html
    • Mogley
    • By Mogley 10th Jul 17, 11:13 AM
    • 197 Posts
    • 169 Thanks
    Mogley
    MBNA offered me the 0 fee money transfer this month (until 31st). I have only had the card 3 months and was slow stoozing for purchases paying the minimum payment.


    So... Tesco BT CC applied for and accepted (£8.1k) and I'll try Barclaycard this week to make use of building a fast stooze pot in the same way as The Shape (and others). I just need to apply for some high interest accounts to deposit the stooze into now!! For now it will reside in my Tesco internet saver (0.95%) until I have high interest account capacity.
    Thanks for everybodys' input into this thread, without it I wouldn't have a clue how best to make use of this offer.
    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.
    • Mogley
    • By Mogley 10th Jul 17, 10:53 PM
    • 197 Posts
    • 169 Thanks
    Mogley
    Quick question regarding my last post.... I have already slow stoozed £1.2k on the MBNA card from 0% purchase offer. If I MT say £5k then BT the £5k before my statement, will part of the payment go to the purchases portion of the balance or will it all go to the MT portion?
    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.
    • TheShape
    • By TheShape 10th Jul 17, 11:03 PM
    • 989 Posts
    • 736 Thanks
    TheShape
    Quick question regarding my last post.... I have already slow stoozed £1.2k on the MBNA card from 0% purchase offer. If I MT say £5k then BT the £5k before my statement, will part of the payment go to the purchases portion of the balance or will it all go to the MT portion?
    Originally posted by Mogley
    The best thing to do is check the card t&cs to see what the allocation of payments is. However, if you make a £5k money transfer your balance would be £6.2k, the whole of which you could balance transfer to your Tesco card anyway. You've then cleared the whole balance and no need to worry about allocation of payments.
    • Mogley
    • By Mogley 11th Jul 17, 8:59 AM
    • 197 Posts
    • 169 Thanks
    Mogley
    The best thing to do is check the card t&cs to see what the allocation of payments is.
    Originally posted by TheShape
    Thanks. I have checked and it gets allocated to the highest interest first which is the MT but my concern was that it hasn't hit a statement date before I've paid and so the highest credit I have at that point in time is the purchases at 0%.

    That's a good idea to transfer the whole balance to remove the ambiguity. I just like things to be neat and tidy in their own buckets so I can keep track.
    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.
    • Mogley
    • By Mogley 19th Jul 17, 9:02 AM
    • 197 Posts
    • 169 Thanks
    Mogley
    I'm well under way with my MBNA money transfer plan however last night I made an error. I have requested a balance transfer to Tesco c/c of £1.5k more than the balance on the MBNA card after the money transfer which will effectively put my MBNA in credit.

    Please could somebody explain the implications of this and what the best way to deal with this situation?
    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.
    • TheShape
    • By TheShape 19th Jul 17, 9:48 PM
    • 989 Posts
    • 736 Thanks
    TheShape
    I'm well under way with my MBNA money transfer plan however last night I made an error. I have requested a balance transfer to Tesco c/c of £1.5k more than the balance on the MBNA card after the money transfer which will effectively put my MBNA in credit.

    Please could somebody explain the implications of this and what the best way to deal with this situation?
    Originally posted by Mogley
    I imagine putting your card into credit is against the terms and conditions (possible consequence is account closure) although some here have deliberately put their MBNA account into credit and not had an issue.

    It would be a good idea to call them. They may refund/transfer the +ve balance to your current account and you'll have managed to get yourself a 0% Money Transfer or they may insist on sending it back to Tesco putting you back to where you were before the mistake.

    As with any refund/transfer of a +ve balance, make sure they don't transfer any more than the +ve balance or you may inadvertently create a Money Transfer and trigger a charge.
    • Mogley
    • By Mogley 20th Jul 17, 3:34 PM
    • 197 Posts
    • 169 Thanks
    Mogley
    Quick update. I phoned Tesco C/C today to check the status of the BT and there wasn't one showing on the account due to the card not being activated. Tescobank online didn't indicate that there was a problem when I applied for the balance transfer. Hey ho, it just means that I can BT the correct amount from MBNA.
    There are 11 days left to take advantage of the MBNA money transfer offer. I'm aiming for a stooze pot of £18k. So far I've stoozed £10.6K and have opened current/savings accounts at 3% and 5% to hold £19k (the benefit to having OH on board).


    Thanks again to everybody on this thread.
    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.
    • Mogley
    • By Mogley 2nd Aug 17, 9:35 AM
    • 197 Posts
    • 169 Thanks
    Mogley
    MBNA have offered me the money transfer for another month until 31st August!!


    I don't think I'll be making use of this one as I have BT'd £26.5k using the last offer and I did not get accepted for the advertised rate on the Halifax CC. I was offered £2500 credit limit with 14 months 0% (which I accepted). Stop while I'm ahead!!


    How do people round here manage the minimum payments of the balance transfer cards? Do you just take them away from your stoozed fund?
    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.
    • MallyGirl
    • By MallyGirl 2nd Aug 17, 11:41 AM
    • 1,829 Posts
    • 6,189 Thanks
    MallyGirl
    I would just pay from current account to keep the stooze amount as high as possible
    • TheShape
    • By TheShape 2nd Aug 17, 1:13 PM
    • 989 Posts
    • 736 Thanks
    TheShape
    Motley, how are you being notified about the MBNA offer, email? I check fairly regularly by logging on to my account, nothing since March.

    I don't have a separate stooze pot as such, I've just got one main pot of cash that follows the best rates around but always with plenty of cash instantly available.

    All my credit card payments come from my main current account (FlexDirect) which I just top back up as payments go out.
    • Mogley
    • By Mogley 2nd Aug 17, 4:19 PM
    • 197 Posts
    • 169 Thanks
    Mogley
    Thanks for the insight regarding payments. I plan to use the Tesco current accounts for the direct debits (new terms mean I need three for each account which can't include Tesco savers) I will then top the accounts up from the lowest interest paying stooze pot. This mean that my total stooze amount is ever decreasing as I do not have the luxury of being able to top it up with other cash.

    Motley, how are you being notified about the MBNA offer, email? I check fairly regularly by logging on to my account, nothing since March.
    Originally posted by TheShape
    I checked my account this morning to confirm the final balance transfer had completed and noticed the same offer with a new end date. My pattern with the card is that I have used it for spending as well as money transfers and have also given them about £3.50 in interest during the timing issues with BT's.

    It's a shame I'm so reluctant to take up the offer really because its a quick stooze. I'm happy with what I've achieved thus far. I'm going to wait and see what's available when my Halifax card promotional period ends next year.
    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.
    • ceredigion
    • By ceredigion 2nd Aug 17, 9:49 PM
    • 2,258 Posts
    • 2,680 Thanks
    ceredigion
    I get these offers each and every month and it doesn't seem to make any difference to the offer if I used it last month or not. I have also given up for the time being as my last 2 card applications resulted in limits of just 2000 pounds a piece. Have been considering paying some of the cards down in order to start again. Hopefully in doing so would achieve higher limits. But as yet I've always bottled it. As for the repayments they come out of one of the Santander accounts. Purely because that's the one that pays the least interest.
    Last edited by ceredigion; 02-08-2017 at 9:51 PM.
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