MBNA cards and balance transfer fees

Jeppo

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

- I would advise extreme caution with MBNA, regardless of what they 'officially' tell you. A letter I received recently from the head of MBNA customer services made it clear that the majority of balance transfer fees were uncapped & this seems to be the general experience of many people on this board.

However, if they have changed their policy on this then fair enough. But anyone now applying for an MBNA Balance Transfer would be well advised to confirm the £25 capped charge before they proceed with a transfer, otherwise it could cost them.

johannamse

I have just rung mbna and have been told that I will get charged 2% (on 11,400 so 228). The lady said that if I had done the bt with the application I would not have been charged. There seems to be NO room for negotiation. BTW I am not a stoozer, am trying to get out of debt. Does anyone have any ideas on what I might be able to say to reduce this amount?

Oh and can someone confirm that I will have to pay this fee back in my first months payment - another headache!

jnd

johannamse,

The fee is usually added to your cc bill so it will be spread over the bt term. If you can, I would cancel the card and apply for one with a different provider.

ANB_2

johannamse wrote:

I have just rung mbna and have been told that I will get charged 2% (on 11,400 so 228). The lady said that if I had done the bt with the application I would not have been charged. There seems to be NO room for negotiation. BTW I am not a stoozer, am trying to get out of debt. Does anyone have any ideas on what I might be able to say to reduce this amount?

Oh and can someone confirm that I will have to pay this fee back in my first months payment - another headache!

Try calling their "Loyalty Section" on 0800 7831116 if you have not already done so......They have more scope in applying discretion. Only yesterday I renewed my outstanding balance with them for a further 6 months at 0.9%. I was charged a one off fee of £50.00.

I can also confirm that the one off fee will appear on your first statement along with the sum transferred. You will be expected to pay the minimum payment on the COMBINED amounts.

Good luck!

tulips11

I have read the previous messages in this thread carefully and all the information from Martin (thanks) about Virgin SBT's and I am on the verge of applying as a new customer for the promotional 0% offer. I want to raise cash towards a purchase as I would be charged interest (admin presumably) for using a credit card for the purchase so it needs to be cash to keep costs down. Am I correct in thinking I can apply for the SBT at the time of application and that it will be credited to my current account if my application is accepted, and there will not be a 2% charge - just want someone to confirm before I go ahead as the 2% would wipe out any savings.
Thanks for all the help on this site.

tenby_deckchair

wait till u see wot they give u credit wise b4 u do the sbt.

tulips11

OK - Thanks. I thought I had to request the SBT at time of application. Sounds like I can request one at any time during the 9 months 0% period? Does anyone know how long all this might take before I get money in my account?