Raising money on my Credit Card

MondoMondoMondo

Hello,

I need to raise 5K fairly urgently on my credit card - I have 3 credit cards - one with MBNA with 0 owed and 5k credit - one with Natwest with 3k owed on a 5.2K limit which is on a 0% deal for 12 months and one with Tesco which has never been used - 0 owed and a 3.2K limit. . .

I don't know if I should try and get a new C.C with a B.T deal and raise cash on the MBNA and transfer it on that deal or approach my other 2 credit card companies and ask them for a deal to split up the 5K as 2 transfers as I'm not even sure I will get another credit card in the current climate. . .

Any advice would be appreciated,

Regards,

Ray

Tixy

Have you tried calling MBNA to see if they will offer you a 0% super balance transfer deal on your current card - if they would you could simply use that no need to get another card. That would be the first thing I would try.

MondoMondoMondo

MBNA informed me that Bank of America are closing their credit card business and that they can no longer offer any deals so that isn't an option I'm afraid - thanx

Tixy

Why do you need to raise £5k on your cards? Have you thought about a personal loan instead?

I assume you need cash and cannot make whatever purchase you want direct to your card/s. There is a way to raise cash from a tesco card - using sterling travllers cheques and paying them into your bank. There are quite a few threads on how if you do a forum search. Perhaps you could use that to access some of the money up to your tesco limit?

MondoMondoMondo

I have raised 10K on a personal loan which is the most they would lend and need another 5K so have no other options. . . I had to close my Tesco credit card this week as it's introductory offer ended and they wouldn't offer me a deal on Balance transfer . . .

Tixy

I guess you could try applying for a new credit card - perhaps post office for the super balance transfer option.

But if you've only recently taken on a large new loan and that was as much as a lender would give to you it might well be that you are fairly credit maxed and you'll be declined. So you might have run out of options for raising the funds.

thenudeone

MondoMondoMondo wrote: »

MBNA informed me that Bank of America are closing their credit card business and that they can no longer offer any deals so that isn't an option I'm afraid - thanx

You may have been told that but it isn't true.

my mbna card (Amazon.co.uk mastercard) is currently offering 0% on BT til Jan 2013

Perhaps they are only making offers to those people who are most likely to be more highly valued when the business sells?
I'm not sure why I am getting them. I only ever use their cards when there is a promotion of some sort.:)

YorkshireBoy

thenudeone wrote: »

You may have been told that but it isn't true.

my mbna card (Amazon.co.uk mastercard) is currently offering 0% on BT til Jan 2013

Perhaps they are only making offers to those people who are most likely to be more highly valued when the business sells?
I'm not sure why I am getting them. I only ever use their cards when there is a promotion of some sort.:)

I understand the situation to be that the affiliate and co-branded cards (eg Amazon, Virgin, AA, etc) are still offering deals, but MBNA have stopped offering them on their own 'pure' cards.