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M&s + Mbna

sx7uk
Posts: 17 Forumite

in Credit cards
I have an M&S card where the 0% offer is about to expire in 10 days. I recieved an offer from MBNA who I have a credit card account with (I did think I had cancelled this card, but the account seems to be still active so I must have forgotten) where I can transfer up to £6000 with a capped £50 fee, with 0% intrest till march 2007
Now this is the first time I will be paying a fee for balance transfer so I want to make sure I get £6000 on in one go so the total cost is £50.
I only have about £2000 on the M&S card thats due to exipre at 0%
Ideally I would transfer other credit cards balances onto the M&S card to take it up to £6000, but I don't have enough time to get everything transfered in time. So the plan I have is to transfer £6000 from the M&S card anyway, giving a credit balance of +£4000 on the M&S card. I could then use this + credit to pay off several cards that expire the following month.
Can anyone see a flaw in this plan? Would this work?
Thanks
Now this is the first time I will be paying a fee for balance transfer so I want to make sure I get £6000 on in one go so the total cost is £50.
I only have about £2000 on the M&S card thats due to exipre at 0%
Ideally I would transfer other credit cards balances onto the M&S card to take it up to £6000, but I don't have enough time to get everything transfered in time. So the plan I have is to transfer £6000 from the M&S card anyway, giving a credit balance of +£4000 on the M&S card. I could then use this + credit to pay off several cards that expire the following month.
Can anyone see a flaw in this plan? Would this work?
Thanks
0
Comments
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or alternatively just transfer the £6k from the mbna card into your current account in one go and pay everything off when you get the cash0
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