We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Can i do this?
spreadtrader
Posts: 103 Forumite
in Credit cards
existing balance on cc aprox £5000 with £7500 limit been offered 0% until june next year with 4% fee
Can i transfer money into current account i.e £2000 and then immediatly pay back to credit card do this a few times so i am in effect placing the £5000 onto interest free.
The card is mbna.
Thanks
Can i transfer money into current account i.e £2000 and then immediatly pay back to credit card do this a few times so i am in effect placing the £5000 onto interest free.
The card is mbna.
Thanks
[
0
Comments
-
If they've offered you a money transfer deal, yes. .0
-
Not sure of MBNA's T&C's but be aware they may only let you do the one (or a few in one transaction up to 95%) and it takes a couple of days to update a card with the new balance so it could take up to a week (if they do let you transfer more than one balance transfer).
MBNA are great for money transfers, I'm sorry I closed my account with them a few years ago!0 -
Do check the deal. The last offer I had from them was 4% for a BT, but 5% for a money transfer. Don't transfer any amount that you will pay off in the next month or so as the fee will be greater than the amount of standard rate interest you'd pay.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.8K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.8K Work, Benefits & Business
- 603.4K Mortgages, Homes & Bills
- 178.2K Life & Family
- 260.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards