MBNA balance transfer

dannyjebb

Hi all,

Just wondering if someone with a little more knowledge than me could clarify this.

I have just signed up to an MBNA credit card with 36 months 0% balance transfer for balances transferred within 60 days. I currently have a few interest free loans I got for various photographic purchases, varying from 18 months to 2 years interest free. I also have a small amount couple of 100 on my current credit card. I was hoping to try and put all my interest free loans and the £200 balance on my credit card onto the new card but on the application it only gave me the option of moving from other credit cards by putting in the card number. No option for loans. Its not the end of the world if I can't transfer the loans as they are interest free anyway, I was just hoping to make it easier by having one monthly payment for everything on the cc. (I am aware there is a transfer fee) When I get my card does anyone know if I am able to ring up MBNA with agreement numbers for the other loans and add them to the balance transfer?

Many thanks

JimmyTheWig

You can't pay off a load per-se, but with a very few credit cards you can do a "Money Transfer" (sometimes called a "Super Balance Transfer") which transfers the money into your current account.
Only with a very few credit cards, as I say, but one of the main ones who allow it are MBNA.
So you might be able to do it.

There's normally a higher fee for doing it, and you'd need to confirm that the 0% deal is the same length (if there is one at all).

dannyjebb

Thanks Jimmy, I'll ask the question once I receive my card

Thanks

grumbler

What was the point in applying if most of your debts are @0% currently?

Theoretically, you can withdraw cash from your current card and then transfer the balance. Then use the cash for the loans.

JimmyTheWig

grumbler wrote: »

What was the point in applying if most of your debts are @0% currently?

According to the OP, it would make it easier if all the borrowing was in one place.
I'm guessing that it will also lengthen the time it takes to repay, reducing the monthly payment.

Theoretically, you can withdraw cash from your current card and then transfer the balance. Then use the cash for the loans.

You'd pay fees for the cash withdrawal _and_ the Balance Transfer. Ouch.

dannyjebb

My other credit card was an initial one I got years ago with an Apr of 29.9% so thought I'd upgrade as it were. Thought I'd use the opportunity to put my 3 interest free loans onto this card to.
Checked the card details and you can do money transfer at 0% for 20 months, with 4% fee so I'll do some maths and see what the cost would be and if it is worthwhile for having the simplicity of one monthly payment

Thanks

Sharon87

4% is a high fee - it may be cheaper for you to keep the loans on their 0% and just use your balance transfer for the credit card.