BT - MBNA to Barclaycard (can I go back to MBNA)

Minx1986

Hi,

My 0% deals on my two MBNA cards come to an end this month and next. When I saw the interest alone on one of these cards would be more than I currently pay each month to clear the debt I could have cried! But they were kind enough to double my limit on one of the cards to soften the blow!

So I got on my savy and moved both to my 6.9% for length of debt deal with Barclaycard. Whilst I am aware this is a good rate, HOWEVER, I am aware that as MBNA have increased my credit limit on 1 card, and just so happen (as it always seems to) to have a 0% BT offer (2%fee) until March 2017.And 0% is better than 6.9% isn't it? That I could move the balance back to the 0% deal. (I am confident I can clear the debt in this time).

My question is, how soon after moving this to the 6.9% deal can I move this back to the 0%? The offer ends at the end of feb, so at most I would have moved it of, and back within 2 weeks if I go ahead. But potentially, this would mean whilst I pay the 2 sets of fees, I wouldn't be charged any interest on the Barclaycard, because the balance would be cleared before my next statement.

Would this affect my credit? Has anyone had any similar experiences?

[Deleted User]

No problem with doing it.

Minx1986 wrote: »

So I got on my savy

But what on earth is a savy?

planteria

i guess it means behaved in a 'savvy' way..:D

agreed. no problem doing it. i am guessing that moving the debt to Barclaycard's 6.9% deal hasn't incurred a fee.. hope not.

ideally you want to get MBNA to offer you a 0% deal to move the debt back, and they you just have to weigh up the fee & the interest free period. it may be that you actually apply for a third MBNA card with an introductory offer, and move the balance to that account -potentially moving all/most of the Credit Limit from your existing accounts to the new account.

i have seesawed between MBNA & Barclaycard for years. always interest free. but in recent times always paying a fee to do so too.

there are Interest & Fee Free deals out there at the moment too. i bagged Lloyds and Nationwide deals recently, but ime they offer lower limits, especially Nationwide, and are far less flexible than MBNA.

Doctor_Duke

You really need a new card with no fee and 0%. Existing cards will normally offer you a 0% deal again but nearly always with a fee, around 3%. You can BT your debt anytime if you have another account to transfer it to..

planteria

agreed Doctor. most New deals also charge a fee, such as with MBNA, but they are long deals..so worth paying the fee for many of us.

Minx1986

Thanks guys, I did it, back on 0% interest.

Happy me

planteria

great. well done:T