Yes or No (quick question)

sophieschoice

I have a balance on my Barclaycard (not 0%) and wish to transfer it to my empty MBNA card. MBNA want a ridiculous 360 pounds (sorry only got dollar sign) so can I cancel the MBNA card and sign up for a new one in a couple of weeks thereby taking advantage of the lower fee? Thank you

YorkshireBoy

Yes you could, but you might need to wait longer than "a couple of weeks".

But you could also apply for the other MBNA card now, and then ask to switch any credit limit across if the application was successful but the credit limit assigned was insufficient.

sophieschoice

Thanks. Time isn't an issue. It could be a few months if necessary. When I spoke to MBNA they didn't have an issue with the amount but I baulked at handing over 360!

DesG

sophieschoice wrote: »

but I baulked at handing over 360!

about 2 months interest on your BC.

jonesMUFCforever

Why wait for MBNA? Try another company - there are many about.


If my maths are correct you have £9k o/s with Barclaycard at 4% transfer fee? You may well struggle to get a high enough limit with a brand new lender but to get a smaller limit and get some of the debt onto 0% would be better for you.


You don't need me to say this but you should also think of how to repay the debt - can I suggest a vist to the debt free wanabe board?

sophieschoice

To be honest, I've just paid it every month and used it for on line purchases because I had my debit card hacked on line once. I don't even know the PIN because it never leaves the house. I've always just paid it every month without thinking. I have no other debt and it's more than manageable on my income I just glanced at the interest this month and had a bit of a shock!

jonesMUFCforever

sophieschoice wrote: »

To be honest, I've just paid it every month and used it for on line purchases because I had my debit card hacked on line once. I don't even know the PIN because it never leaves the house. I've always just paid it every month without thinking. I have no other debt and it's more than manageable on my income I just glanced at the interest this month and had a bit of a shock!

Sorry I must be thick - if you pay it every month why would MBNA want to charge you £360 and why would you be charged interest?
Do you mean you pay the minimum payment every month?
Is my figure of £9k o/s accurate?
If so it might be manageable but if you are only paying the minimum you are treading water - it will take you 30 years+ to clear assuming no new spending.