MBNA Balance Transfer

choidivision

Hi,
I'm looking for a little advice. I'm going to receive a John Lewis store card which offers 6 months interest free on balance transfers.
I've already got an MBNA card which has a balance I want to clear. I've just been offered interest free balance transfers up until next september on my MBNA card.

I was thinking of transferring my MBNA balance on to the John lewis card and then back onto the MBNA to take advantage of the 0% interest on the balance transfers.

Doe this sound like the best way to do it? I realise I'll incur a fee of around 5%

Looking forward to any opinions or guidance.

dano17439

Dont think you can do credit card to credit card balance transfers

stephane_2

dano17439 wrote: »

Dont think you can do credit card to credit card balance transfers

Where did you get that idea from...maybe before giving advise you should check your fact!!!

choidivision

stephane wrote: »

Where did you get that idea from...maybe before giving advise you should check your fact!!!

I realise that I can do this, I was just wondering if people thought it was a good idea?

stephane_2

If the interest free period is at least for 12 months, then even taking into consideration the fee then yes it is a good idea, but before transferring anything back to mbna just make sure that the balance shows as £0

fozmcfc

Providing the John Lewis card isn't backed by MBNA and it allows BT from credit cards and the MBNA BT offer, allows transfers from storecards I don't see it as a problem.

But you'll get 2 * BT fees and there is always a chance it might be refused by one or the other as it is a companies right to refuse a BT for any reason.

stephane_2

John Lewis is backed by HSBC and there are no reasons as to why the balance transfer would be refused.....

choidivision

thanks guys