MBNA offer - £3600

freeride

Hi all,

I've just received a credit card from MBNA with a £3,600 credit limit. Balance transfer rate is 3%, while the Money transfer rate is 4%. 0% interest until September 2012.

I was wondering if is worth stoozing anymore given that interest rates are so low. Is there anyway to earn money these days?

Thanks in advance
Freeride

2sides2everystory

Well MBNA thought the best way to save money was to sell their UK credit card portfolio to Barclaycard, and Warren Buffett reckons that one of the best ways right now to make money is to buy shares in Bank of America (who have owned MBNA since 2006 and long since rued the day I think and are actively getting rid of the whole business I believe)


So if your stockbroker accepts VISA, and you've got a 0% purchases promotion on the card as well, then maybe it would be rude not to follow WB's example and pile in with your (their) £3,600? I am sure Mr Buffett might admire the cheek

bengalknights

Stoozings over until interest rates rise again.

izools

Only way to stooze effectively is with a long 0% purchase - like M&S or Creation Purchase - this way you can put your money you'd otherwise spend on groceries / fuel / etc into savings and use the card until the 0% ends and pocket the interest.

0% Money Transfers are a non-earner right now.

thenudeone

Only worth stoozing now in a few situations:
- You have savings in a high rate account that you would have to withdraw to pay off a CC bill
- you have an offset mortgage and an interest rate of at least 3-4%
- very long 0% offers (very rare for existing customers)

freeride

I thought so! Stoozing is dead and buried.

If only I was a brave as Warren Buffet.......:(

Cheers

Roger1

2sides2everystory wrote: »

Well MBNA thought the best way to save money was to sell their UK credit card portfolio to Barclaycard ...

Is the sale to Barclaycard a fact or a forecast?

I knew that the MBNA portfolio was up for sale and that some have speculated about potential purchasers, but I wasn't aware that any deal had been done.

2sides2everystory

Barclays snaps up MBNA portfolio

jen245

2sides2everystory wrote: »

Barclays snaps up MBNA portfolio

It's MBNA's business card portfolio Barclays has purchased

2sides2everystory

Ah, thanks for that jen ... I was kind of wondering why Barclays would so easily want all the MBNA stuff. Sorry I got the wrong end of that particular stick (to date anyway ).

I think I read somewhere that Warren Buffett was not impressed when Bank of America acquired the MBNA credit card business in the first place and I note for example that plans are quite advanced to sell the Canadian portfolio as well as there being definite plans for selling what remains of the UK/Irish portfolio