Q re MBNA Offers - (cheque/BT/money transfer)

steve99

Hi

I have received a letter from MBNA with 3 offers for me. One is to use the attached cheques at 0% until May 2009, a BT at 0% until May 2009 and a money transfer in to my bank account at 4.9% until May 2009 - all with 3% handling fee. I don't see why I shouldn't write one of the cheques to myself and pay it into my bank account thereby getting a 0% money transfer. Can anybody tell me if I can/can't do this and if I should take all of the money up to my credit limit (16K) to use for savings until May 2009 ?

TIA

Steve

NickX

You can do this, but don't go right up to your limit.

Check the Terms and Conditions, they usually only allow 95% of your limit to be transferred and you must allow for the 3% Balance Transfer fee.

Otherwise I think you will be ok.

YorkshireBoy

Unusual to get a different offer for money transfers than for BT's & cheques.

Personally, I'd ring MBNA retentions/loyalty on 0800 783 1116 and see if they'll let you transfer your overdraft to the card. Be very specific about the "overdraft", ie don't mention "money transfers".

If they say yes, and they confirm it'll be at 0% (take a name/ext no, and make a note of the date/time), then go that way instead of the cheque route. They'll tell you how much you can transfer (within the bounds of the 95% rule).

Finally, two points...

1. Don't (S)BT if you already have a purchases (or other) balance on the card. Clear that first.

2. Check your profit* using this calculator before going ahead to see if it's worth it...

http://www.stoozing.com/calc.htm


* About £126, unless you get them to waive/cap the fee. How are your negotiating skills?

NickX

YorkshireBoy wrote: »

Unusual to get a different offer for money transfers than for BT's & cheques.

I agree that this is unusual, so maybe a good idea to check with them.

But I have definitely paid these cheques into a Bank Account before and benefited from the 0% promotional rate with no problems.

steve99

YorkshireBoy wrote: »

Unusual to get a different offer for money transfers than for BT's & cheques.

Finally, two points...

1. Don't (S)BT if you already have a purchases (or other) balance on the card. Clear that first.

2. Check your profit* using this calculator before going ahead to see if it's worth it...

http://www.stoozing.com/calc.htm


* About £126, unless you get them to waive/cap the fee. How are your negotiating skills?

I will try for a fee reduction as if it is 3% the calculator tells me I will end up losing money as I pay 40% tax !

Steve

YorkshireBoy

steve99 wrote: »

I will try for a fee reduction...

Tell them you were about to apply for another card elsewhere when this offer landed on your doormat (intimate that you may have no further need for the MBNA card).

Say you can't decide whether to go for the Capital One card with a 3% fee for 17 months 0%, or for the Abbey/Ulster/N&P cards with no fee for 6 months.

Ask if they could help you make up your mind.

Let them think it's a standard BT for a start, ie don't mention the overdraft until you get the deal in the bag.

carpy

is the MBNA retentions only mon-fri (office hours?)

my 0% rate ends at the end of the month....do you think i'm likely to get offered a new 0% deal if i phone up and ask?

CannyJock

carpy wrote: »

is the MBNA retentions only mon-fri (office hours?)

my 0% rate ends at the end of the month....do you think i'm likely to get offered a new 0% deal if i phone up and ask?

Always best to call during normal office hours. You won't be offered a new 0% deal while you've still got a balance on the card, you need to look at clearing the card first.

There's a trick where you transfer the balance onto another card and then bounce it back again if you get a repeat offer. You'll end up paying 2 balance transfer fees, but might be an option for you.

Best option would be to clear the card in full, wait a couple of weeks after your current promotion period ends then hope for a repeat deal.

larryhm

carpy wrote: »

is the MBNA retentions only mon-fri (office hours?)

my 0% rate ends at the end of the month....do you think i'm likely to get offered a new 0% deal if i phone up and ask?

I tried this and they said they could not offer me anything as the 0% was promotional and would have to revert to 17.9%. When I hinted that I might need to move it to Barclaycard for their 6.9% life of balance offer and close the account otherwise, they basically said, that's up to you. Also beware, as read that MBNA also charge a 2% fee to balance transfer away from them to someone else!! :eek:

sicker

Ask them to put you on thier mailing list for any future ofers, it does exist

carpy

larryhm wrote: »

Also beware, as read that MBNA also charge a 2% fee to balance transfer away from them to someone else!! :eek:

you're joking!!!!!!:mad: :mad: :mad: :eek: :eek: