Would this be okay?

d_pipa

Hi,

I got accepted for MBNA to use money transfer to clear my overdraft before the overdraft's interest-free expires.

I got help with this from this site's forum, which I appreciate a lot.

However before I asked for help, I applied for Barclaycard thinking that it would clear my overdraft and then I realised they only do balance transfer to other credit cards, not bank accounts!

A week later, I received the MBNA and did the money transfer. And I also got the Barclaycard too with a credit limit of £5000.

I could cancel the Barclaycard, but I have an idea - would it be okay if I do balance transfer to my MBNA and then I can do money transfer with MBNA again.

Is this allowed? Could I use more than one transfers before 6 months, with interest-free offer applied? I am aware there will be fees for transfers.

Let me know about this

Many thanks,
Dean

YorkshireBoy

As long as you're within the 60 day (or whatever) window with MBNA you'll be OK.

However, you'll be paying circa 7% for the cash...circa 3% to Barclaycard and 4% to MBNA.

d_pipa

Thanks for your prompt reply, YorkshireBoy. I am aware about the fees, sometime we need to sacrifice for the greater good...

izools

Did MBNA not give you a large enough limit to clear the overdraft then?