MBNA Platinum - Money Transfer or Cash Advance?

VisaDebbyCard

Firstly, in case anyone else is curious, I used the MSE Eligibility Checker to see if I could get a better credit card. I currently only have an Aqua card with a small (£250) limit which I've used for about 6 months to help improve my credit rating as I had a default from 2011. To my surprise, MBNA came up as being 95% likely to accept me so I thought I'd go for it - and got approved with a £3,500 limit!

As part of the card, they're offering a 0% money transfer for 14 months. A money transfer is where they put the amount in your current account rather than you withdrawing it using the card. It's a good deal, but as I mainly want to improve my credit rating, I was wondering:
How would this be reported on my credit file?

I know that cash advances are reported separately to the main balance and are frowned upon by lenders, so I don't want to take a Money Transfer if it's going to look like a Cash Advance.

Has anyone used the MBNA money transfer offer? Does it appear on your file as a normal balance?

grumbler

VisaDebbyCard wrote: »

As part of the card, they're offering a 0% money transfer for 14 months. A money transfer is where they put the amount in your current account rather than you withdrawing it using the card. It's a good deal, but as I mainly want to improve my credit rating, I was wondering:
How would this be reported on my credit file?

Not as cash advance certainly.

.... I don't want to take a Money Transfer if it's going to look like a Cash Advance.

Are you going to transfer the whole £3K+? What for?

.... MBNA money transfer offer? Does it appear on your file as a normal balance?

Yes

VisaDebbyCard

Thanks for the response. No, I'm not going to take the full limit! But I thought it might be useful to pay for say, car tax or car insurance in one lump instead of paying more to pay monthly.

So essentially, to anyone viewing my credit file, a £500 'Money Transfer' will look like I just spent £500 on the card, is that right?

elle_may

VisaDebbyCard wrote: »

Thanks for the response. No, I'm not going to take the full limit! But I thought it might be useful to pay for say, car tax or car insurance in one lump instead of paying more to pay monthly.

So essentially, to anyone viewing my credit file, a £500 'Money Transfer' will look like I just spent £500 on the card, is that right?

When i look on my credit rating for my money transfer's it only shows up as the balance on my card, as it is not a cash advance, but MBNA says it is a money transfer fee, as it is different to a actual money from your card and interest too.

VisaDebbyCard

That's good to know, thanks for confirming.