New top balance transfer credit card launched

BenL

No MBNA cards at the moment held and not had one in a long time, maybe 4 years or so and that was an Abbey/MBNA one.

I have Nationwide (many years), Santander Zero (3 months) and I think my AMEX might still be open as they wrote to me about some cashback they have paid but I destroyed the card and all the online banking credentials - ooppss

MBNA do write to me every now and again offering this Platinum plus card but the offers have always had fees attached so the application form was shreaded.

Sonalita

Just applied for this and instantly got accpted with a nice limit, which will help me out with the extortionate hike in my egg card interest rate. Althoug it;s not enough to clear my egg balance, it's a very big dent in it.

I was suprised I was accepted as I still thought I had a card with them, although dormant, I keep getting promotional mail from them.

Anyway, I'm happy just need to find somewhere to transfer the rest of my egg balance.

JemmaW1982

I have £5,700 that i need to put onto another credit card. I was going to get a loan out for £6000 & pay it over 3 years, but i have 3k coming end of Dec & when the bank charges start paying out again, i have that to put towards it.

The loan is just the same payment every month for 36 months where as some months i would have alot more

Im not sure i would be approved for that much though even 5k would help.

wizk1

You could even use this for stoozing. Not a huge amount, but doable. Shame I've already got a Virgin money card.

JemmaW1982

wizk1 wrote: »

You could even use this for stoozing. Not a huge amount, but doable. Shame I've already got a Virgin money card.

Stoozing what does that mean???? I wish my virgin one i wasnt paying intrest on as i could have put all the debt on there as my credit limit covers it but im paying intrest now

Mudd14

Stoozing is borrowing money on cards and putting it into savings, works well on 0% balance transfers as you dont pay any interest but you earn interest on the savings.

I have just applied and accepted online for £3200.00. I ahve a Virgin card already.

I have a current card at 8.9% life of the balance so will save me about £300 for the year.

gowgowuk

Hi,
I just applied online and been accepted. I have another MBNA platinum card (BMI) and used to have a Virgin card that I used for stoozing, which I cancelled only last week. When I cancelled the Virgin card I "transferred" it's credit limit to my BMI card, but now, I will call again to rise the credit limit on the new one and then will make a nice current account transfer!

wizk1

On a second glance, the stoozing potential of this card don't seem that appealing after all. The best instant access savings account offers 3.2% AER, which is 2.56% NET for the typical tax-payer. So the net gain would be 2.56% - 1.9% (The card APR), leaving a 0.66% return. Which is a bit poop.

If you can get a decent enough credit limit, say £5000. Then the profit would be a bit less than £33 (taking into account the minimum repayments that are required). IMHO, not really worth leaving a credit file print for.

OMAR

gutted meself just took a card out 0% for 13 months wif 2.9% fee

and this card cuts the fee in half paid over 12 months!!!!

Moggles_2

wizk1 wrote: »

On a second glance, the stoozing potential of this card doesn't seem that appealing after all. The best instant access savings account offers 3.2% AER, which is 2.56% NET for the typical tax-payer. So the net gain would be 2.56% - 1.9% (The card APR), leaving a 0.66% return, which is a bit poop. If you can get a decent enough credit limit, say £5000, then the profit would be a bit less than £33 (taking into account the minimum repayments that are required). IMHO, not really worth leaving a credit file print for.

I think that's right, unless you have an offset mortgage or fixed-rate savings accounts taken out before interest rates dived :cool: