MBNA Card, is it possible to ask to transfer in Credit balance to a current A/C ?

edited 25 March 2015 at 6:47PM in Stoozing: free cash from credit cards
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adindasadindas Forumite
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I still have capacity in my Lloyds Platinum CC with the limit of 12k where I get 0% interest on BT with low BT fee of 1.5% for 28 months.
Currently there is less than £10 on my MBNA card. I am trying to maximize the impact of BT transfer, by transferring around £5,000+ to my MBNA card and save it into my 3% interest current account. Doing this it is still within the limit that I am having on MBNA.

In the past I successfully did a transfer of less than £100 to a current account.. But want to try for quite large amount ..

I am aware that there is a risk of it will be transfered back to the original Creditcard, living me paying BT fee and gain nothing..

Has anyone tried to do a transfer in Credit balance in MBNA to a current A/C??
I am interested also to know other CC which are willing to transfer it to a current A/C instead of transfer back to the origin CC …

Thanks you for your time.
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  • JsscmmJsscmm Forumite
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    At least 2 MBNA cards (Low Rate and the 24 month one) have facilities to directly transfer money to a current account. They are actually advertised as having this option on the MBNA website.

    I haven't worked out if you can do a balance transfer to them (i.e. put money on one from a longer term balance transfer card) before you put the money into your current account and therefore avoid the 6.5% or similar rate on the 'low rate' card. Can anyone confirm?
  • planteriaplanteria Forumite
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    yes, if you have a credit balance, ask them to send it to your current account. they may do it easily, or they may be challenging. don't pay to transfer.

    how did the + balance come about?--that might help your negotiating;)
  • edited 29 March 2015 at 9:26PM
    mozzy10mozzy10 Forumite
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    edited 29 March 2015 at 9:26PM
    I have the low rate MBNA card and I can confirm that you can do a BT onto it and put it into a positive balance, then apply for a money transfer into a current account. There is an option on the menus to do the transfer.

    No fees or charge of any kind - on the low rate card. I have no idea if other MBNA cards charge for money transfers or if you go into a positive balance.
  • planteriaplanteria Forumite
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    if you arrange a money transfer they will usually charge you.
    but if you are in + balance and it is 'a mistake' then they can transfer to your current account fee-free, if minded to.
  • mozzy10mozzy10 Forumite
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    planteria wrote: »
    if you arrange a money transfer they will usually charge you.
    but if you are in + balance and it is 'a mistake' then they can transfer to your current account fee-free, if minded to.

    Not on the low rate card - it's advertised as having no fee for a money transfer and I checked the T&Cs and there's no mention of a charge for a positive balance.
  • edited 30 March 2015 at 2:32PM
    adindasadindas Forumite
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    edited 30 March 2015 at 2:32PM
    planteria wrote: »
    if you arrange a money transfer they will usually charge you.
    but if you are in + balance and it is 'a mistake' then they can transfer to your current account fee-free, if minded to.
    mozzy10 wrote: »
    Not on the low rate card - it's advertised as having no fee for a money transfer and I checked the T&Cs and there's no mention of a charge for a positive balance.

    I think here probably what mozzy1 mean with "money transfer" is a different scenario.

    If you transfer in credit balance (positive balance) there should not be any fee. Based on recommendation of OFT April 2013, the traders will no longer be able to make a profit by charging consumers for credit or debit card use above the amount it costs them to process that payment. How much does it cost them to transfer in credit balance. Nil as this is just transfer from one a/c to another a/c using faster payment. They could however insist on transferring it back to the origin, e.g. the original credit card. This is what I am actually afraid of so asking ...

    The term "money transfer" is used by few specialist credit cards which have facility what is so called "super balance transfer to current account". MBNA and virgin money are a few to name. But this situation is entirely different with the above scenario. Doing money transfer in this term is actually borrowing money from the bank using credit card facility. The the previous one is transferring your own money which is saved in the credit card.

    For money transfer it is just a trick from the bank mentioning no handling fee on transfer, but they will charge you 6.5% p.a. (variable) on money transfers. It is the same thing they lend you money with 6.5% interest pa. This might be a better option for borrowers who need cash or have debts but it is a definite no go area for a stoozer ...
    The MBNA info is available here
    http://www.mbna.co.uk/credit-cards/mbna-low-rate-credit-card/
  • mozzy10mozzy10 Forumite
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    I've just loaded my MBNA into a postive balance with a BT from another credit card. I then did a money transfer and moved it into a current account.

    adindas - Is that what you are wanting to do?
  • YorkshireBoyYorkshireBoy Forumite
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    mozzy10 wrote: »
    I've just loaded my MBNA into a postive balance with a BT from another credit card. I then did a money transfer and moved it into a current account.
    Did you really "do a money transfer"?

    Or did you simply ring or secure message them asking for "a credit balance refund"?

    My approach (several times recently :D) has been the latter.
  • edited 12 April 2015 at 5:24PM
    adindasadindas Forumite
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    edited 12 April 2015 at 5:24PM
    mozzy10 wrote: »
    I've just loaded my MBNA into a postive balance with a BT from another credit card. I then did a money transfer and moved it into a current account.

    adindas - Is that what you are wanting to do?

    Thanks, Yes that is what I want to know.

    But similar to YB question how are trasfering your in credit balance. Did you "do a money transfer"? In this case they might consider it as money transfer and you might get charged for interest/fee, eventhough this is your money. Check your statement.

    Or did you ring or secure message them asking for "a credit balance refund"? They will refund it someday anyway as it is against their T&C to have in credit (positive) balance . But the risk here is that they might transfer it back to your original CC if the amount is significant.

    Also if it is "a credit balance refund (not money trasnfer)" you could let me know whether the amount is quite significat e.g a few grands or just a small amounts. In the past I have done that for a small amount less than £100 and yes they were willing to refund it to my chosen current AC.
  • mozzy10mozzy10 Forumite
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    Did you really "do a money transfer"?

    Or did you simply ring or secure message them asking for "a credit balance refund"?

    My approach (several times recently :D) has been the latter.

    I clicked on the "Make a transfer" option which is on the menu bar when I log in

    There are two options, one of which is
    "Money transfer to your current account"

    It asks you for your sort code and acc number and how much you want to transfer.

    I didn't ring or message anyone. It seems to be an automated system.
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