New card - not told 0% balance transfer length.

Taucher

I have about £2000 debt on 2 credit cards. Both credit cards are high interest for people with poor credit. My credit is MUCH better now so I applied, and was accepted, for an MBNA Platinum credit card with 'up to' 36 months 0% interest on balance transfers - good news and I am very happy with this.

However, I applied and got an email saying 'congratulations you have been accepted and your card is on its way' - nowhere in the email does it mention how long 0% balance transfer rate I have been offered. If it is just 6 months, I would rather not have it in favour of another with longer 0%

I am sure it will be the full 36 months but what do I do if it isn't?

[Deleted User]

Taucher wrote: »

I am sure it will be the full 36 months but what do I do if it isn't?

Calculate whether you would still save on the period they offer you.

But if they haven't told you that you've been downsold, then it should be the offer you applied for.

JimmyTheWig

Why would you rather not have it if it is for 6 months? Surely 6 months at 0% (even with a 3% fee) is better than 6 months of high interest.
Plus in 6 months time you may be able to do the "credit card shuffle".

Consumerist

The search is already on your credit file so why not use the card for the duration anyway?

Taucher

Thanks everyone,

When I say I dont want it, what I meant was I want the longest period of 0% on balance transfers that is possible to get - if they actually only offer me 6 months then I would sooner apply for another card which gives me longer.

I have a new baby and a wife on maternity so realistically most of my £2000 debt will remain after 6 months.

Consumerist

Taucher wrote: »

. . . so realistically most of my £2000 debt will remain after 6 months.

I wouldn't worry too much at this stage. The signs are looking good if you have been granted a mainstream 0% BT card of any duration.

In 6 months time, providing you keep your nose clean financially, the prospects will be better for another BT at that time.

Best wishes to the extended family.

JimmyTheWig

As Consumerist says, you may as well take the 6 months (if that's what you've been offered here then why would you do better elsewhere) for now and apply for a different card in 6 months.

But as the thread started along the basis that it sounds like you've got the best deal anyway, all should be fine.

Pincher

I was with Virgin MBNA for years, their staff are intelligent and professional. I also got through quickly. Just call them and ask.