MBNA cheques 26 September 2006 at 8:50PM in Stoozing: free cash from credit cards 4 replies 1.1K views

kazzy

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?

Gorgeous_George

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

grumbler

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).

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 capped at £35.

however, I'm going to check.

Moggles_2

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.