Which card next???

[Deleted User]

I recently got an egg card and have stoozed away 95% of my 10k limit.

I have a few other cards - none that offer anything useful for stoozing though (although one card has cheques so can do SBTs easily).

The next card I'm considering is MBNA (or variant). I've just cancelled my first direct credit card (hence am avoiding hsbc for now as suspect they may not give me a card in the next 6 months), I cancelled mint end of last year (poss a mistake but only had a 2300 limit) and have been turned down by ltsb in the past (still not sure why, despite checking credit reports).

Is MBNA a good move (and what is the best mbna variant or is there another better card to go for?)? I'm aware of the conran cashback but I don't tend to spend that much so would really base my decision on the best credit limit etc.

Finally, I applied for egg and barclays current account in January (accepted for both) - should I be waiting before applying for something else - what do you think?

Many thanks.

ffacoffipawb

anactuary wrote:

I recently got an egg card and have stoozed away 95% of my 10k limit.

I have a few other cards - none that offer anything useful for stoozing though (although one card has cheques so can do SBTs easily).

The next card I'm considering is MBNA (or variant). I've just cancelled my first direct credit card (hence am avoiding hsbc for now as suspect they may not give me a card in the next 6 months), I cancelled mint end of last year (poss a mistake but only had a 2300 limit) and have been turned down by ltsb in the past (still not sure why, despite checking credit reports).

Is MBNA a good move (and what is the best mbna variant or is there another better card to go for?)? I'm aware of the conran cashback but I don't tend to spend that much so would really base my decision on the best credit limit etc.

Finally, I applied for egg and barclays current account in January (accepted for both) - should I be waiting before applying for something else - what do you think?

Many thanks.

Hi Steve, you could try Virgin (MBNA affiliate) for 9 months at 0% (no fee when I stoozed £15k, but there is a 2% fee now, but that may be capped at £50 so may be worthwhile for a large stooze).

Also &more (Marks and Spencer money, issued by HSBC and should be no problem*) may be worth a look.

Maybe intelligent finance?

You have 2 recent credit searches, so you can afford a couple more, but try to avoid asking for loads of credit as they may think you are desperate for cash (and an actuary certainly shouldn't be!!)

* PS I had firstdirect £25k on black card for 6 months at 0%. Repaid at end and switched to their gold card for another 6 months. Then switched to black and then gold again. Two years 0% on an average of £23k allowing for partial repayments along the way can't be bad. Especially when stoozed into non taxpaying wife's savings account at 5% !! Unless HSBC have clamped down sharply you should be OK with another from the HSBC stable like "&more".

[Deleted User]

Thanks - &more looks like 6 months vs 9 months on hsbc. Limit on fd was only 8k tho.

Virgin and other MBNAs are capped at 50 so still looks like the best option.

Are you implying 3 searches in 4 weeks would be ok?

ffacoffipawb - your PMs are full!!

ffacoffipawb

anactuary wrote:

Thanks - &more looks like 6 months vs 9 months on hsbc. Limit on fd was only 8k tho.

Virgin and other MBNAs are capped at 50 so still looks like the best option.

Are you implying 3 searches in 4 weeks would be ok?

ffacoffipawb - your PMs are full!!

Well, I have had more than 4 searches in month, with 4 acceptances.

Don't have more than half a dozen in 6 months just in case.

Cutting down on stoozing now, with baby number 2 on the way*, may need a bigger property and a bigger mortgage. Don't want stoozing messing up my credit rating.

Now have Virgin at £15k and IF at £5k.

Both repayable by May 1st.

Will call it a day then I think as the 0% deals, fee-free, are drying up. Just have my £15k egg anniversary in September to look forward to!

PS - PMs cleared out**!

* Just had 20 week scan, they couldn't make out the sex.
** Sadly I am not referring to Mr B.

[Deleted User]

ffacoffipawb wrote:

you could try Virgin (MBNA affiliate) for 9 months at 0% (no fee when I stoozed £15k, but there is a 2% fee now, but that may be capped at £50 so may be worthwhile for a large stooze).

Have applied for Virgin and have to wait and see.....

ffacoffipawb

anactuary wrote:

Have applied for Virgin and have to wait and see.....

As it's an MBNA card, the minimum repayment during the 0% period is just £5.

My pot is invested in my wife (no taxpayer) account earning 5.3% gross (a cahoot account from June 2004 still paying this great rate).

£15,000 invested for 8.5 months (9 month deal but allow for delay at start and early pay-off at the end) nets £558 approximately.

Money for little effort.

Wish the actuarial exams were as easy <sigh>.