Any advice please?

brindles01

Join Date: Jan 2006
Post Count: 473
Thanked 239 Times in 137 Posts

---

I have got an MBNA card with 9 months left of O% BT and I have £8,500 credit limit. I don't have any balance on this card nor any debts to pay off from other accounts. So if I want to make this card work for me what is the best way to go about using 'their' £8,500 to my advantage. I have an ISA, online savings accounts with LloydsTSB and a current account. I think I still have an Egg green card up and running (can't remember if I cancelled that one). So any information would be appreciated. Thank you.

brindles01

Further to this I have a LLoydsTSB Platinum card with £9000 credit and no balance with 9 months 0% BT. So I have potentially £17,500 credit to BT to a high interest account. I was looking at something like A&L Direct Saver and just let it sit there for the 9 months as a safe thing to do. Would there be a better potential without too much stressing and management? Any views please?

YorkshireBoy

MBNA may pay 95% of your available credit directly into a current account. There will probably be a 2-3% fee and possibly uncapped.

You could BT from the Egg Card to your LTSB card, thereby creating a positive balance on the Egg Card. You could then move this to your current account. The BT to LTSB will likely incur a fee (2.5-3% uncapped?), but the onward transfer from Egg to your current account should be fee-free - provided you're not in a special promotion period (introductory, anniversary, or any other offer they've put on your account - whether they've told you about it or not).

My gut feel is that the deals will not be profitable for you, since they're likely to involve uncapped fees. However, check these with the providers and then run your figures through the stoozing calculator.