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Credit Card Freebies
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Yes, they do make enough money to compensate for those of us that play the system, easily.
The slightly uncomfortable truth about the 0% balance transfer game is that the money we make from it does not in fact come by diminishing the profits of the credit card companies (which these promotions are designed to increase), but from the debts of those pulled in by the promotions, who are intended also to be encouraged by the low rates to increase their debts. The 'Robin Hood' argument for this sort of moneysaving technique is therefore perhaps a little misleading.
On MBNA specifically, watch there are no fees attached to the transfer. They can theoretically charge a handling fee which is added to your balance as a purchase - you would pay interest on it throughout the 6 month period. They're also very keen to promote their cheques, which as I understand it always have a fee though this is not obvious from the blurb (as always, check the T&C).0 -
My point is that I feel MBNA have been very irresponsible. Do they really make enough money from those who end up paying their higher (presumably) interest rates to counter those like me whom they will not make a penny off?
I think MBNA are irresponsible lenders in that they don't seem that bothered about getting their customers to reduce the outstanding capital on the account.
For example, I've got an MBNA card with a credit limit of just over £10k. My minimum monthly payment is just £5 (plus last month's interest charge).
It's no wonder that people get into trouble when the lender doesn't seem to care when you pay the debt back - so long as your a/c is raking up the interest each month.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
I got an invitation for an MBNA VISA card with a weekly computer mag today.
Call 0800 028 2440 for a 0% 6month balance transfer, followed by 15.9%.
Offer includes a Personal CD Player with built-in radio.
Can't see the manufacturer.
T&Cs says: subject to availability for applications before 26 June 2004. You have to make a purchase before 14 August 2004 to get the freebie. It will be sent with 28 days from date of first transaction. Batteries not included. >:( Not for resale. (Oh yeah, howya gonna know?)0 -
Offer includes a Personal CD Player with built-in radio.
Can't see the manufacturer.
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Not for resale. (Oh yeah, howya gonna know?) ;)
... sold mine for £11 on ebay0 -
It's unbranded...
... sold mine for £11 on ebay
You mean you made a whole extra quid than I did on the Sekonda watches? You drive a mean bargain, arbitrageu. ;D0 -
;D ;D ;D ;D ;D ;D
Received today via email from Morgan Stanley.
As a 'valued' customer, if I recommend a friend to take out a Morgan Stanley card, both myself and 'friend' will receive a £15 cashback bonus award.
I'm off to see if I have any friends!!!!!!!!!!!!!!!!!1Be ALERT - The world needs more LERTS0 -
As a season ticket holder with Ipswich Town FC, I received a mailshot for a Royal Bank of Scotland card.
The card is "branded" with the football club and offers 9 months at 0% plus £40 of vouchers to spend in the club shop if used within first 30 days.
They will also make a contribution towards the club's youth academy.
I transferred a balance from another card and received the vouchers within 2 weeks.
I understand not everyone would want £40 of Ipswich Town merchandise but they probably are linked to other clubs as well.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
Have just received a Mailshot from Bank of scotland offering Me a Scout Assosiation Credit Card with £40 Marks & spencer vouchers and 9 months Free credit. Ps a donation is made to the Scouts every time a card is taken out. cheers alexThis is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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Applied for my Blue AMEX in the new year... Still no sign of the camera. Might call them and try and get the 100 quid
They are still struggling to set up my direct debit but at least they cancelled the repayment protection scheme when asked after enrolling me without asking!!
Titch0 -
I recieved my matching watches from MBNA last week, didn't even have to wait the 28 days to get them. I've maxed the card out and trf'd the money to my savings so I get 6 months free interest and a couple of watches for nothing. Cool. ;DBefore you can be old and wise you have to be young and stupid0
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