huge mix up - advice please!

newleaf

I recently applied for a Capital One card, and on the original application form said I wanted to transfer a balance of £9,600. When I told my DFW Buddy, she told me I'd be lucky to get a credit limit big enough, and suggested I apply for a Halifax card as well. So I did. Halifax responded quicker so I transferred half my balance to the halifax card, which came on Saturday. In the meanwhile, the credit agreement came for the capital one card, along with a form to fill in for balance transfers so I filled in a request to transfer the other half of my existing balance - thinking this would replace the original request. Those who are a step ahead will see where this is leading now....
Today, Da Dah - the Capital One card has arrived, complete with £11,000 credit limit, and a balance transfer of ...£9,600. :rolleyes:
So, I owe £4,500 to Halifax, £9,600 to Capital One and, er, am in credit by £5,000 with MBNA. I spoke to a nice man at Capital One who said he couldn't stop the transfer going through, so I need to contact MBNA and ask them to refund it. Do you think this will be easy to sort out and will I incur any extra fees as a result? I've just logged onto my MBNA account and neither balance transfer seems to have taken place yet, they must be in that big hole we call 'clearing'.

newleaf

I did wonder whether they would pay me interest at 15.9% while I'm in credit, in which case it would be a good investment, but I suppose that's just a fantasy...

merch

Once you're showing £5000 in credit with MBNA, ask for a refund. They will probably do this by cheque. That's what they did to me when I had a positive balance to clear.

newleaf

Well, after my initial panic about this, it seems to have turned out to be rather a good thing after all. :j The 'big' transfer from C1 has now shown up, so I'm officially £185 in credit on my 15.9% card. When the Hx1 balance transfer arrives, I can transfer the whole credit balance into my current account and pay off my loan 9 months early, which will instantly make me £500 a month better off - money which I can then devote to reducing the 0% card balances quickly and, hopefully, save me the stress of having to 'tart' in a year's time.
Is this a sneaky way to get a super balance transfer? :rotfl:

jay78

newleaf wrote:

Is this a sneaky way to get a super balance transfer? :rotfl:

Yes it is! Someone posted on her a few weeks back about how they were able to get a BT into their account because of this 'error'. In your case it was genuine.

newleaf

Hmm, well the sudden appearance of a credit balance on my Mbna account appears to have spooked them somewhat! Today I had a phonecall from 'Philippa' to offer me 0% for 7 whole months on all balance transfers to my Mbna card and also on credit card cheques, was I interested? Er, no thanks ( I've just got 12 months at 0% from the Halifax and 14 months from Capital 1). 'You can transfer the money into any account, or pay off any loans or overdrafts, she persisted....' D'you know, I almost felt sorry for her, she did sound rather desperate. Anyway, I haven't to hesitate if I feel they can help me at any time in the future, apparently. Help is just a phonecall away with Mbna! :rotfl: