MBNA 6.9 % for life of balance transfer

dipsy

Hi

just a quick question, I have an MBNA card, which has 6.9% APR for the life of the balance transfer, need to buy a new car as mine died on me, am I likely to get a better rate on a loan, have looked but can't seem to find anything better but thought you guys might know?

Also is this really for the "life" of the balance transfer i.e. I could pay back over 2/3/9 /11 etc etc years?

cheers

Typhoon2000

Yes is he rate is fixed for the life of the loan as long as you keep up with the T&C. Obviously dont spend on the card. Your unikely to fiind a personal loan for less than that. There is a 4% fee totransfer to a bank account so if you pay it all back in a year its closer to an effective 11% APR. Makes more sense if it want a longer term loan at 6.9%.

dipsy

thanks thats what I thought, couldn't find any personal loans that were suitable really.... just wanted to double check, have spoken with MBNA and they confirmed also, so looks like a good option

chattychappy

Writing out a credit card cheque should cost you 3% instead of 4%, though obviously there will be a clearance delay. (Check that the cheque does indeed carry a 3% fee and qualifies for the 6.9% LOB deal.)

dipsy

thanks for that will check it out, though I don't think I have any of the c/c cheques as I tend to shred them when they arrive, but will call MBNA and check it out

dipsy

chattychappy wrote: »

Writing out a credit card cheque should cost you 3% instead of 4%, though obviously there will be a clearance delay. (Check that the cheque does indeed carry a 3% fee and qualifies for the 6.9% LOB deal.)

Many thanks for this, MBNA sending me cheques today and yes 3% for the cheques

:-)

izools

Don't want to sound patronising by reiterating, but you've confirmed that a cheque will be counted as a balance transfer, and not a purchase or cash transaction? A lot of credit card companies charge the cash interest rate for credit card cheques

dipsy

izools wrote: »

Don't want to sound patronising by reiterating, but you've confirmed that a cheque will be counted as a balance transfer, and not a purchase or cash transaction? A lot of credit card companies charge the cash interest rate for credit card cheques

You are not patronising at all, a very valid point, and thank you for pointing it out

Sometimes its the obvious that needs pointing as I always thought cheques associated with credit cards were cash...
But on Chattychap's advise I checked it out... and it seems I was incorrect, and a saving of £90 on one phone call..


I don't believe it just type the longest posting ever and the website said....

too busy to post your post lol

(thats cos I normally type here is a competion.... and nothing else..)

well in essence yes I have checked it out...and they said the cheques were treated same a balance transfer....

my conversation with MBNA - cut down version now as I am tired and I had writen a tomb :-)

"so I can write a cheque out to my current account, and this will then attract a 3% handling fee as opposed to a 4% fee if I do it online or on the phone and will qualify for the 6.9% APR LOBT rate"

MBNA - Aisling "yes thats correct"

anyway had £29.75 on my account which I paid by switch today due by d/d on 11/11/09 as I am sure that otherwise this would have become the most expensive £29.75 in the world and to be fair to MBNA when asked the question...if I did the LOBT before clearing this the £29.75 would have sat at the bottom of the pile, i.e. attracting the high rate of interest till all the balance transfer at 6.9% was paid off they said yes

all of the people I spoke with at MBNA also pointed out that if I failed to meet my min payment then the whole balance would revert to normal interest rate... which I have to say they vounteered.. so hats off to them.


I sound like an advert for them lol, I don't work for them in anyway :-)


anyway would like to say to chattychap.. you saved me £90 thanks ... really great advice would never have thought the cheques would be same rate..

and if it transpires they dont, the conversation has been noted time/date/name, and I did ask the same question of 3 "representatives" and each assured me that indeed the cheques as long as done before 31/12/09 would be 6.9% LOB... so if any extra charges come along then MBNA will be pulling some tapes as I rang 5 times today alone lol

maybe I am paranoid but I am so careful with money, dont read tight, just careful... I could be a multi millionaire and I would still make sure I'm not getting done over :-)

anyway thanks for all your advice and if I have missed anything obvious (like copying your text prior to posting incase MSE thinks you have written too much )

one last things from you gurus....the fee i.e 3% what rate is that on or does that need paying with first statement.. just a thought....

thanks in advance

michaelvintner

I have paid MBNA cheques into my bank account and they have qualified for the special rates. I did one at 8.9% life of balance and all going fine. MBNA do let you do this but you have to be careful as some credit card companys do not.