just done a massive mbna deal

doodle_bug

they called me last night and asked if they could do me a deal. I ended up getting £12000 paid into my bank a/c 0% for 9 months, nationwide are paying 4 % net on their esavings, so I'm reckoning on £360 interest minus £35 admin charge, not a bad deal, how do they do it?

PinkLipstickBabe

they called me last night and asked if they could do me a deal. I ended up getting £12000 paid into my bank a/c 0% for 9 months, nationwide are paying 4 % net on their esavings, so I'm reckoning on £360 interest minus £35 admin charge, not a bad deal, how do they do it?

How do I do this? I have an MBNA Platinum Card with a available credit limit of £14,100 (empty). How can I benefit from this sort of deal so that I can stash the cash in a savings account and make money?
Any advice, help would be appreciated. I have not as yet made any money from this type if thing, but would like to learn how to.
Thanks xx

cloud_dog

doodle_bug

Have just received my MBNA Platinum acceptance letter (10k) so have returned the form requesting the 10k transfer to my current account, will then transfer it to lady_cloud_dog's ING account. Lady_cloud_dog not working for the forseeable future (just had a puppy_dog) so will get 5% gross on the money :-)

PinkLipstickBabe, I think you need to do the Super Balance Transfer (SBT) at the point of taking out the card (someone far more knowledgeable than myself would be able to confirm). Some card providers will transfer your debt into your current account, i.e. cash, and not just take debt from another card and this is why it is referred to as a SBT.

The idea behind the SBT is to make money of their money. Some people with either flexible mortgages or offset mortgages credit the money to these accounts (to reduce the interest they have to pay), alternatively you put it in a high interest account. I've not mentioned paying off an existing cc as you could do this with any cc BT.

Can't remember off the top of my head but there is a post on the BT thread that describes the process very well.

Cloud_dog

PinkLipstickBabe

doodle_bug


PinkLipstickBabe, I think you need to do the Super Balance Transfer (SBT) at the point of taking out the card (someone far more knowledgeable than myself would be able to confirm).  

So, as I have had the card 4 years I cannot do a SBT to current account to transfer to savings? Aw...looks like I can do nothing then about these SBT's.
Thanks anyway

Milarky

PinkLipstickBabe,

So, as I have had the card 4 years I cannot do a SBT to current account to transfer to savings? Aw...looks like I can do nothing then about these SBT's.

Oh yes you can! You simply apply for another MBNA credit card [eg Virgin/Abbey/A&L or one from MBNA itself] which offers 0% for 9 months. Once you get this card ask MBNA to either close the other card or [more simply] switch as much of the credit limit as possible from the 'old' card to the 'new' one. Then 'SBT' up to the limit you have created and "bob's your uncle" ;D

PinkLipstickBabe

PinkLipstickBabe,


Oh yes you can! You simply apply for another MBNA credit card [eg Virgin/Abbey/A&L or one from MBNA itself] which offers 0% for 9 months. Once you get this card ask MBNA to either close the other card or [more simply] switch as much of the credit limit as possible from the 'old' card to the 'new' one. Then 'SBT' up to the limit you have created and "bob's your uncle"  ;D

Thanks Sweetie!
I'll do that as soon as possible, then I can make some dosh ;D ;D ;D
Thanks for your help xx

TREVORCOLMAN

Cahoot are paying 5.65% - thats where my BT cash is sitting HE HE!



Trev
;D

zcaprd7

You don't have to always open another card...

Ring them up and ask if they have any offers (it usually depends upon to amount you want to balance transfer).

MBNA cards are good for cashflow as well, if you get a 0% deal its £5 a month minimum payment (except the first month where you have to pay the balance transfer fee)...

needmoney

Fisrtly please forgive me I'm a learner!!

I have been reading a lot about the credit card deals and confess to not understanding much of it.
I am 60 yers of age, retired with a very small private pension and an even smaller state pension, I also do a little bit of casual work that doesn’t earn me much.

Do I understand that I can open up (say an egg card) and ask them to borrow money, then transfer it to my current bank account then transfer it from there to a high interest account I think I’m right so far that I have then borrowed that money at 0% interest for 9 months but I don’t understand how I pay it back.

I know pinklipstickbabe has been through this but she already had her card. For years the only card I’ve ever used is a Barclay connect which I think is not a credit card at all as if the money isn’t in there it won’t go out. I had this because I was afraid of getting in debt. My credit rating I would say is excellent, unless someone else has been using it. ::)

I have no debt and I have some savings but they are being eaten away by topping up my income to pay bills etc., and I am wondering if this card trickwill earn me some money or maybe my age and lack of steady job will stop me.

Any help and advice would be greatly appreciated, thank you.

smartsaver

'Do I understand that I can open up (say an egg card) and ask them to borrow money, then transfer it to my current bank account then transfer it from there to a high interest account I think I’m right so far that I have then borrowed that money at 0% interest for 9 months but I don’t understand how I pay it back.'

Hi Needmoney
You can take out an EGG card then transfer what ever credit limit they give you into a high interest account via a current account if need be. You can do this with an EGG card online and it won't cost you a penny. ;D

You 'pay' the money back monthly by the minimum amount required. At the end of the interest free period you pay back the whole balance with the money in the high interest account or you transfer the balance to another 0% interest card. 8)

This is the most simple scenario. Once you have mastered the concept you can hold many cards using EGG as a mule to balance transfer into your bank credit cards that will not allow a direct transfer into a bank. Start with an EGG card - it's as good as any. Make sure you read all the terms & conditions as they vary from card to card. My hubby and I have been onto this for a while ::) but have only recently found this website which I have to say is fantastic!
Read other threads on credit cards and you will become proficient - good luck

stub451

Dear needmoney (don't we all?)

Egg card is one option - as explained above, but MBNA might be better still. They tend to be more generous with credit limits AND their monthly minimum payment is only £5 for the large sum I've transferred to a high-interest account at present. One final thing - I think you can't put 100% of your credit limit as a Super Balance Transfer now - only about 90%.

Do your own research - including Martin's article on Best Balance Transfer cards - and you should create a nice little income stream.

Best of luck.