Mbna cards.

kanchhelskis

I have two mbna cards with both balances paid off.

do i close theses accounts?

im a stoozer.

thanks in advance.

YorkshireBoy

Try and talk up the credit limit during the activation call for your new A&L card.

Then ask them to transfer all but £100 of the credit limit from each of the other two MBNA cards, and leave them open.

That way, you'll treble your chances of a repeat deal in x months time. When you do get offered/negotiate one, simply shuffle the limits round again.

kanchhelskis

nice one mate didnt think i could do that.

kanchhelskis

so after that i transfer all the money into my current account, which will be about just over 5 grand,

YorkshireBoy

kanchhelskis wrote: »

nice one mate didnt think i could do that.

It was suggested to you by Rodent in your other thread on this board.

http://forums.moneysavingexpert.com/showpost.html?p=14993575&postcount=4

kanchhelskis

thanks but surley they wont allow me to transfer to my alliance a liecester card.

will they charge me 3%.

YorkshireBoy

kanchhelskis wrote: »

thanks but surley they wont allow me to transfer to my alliance a liecester card.

will they charge me 3%.

You're shuffling credit limits around, not debt. But, yes, whatever you then BT off A&L will incur a 3% fee...for your 12 month stooz.

kanchhelskis

ok think i got you.

so transfer £900 from my mbna sony card.

and transfer £1,900 from my mbna virgin card.


to my alliance a leicester card which has a credit limit of £3,500.

and then transfer 90% of £6,300 to my current account.

is this right?

thanks in advance.

YorkshireBoy

Yes, except that you'd transfer 95% of the £6,300

Is there much profit in it for you, bearing in mind interest rates are falling (and could fall a long way)?

kanchhelskis

a little i suppose i pay it into egg money which you can get 5.24 net after tax.

why do you think it's not worth doing?

YorkshireBoy

kanchhelskis wrote: »

a little i suppose i pay it into egg money which you can get 5.24 net after tax.

You can now, but that's a variable underlying rate AND a variable bonus (and it's also Egg Savings, not Egg Money)...and both may be cut at any time...and cut significantly if BOE rates fall further.

why do you think it's not worth doing?

I didn't say that. I asked, in a roundabout way, if YOU thought it was worth it.

There's £101 profit at 6.55% AER, £77 at 6%, and £56 at 5.5%.

What do you think the average savings rate will be over the next 12 months?