Credit Card Balance Transfer Discussion Area 2

luv_my_brass

Got a flier in the post today advertizing MBNA's latest offer - the cordless telephone is back, but no 0% bt - it's now 1.9% for 12 months and £35 to do a BT. Does anyone know if you can bt straight into your bank a/c with MBNA? But will wait for the 0% anyway.

zcaprd7

Yes you can - not such a great deal with MBNA though - you get about the same as an existing customer (I got 0% for 7 months?)

baffcat

I recently mis-placed my MBNA Platinum card and phoned to report it lost, the account was stopped immeadiately (I know this because I found the card later on that day and phoned back to be advised that the account was no longer active) and a replacement card sent out.
The balance from the 'lost' card has been transferred to a new card from MBNA but it would appear that the replacement card is being treated as a new account and I will be getting 6 months interest free on the transfered balance.

Hi

I saw this and thought it was worth giving it a go. I called MBNA and explained I'd lost my card. As with you, they closed my existing account and started a new one for me. I asked how easy it would be to upgrade to a Platinum (thinking I could then ask about the 0% BT).

I was put through to new accounts, who told me I could open a new Platinum account alongside my Gold. The lady explained I could then transfer any balance across from my Gold to obtain a 0% BT (which I hadn't asked about yet). Apparently a lot of people are chasing 0% BTs :-). She told me that I could, in fact, have upto 5 accounts running concurrently with MBNA.

Having an MBNA account already means that they'll almost definately open a new account for you, with a balance limit close (and in addition) to your existing card. After transferring any balance, if you close your existing card, they'll also transfer your credit limit.

I asked about the new account that'd just been set up due to losing my card, and if that would also have the 0% BT. The answer, apparently, is no. When they say 'new' refering to a replacement account, they mean substitute, and any balance remains at the old interest rate.

Surely this means that you don't need to apply elsewhere if you already have an MBNA card. You apply for (an almost guarenteed) new card, transfer your balance, then use the old card just for purchases. Eight months later, do the same again to get 0% again.

Sound good?

Billy

Milarky

Billy

She told me that I could, in fact, have upto 5 accounts running concurrently with MBNA.

That item is worth knowing - I had 5 'MBNA' cards [plus 1 Virgin card] and I was refused an 'Abbey' [MBNA] card earlier this year. But, at their suggestion, cancelled 3 of the accounts - and now have 2 MBNA plus 1 virgin. So an application now might be more fruitful

Cheers!  :D

Original_Harvey

I have 2 credit cards with a combined credit limit of 13.3k and outstanding balance of about 4.5k.

Applied to Barclaycard for the 0% deal to consolidate debt into one place and pay off during the 0% period. I was accepted but when I enquired about the credit limit I was told it was 380 quid - not quite what I had in mind!!

Customer services basically told me that due to outstanding credit they could not offer me a higher limit and if I wanted a higher limit I would have to wait for 3 months and hey presto the time limit for transferring balances is 2 months!! Absolutely useless.......

Any suggestions as to another cc to transfer balances to that takes account of previous credit limit? I would happily close the other credit card account but need to keep a decent limit as we are a family of 5 and need to make large payments occassionally (e.g. holidays).

sicker

You could try mbna and capital one.

John

Reaper

Most people use BTs to pay of loans or stick in savings accounts but there is another option which I haven't seen anybody suggest - put it in an offset mortgage account.

This is what I have done. My mortgage has now been reduced by £22,000, and if I run out of 0% credit cards then I can just take the money back out of the account and pay it off.

It's equivilent to a much higher rate of interest than you can get in a savings account and it is tax free.

Remember though, offset mortgages are not suitable for everyone, see other threads on the subject before signing up for one.

EDIT: I've now found other threads that do mention this. Ah well, worth repeating!

steviewander

I was wondering if someone could tell me if Egg charge interest from the day that a SBT is made from their Egg card when you haven't got a 0% offer on the card.

My statement for my Egg card is shortly to arrive and I was thinking that I could do a SBT of my credit limit to my Cahoot bank account and get 45 days interest free credit (as you do with purchases).

This would give me plenty of time to transfer the debt to my new MBNA 0% card which is currently being processed.

Bibliophile1000

Hi, new girl here! I feel quite daunted reading all the dealings you all manage to keep track of - I'm dabbling around in balance transfers trying to pay off the debts accrued before I had my 11 month old daughter and became sensible (ish ;D ) and started budgeting carefully.

Anyway, my q is - I have a Barclaycard Mastercard whose only prpose is to hold a 2.9% life of balance transfer from another card. That way I don't build up lots of high interest on an outstanding balance. They've just upped my limit and the 2.9% offer is still open - can I make another transfer and keep paying 2.9% on both, or if I do that will I only be paying off one anc accruing interest on the other? Should I transfer the balance out and then back again with the other one?

Galstonian

I was wondering if someone could tell me if Egg charge interest from the day that a SBT is made from their Egg card when you haven't got a 0% offer on the card.

I don't have the T&C to hand but the answer is yes.