MBNA balance transfers

adamz

Sorry in advance if this is already covered in another thread, but:

My wife has an MBNA card with a credit limit of £14k - she has a balance of £11k (so £3k credit). With an interest rate of 1.24%.

They have made her aware of a 0% balance transfer until the end of December as such:

1) So we have around £3k free. If we were also to pay off some of this card (say another £5k), would we then be able to transfer £8k from another card (using the £3k available credit and £5k cleared).

2) Second hopefully not too silly a question, but am I able to move a balance from one of my cards (not MBNA group in my name only) to her MBNA card?.

Any feedback would really be appreciated.

chattychappy

Yes and yes.

But bear in mind:

1) You have to allow for fees and interest when doing the sums. I think they say you can only transfer 95% of what's available anyway.

2) They can withdraw these offers at any time. Of course once you've grabbed it you'll be OK.

redpete

adamz wrote: »

So we have around £3k free.

With a fee of typically 3% this will cost £90 so hardly free (unless it saves you more than £90 in interest on the balance you transfer from another card).

And yes, you can transfer from a card in one name to a card in someone else's name.

adamz

HI - Free was intended to mean today there is £3k credit available.
I am not sure if I have mis-understood your reply, but at the present on the MBNA the monthly repaymenty on the £11k balance of £130. Where does the £90 you refer to come in?.Thanks

redpete

If you ask MBNA to transfer some of their money to another lender they will charge you a one-off fee which is typically 3% and gets added to the amount you owe them.

adamz

sorry - was coming from different angle.
Yes certainly aware of transfer fee (to check if 2.9 or 3%), but against 11months of 0% sure we will be better off.

Based on 0% what repayment would be required monthly for a MBNA card ?. Is it a minimum payment ex interest.?

Again thanks all for help.

izools

MBNA minimum payments are 1% of balance + interest + charges