Extraction cards - Can u use MBNA as one?

chokri123

Evening all MoneySavers out there. Here's my question:

Has anyone ever used MBNA as an extraction card? (shifted a balance on to it from a normal BT card,created a positive balance on the MBNA card and then fired this into their current account)

If so,were u charged any fees/a %? Would it be possibble to have a £5k limit on MBNA and shift say £7k on to it from a BT card,then SBT £7k from the MBNA?(even though your credit limit with them is £5k)

Reaper

Yes it is possible but people don't do it much with MBNA any more since they introduced a 2% balance transfer fee. It was capped at £35, then £50, now unlimited. See this and other threads. Only transfers requested when you first take out the card are exempt.

If you want to do this get an Egg or Mint card instead. They are still free.