MBNA balance transfers

bluep

I have £3k o/s on an Abbey cc that is on a 0% deal and due to expire in March. Am I right in saying that if I apply for an actual MBNA card (ie. the 0% til Feb 08 with 2% fee offer), they will let me transfer a balance from one MBNA card to another? Is the best way to do it: to apply for the new card first, not mention BT and then once the card is up and running, to do the BT? Will they actually let me do this Abbey to MBNA then?

If not, what's my best option (as I've just discovered that I didn't close my old M&S more cc down so can't open a new one of those).

GunJack

try calling M&S, see what deal they will do you on BTs...nowt to lose, all to gain...possibly

bluep

thanks for the reply!
I just called M&S after making my first post and their computer systems are updating until tomorrow morning apparently...

bluep

Interesting...M&S wouldn't offer me anything other than a 5.9% for 6 months (the guy was trying to sell this as a really good offer!!) and closed the card down immediately upon request.

The MBNA chap at Abbey was very useful. He said that they don't allow transfers directly between MBNA cards but that the 0% BT offer on a new card allows a payment to your current account at the same rate (2% fee and 0% for a year), then you can use this to pay off the other MBNA card.

Is this right?

He also said that it is easier to get a higher limit on the new MBNA card as they would allow me to take some of my Abbey card limit over to the new account (I have a £3k balance and a £6k limit).

Tom_Saunders

I have two MBNS Cards both with a £5,500 credit limit.

Basically what you have to do to get continuos 0% is the following.

When you are about 3 weeks from the end of your 0% contact MBNA and ask for an offer on your other card, then transfer the required amount into your bank account. Then go on line and pay the other card off from your Bany Account. They will not let you transfer direct !

This will cost you either 2 or 3% but mine is capped at £50.

You can also alter your credit limits for for example I can have £3,000 on card A and £8,000 on card B, however doing this makes life a little more complicated when doing the transfer.

The Transfer FEE is taken off the next month so £50 + Interest £0 + £5 off balance £55. You do NOT get charge interst for the BT fee and they do clear it straight away.

I've als o been offered 9 moths at 1.9% plus 2% fee which is also a decent offer.

Hope this helps.

Tom_Saunders

loads of thanks for the above please !

Scooby_Saver_2

Hi,

I had zero on abbey credt card / MBNA as need to move 3.5k as come to the end of its promo 0% with halifax.

I called the MBNA loyalty number ( which i have lost, sorry !!! ) and they gave me O% for 12 months , they not waiver the balance transfer fee but hey still saving.

Hope that helps - pherhaps another mse may have the number to call mbna direct on.

Good Hunting

bluep

I wonder what happens if I move the £3k onto my HSBC credit card (no BT deal therefore no fee???) and then ask MBNA to move it onto a new MBNA Platinum card as a BT? Surely that would get around the MBNA Abbey to MBNA Platinum BT problem?

Tom_Saunders

and MBNA don't offer you a new deal you won't be paying £5 a month !!

Apply for another MBNA card for example Liverpool FC and then follow my previous instructions. :beer:

tom188

Check T&Cs as most providers have now introduced a BT fee regardless if you are on a promotional offer or not, but being you can transfer into your current account anyway then pay from there why not just do that>?

The_Boss

Speaking of this :- does anyone have a freephone number for MBNA balance transfers?