A + L Mastercard 0% (mbna)

OMAR

Basically my 0% runs out in January and I am going to be having much less income soon, so I transferred my £3000 to my Barclaycard LOB. I then rang MBNA up and asked what offers they do. They said they could do 0% till end of July for me £35 fee, so I said ok and transferred £3000 back.

However, will I defo not be charged any interest as I have done all the above within one statement month. (ie not received statement showing nil balance)

Therefore with the way payments are calculated to a balance, I could start paying interest in January or are MBNA different to Barclaycard. Am I making sense?

Thanks in advance

YorkshireBoy

OMAR wrote:

Basically my 0% runs out in January and I am going to be having much less income soon, so I transferred my £3000 to my Barclaycard LOB. I then rang MBNA up and asked what offers they do. They said they could do 0% till end of July for me £35 fee, so I said ok and transferred £3000 back.

So, you settled 2 months early and then they offered to take your debt back for 8 months with a £35 BT fee? That seems like an excellent deal to me.

OMAR wrote:

However, will I defo not be charged any interest as I have done all the above within one statement month. (ie not received statement showing nil balance)

Therefore with the way payments are calculated to a balance, I could start paying interest in January or are MBNA different to Barclaycard. Am I making sense?

I think the best way to get an answer on this is to contact A&L (MBNA) and ask them [freephone 0800 number - why not ring them now?]. If you get the answer you want, then make a note of the name & extension number of the person you spoke to. Please come back and let us know the answer.

OMAR

I have phoned them twice and they aint got a clue what I am saying

YorkshireBoy

Have you been making purchases on the A&L card or did you just transfer a balance to it when you opened the account?

OMAR

All I did was transfer balance and use credit card cheques...whish are both 0% with fees

YorkshireBoy

You've never had an interest bearing balance on your A&L card - so you won't pay any interest in January.

OMAR

But wont the 'old balance transfer' refert to 16.9% and the '0% balance transfer' that I did have been payed off that month?

YorkshireBoy

OMAR wrote:

But wont the 'old balance transfer' refert to 16.9% and the '0% balance transfer' that I did have been payed off that month?

You said the old 0% BT wasn't due to run out until January 2006. You've paid it off now (early), and they've agreed to take it back from Barclaycard on 0% until July 2006. Right? How can you incur interest?

OMAR

Right Look;

Statement Date 15th of Month

15th October - £3000
22nd Pay of £3000 with B/C
25th £3000 Bal Transfer 0%
15th November - £3050

The 22nd Payment was used to pay the 25th Transaction....

YorkshireBoy

OMAR wrote:

Right Look;

Statement Date 15th of Month

15th October - £3000
22nd Pay of £3000 with B/C
25th £3000 Bal Transfer 0%
15th November - £3050

The 22nd Payment was used to pay the 25th Transaction....

Right, I've looked!!

Your next statement will show a minimum payment of £55 (£5 + £50 for the BT), as you have obtained a 0% extension.

Based on the information you've provided, and as I said before, I believe you will not pay any interest as you have never had an interest bearing balance on the account.

OMAR

Hmmm....I will hold you to that!