MBNA Super Balance Transfer beware

Ronknee

MBNA is one of the credit cards said to be good for Super Balance Transfers into your bank account. I was told that they can transfer a balance of 95% into your bank account, but whilst it is interest free for nearly a year, there is a fee for this of 2%. You can still earn more in interest than the fee, but I checked before applying for the card and was not told the whole truth. Beware.

deemy2004

They started charging a fee last Nov 04 - it will be in your T&C. usually they don't charge a fee on the transfer done at account opening, but they leave it open i.e. they will or they won't it depends on them... Now before you transfer call them to confirm whether there will be a charge on the first BT.

You can expect a charge on ALL subsquent transfers of 2% or £35 .... think it might be £50 now... anyway on £10k over 9 months £50 is not much given the interest of some £370

markyboy

If you ask when you apply for the card they will waive the fee for the FIRST SBT but not on subsequent SBT's

sam1970

are you sure it is interest free for a year?...actually im trying to do this and i phoned them last week to do sbt on my platinum card and they agreed but will charge £50 but also interest (they offered me %4 instead of the %12 normally on my card)

fatboyonadiet

I've had a few free balance transfers, best thing to is to call them just to check your balance and they might say Mr Fat Boy do you know that you can balance transfer to a current account, to which I reply, why that's an ingenious benefit, may I do that at once - post haste and they say of course, but there will be a small charge and I say drat, forget it then and they say OK we will waive the charge this time, worked 3 times for me so far!

Figment

deemy2004 wrote:

They started charging a fee last Nov 04 - it will be in your T&C. usually they don't charge a fee on the transfer done at account opening, but they leave it open i.e. they will or they won't it depends on them... Now before you transfer call them to confirm whether there will be a charge on the first BT.

You can expect a charge on ALL subsquent transfers of 2% or £35 .... think it might be £50 now... anyway on £10k over 9 months £50 is not much given the interest of some £370

Some T&C's now say 2% with no maximum!! I cancelled my MBNA card because I received a variation to T&C's in the post to this effect.

suer_2

Ronknee wrote:

MBNA is one of the credit cards said to be good for Super Balance Transfers into your bank account. I was told that they can transfer a balance of 95% into your bank account, but whilst it is interest free for nearly a year, there is a fee for this of 2%. You can still earn more in interest than the fee, but I checked before applying for the card and was not told the whole truth. Beware.

:mad: Please do not get caught out like I have just been. I took out an MBNA card last summer to clear a credit card balance but unfortunately did not set up a direct debit. This month I missed the payment day by 3 days, and ok I accept that they should levy a late payment fee of £25. But in addition to that they have taken me off the promotional rate of 0% until July & this month levied interest at the rate of 14.9%. In addition I am told that they cannot reinstate the 0% but can only give me 6.9% until July.So please please take note of the money saving expert & set up a direct debit so that you don't get caught out like me.

nh

suer wrote:

:mad: Please do not get caught out like I have just been. I took out an MBNA card last summer to clear a credit card balance but unfortunately did not set up a direct debit. This month I missed the payment day by 3 days, and ok I accept that they should levy a late payment fee of £25. But in addition to that they have taken me off the promotional rate of 0% until July & this month levied interest at the rate of 14.9%. In addition I am told that they cannot reinstate the 0% but can only give me 6.9% until July.So please please take note of the money saving expert & set up a direct debit so that you don't get caught out like me.

This happened to us as well! We managed to get a First Direct card and BT'd the amount immediately and it actually worked out better for us cos it inspired us to extend our stoozing from £12,000 to £30,000. They are b*ggers though MBNA! We'd been with them for years and years as well.

summerday

I have been accepted for the Virgin card (hooray!) and I called them today to arrange the balance transfer to my current account. It was fine, except the girl was adamant that I would have to pay a £35 fee for it, I did try to talk her round but it didn't work, she said since Nov 04 it has not been possible fee free. Never mind, I should still be able to make some money out of it hopefully.

sarah

bobmccall

That can't be right. I rang Virgin last week to specifically ask this question - I was told that the first transfer would definatley be free. Subsequent ones may incur a charge.

Try ringing again if you haven't already paid.

Reaper

Both of them were wrong. Virgin is the only MBNA card which gives free BTs throughout the 9 month 0% period. Martin even checked this with their press office. Unfortunately MBNA call centre staff are hopeless and many of them do not understand the rules. Explain it to them and if it doesn't work ring off and try again. Hopefully next time you'll get somebody who knows what they are talking about.