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Can I use 0% money transfer facility TWICE?
Slinkywizard
Posts: 2 Newbie
in Credit cards
I have a large (but steadily reducing) overdraft. My bank, Lloyds, makes it exceptionally difficult to reduce this overdraft as it won't let me knock a few hundred off it each month without a 45-minute phone call or branch visit. Doing that once a month is not something I am prepared to do.
So instead, I took out an MBNA Platinum card with a money transfer facility and transferred the lot over to my current account and knocked £1500 off my overdraft. 3 months in and I already have most of the balance on that card paid off – two more months and that's it.
What I want to know is – can I pull the same trick and do another £1500 money transfer? Will I get the same 0% period, or is this something you tend to only be able to do once with a card of this type. I have scoured about, but just can't find any information on it. I could ask MBNA, but since I can't find any information on this anywhere, I thought it might be better to post here so others can find it.
So instead, I took out an MBNA Platinum card with a money transfer facility and transferred the lot over to my current account and knocked £1500 off my overdraft. 3 months in and I already have most of the balance on that card paid off – two more months and that's it.
What I want to know is – can I pull the same trick and do another £1500 money transfer? Will I get the same 0% period, or is this something you tend to only be able to do once with a card of this type. I have scoured about, but just can't find any information on it. I could ask MBNA, but since I can't find any information on this anywhere, I thought it might be better to post here so others can find it.
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Comments
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If you're still within the promo period yes. You will have whatever remains of the promotion time remaining.0
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I suspect I'll need another card in order to pull this trick again then, as 0% only applies to transfers made within first 60 days. Thank for your help.0
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Why is it pulling a trick? MBNA provide that facility and you use it. That's not pulling a trick.0
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If you wait a while you might find that MBNA offer you another 0% money transfer with your existing card - although the fee will be much higher than the new customer fee.0
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Why not just save or spend £500 less each month to reduce the overdraft and save on the money transfer fee?0
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jonesMUFCforever wrote: »Why not just save or spend £500 less each month to reduce the overdraft and save on the money transfer fee?
That's addressed in the OP's first paragraph.0 -
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Why didn't you just make the minimum payment on the credit card and use any other spare cash to pay off more of your overdraft?
Seems strange to make a 0% transfer then rush to pay it off if you have other debts.0
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