Unoffical Existing Customer Balance Transfers

ks62uk

Yes they did when I applied for an A&L card to get the £25 offer (bad mistake!). After I was made redundant 12 months ago I made an arrangement to pay arrears (AP) on a loan which I paid off April 2005 - within the original loan period. Even though my credit history with MBNA was good (regularly cleared balances/no late payments) they considered the AP to be a negative and dramatically cut my limit. They also cut the limit on my other card to just cover the balance outstanding.
Needless to say, when my M&S 0% card comes through MBNA will be kicked in to touch!
They are still sending me marketing offers even though I told them to take me off their list.

MBNA now officially kicked into touch! (may reapply for 0% in 6 months though ;} )

ti1980

As far as I can recall, MBNA have never sent me any marketing offers. I have had the card for about 2 years now I think.

I guess that is cos I have not had a clear balance on it for ages. Does anyone know how long it takes them to offer a deal once the balance is cleared?

pdm99

M&S 0% rate due to expire, have phoned all existing lenders to see what rates they can/will do for bal tfrs, lowest is 11.9% :-(. But then M&S (where my outstanding balance is) have offered me 0% if I transfer another balance by Friday. I don't owe on any other card. How can I tfr my outstanding bal from M&S and transfer it back by Friday? They won't do a super bal tfr into my current account. Can u transfer a similar amount from another credit card (which has nothing owing on it) to M&S, which will create a CREDIT balance on the other card, and then use this to pay off the actual M&S existing balance, leaving me the same amount outstanding on M&S but at 0% for another 6 months?
Sorry it sounds complicated, I'm now even more confused!

smiggers

Regarding ti1980's question regarding how long MBNA take to offer a balance transfer deal , my experience has been that it only takes a couple of weeks and you can always ring them up to see if they have anything to offer you. Make sure that your account is completely paid off (ie no interest due on the next statement).

Unfortunately , the days of MBNA offering 0% with no BT fee are gone - the best offer they could give me a couple of weeks ago was 1.9% APR (for 9 months) and a 2% fee (uncapped). I reckon that works out at approx 4.6% APR equivalent , so I was happy to go for it (my offset mortgage is Base + 1% = 5.75%).

Hope this is helpful , smiggers ;-)

researcher

Re: MBNA
had exactly the same experience today - paid off a 0% in full 2 weeks ago, (I think that was my 4th with them) -today I rang and after a bit of bartering they offered 1.9% for 9 months, with 2% uncapped transfer fee.

ti1980

I am going to clear my MBNA as soon as it is physically possible for me. I'm going to aim for 2 months but it may be 3 months before I can do it.

See if they offer me anything then. :mad:

zcaprd7

researcher wrote:

Re: MBNA
had exactly the same experience today - paid off a 0% in full 2 weeks ago, (I think that was my 4th with them) -today I rang and after a bit of bartering they offered 1.9% for 9 months, with 2% uncapped transfer fee.

How much were you looking to borrow?

I rang them today enquiring about a £10K balance transfer and the guy offered 3.9% until December with a 2% fee (capped at £50 though).

Might be better to apply for a Virgin (or other MBNA affilaite) and move the credit across to it and then initiate a 0% deal?

ANB_2

Try ringing the MBNA “loyalty section” on 0800 –7831116. They can offer you better deals –(I think they operate Mondays to Fridays 08.00 -21.00)
On 26.04.05 I transferred at a BT rate of 0.9%APR for 6months with a fee of £50.00

ti1980

I phoned up that number and got offered a paltry 2% reduction on my APR and that was only if I paid a fee of £25!

ANB_2

ti1980,

From my experience with MBNA you MUST clear the account first to be in a good bartering position.

Is there no way you can BT your outstanding amount to other accounts on a very short-term basis. ? (Use the accounts as mules)

If you can, then I would recommend that you do so and renegotiate.

What is the APR that they are applying to your account at the moment and for how long were they offering you a 2% reduction?