MBNA cards and balance transfer fees

MSE_Martin

This seems to come up a lot so let me just confirm the official position


1. MBNA itself. Charges a 2% balance transfer fee at all times. Usually capped at £25 however there are some trial uncapped offers.

2. Abbey and Alliance & Leicester. Charge a 2% balance transfer fee UNLESS the balance transfer is done on the application form (or via phone at time of application)

3. Virgin Does not charge a BT fee during the 0% period (ie nine months). This makes it the longest 0% no BT fee card on the market and top pick

How accurate is this info? This info is absolutely, unarguably, incontrafutably (is that how you spell it) the official line on what the BT fees are. There has been massive confusion (Virgin and MBNA disagreed on what the fee was, i put them together and made them give me an official answer).

Sounds good? Well the only problem is unfortunately just because this is their official answer it doesn't mean its always put into practice. Sometimes they simply get it wrong - and sort it wrong and its difficult to get it put righ. However there's no way round that. The terms and conditions tell you nothing.

If you want a 0% BT from an MBNA range card, the safest thing is to use Virgin and do it during the appilcation form.

For more details please goto the Balance Transfer article

pin

Only problem, re Virgin, is that it seems many existing (and some ex) MBNA customers are having problems being accepted for the Virgin card.

jnd

Regarding Martin's comment re: mbna itself and trial uncapped offers, I received a letter from MBNA and I'm not on any offer of a BT etc and the CC has been at zero for a few months. The letter said the T+C's had changed so there was no upper limit to the 2% BT fee.

Backbiter

jnd wrote:

The letter said the T+C's had changed so there was no upper limit to the 2% BT fee.

That's my understanding.
I've recently been offered a 1.9% BT for 6 months. I could borrow up to 9k and use it to pay for my home improvements, as I was thinking about a remortgage to pay for them (I would then remortgage in 6 months time having save a fair amount of interest - around 3% on 9k which works out at £150 if my maths is any good) However I reckon mbna would charge me £180 for the BT/ cash advance, so I'd save nothing at all.
Could I haggle over the BT-fee and quote Martin 'Usually capped at £25'?

Any advice? are my figures all wrong?

Jacster_2

Thanks for clearing that up, Martin. I've applied for Virgin and the T&Cs confused me a bit, stating that there 'may' be a charge for my planned SBT. I'm happy now!

Backbiter - have you tried Virgin at 0%?

Luis

MSE_Martin wrote:

incontrafutably (is that how you spell it)

Erm, that's not a word. Do you mean incontrovertibly?

Or irrefutably?

jnd

Backbiter wrote:

Could I haggle over the BT-fee and quote Martin 'Usually capped at £25'?

Any advice? are my figures all wrong?

The figures sound correct to me. I would be surpised if they ok'd a lower bt fee. I think Martin needs to clarify the charge with MBNA for their own cards. The customers are being told something different than what they told him.

klondyke

Luis wrote:

Erm, that's not a word. Do you mean incontrovertibly?

Or irrefutably?

I love the word 'incontrafutably' - put it in the dictionary at once.

Fatboy_NSS

You are wrong on Abbey - there is no BT fee and there isn't actually a place on the application form to request a BT, this is arranged after the card is approved.

ANB_2

I don’t think MBNA have been entirely open and honest with Martin ........ From my experience the BT fee is "usually capped" at twice the amount quoted i.e. £50.00. This came into effect from 01.11.04 -It used to be £30.00 or £35.00.

P.S I have currently two accounts with MBNA with outstanding balances. For the last three years at least I have renegotiated favourably balance transfer rates with them ever 6 months. I have never used them to stooze yet I am charged £50.00 each time for the privilege.!!

HLK

Fatboy_NSS wrote:

You are wrong on Abbey - there is no BT fee and there isn't actually a place on the application form to request a BT, this is arranged after the card is approved.

Not so, there is a BT fee EXCEPT for when you request the transfer via the back of the acceptance envelope.