Have I got this right?

[FONT=&quot]Does this sound right?

I have an MBNA card with no fee on money transfers.
The credit limit is £2200

I want to transfer money into my current account from this CC.
Then I want to do a balance transfer from a no fee 0% card ( I haven't got this card yet).

1 - Do I do the money transfer and then immediately do the balance transfer (online)? Is this a quick process like faster payments or does it take days to complete?

2 - Can I move all the £2200 in one go?

3 - Can I do this process more than once? I am hoping to get a higher credit limit on the BT card than £2200

Is there anything I have missed?

Thank in advance[/FONT]

Replies

  • forgotmynameforgotmyname Forumite
    32K Posts
    Part of the Furniture 10,000 Posts Name Dropper
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    If your limit is £2200 then no I do not think you will be able to transfer all of it.
    They need to leave a safety margin for any charges that may crop up.

    Will the deal allow transfer into a current account? No fee? are you sure there is no transfer or handling fee?

    No fee 0% card from where with no transfer fee?. If your limit with the MBNA is £2200 then the next card maybe less than that.
    Censorship Reigns Supreme in Troll City...

  • Sky_Sky_ Forumite
    589 Posts
    Tenth Anniversary 500 Posts Name Dropper
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    If it's the new MBNA card then it looks like a good deal. The T&C do say no transfer fees, including cash transfers.


    I can't see why you wouldn't be able to transfer the whole amount at once, it's usually possible to do large credit card balance transfers in a single transaction. Best to call and ask them if you're unsure.
    2022. 2% MF challenge. £730/3000
  • mozzy10mozzy10 Forumite
    138 Posts
    Will the deal allow transfer into a current account? No fee? are you sure there is no transfer or handling fee?

    Deffo no fee that's why I applied for it.

    Could have sworn there was a reply from Yorkshireboy on here...??
    Sky_ wrote: »
    I can't see why you wouldn't be able to transfer the whole amount at once, it's usually possible to do large credit card balance transfers in a single transaction. Best to call and ask them if you're unsure.

    I am going to move the BT onto the MBNA card and put the MBNA card into a positive balance - then money transfer it to my current account. There appear to be no fees or restrictions on doing this in the T&Cs.
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