Free Cash From Credit Cards Discussion Area

mr.steve_2

Just thought I'd give everyone an update on how my 'revenge' is going.

That's good, minimum repayment of £200 a month to your Egg card then you can put the £200 back into your savings account again. Unfortunately I only have a credit limit of £750 so my repayment is £15 and I can only transfer a minimum of £200. At least I'll have less to pay off at the end of the 0% period though, which should make it easier if I get a better credit limit on the new card I get to transfer the Egg balance.

kittengirl

Alan,

Only 5 pounds minimum payment on 6800 balance???
That's very cheap!!!
Thought it was always 2-2.5% of balance or 5 pounds whichever was most??
Is this just Alliance and Leicester?

arbitrajeu

Alliance & Leicester is an MBNA card, and they both only ask for £5 each month.

zcaprd7

I think its a little more complicated than that:

I believe you pay £5 plus whatever your last statement's interest charge was - its their nasty way of keeping your balance almost full.

So when you get a 0% deal, you'll end up paying £5 a month, which is handy for cash-flow - but not good for the masses!

MSE_Martin

This applies to most of MBNA's card range the major ones being Alliance & Leicester, MBNA itself and Abbey

kittengirl

So, need to get MBNA card on the go,and only pay 5 pounds minimum each month. Then have more spare cash to stash!!!

Is this an arrangement you have to make with them, or is this during the 0% period so they can make more off you when the rate goes up after intro period?

Currently paying 2% and 2.25% on Egg and Mint cards.

MBNA is my next card to take over from either of these 2.

arbitrajeu

Is this an arrangement you have to make with them, or is this during the 0% period so they can make more off you when the rate goes up after intro period?

This is the standard deal.

They also allow you to set up a direct debit online, so it's very easy to make sure you make the min payment on time.

They offered me the third best credit limit of my 6 cards too, which was a pleasant surprise. Hope they're generous with you too.

barry_marr

I'm a litte unsure of how to get started on this. I have got a Mint card. Do I just use one of the cheques they provide to transfer the credit limit I have into a high interest account? I read that you may only be able to transfer half your limit. Is this true?

Thanks

Mousey_2

I also have a mint card and have had no problem transfering the full credit limit to my bank account using the transfer and save cheque. Be careful though as I believe that you must use the cheques within 3 months of taking out the card to get the transfer at 0%.

barry_marr

I also have a mint card and have had no problem transfering the full credit limit to my bank account using the transfer and save cheque. Be careful though as I believe that you must use the cheques within 3 months of taking out the card to get the transfer at 0%.

In the card agreement section, on which the actual card was attached, it says ' We will set your limit and advance limit and we may change them at any time. The advance limit is 50% of the credit limit'.

Does this mean that I will be utilising the advance limit by transferring their money into my bank account, and therefore only be able to use half the credit limit?