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

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  • YorkshireBoy
    YorkshireBoy Posts: 31,541
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    edited 12 April 2015 at 4:30PM
    adindas wrote: »
    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.
    When you call MBNA to make your request of a 'credit balance refund' they read you a script.


    On that script they say because it's your money they're bound by rules to return it and they don't charge a fee.


    But you do need to make sure you don't create a negative balance (of even a small amount) due to purchases pending or a verification charge (as some BT card providers do before releasing the BT funds), as you will be charged the fee in those circumstances.
    They will refund it someday anyway as it is against theit T&C.
    No they won't...and don't. They work within the PSRs, which is next business day. Refund requests made on a weekend arrive the following Tuesday, because they're deemed to have been made on the Monday.
    But the risk here is that they will trasnfer it back to your original CC.
    There's no such risk with MBNA.
    Also if it is "a credit balance refund (not money trasnfer)" you could let me know the whther the amount is a few grands or just a small amounts, thanks
    In my case, "a few grands"...very nearly 5 figures...on all of them.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541
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    mozzy10 wrote: »
    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.
    That's very risky (see above re pending transactions), but seems to have worked for you. I'd suggest you go the "credit balance refund" route in future. As I said above, you can call them with the request or make it via secure message...they even have a message template for such requests!
  • mozzy10
    mozzy10 Posts: 138 Forumite
    I did one for £1900 last month and there is no interest or fee or anything on last months statement.
    It just says
    20.03.15 faster payment £1900 - that's the money loading onto the card
    24.03.15 money transfer £1900 - that's the money transferring to my current account

    The balance on my MBNA is zero
  • mozzy10
    mozzy10 Posts: 138 Forumite
    That's very risky (see above re pending transactions), but seems to have worked for you. I'd suggest you go the "credit balance refund" route in future. As I said above, you can call them with the request or make it via secure message...they even have a message template for such requests!
    Why is it risky? I haven't got anything else on the card other than the BT
  • YorkshireBoy
    YorkshireBoy Posts: 31,541
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    mozzy10 wrote: »
    Why is it risky? I haven't got anything else on the card other than the BT
    Neither did I on one of mine, until the BT card provider put a pending transaction on the card to verify the account. If I hadn't seen it I'd have gone negative, and paid a 2% fee on the entire funds transferred.

    But there could be any number of reasons, for example, and in addition to the aforementioned pending transaction, a CPA that had been forgotten or a delayed purchase transaction.

    My warning wasn't just for you, it was for anyone else considering it.
  • mozzy10
    mozzy10 Posts: 138 Forumite
    Cheers for the info
    There are so many things to be careful of.
  • faddy
    faddy Posts: 508 Forumite
    Neither did I on one of mine, until the BT card provider put a pending transaction on the card to verify the account.

    Sorry, could you explain the account verification bit?
  • faddy
    faddy Posts: 508 Forumite
    Martin warns that cash advances can play havoc with your credit rating. Does the same risk attach to money transfers?
  • Candyapple
    Candyapple Posts: 3,384
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    faddy wrote: »
    Martin warns that cash advances can play havoc with your credit rating. Does the same risk attach to money transfers?

    No, a money transfer will just show as a promotional rate under the section of your credit files.
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
  • faddy
    faddy Posts: 508 Forumite
    Candyapple wrote: »
    No, a money transfer will just show as a promotional rate under the section of your credit files.

    Even if it's not at a promotional rate?
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