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MBNA BT UPDATE

JUST TO UPDATE EVERYONE.

TODAY - MBNA HAS CONFIRMED TO ME THAT THEIR BT FEE IS NOW 2% AND THEIR MAX FEE AMOUNT IS NOW £50.

MAXIMUM AMOUNT OF BT NOW ALLOWED IS 95% OF THE CREDIT LIMIT (CHANGED FROM 98%).

PLEASE BE AWARE THAT THEY WILL ALSO CHARGE A FEE FOR EACH TRANSFER EVEN IF 2 OR MORE TRANSFERS ARE ALL REQUESTED AT THE SAME TIME!

MBNA ALSO CONFIRMED THAT THEY WILL NOT INCREASE OR REVIEW CREDIT LIMITS IF EXISTING CUSTOMERS HAS MORE THAN 1 MBNA CARDS.
Regards

Mark

Comments

  • Walletwatch
    Walletwatch Posts: 1,055 Forumite
    That sure is too much of bad news to handle at a time >:(
    It's always the grass that suffers, irrespective of whether the elephants are fighting or making love !!!
  • nh
    nh Posts: 567 Forumite
    Gosh, they really are whacking us stoozers at the mo!

    Surely what we should now do is close all our MBNA cards after the 0% intro period and then apply as new customers in six months, getting the first BT for free.
    I'm married now! Yippee!
  • Tim_L
    Tim_L Posts: 3,816 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    I had an MBNA deal extended a couple of weeks ago and paid no fee for the transfer because I was "in the first year". I think I just got a particularly obliging customer loyalty person - I didn't actually ask not to pay a fee, just asked whether there was one - but I don't think the rules are as hard and fast as they might appear.

    I would guess that there are sales and retention targets in the period coming up to Christmas which may make reps a little less strict than they might otherwise be. Anyway, even with a £50 fee, there's still a good profit available from MBNA deals so they're still worthwhile.
  • nh
    nh Posts: 567 Forumite
    But if they're not going to increase limits... it might be worth cancelling them?

    Incidentally, I got a second BT from my MBNA for free a few months after I had opened it (and after I had already done one BT). She said 'we should charge you but..' and then didn't so definitely you can get round the fee sometimes
    I'm married now! Yippee!
  • Milarky
    Milarky Posts: 6,356 Forumite
    Part of the Furniture 1,000 Posts Photogenic
    The trouble about cancelling the card is getting round to doing so before they phone you up and offer you a further deal once you repaid the balance - they are quick as people have noted.

    MBNA's tactics are simple enough: Keep offering short-terms but include a fee eachtime and gradually increase the rates as you go. Then mailshot you with personal loan offers at much higher fixed rates. The advice has to be: only borrow more from them if the fee/amount available/rate/term still makes stoozing sense.

    [eg £6800 for 6 months with a £35 capped fee at 1.9% - what's that as an APR?]
    .....under construction.... COVID is a [discontinued] scam
  • Gosh, they really are whacking us stoozers at the mo!

    Surely what we should now do is close all our MBNA cards after the 0% intro period and then apply as new customers in six months, getting the first BT for free.

    They're not free AFAIK. My first BT was £35.
  • MarkyMarkD
    MarkyMarkD Posts: 9,912 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    They offered me 6 months @ 1.9% on my Virgin card after I cleared the balance.

    As for Milarky's question, 6 months @ 1.9% + £35 fee, for £6,800, equals interest of £64.60 so around £100 total cost for 6 months = £200 per year = around 2.9%. Not a bad rate really. But a lot more than 0%!
  • Pretty crap if you ask me.

    If you are a 40% taxpayer, you barely break even. Even at basic rate, better to take your business elsewhere if you can get another 0% deal.
    Ethical moneysaver
  • Pretty crap if you ask me.

    If you are a 40% taxpayer, you barely break even. Even at basic rate, better to take your business elsewhere if you can get another 0% deal.

    Exactly.

    Have had an MBNA card for 12 years, but it's bye-bye MBNA in February next year.

    Who's next-best at the mo' - Egg?
  • Who's next-best at the mo' - Egg?
    For SBT's - Egg
    For 0% - Lloyds Advance (12 months), Halifax One (9 months), HSBC (9 months)
    Mortgage Feb 2001 - £129,000
    Mortgage July 2007 - £0
    Original Mortgage Termination Date - Nov 2018
    Mortgage Interest saved - £63790.60
    ISA Profit since Jan 1st 2015 - 98.2% (updated 1 Dec 2020)
This discussion has been closed.
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