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, 10:35 PM
    • 956Posts
    • 700Thanks
    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
    • 2,170 Posts
    • 1,667 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
    • 956 Posts
    • 700 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
    • 16,604 Posts
    • 10,825 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
    • 164 Posts
    • 160 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
    • 164 Posts
    • 160 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
    • 956 Posts
    • 700 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
    • 164 Posts
    • 160 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
    • 164 Posts
    • 160 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
    • 956 Posts
    • 700 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
    • 164 Posts
    • 160 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.
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

4,769Posts Today

7,317Users online

Martin's Twitter
  • Byebye! I'm about to stop work & twitter, to instead spend glorious time with Mrs & mini MSE. Wishing u a lovely summer. See u in 10 days.

  • WARNING Did you start Uni in or after 2012? The interest's rising to 6.1%; yet it doesnt work like you think. See https://t.co/IQ8f0Vyetu RT

  • RT @JanaBeee: @MartinSLewis Boris is the anomaly (coffee), the others are versions of normal (beer). Lots of same candidates = vote share d?

  • Follow Martin