Super Balance Transfers - Question?

lvm

Hey All!

Another little question.

If, for example I have an MBNA credit card with a limit of £6500 and a balance of £2500. APR - no idea but from repayments it appears extortionate - approx 23.9%.

So, would I be allowed to do this:

1. Ask MBNA what their APR on a super balance transfer is and if any good rate, take a £2500 SBT to my bank account.
2. Money now in bank account - wait maybe a couple of weeks then pay back the £2500 which, if following all rules, would be applied to most expensive debt.

Assuming the SBT APR was a lot lower than 23.9% is this allowed?

I can't imagine MBNA would like anyone doing this so are there any rules against it?

Thanks for any help...

sheslookinhot

I don't think MBNA would do a SBT but certainly not an account holder. I did one recently with the Post Office. I cannot remeber the BT fee, but was then 0% for a year. This would be your best option.

izools

MBNA do offer SBTs and often have very good deals even on repeat offers with existing customers - of course if your account has been run well, that is

And yes, it would pay off the most expensive debt. So if you are able to get a repeat offer - a good move!

YorkshireBoy

izools wrote: »

...if your account has been run well, that is

An APR of circa 23.9% would indicate they see the OP as above average risk though?

However, a call to retentions on 0800 783 1116 will get the OP their answer.

OP,

I'd avoid mentioning the money transfer at the outset. Instead, I'd negotiate the (standard card to card) BT rate first and then, once that was in the bag, change your mind and ask for the money transfer instead.

lvm

YorkshireBoy wrote: »

An APR of circa 23.9% would indicate they see the OP as above average risk though?

However, a call to retentions on 0800 783 1116 will get the OP their answer.

OP,

I'd avoid mentioning the money transfer at the outset. Instead, I'd negotiate the (standard card to card) BT rate first and then, once that was in the bag, change your mind and ask for the money transfer instead.

You would be correct with the above average risk bit - this is actually for my friend whose credit file is perfect apart from a £39 default from Nov 09 which has totally wrecked her credit reports. Don't think she's even used this card in a while and I'd assume she would have been able to reject an APR increase but probably outwith 60 day period now...might try to do a bit of digging for her!

Thanks for the info!