Mbna balance transfer

Rupert_Bear

I have done in the last three days three bt to my MBNA card. I understand the fee is 3 percent per transfer. However does anyone one know if they ask for the usual £25.00 per bt every month.

The total amount is nearly £4,000 and in the past if is only one transfer for this amount I have only had to pay back £25.00.

cheers

YorkshireBoy

Your T&Cs (as amended by any notice of variation if it's an old card) will detail the minimum payment required, but prepare yourself for 1% of the balance or £25, whichever is the greater...so likely to be £40.

Number_Six

Interesting - I never knew you got charged for balance transfers (probably because I have never transferred any) but that isn't something credit card companies advertise.

Any

Number_Six wrote: »

Interesting - I never knew you got charged for balance transfers (probably because I have never transferred any) but that isn't something credit card companies advertise.

I suggest you start reading even the information written in smaller letter on any advert... How did you think companies make money?

There used to be few special deals around where you didn't pay transfer fee, but these used to be for short periods and the companies were hoping you won't pay the balance off on time and they get at least couple of months interest out of you.

Since the credit crunch these died out as the companies cannot afford to lend money without any return - the bad debt risk is too great.

Rupert_Bear

YorkshireBoy wrote: »

Your T&Cs (as amended by any notice of variation if it's an old card) will detail the minimum payment required, but prepare yourself for 1% of the balance or £25, whichever is the greater...so likely to be £40.

I have phoned mbna and they because we have held the card for a few years and as such we would only need to pay back £25.00 per month or more if we wanted to. Also the fee would not be required to be paid back during the first month.

To summarise I have now done 3 bt for £4,000 at 0% 3% fee until August 2010 and provided the info given is correct I should only need to pay back in total £25.00 per month.

YorkshireBoy

Rupert_Bear wrote: »

I have phoned mbna and they because we have held the card for a few years and as such we would only need to pay back £25.00 per month...

I've also had my Virgin Money card for a while (for over 4 years in fact), but MBNA wrote to me (last/this year) informing me that the minimum payment calculation was changing to 1% or £25 whichever was the greater.

Still, your 1st statement will detail the amount required...and the difference between £25 and £40 is negligible so it doesn't matter which it is.