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  • FIRST POST
    • moredebtlessincome
    • By moredebtlessincome 11th Mar 17, 1:27 PM
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    moredebtlessincome
    purchased on BT cc.. seeking urgent advice
    • #1
    • 11th Mar 17, 1:27 PM
    purchased on BT cc.. seeking urgent advice 11th Mar 17 at 1:27 PM
    This is my first ever post. Seeking urgent advice.
    Balance transfered an old card £3000 onto mbna recently BUT without realising that 0% is for the balance transfer only.. I made a smallish purchase (about £120). Now to avoid interest & complexity etc , should I
    1) pay the purchase part (£120) OR 2) balance transfer the complete balance on this mbna card again to a new card that gives me 0% ?
    Also, if the full balance is paid (thru a balance transfer) does this mean I could use benefit from this card's 0% again (not on purchases ofcourse)? Or does it not work like that?
    Learnt my lesson but need to get out of this mess safely...please advise.. Thanks in advance. I researched this Q Lots before asking here but the didn't find an answer.
Page 1
    • molerat
    • By molerat 11th Mar 17, 1:49 PM
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    molerat
    • #2
    • 11th Mar 17, 1:49 PM
    • #2
    • 11th Mar 17, 1:49 PM
    BTing to the MBNA again probably won't be an option as the BTs usually have to be done during a set offer period (unless you are still in the offer period). The purchase will be the first thing paid off so will only likely accrue a couple of £s interest so you need to factor that into your decision. You will not be able to pay off the purchase until the statement is produced unless you pay off the whole balance so another BT card is the only "as little interest as possible" option, if you try to pay just the purchase early it will just come off the BT. I would just wait until the statement date and Just pay off the purchase plus £2. Your minimum payment will also be taken as normal when due unless you clear the whole balance.
    Last edited by molerat; 11-03-2017 at 2:18 PM.
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    • jonesMUFCforever
    • By jonesMUFCforever 11th Mar 17, 1:54 PM
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    jonesMUFCforever
    • #3
    • 11th Mar 17, 1:54 PM
    • #3
    • 11th Mar 17, 1:54 PM
    I agree pay the purchased amount off ASAP and add a few quid to cover the interest - trailing interest next month of a few pennies then it should be back interest free.
    What goes around - comes around
    give lots and you will always receive lots
    • moredebtlessincome
    • By moredebtlessincome 11th Mar 17, 1:57 PM
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    moredebtlessincome
    • #4
    • 11th Mar 17, 1:57 PM
    • #4
    • 11th Mar 17, 1:57 PM
    So if I pay the purchase amount in full, the original 0% offer for BT for 20ish months won't be lost? Thanks for your patience while I'm trying to get my head around things!
    • YorkshireBoy
    • By YorkshireBoy 11th Mar 17, 2:01 PM
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    • #5
    • 11th Mar 17, 2:01 PM
    • #5
    • 11th Mar 17, 2:01 PM
    There's a common theme running through your post, and that is you haven't read, or understood, your MBNA T&Cs. You say you've researched lots...but where?

    For example, if you had checked your T&Cs you'd have known the 0% was only on BTs. And again, if you had, you'd know how long the 0% BT window is open for (could be 60 or 90 days or so).

    As to whether you should repay ASAP, when you used the word "urgent" maybe you didn't understand (again due to not reading/understanding the T&Cs) that £120 would attract less than £22 interest over a year at a typical 18.9% APR. So no bad deal...when compared to the fee you'd possibly have to pay to shift the debt on, and the interest savings you're making.

    Anyway, as to what you should do now. Well, because payments have to go towards the balance element charging the highest interest rate, simply pay off the £120. Add a little bit more for good luck and to minimise any residual interest charges.
    • YorkshireBoy
    • By YorkshireBoy 11th Mar 17, 2:03 PM
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    YorkshireBoy
    • #6
    • 11th Mar 17, 2:03 PM
    • #6
    • 11th Mar 17, 2:03 PM
    You will not be able to pay off the purchase until the statement is produced anyway, if you try to pay it early it will just come off the BT.
    Originally posted by molerat
    That's not true of my MBNA card. Transactions don't have to be statemented (as they do with Halifax, for example), merely showing in the recent transactions list.
    • moredebtlessincome
    • By moredebtlessincome 11th Mar 17, 2:12 PM
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    moredebtlessincome
    • #7
    • 11th Mar 17, 2:12 PM
    • #7
    • 11th Mar 17, 2:12 PM
    I thought of repaying the full BT because incase I have lost the 0% deal on the BT too due to the purchase I made ... as I was told by the cc company that even if you pay the purchase amount in full, you ll still incur interest.
    • YorkshireBoy
    • By YorkshireBoy 11th Mar 17, 2:14 PM
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    YorkshireBoy
    • #8
    • 11th Mar 17, 2:14 PM
    • #8
    • 11th Mar 17, 2:14 PM
    I thought of repaying the full BT because incase I have lost the 0% deal on the BT too due to the purchase I made ... as I was told by the cc company that even if you pay the purchase amount in full, you ll still incur interest.
    Originally posted by moredebtlessincome
    You might do, but it'll be pennies...literally! This is why we're saying overpay slightly.
    • moredebtlessincome
    • By moredebtlessincome 11th Mar 17, 2:21 PM
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    moredebtlessincome
    • #9
    • 11th Mar 17, 2:21 PM
    • #9
    • 11th Mar 17, 2:21 PM
    ...& they said u ll pay interest unless the full balance ( purchase AND the original BT) is cleared in full. That's why I asked is another BT to a new card is a better option.
    BTW, I'm still in offer period to make another BT or money transfer with this card on whixh I made the purchase. The plan was to BT first & then do some money transfer but since I made this purchase, not sure I should still do the money transfer from this or get a different 0% card. Thank you
    • YorkshireBoy
    • By YorkshireBoy 11th Mar 17, 2:47 PM
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    YorkshireBoy
    Well you now know the cost to repay is a month's interest (worst case maybe two?...but that's already incurred so you can't do anything about it) and pennies going forward. So you're comparing 'pennies' with the cost of a BT (2% of £3K = £60) unless you can bag a fee-free deal and another card application/acceptance etc.


    Personally I'd repay the purchase as already suggested and get on with the money transfer.
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