balance transfer onto new card, when?

sazziecee

Hi!

Currently have £1500 on Halifax One at 0% which ends on August 25th.

Applied for an MBNA platinum card 3 weeks ago online and it said they needed to make further checks, then I got an email last week saying my card would be with me in 5-10 days.

When I applied I filled in the balance transfer info for the Halifax account.

I wondered when MBNA carry out the transfer? recieved this months Halifax statement on Sat and phoned to check the balance today and it is still £1500.

I want halifax to be paid off before the 0% ends for obvious reasons and do have money in my savings, but am not going to use it, if the balance transfer is done in time. As I don't have my new card yet I doubt I can phone and ask anyone???

Thanks

bethanyrayne

Usually will be done within 10 days of them opening your account. However, if it is getting close to the due date for the Halifax card pay the minimum in time to ensure you don't get a late payment charge or worse a missed payment on your credit file.

Moggles_2

The time taken to process a credit card application and balance transfer request varies between card companies. The best introductory 0% deals are often heavily advertised and lenders are sometimes flooded with applications. IME, MBNA is pretty efficient though and normally carries out BTs within 7-10 days of a/c opening.

Note for future reference:
Most lenders will not accept BT instructions until you have received your new card. You either complete the BT request section (if there is one) during the application process or wait until your new card arrives and request your BT(s) when you call to activate the card. There's usually a Freefone number for this. That said, MBNA sometimes sends out credit card cheques which can be used before activation, but that's exceptional.

IMO, it's best to wait until the new card arrives and you know your credit limit, then request your BT(s) on activation. That way you retain a measure of control over what happens
when

sazziecee

Thanks.

I do have a direct debit set up for the minimum payment anyway, so don't need to worry about that, just want to avoid paying any interest, even if its only a months worth My direct debit date is 26/8 and my 0% ends on 28/8.

I applied for the transfer on the webpage of the MBNA card as far as I know, when it asked me if I had any to transfer, although usually I would do it afterwards.

Anyway strangely enough just had a phone call from MBNA to let me know my card was on its way (but really it was to try and sell me card protection insurance which I declined) and so I asked them and she said it is being processed so at least I know its "in hand".

I already have a virgin card and so MBNA have reduced my Virgin card credit limit by the credit limit of the MBNA Platinum card, but that's fine with me