Credit Card Balance Transfer Discussion Area 2

t_i_g_e_rr

You could put your current MBNA card into credit with a capital one transfer and then super balance transfer this money from your MBNA card into your bank account, but I'm sure I've read somewhere that MBNA might start asking questions if you put your card so far into credit.

Alternatively, you could apply for another card by MBNA (Virgin, etc, etc) that would probably be 9 months 0% and then you could ask for your current MBNA credit limit to be moved to your new "MBNA" card. This way you have your big credit limit on a card with a 0% offer. Then you could balance transfer your credit limit into your current account.

If you wanted you could now balance transfer a real debt off your "MBNA" card to your capital one card. Then why not max out your new "MBNA" card again (you might get charged £35 or £50 for each transfer by MBNA). Of cause, Capital One might not give you a 15,000 credit limit, but this shouldn’t stop you.

t_i_g_e_rr

t_i_g_e_rr

Sorry, forgot to say. If you apply on-line (probably telephone too) for an MBNA card you get sent an application form to sign. With the reply envelope you get a form where you can write your bank details to transfer the money. You should get a similar form with every statement too. Simple, although, like I say you may be charged £50, but you will still make easy money.

t_i_g_e_rr

RICHYG_2

Thanks Tiger,

I have my answer anyway for the £15,000 credit balance on the MBNA card. I will just say that I needed to leave enought money on the card for my wifes shopping requirements whilst I am away on business for a month ?!

I will give it a go before all the costs go up.

WaltD

Saga have just opened (1 September) a six-month 0% offer on "convenience cheques" and BTs.  Valid to 28 February 2005.  This applies to existing holders as well as anything they are offering the new cardholder.

The offer does not yet appear on their website, but is shown on a flyer with the September bill.

Yes, I have also received this flyer and it appears to be a very good deal! All balance transfers and convenience cheques (up to my full credit limit) initiated between now and 28 Feb 2005 will qualify for a full 6 months at 0% interest. I enquired whether there was any transaction charge for a convenience cheque, as most other providers charge 1.5% capped at £35, and I was told no ... there is no charge!
As I have a credit limit of £7500 and no other transactions currently on my card, methinks a large sum of money will shortly be winging its way to my ING Savings account for 6 months!

johnllew

a large sum of money will shortly be winging its way to my ING Savings account for 6 months!

Make it 5 months to start. The way I read it, you can do a BT or write a cheque now and then say mid-Feb 2005, pay it all off. Repeat the BT/cheque before the 28th Feb 2005 and you'll get another 6 months. It does work; I've done it before with Saga - great card (one of the few advantages of being old!)

So 11 months @ 0%.

Ziggy_3

WARNING: The MINT deception!!!! Be VERY, VERY careful.

Accusation: MINT intentionally refrain from telling their customers when an interest free period is about to end and word their statements in such a way as to misdirect customers into incurring interest charges beyond the free period.

I have just come to the end of 9 month interest free offer, paid off the balance in full and have still been charged with a month’s interest at full rates. The catch is a devious bit of word smithing that I suspect will catch most people out; even those who have pinned their repayment date to the back of the toilet door.

According to my contract, my 9 month’s 0% offer officially ended 1st August 2004. However, 17 July’s statement quotes, “If you make the minimum payment of £172 and it reaches us by the due date of 16 Aug 2004, your estimated interest payment next month is £0.00.”

What does this mean to you?

I understood this to mean that I would not incur any interest charges if I pay the minimum amount by that date - I had another month of interest free credit. I cancelled my repayment standing order to take advantage of the extra month.

What they say it means is that any interest charged will not appear on next month’s statement. July’s statement should have read, “If you make the minimum payment of £172 and it reaches us by the due date of 16th Aug 2004, you will be charged £76 interest. However this charge will not appear on August’s statement (because we do not want to draw attention to the fact you are now incurring interest).

I questioned MINT’s call centre about the purpose of a statement. Surely it should give a true and fair reflection on the financial position the account. I was told it is not policy to tell customers when the introductory rate has expired.

I then spoke to a manager, Mr BB. He quoted word for word:

“As a bank and a business it is not beneficial for us to tell you when an introductory offer ends. To tell everyone would have detrimental effects on our side as everyone would clear their balance as they were about to expire.”

Fine, game on.

Galstonian

This is mentioned loads of times.

1. Estimated interest figures are not worth the paper they are written on.

2. Know exactly what you get into (including the end date) at the beginning of the arrangement. Do not change your side of things unless you get written confirmation of changes to offers.

It can't come as too much of a surpise that credit card issuers are in business to actually make some money rather than being a purely interest free lender? The only person who is guaranteed to have your best interests at heart is you.

greedyman

I Hmm 1st post for me so be gentle :-[ I am thinking of buying a new kitchen from B&Q they offer six mnths 0% finance, am I right in thinking I will not be able to transfer this debt onto a credit card in say 5 1/2 months time ??

Joe_Bloggs

@Greedyman.
Welcome to the forum.
Get their terms and conditions and then study them.
The alternative credit that you hope to gain in the future is going to depend on your credit history that you have now.
J_B.

Galstonian

I Hmm 1st post for me so be gentle  :-[ I am thinking of buying a new kitchen from B&Q they offer six mnths 0% finance, am I right in thinking I will not be able to transfer this debt onto a credit card in say 5 1/2 months time ??

It is certainly possible, how easy that might be is possibly the question.

I this is a loan then you will first need to check any early repayment penalties, if there are none some cards (notably Egg and MBNA) can transfer funds to a current account allowing you to simply pay off the loan. If it is a store card as opposed to a credit card then most cards will transfer the balance off it, if it is a credit card then all will.

Will you be able to get 0% finance at the end of this deal? That will depend on your credit reports as suggested above, its impossible for us to guess. It would be worthwhile having a fall back position because the B&Q normal rate will likely be high.