I often get cheques from MBNA and have thought about taking the max and stuffing in a high interest a/c.However,my understanding is that cashing one of these cheques incurs interest from day 1 cos it's like cash.
However another poster on here has said that he only got charged a one off fee and no interest.Which is correct?:confused::confused:
I want money..........that's what I want !!:j

Replies

  • Both.

    If you have an interest free period, usually at the start of a CC agreement, you can get the cash but will probably pay 2 to 3% (similar to a balance transfer fee).

    If you don't have an interest free period, you pay the initial fee AND interest from day one.

    I just phone up and ask them not to send me cheques.

    :)

    GG
    There are 10 types of people in this world. Those who understand binary and those that don't.
  • grumblergrumbler Forumite
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    MBNA sends different types of cheques. Cheques usually come with an accompaning page explaining conditions for these particular set. Even outside 0% introductory period MBNA often sends cheques with, for example, 0% for a few months and some one-off fee, or with very low interest rate for a few months. Of course, some cheques are just usual ones incurring a cash advance fee and with high interest rate from the day of transaction (no interest-free period).
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  • my understanding of this is mbna cheques are ok to use to simply pay into your hi-int. acc. current offer: 0% until may 07, 2% trans.fee capped at £35.

    however, I'm going to check.
    miladdo
  • Originally posted by jamescredmond
    my understanding of this is mbna cheques are ok to use to simply pay into your hi-int. acc. current offer: 0% until may 07, 2% trans.fee

    If you have more than one MBNA card, you'll probably receive different offers concurrently. As always, it's important to read the accompanying Ts & Cs.

    These cheques can come in handy, even when interest is charged. Simply line up a 0% balance transfer credit card and switch the entire balance from your bank account to the new card. ;)
    People who don't know their rights, don't actually have those rights.
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