MBNA Money Transfer

edited 30 November -1 at 1:00AM in Credit Cards
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ccdorsetccdorset Forumite
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edited 30 November -1 at 1:00AM in Credit Cards
Hi,

I currently have a loan with first direct with a settlement figure of £5300 on 6.1%.

I'm trying to obtain a money transfer credit card in order to move as much of this loan as possible to 0%.

I've just done the pre eligibility check for the MBNA - up to 24 months 0%, 1.89% fee card and it says I've got 100% chance of getting it (subject to the fraud and ID checks).

Just wondering what kind of limits people are getting on these cards? I know it will vary, but do they usually give higher limits on money transfer cards or could they be as low as £500?

Thanks in advance for your help.

Replies

  • YorkshireBoyYorkshireBoy Forumite
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    Why not the cheaper/longer 0% duration Virgin product (32 months, 1.69%)?

    But, yes, MBNA are known to be one of the more generous card providers.

    Was it their own eligibility checker or the one on this site?
  • ccdorsetccdorset Forumite
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    The Virgin card did come up as a 90% chance of acceptance. However I had a Halifax credit card application declined recently and didn't really want to run the risk of another application being refused. So thought the MBNA one with guaranteed acceptance would be a good choice.

    It was the eligibility checker on this site that I used.
  • YorkshireBoyYorkshireBoy Forumite
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    ccdorset wrote: »
    So thought the MBNA one with guaranteed acceptance would be a good choice.
    It's not "guaranteed" though. In the opinion of whoever provides the service to MSE you should get accepted.

    Even people who have had a positive indication on MBNA's own pre-application eligibility checker on their website have gone on to be declined when going ahead with the formal application.

    Just don't build your hopes up. :)
  • Well i recently did a eligibility check for one of my relatives and MBNA came up all positive things as you mentioned and then when applied for actual card came with a limit of £6200

    However, after few days when we applied for a virgin card it simply declined her...
    so mbna are generous and most likely to offer if you have passed the eligibility check
  • ccdorsetccdorset Forumite
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    Thanks for your replies.

    I think I'll apply for the MBNA card on the weekend, so will let you know how I get on!

    Thanks again.
  • AnthornAnthorn Forumite
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    ccdorset wrote: »
    Hi,

    I currently have a loan with first direct with a settlement figure of £5300 on 6.1%.

    I'm trying to obtain a money transfer credit card in order to move as much of this loan as possible to 0%.

    I've just done the pre eligibility check for the MBNA - up to 24 months 0%, 1.89% fee card and it says I've got 100% chance of getting it (subject to the fraud and ID checks).

    Just wondering what kind of limits people are getting on these cards? I know it will vary, but do they usually give higher limits on money transfer cards or could they be as low as £500?

    Thanks in advance for your help.

    If your experience is the same as mine, MBNA will give you a low credit limit and then expect you to apply for limit increases. There will be a full credit check with each limit increase application. Note that probably with three full credit checks on your credit record further credit applications will likely be dead for six months. I'd say run like hell away from MBNA!
  • TartanSaverTartanSaver Forumite
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    The MSE eligibility checker came good for me, they offered me £2400 after I asked for £2000. I used it for a BT with 1.49% fee, 0% interest for 32 months. Alternatively, MT offer was 1.89% fee for 24 months. How much they offer will probably depend on your income as much as anything else, but I got more than I asked for. Even if you only got a third of your loan value, it would be a big saving after just a few months.
  • ccdorsetccdorset Forumite
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    Well I just had a look at my Noddle credit report and my first direct credit card and bank account that I've recently closed hasn't come off the report yet. So it still looks as though I have £4500 more available credit than I actually have!

    Think I might wait another month or so to see if it comes off my credit report then. Hopefully less available credit will give me a better chance of a higher limit.
  • Nebulous2Nebulous2 Forumite
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    ccdorset wrote: »
    Well I just had a look at my Noddle credit report and my first direct credit card and bank account that I've recently closed hasn't come off the report yet. So it still looks as though I have £4500 more available credit than I actually have!

    Think I might wait another month or so to see if it comes off my credit report then. Hopefully less available credit will give me a better chance of a higher limit.

    I'm not sure that it works like that. I've always been quite tardy at closing cards and it has never affected me. The fact other lenders have trusted you with big limits might be an advantage.

    I don't know what limits MBNA give out of the box, but my biggest limit by some margin was with them, though it probably built up over time. I closed my account about a year ago. They recently sent me an email inviting me to reapply - so I think they are pushing for business just now- with all this preapproved offers other people seem to be getting.
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