Unoffical Existing Customer Balance Transfers

M_Thomson

This is really an extension of Martins 'half price plastic loans' article.  I have heard that especially with MBNA, after having had 0% for 6 mths and paid it back, MBNA will call you, 'concerned' that you have paid it back and offer another deal.  This, from what I have heard, can be very competitive from 3.9% to 1.9% APR for (hopefully) the life of the balance transfer.  The BT could then be used to pay some off of your mortgage  assuming you can meet the minimum payment requirement, or even, if you have managed a rate as low as jmstewarts into ING etc.

Could you also make a BT after the minimum payment back to ING/ a mortgage acc to save even more.

MBNA also have limits up to £50k so you could make/save a lot of money.

MBNA are good like that, but I have never heard of them offering from 1.9% to 3.9% for the life of the balance transfer. They normally only do it for between 5 to 9 months at a time. Thats the deals I have had with them.

allthatmularky

Just rang Egg - at first they refused point blank to give a lower rate. When I pointed out would just transfer all my balance to a lower card and they would lose the business - they still refused (twice ::)). On the third time of asking they offered me - 5.9% for five months - whoops - that takes me to my Egg anniversary.
Now just need to sort myself out and get a 0% introductory offer.

Have to say this is an excellent site.

laminki

if you don't ask you don't get !

(unless you're given it for nothing, like by egg :-/)

Edinburghlass_2

At last getting round to cancelling old cards and wrote to Royal Bank Mastercard to cancel. Had a phone call offering me 7.9 on purchases for a year and 7.9 on balance transfers for life. I did suggest I would prefer 0% on balance transfers but I guess it is better than 16% approx. As there is only £4,000 credit limit on it I will leave it in place meantime.

After a sneaky look at Martin's new article on Capital One I phoned to cancel that one this morning and was offered zilch but hopefully I will be able to apply again.
They did say to me that 12.9 (I think) was pretty competative!

Just MBNA to go and that one, for some reason, has the highest credit limit. Have a 0% on Smile that ends in June so would like something lined up for then.

laminki

mbna kindly offered 1.9% for 7 months as an existing customer offer. they had a little prompting though ::)

I accepted.

Even after tax I still make a profit by transferring the balance to a high interest savings account.

This still doesn't stop me looking for other 0% DEALS though.

moneymatt_2

First Direct offered me a Mastercard with 0% shortly after I'd taken a Visa card with them at 0%. Wonder if other companies allow you to hold both cards with them?

kittengirl

Previously had Capital One card which was on 3.9% for life of balance. When I tried to do a balance transfer to another card they offered me .... 1.9% for the life of the balance. What about that?

Did move balance to 0% card, but this rate (1.9%) was only for existing balances. Any future balance rates would have been more expensive, but can't remember rate was offered!

laminki

Kittengirl, you lucky thing I would accept 1.9% for life. That's cheaper than a student loan! Better than 0% for 6 or 9 months.

System

MBNA 0% upto 1 October 2004 but charge £35.00 admin fee.

Morgan Stanley 7.9% for 5 months no admin charge online.

Keith

zcaprd7

Doubt it!

You may have to transfer all the money away (hopefully to another "good" card - either 0% or a lower than standard rate).

You can even transfer it to a naff card - once its cleared phone up MBNA and negotiate a deal, and transfer it back again - problem with MBNA now is they charge up £35 fee for balance transfers.

I have heard stories of people clearing their MBNA debt and MBNA rings them up (I assume they would waive the fee if they offered a deal to you?).

So I guess if you were going to close it anyway it might be worth leaving open for a month to see if they offer you anything?