MBNA o% offer advice pls

lanyroo

Have had a 0% offer from MBNA - Did have a card that I used to pay off another Credit Card but that was paid up ages ago.

They are offering 0% til Sept, and not just to pay off credit cards but to pay into your account. They are charging 2% (max £35) per transaction. My limit would be £3,000.

Is it worth taking up this offer.

I would be able to pay it back in full in Sept.

Thanks.

Margaret

YorkshireBoy

It's a cheap way to borrow £3K for 5 months (and make a small £15 profit into the bargain), but personally I wouldn't bother with a straight-forward stooz.

If you go ahead, make sure your minimum payment DD is set up properly (check your first statement) because a late payment fine will wipe out any profit and lose you the 0%.

Milarky

If you have any other MBNA issued cards then ask them to move the credit limit to your new card from these in advance of doing any balance transfer. They are able to do this. If you don't have any other cards it's worth requesting an increased limit (but they don't have to agree to this either) And remember to only make a single transfer - not mutliple transfers as each one attracts a separate fee.

researcher

Have you checked if the'd charge you a balance transfer fee? Can be up to 3% of the total transfered, which would wipe out any gain.

smartsaver

researcher wrote:

Have you checked if the'd charge you a balance transfer fee? Can be up to 3% of the total transfered, which would wipe out any gain.

OP has stated they will charge 2% capped at £35.00

researcher

Sorry, brain was in reverse..... but I don't think OP would gain more than a few pounds in interest - even if they were getting 3.5% interest net, that'd only be £43.75. The only time I'd consider it was if I had a large purchase to make, and I intended to pay it back in that time frame. This way you are using their, rather than your money