Repeat offers from MBNA?

ironlady2022

I have 2 MBNA cards, one being AA. I want to close them after the 0% purchase promotion rate ends. I know they do repeat balance transfer offers but what about repeat 0% purchase rate offers?

pauljoecoe

I have 4 MBNA cards and have had them for a number of years. I cannot remember a time where one of them did not have a 0% purchases offer.

Having said that I feel that the offers are coming through less regulary and are not for a s long. They seem to favor the two level - £250 and above for 6 months and £250 and below for 3 months which is a pain.

Also as you say balance transfers and money transfers are more readily availiable nowadays.

But on balance I'd say its worth holding on to them.

thenudeone

Just remember never mix'n'match different offers from mbna on the same card unless you understand the how they apply payments thoroughly. Their terms do not explain this in full.
If you have balances on different 0% offers which would revert to the same standard rate APR they will pay off the balance which started first, which is not necesserily the one that ends first. If you do mix'n'match, leave it til 1 day after the offer ends before paying the balance to ensure it goes to the right balance.

ironlady2022

thenudeone wrote: »

Just remember never mix'n'match different offers from mbna on the same card unless you understand the how they apply payments thoroughly. Their terms do not explain this in full.
If you have balances on different 0% offers which would revert to the same standard rate APR they will pay off the balance which started first, which is not necesserily the one that ends first. If you do mix'n'match, leave it til 1 day after the offer ends before paying the balance to ensure it goes to the right balance.

Didn't know this. I have a small balance but have some purchases under and over £100 on different offers. They don't make it easy to understand do they?

fozmcfc

Had lots of repeat offers on my Virgin (MBNA backed) card in the past 6 - 12 months.

As far as the offers go, well I prefer having a few different offers available, then I can choose the one I want to use.

The basic rule to remember is if you have 2 offers at the same rate (i.e 0%) then the offer that started first gets paid first.

If both offers have the same start date and same rate (i.e 0%), then it is unclear which gets paid first. It is only worth using more than one offer if you can pay the full outstanding amount ASAP after the first statement when the first offer is finish as then it will attract the highest APR and therefore will be paid off first.

ironlady2022

fozmcfc wrote: »

If both offers have the same start date and same rate (i.e 0%), then it is unclear which gets paid first. It is only worth using more than one offer if you can pay the full outstanding amount ASAP after the first statement when the first offer is finish as then it will attract the highest APR and therefore will be paid off first.

Agree with you here. I do have funds to clear it. Wonder if I ring up, would the advisors' know?

fozmcfc

Well you would hope so, but could depend on if you get a really experienced member of staff or someone from an agency just working for them for a few hours 2 or 3 nights a week.

I would like to think if both offers start the same time and have the same rate, then the one which will attract interest first should be paid off first.

jonesMUFCforever

Have had 3 offers in past month!!

Best one for me was purchase over £250 interst free until November statement - so put the holiday on that.
Well done MBNA.

Rupert_Bear

mayling03 wrote: »

I have 2 MBNA cards, one being AA. I want to close them after the 0% purchase promotion rate ends. I know they do repeat balance transfer offers but what about repeat 0% purchase rate offers?

Always getting offers. Latest one are as follows

Purchases up to £250 interest free until August 2011
Purchases over £250 interest free until December 2011
0% Bt with 3 percent fee until December 2011
0% cash advances with 4 percent fee until December 2011.

In my opinion MBNA cards are probably the best to have. Some posters on here moan about them but basically they do not read the terms and conditions.

splatt30

I currently have 3 seperate 0% rates running on my Virgin card, having just paid off the 4th in full.
The information I have always been told (& I have several emails saved to this effect) is that if you only have 0% promotional offers on the card your payments wills always be applied to that offer which ENDS first.
So far this has always been the case and I have managed to avoid paying any interest at all (well 2p when my husband accidentally used the card for a £3 purchase after the 0% on purchases had ended).
Eagerly awaiting this month's statement (tomorrow) to confirm that all is still well!!!

m8cky

thenudeone wrote: »

Just remember never mix'n'match different offers from mbna on the same card unless you understand the how they apply payments thoroughly. Their terms do not explain this in full.
If you have balances on different 0% offers which would revert to the same standard rate APR they will pay off the balance which started first, which is not necesserily the one that ends first. If you do mix'n'match, leave it til 1 day after the offer ends before paying the balance to ensure it goes to the right balance.

This now no longer applies; the new payment allocation legislation dictates that a payment will be allocated to the highest rate first. MBNA was the first to introduce this on the 1st of September; it means the higher rate can no longer be shielded.