Can you have two MBNA cards at the same time?

L-N · 3 June 2011 at 10:44PM

Hi, I wonder if anybody can asnwer this question as I don't want to apply for a card and get turned down.

I recently applied for an MBNA card with 0% on Balance transfers and Money transfers for 18 months. I have an overdraft of £3000 and a Tesco Credit Card with a balance of £1500 on it.

I was going to use this card to consolidate this debt and stop paying high interest. However, to pay of the card within 18 months I would have to pay off over £200 a month and I'm not sure I have enough income to do that - I don't want to end up back in the overdraft!!

Then I saw that MBNA are offerin a rate for life card at £5.29% and thought this would be a far better option for me as I could pay of as much as I can manage each month without slipping back into the overdraft.

Does anybody know if I could just apply for the rate for life card, even if I already have the MBNA 0% for 18 months card?

Any advice much appreciated, thanks

chattychappy · 3 June 2011 at 10:51PM

I applied and received a second MBNA card, but it did have a very low limit. At my request they helpfully transferred some of the limit over to the new card.

That was a few years ago, but I'm sure I've read more recent threads from people who had a similar experience.

However, you say you "recently" applied for your existing card. Unless your circumstances have changed, I can't see them giving you any more credit if that application was, say, less than 6 months ago.

I think I would do the best you can with the 18 month card and then look for a new card a couple of months before the 18 months runs out.

L-N · 3 June 2011 at 11:02PM

Ahh, yes I didn't think about that, if they've already given me a credit limit, they're not about to double it by giving me the same limit on a second card! Thank you.

I'm just a bit wary about transferring all my debt to a a 0% card and then only managing to halve the balance by the time the 0% rate is up, and not be able to get another deal with a new card when the time comes. But then, my current interest rate on my overdraft is 18.9% so I don't know why I'm so worried about a 0% deal, it's a no brainer really isn't it?

chattychappy · 3 June 2011 at 11:12PM

Thing is, at the end of the 18 months if you haven't got another CC lined up, you can pay off what's left using your overdraft. OK you'll be on 18.9%... but MBNA have a solid track record when it comes further offers once you have cleared the balance. They'll probably want 4% for a "money transfer" - so you'll have to "do the maths" to work out whether it's worth it and how much to transfer over.

This all assumes you haven't used/lost your overdraft facility!

thenudeone · 4 June 2011 at 12:38AM

Yes. I have had three at the same time (play.com, amazon.co.uk, and virgin)

SCO · 4 June 2011 at 11:50AM

Yes you can have more than one. I recently got my second what they will do is ask you to do is split the credit limit on the cards, you could ither put more of the limit on the rate for life card or even ask them to close the other card if you are not going to use it. However you are better applying over the phone as I had to phone up wondering what was happening and it was the fact I needed to change the limits.