New top balance transfer credit card launched

Former_MSE_Guy

This thread is to discuss the following news story:

"MBNA has shocked the credit card market by launching one of the cheapest debt-shifting deals seen in years.

"The lending giant's Platinum card offers new customers 1.9% APR interest for the first 12 months on all balance transfers made in the first 90 days of account opening..."

Read the full story:
New top balance transfer credit card launched

PS. This post has been inserted above to link back to the MSE News Story - thanks to all posters below who have contributed to the original discussion

OMAR

http://www.mbna.co.uk/

CannyJock

Nice one, well worth bumping. :beer:

michaeldc

I applied for an MNBA card 2 days ago, obviously heard nothing at the minute but was doing it under the assumption that a money transfer of £2260 would cost me £90 and would pay off my overdraft and loan (i would save £80 off loan interest and £70 overdraft interest so this made it worthwhile) - if i am accepted but qualify for the 1.9% and no fee - how much interest would i be charged over the course of the 12 months (i plan to have this amount paid off in 12/13 months anyway).

Thanks for the heads up.

michaeldc

PS does 1.9% mean per month or over the year? If i had £2260 on a card charged at 1.9% would it only cost £43 a year - or £3.58/month?

ElkyElky

michaeldcoates wrote: »

PS does 1.9% mean per month or over the year? If i had £2260 on a card charged at 1.9% would it only cost £43 a year - or £3.58/month?

1.9% for the year. So it will work out at 0.158% a month, approximately.

michaeldc

Thanks, bet i don't qualify having applied before today though i might ring them and check.

BenL

Thanks v much.

2 mins work for £5000 approved straight away online for money transfer to my bank account with no fees at 1.9% for a year.

Saves taking the money from my ISA (at a higher rate) for the car final payment.

Card and PIN to follow within 7 days.

michaeldc

I rang and they cancelled my app from the 1st September and advised me to apply for this card again online. Done that and waiting for a responce - BenL how did you get a reply so quick? Does it mean i have less chance if i'm not accepted straight away?

BenL

It just came up on screen.

Things that worry them slightly will probably end up in a refferal without instant decision.

Over 3 years address?
Over 3 years employment?
Home phone number?
Are you on voters role? They probably have instance online validation of this
Postcode matched your address?
There maybe a salary/affordability calculator as well in it and calculation for the other outstanding debts. I have 2 card but nothing outstanding on them.

My salary is above average I guess and have a lowish rent on this place.

If you have lived in your address for less than 3 years they will ask for more addresses and this complicates the auto approval system.

I've not done any application for over 3 months and that was only 1 in about 1 year for a Santander Zero card.

I must have slipped directly into their target range for this one.

CannyJock

Getting some feedback on the stoozing site of people getting rejected and being told it's because they've already had the benefit of a promotion on another MBNA backed card. So if you've already got a Virgin Money card or any other MBNA backed card, might be an issue.

Be interested in feedback from any successful applicants.