MBNA and Lloyds Speculation

jckh14

I'm just speculating but when I looked at my Halifax credit card statement this morning I noticed the interest rate stated for 'balance transfer and money transfer', however Halifax don't allow money transfers.

Could this be in preparation for Lloyds banking group taking over MBNA? I read in a article on the 29th of July that MBNA are still continuing with the sale in the UK and both Lloyds and MBNA refuse to comment.

As a MBNA customer I was hoping this would never happen

[Deleted User]

Halifax have been offering me money transfers for some months, perhaps years, now.

jckh14

Really, is this only offered to there existing customers? I've personally been a Halifax customer for 6 month now, is this something potentially I could be offered in the future?

[Deleted User]

Potentially yes. I get a lot of money and balance transfer offers from Halifax. I use the card sparingly and never carry a balance.

Candyapple

jckh14 wrote: »

Really, is this only offered to there existing customers? I've personally been a Halifax customer for 6 month now, is this something potentially I could be offered in the future?

Here's one I received last month. BT card opened Dec 2015, transferred the balance, set up DD and kept in drawer ever since. When I had another card of theirs about 4 years ago they used to send me money transfer offers too.

Anthorn

My Lloyds Bank Platinum Low Rate CC doesn't allow BTs and the blurb shows N/A under Balance Transfer Offer. But it does. In my online banking I have 0% BT offers for 6 months and 9 months. Promotional offers!

Mr_Goodkat

Halifax have been offering money transfers to existing customers for quite a while now. I permanently have a 0% balance transfer offer available with them when I log into internet banking and periodically receive a mailing offering 0% money transfers.

I don't think the availability of money transfer deals is anything to do with a possible acquisition of the MBNA UK Credit card business by Lloyds Banking Group. I would expect any attempt by Lloyds to buy the MBNA UK Credit card business would attract the attention of the regulator / authorities as it could be damaging to competition within the market. The size of the MBNA credit card loan book would also put further capital requirements on a bank like Lloyds so I don't see that purchase taking place.

Anthorn

I got interested in this on a day when I don't have a lot to do and did some digging.

I've heard the rumour for some time that MBNA is revamping its product line to make itself a more attractive acquisition. So far that idea has been discounted but now it could be a reality.

Here's an example of what comes across to me as informed speculation. There is more if you google it:
http://www.thisismoney.co.uk/money/markets/article-3613199/David-Goliath-bidding-war-break-Lloyds-Virgin-Money-credit-card-firm-MBNA.html