MBNA BT. How long?

ts_aly2000

Hello,

Please may I ask how long a Balance Transfer takes and how straightforward it is?

My MBNA Platinum card has a £6k credit limit it's balance is now £89. Over the last 2 years I've used this card ALOT, as in probably put about £25k through it. I don't pay in full every month. My highest balance has been about £4k. Sometimes I pay off £2k in one go, other times I pay off £100.

I have a 0% BT offer until next May. I would like to BT £4300 into my current account immiediately.

Do I just write one of their cheques and put it into my account? Do I phone them up? I've tried phoning their BTransfer number but after a few attempts of waiting 10-minutes..

Just interested to hear from any other MBNA customers on how straightforward a BT is? Is doing a transfer over the phone quicker in getting the money to your account?

Thanks in advance,

Aly

Cara79

I think this is called a super balance transfer. If you use a cheque to pay £4,300 into your current account - this would NOT be a balance transfer and would therefore incur the astronomical interest charge on the entire balance.

I would think you'd need to look into another card that allows super balance transfers. I do not think you can do this on 0%.

A normal balance transfer (credit card - to - credit card) can be done by phone and is very quick, but I do not think this is what you're after.

Cx

Cara79

I have never done this so I do not know how long it takes. I suspect if you write the cheque to yourself and pay it into your cheque account then it would be the normal 3-5 working days.

I would seriously check that this is 0% though as people on this site are always advised to steer clear of the cheques. I could of course be wrong, but it would be advisable to check.

In answer to your question, it is very straightforward. Write the cheque payable to yourself, and pay it into your bank account.

Cara79

I have just been looking at the MBNA platinum website and it does mention 0% on credit card cheques for 12 months, so I take it back.

I guess I have always had it drummed into to me to steer clear.

Cx

The_Boss

Cara79 wrote:

I have just been looking at the MBNA platinum website and it does mention 0% on credit card cheques for 12 months, so I take it back.

I guess I have always had it drummed into to me to steer clear.

Cx

Thats normally pretty sensible advice to be fair.

The_Boss

I am an MBNA customer.

Write the cheque to yourself and it should be in there in a few days, same as a normal cheque.

Cara79

I am also an MBNA customer.

Good luck to you

Cara79

No worries

To be honest, wish I had that offer as could certainly make some use of it!

Cx

The_Boss

Cara79 wrote:

No worries

To be honest, wish I had that offer as could certainly make some use of it!

Cx

Apply for balance transfer cheques through the online feature and see what they send you - they might not send 0% but they may send a lesser rate. I requested them but didnt get cheques, and instead got a letter asking to call them to discuss a lower rate balance transfer from another card.

The_Boss

ts_aly2000 wrote:

These arrived a few weeks ago and are apply until the October statement. The 0% is on offer until May 2007 if taken before October.

Did they come with your statement or separately?

The_Boss

ts_aly2000 wrote:

Erm, pass. Seperately I think. I'm not sure. Truth is I've never used them before so they seem to come from all directions. I have almost a whole folder of them going back a few years, each with different offers on them.

Interesting. How long have you had your card? I've had mine almost three years never been sent any cheques. When I first got the card I wasnt able to take advantage of the 0% in balance transfers as I needed a bmi MBNA card to purchase flights each month with.