MBNA BT UPDATE

Systemaddict_2

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.

Walletwatch

That sure is too much of bad news to handle at a time >:(

nh

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.

Tim_L

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

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

Milarky

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?]

pioneer31

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

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%!

realaledrinker

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.

westernpromise

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?

Martinslovechild

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)