Advice on money transfers please

SCO

I have an offer from Virgin Money for 0% on money transfers to a current account until 10th may 2012. Sounds a good deal to me
just over a year at 0%. Only done BT's before so questions are:

Is there any hidden catches with money transfers?

Is the money transfered instantly?

Having seen a few posts on here about changes to MBNA payments what would the minimum payment be on £300?
(they used to take £25 as a minimum)

bluedove

Done that before with virgin no hidden catches as far as i know, but they charge about 4% handling fee for BT to current account.

Please make sure you have no outstanding balance from purchases or any previous off on the card before you BT, cos they will repay the money transfer debt first before any other balance on the account.

SCO

bluedove wrote: »

Done that before with virgin no hidden catches as far as i know, but they charge about 4% handling fee for BT to current account.

Please make sure you have no outstanding balance from purchases or any previous off on the card before you BT, cos they will repay the money transfer debt first before any other balance on the account.

No balance been at £0.00 for a good few months.

bengalknights

Just a handling charge but thats it no other catches just plain simple stick it in your bank accounta and away you go.

SCO

bengalknights wrote: »

Just a handling charge but thats it no other catches just plain simple stick it in your bank accounta and away you go.

Dou you know if it is transfered instantly? or does it take a few days like BT's.

chattychappy

bluedove wrote: »

Please make sure you have no outstanding balance from purchases or any previous off on the card before you BT, cos they will repay the money transfer debt first before any other balance on the account.

No, not since September last year.

I believe the regime with MBNA is now 1% + interest+fees, so generally the minimum on £300 would be £3 a month, but for the first month it could be £3+£12=£15.

Since £3 is very small, I'm guessing it will be £5. (They usually have a minimum minimum, but can't seem to get the link to work at the moment.)

**NB it's £25, see below**

chattychappy

SCO wrote: »

Dou you know if it is transfered instantly? or does it take a few days like BT's.

Took a week last time I did it (which was a couple of years ago).

OneHubbyOneSon4Debts

I done a money transfer a few months back with MBNA to pay off a high interest rate credit card. As chatty said took about a week to go into my bank. The minimum payment is £25 per month, or 1% whichever the smaller of your balance. For example if you owe £300 on it you would still have to pay £25 a month. If you owed £1,000 theminimum payment would still be £25 per month, if you owed £3,000 the minimum payment would be £30.

YorkshireBoy

OneHubbyOneSon4Debts wrote: »

I done a money transfer a few months back with MBNA to pay off a high interest rate credit card.

A standard BT would have been cheaper (3% vs 4%)...unless the other card wouldn't accept BTs (eg Argos)?

The minimum payment is £25 per month, or 1% whichever the smaller

Whichever is the 'greater'.

chattychappy wrote:

I believe the regime with MBNA is now 1% + interest+fees, so generally the minimum on £300 would be £3 a month, but for the first month it could be £3+£12=£15.

The BT fee is just added to the balance, making the minimum payment £25 on a £300 MT (ie a £312 balance). The only fees added in full in any month are the default fees and any annual fee applicable. From the T&Cs...

MBNA_T&Cs wrote:

whichever is the greater of: £25; or 1% of your statement balance before any default charges, annual fee and interest (to which we'll then add an amount equal to the default charges, annual fee and interest).

OneHubbyOneSon4Debts

Yes YorkshireBoy a standard BT would have been cheaper by 1% but then the length of the money transfer MBNA were offering suited me better.

Opps sorry yes I did mean 'greater' not 'smaller' :rotfl:

chattychappy

YorkshireBoy wrote: »

The BT fee is just added to the balance, making the minimum payment £25 on a £300 MT (ie a £312 balance). The only fees added in full in any month are the default fees and any annual fee applicable. From the T&Cs...

Thanks for pointing that out. On a recent BT with Santander, the fee did appear to be added to the minimum.