MBNA balance transfer

Feral_Moon

Consumerist wrote: »

Thanks for that.

I assume you mean money transfer but for how long does the 4.9% pa last. Once the offer period has expired, I assume the rate will revert to their standard money-transfer rate.

It's a life of balance deal so will remain at 4.9% until balance is clear. I have the same offer on my card but mine expires 31st December.

Consumerist

Cupcake_Girl wrote: »

In the past, when I've used the balance transfer offers, it wasn't a one off thing. Subject to not going over my credit limit, I could do as many transfers as I could manage before the offer ended, in this case January 2016. . .

Well, it seems unbelievable but, on the face of it, there seems no reason why you shouldn't go ahead with your planned money-transfers until all your debt is at 4.9% pa.

Check the Ts&Cs to make sure there are no booby traps you might fall into. MBNA is notorious for setting booby traps for the unsuspecting.

Good luck. .

Cupcake_Girl

Consumerist wrote: »

Check the Ts&Cs to make sure there are no booby traps you might fall into. MBNA is notorious for setting booby traps for the unsuspecting.

Good luck. .

I'm off to re-read the t&cs - didn't see anything first time round but you never know!

msallen

I'd be amazed in money transfers were 4.9% life - I would have thought that was only for balance transfers, although obviously I don't have the details of your offer. Make sure you double check that though.

Feral_Moon

msallen wrote: »

I'd be amazed in money transfers were 4.9% life - I would have thought that was only for balance transfers, although obviously I don't have the details of your offer. Make sure you double check that though.

No, it's for money transfers too. Incredibly cheap loan considering there are no fees to pay either. Handy when you've got a card with a £15k limit

Consumerist

I must admit to suspicions that this was all too good to be true but if the facts are as outlined above then it all seems possible, albeit unbelievable.

I hope the OP, and others who have the same offer, will report back on progress for everyone's benefit. MBNA are not strangers to occasional good offers but they also have a bit of a reputation for being sneaky with it.

I really do hope there have been no misunderstandings of the Ts&Cs and that debt can be transferred from standard rates to 4.9% pa for the life of the balance within the terms of the offer.

JimmyTheWig

I agree that it seems too good to be true, but if various people are reading it and getting the same understanding then it sounds good.

hylian_elf wrote: »

My only thought is that you can do it only once. Its an offer so once used, I imagine its gone.

As has been said already, generally these offers are open to be used as many times as you like.

But its better than nothing and means I could end up with say £10k at 29.9% and £5k at 4.9%.

I agree. Even if you can only do it once it's better to do it once than never.

The other thing I was thinking is whether I could borrow say £5k or so from a work colleague or someone, and pay off £5k of debt first. That then gives me £10k to use. I then money transfer that £10k to bank account, pay off colleague, and pay £5k back into MBNA. Means I'll then have £5k on 29.9% and £10k on 4.9%! Couldn't find anything in Ts&Cs to prevent me doing that (like some fair use policy or something on offers). But I do wonder whether MBNA would retract/not allow the offer if/when they see that I've made big payment to take advantage of offer.

My only concern with this is what if it went wrong for some reason.
For example, if MBNA withdraw the offer between you paying off the £5k and you doing the Money Transfer? Or if, again between you paying off the £5k and doing the Money Transfer, they reduced your credit limit to your new balance. The second of these, at least, they would be perfectly within their rights to do without giving you any notice.
You'd then end up owing your colleague £5k with no means to pay it back.

Personally I'd go for the "rinse and repeat" tactic of the OP.

Cupcake_Girl

Once again, thanks to everyone who took the time to read and comment.

This is the best offer I think I've ever had from MBNA - applies to both balance and money transfers (I think a few other people on the forum have had an identical offer). There is a one year 0% with a handling fee or the 4.9% offer for the life of the balance without a handling fee.

I have made the first transfer of £4280 to my current account, requested this on Saturday evening. The money appeared in my current account yesterday. I then made a debit card payment of £4000 to MBNA. Just got a text this afternoon from MBNA to say they are expecting a payment so the £4000 is available to spend and balances will be updated this evening. So the first cycle is complete. I will wait a few days before requesting another money transfer but I'll let you know how I get on.

In the T&Cs, it does mention that the offer can be withdrawn at any time so this may happen but I will let you know how I get on..

Consumerist

Cupcake_Girl wrote: »

. . . In the T&Cs, it does mention that the offer can be withdrawn at any time so this may happen but I will let you know how I get on..

The interesting time will be when you get your next statement - you should notice the change in interest charges and how they have been allocated. It'll be interesting if you could let us all know. .

Cupcake_Girl

I'm hoping it all works out the way I plan as it does look too good to be true. My statements are generated around the 12th of the month so I will come back and let you know.

Thanks again.