Merge balances & limits onto Low Rate card MBNA?

drunk1

Hi all,

Long story as short as possible. I have 4 MBNA cards.

3 cards have balances of approx £7000 total, my 4th card the Low Rate at 6.5% has no balance. My available credit spread across at the minute with these cards is £16000.

The 3 cards carrying balances all have 0% offers, first one ends November 2015.

I need a cash flow injection and have worked out it will be cheaper to if possible clear off the debts and load them onto the Low Rate card.

I would do this by doing money transfers from the Low Rate card to the bank account, paying off 1 card at a time and requesting MBNA to transfer the limits to the Low Rate card.

I can clear the original balances probably Jan 2016 and then the further 7k I would take from amalgamating the limits together probably March/April 2016.

The interest each month would be roughly 0.53% so approx £74 per month % on a 14k balance.

This is cheaper than going via loans for 12 months under £7.5k I have worked out. Don't really want the hassle of applying for a loan etc either.

My question is, essentially will MBNA allow me to do this as it's indirectly shifting debt on a higher APR card to Low Rate card via money transfers once the 0% offers come to an end?

Hope that makes sense, any replies would be welcome.

Cheers.

drunk1

Anyone????

grumbler

Can people have some sleep? You seem to have a more serious problem than just 'cash flow'.

Even if MBNA give you the 5th card, you can only ask them to transfer the limit, not request. They have no obligations to do this.
There are other low rate cards, but, depending on your income, you might struggle to get a big limit with having £16K already. It's probably worth getting the existing limits cut first and waiting until smaller limits get reported to CRAs.

drunk1

grumbler wrote: »

Can people have some sleep? You seem to have a more serious problem than just 'cash flow'.

Even if MBNA give you the 5th card, you can only ask them to transfer the limit, not request. They have no obligations to do this.
There are other low rate cards, but, depending on your income, you might struggle to get a big limit with having £16K already. It's probably worth getting the existing limits cut first and waiting until smaller limits get reported to CRAs.

I never said anything about a 5th card.

I have 3 cards with balances on 0% deals and looking to transfer it onto the 4th card I already have with them, the low rate card.

I phoned them tonight and they said it should be fine, they're happy for me to have the 16k on the low rate card, just clear the balances and they can switch the limits over so I just have 1 card with 1 limit.

SuperHan

I did something similar following the closure of the Amazon CC.

MBNA seem to me really good with transferring limits between cards (although I wasn't shifting a balance).