Balance transfers now Lloyds have bought MBNA

Azcat

I owe about 3k currently interest free on my Lloyds card, my other cards (MBNA and Halifax) are free of debt. My interest free period runs out in May and I was hoping to do a balance transfer to my MBNA card when that happens.

Will this be possible now that Lloyds have bought MBNA? Lloyds have previously not allowed me to transfer a balance to my Halifax card. This was around 3yrs ago.

I'm a student and hoping for some breathing room on the interest until I finish my studies, so paying it off early is sadly not an option.

Any advice would be appreciated

EarthBoy

Nobody can tell you whether it will be possible or not, because the sale doesn't go through until early next year and it depends how Lloyds structures MBNA when they take it over, and which banking licence it will come under.

You'll need to wait until you're ready to do another balance transfer in May and see what offers are available at that time.

MABLE

Azcat wrote: »

Will this be possible now that Lloyds have bought MBNA? Lloyds have previously not allowed me to transfer a balance to my Halifax card. This was around 3yrs ago.

I:)

I did a transfer from Halifax to Lloyds about a year ago and there were no issues.

planteria

Lloyds are saying that they will leave the MBNA brand in place, but logic could suggest that they aren't going to want to move debt from Lloyds>MBNA or MBNA>Lloyds on good terms:think:

as it happens i would be happy if they merge the systems completely, and let me merge my limits on to one account too:idea:

SuperAllyB

It may not be necessary not the most financially astute move, but if you're really worried about the possibility you could transfer the balance earlier than May

Doctor_Duke

The Lloyds Banking Group treat all their brands separately, Halifax, Lloyds, BoS and soon MBNA and balance transfers should be permitted between them all as I far as I know as they currently are. You obviously can't BT Lloyds to Lloyds but MBNA to Lloyds and vice versa therefore wouldn't be an issue.

jonesMUFCforever

I agree with the Doc - indeed to get this deal through the regulatory hoops they might have to specifically say that this business will be run separate from their Lloyds cards.

Marchitiello

jonesMUFCforever wrote: »

I agree with the Doc - indeed to get this deal through the regulatory hoops they might have to specifically say that this business will be run separate from their Lloyds cards.

I do not think there would be much of a challenge from the competition commission as the combined Lloyds Group/MBNA market share will still be lower then Barclaycard.

jonesMUFCforever

........Or to put it another way half of the credit cards issued are in the hands of just 2 companies.
Certainly IMO in the mobile phone market as the number of players have reduced it has not brought down the cost of contracts etc and it makes it more difficult for any new players to break into the markets.