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  • FIRST POST
    • Butch1985
    • By Butch1985 12th Sep 17, 3:25 PM
    • 8Posts
    • 3Thanks
    Butch1985
    Money transfer & balance transfer
    • #1
    • 12th Sep 17, 3:25 PM
    Money transfer & balance transfer 12th Sep 17 at 3:25 PM
    Hi, hope this is in the right place.


    I have an MBNA card with a balance of 6k (0% interest for another 2 years) and a credit limit of 10k. I have a promotion for MT and BT at 6.9% for the term with no fee. I also have a tesco BT card 0% for 12 months and no fee and a 3k credit limit.


    I was planning on using a MT on the MBNA card for about 2.5k then BT to the tesco card either the same day or the day after. I'm using the 2.5k to pay off capital on the mortgage thus lowering my interest payments. I have already confirmed with MBNA that they allocate payments to the highest % transfer 1st so the BT I make will pay off the 6.9% balance and not the current 6k balance at 0%.


    Was wondering how long should it take for the MT funds to appear on my MBNA card, is it usually the same day as the transfer or a day or 2 after? I want to make 100% sure when I do the BT over to tesco card it pays off the MT funds so I might wait a day after just to be sure, is this wise? It works out about 47p interest per day, am I correct in assuming the interest will update daily on my account until paid?


    Thanks in advance!
Page 1
    • zx81
    • By zx81 12th Sep 17, 3:41 PM
    • 13,176 Posts
    • 13,488 Thanks
    zx81
    • #2
    • 12th Sep 17, 3:41 PM
    • #2
    • 12th Sep 17, 3:41 PM
    You need to wait until it has statemented.

    All cards allocate payments to the highest rate first, but most, like Santander, apply it to statemented before unstatemented.
    • molerat
    • By molerat 12th Sep 17, 7:57 PM
    • 17,007 Posts
    • 11,186 Thanks
    molerat
    • #3
    • 12th Sep 17, 7:57 PM
    • #3
    • 12th Sep 17, 7:57 PM
    You need to wait until it has statemented.

    All cards allocate payments to the highest rate first, but most, like Santander, apply it to statemented before unstatemented.
    Originally posted by zx81
    MBNA allocate to new higher interest items above lower interest items that have appeared on a statement so as long as it has appeared in the on line statement it will be safe to BT.
    www.helpforheroes.org.uk/donations.html
    • Mogley
    • By Mogley 13th Sep 17, 12:10 PM
    • 210 Posts
    • 176 Thanks
    Mogley
    • #4
    • 13th Sep 17, 12:10 PM
    • #4
    • 13th Sep 17, 12:10 PM
    Was wondering how long should it take for the MT funds to appear on my MBNA card, is it usually the same day as the transfer or a day or 2 after?
    Originally posted by Butch1985
    If you do the money transfer before 4pm on a work day, the money will usually appear in your bank before 4pm the next day barring any checks they may do. It appeared as a completed transaction on my account the day after the money transferred.
    I want to make 100% sure when I do the BT over to tesco card it pays off the MT funds so I might wait a day after just to be sure, is this wise?
    Originally posted by Butch1985
    I would start the money transfer process 3 days before your statement date. On your statement date start, the balance transfer from Tesco before 4pm. I found Tesco balance transfer to be one of the quickest to complete.
    It works out about 47p interest per day, am I correct in assuming the interest will update daily on my account until paid?
    Originally posted by Butch1985
    Yes it will be charged daily but wont be updated on your account until your next statement.
    I'm using the 2.5k to pay off capital on the mortgage thus lowering my interest payments.
    Originally posted by Butch1985
    Are there any better ways you could stooze the money?
    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.
    • Butch1985
    • By Butch1985 14th Sep 17, 3:05 PM
    • 8 Posts
    • 3 Thanks
    Butch1985
    • #5
    • 14th Sep 17, 3:05 PM
    • #5
    • 14th Sep 17, 3:05 PM
    Thanks for the replies. Today is the MBNA statement day and I did a £100 MT yesterday which may or may not be on the statement. After much thought I'm just going to use the BT card to move some debt from a card where the 0% promotion ends soon. I'm going to start stoozing at some stage, safer getting my current debt cleared first though.


    Appreciate the help and advice
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