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MBNA Money Transfer Offer

edited 8 March 2017 at 12:38AM in Stoozing: free cash from credit cards
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TheShapeTheShape Forumite
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Received an email today from MBNA offering a fee-free money transfer offer at 4.9% for transfers between 01 March and 31 March.

I just so happens that I applied for a Halifax (£8K credit limit) no-fee, 0% BT card on Friday with the intention of using the MBNA card (5.2K credit limit) as a Mule for a £5k balance transfer (MBNA into credit) and topping it (the Halifax card) up to the limit (95%) with a balance transfer from my other cards which have balances.

I'm thinking that instead I could complete a money transfer from MBNA followed by an immediate balance transfer to Halifax and repeat a second time to fill the Halifax card. The cost should be minimal as I'll incur the 4.9% for only a few days while the BTs complete.

I could then apply for another BT card in the near future and use the MBNA as a mule at that point complemented by transferring the remainder of my outstanding balances.

The MBNA has a zero balance.

Is/are there anything/pitfalls I've not thought of?
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  • edited 15 March 2017 at 9:55PM
    moleratmolerat Forumite
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    edited 15 March 2017 at 9:55PM
    Did / are you doing it ? Cost will be about 13p/£1000/day on the outstanding balance. I have just MTd £2K to fill up my Tesco BT card and am waiting for my Virgin BT card to come through, hopefully in time, and do the same for that. Was going to BT my slow stooze TSB to the Virgin but this seems a better utilization of the cash as I still have a fair bit of headroom on the TSB and hopefully they will up the limit again when I hit the 2nd 6 mth review date. This first one should be done and dusted just before the MBNA statement date so will see how it goes.
  • edited 15 March 2017 at 11:10PM
    TheShapeTheShape Forumite
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    edited 15 March 2017 at 11:10PM
    Yes, it's ongoing.

    Requested first money transfer £4940 last Weds night. Reached current account Friday. Requested BT to Halifax Sat morning, completed Monday. Requested MT £2660, Mon evening, arrived in current account today. Will request BT tonight or tomorrow morning to fill Halifax card.

    I also applied for a Virgin Money BT card on Thurs night, they emailed yesterday to say the card is on it's way. Only £3300 limit but that will take another £3135 MT/BT.

    Applied also for a Sainsburys BT card Saturday, awaiting decision and a BOS BT card (rejected). Not sure why rejected but may be due to applying to two HBOS cards so close together (Halifax states they won't give a second card within 60 days of a first application).

    Whatever happens it's a fast stooze of at least £10735 which will take the stooz pot to approx £18k. Flexclusive Regular Saver matures tomorrow also, so have more cash than i know what to do with (well, not quite!).
  • moleratmolerat Forumite
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    £2K MT applied for yesterday afternoon, shown as pending yesterday evening, appeared in my current account around 10 am this morning, BT applied for from Tesco around 11am so should be back in MBNA by tomorrow latest ;)
  • YorkshireBoyYorkshireBoy Forumite
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    @TheShape - did you say on another thread you were thinking of going for another Tesco card? Well today I had a letter from them advising that they were going to increase my limit by £5K from mid-April.

    Of course that is no good to me on a 10 month old fee-free BT deal with a 90-day BT window!

    But it got me thinking...maybe my 'score' has gone up with them?

    Because I can resist anything but temptation(!), I immediately made a speculative application for their latest 24 month 0% fee-free card. Result!...£10K limit, with £9.5K on it's way to the stooz pot.

    Maybe give Tesco a try?
  • TheShapeTheShape Forumite
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    @TheShape - did you say on another thread you were thinking of going for another Tesco card? Well today I had a letter from them advising that they were going to increase my limit by £5K from mid-April.

    Of course that is no good to me on a 10 month old fee-free BT deal with a 90-day BT window!

    But it got me thinking...maybe my 'score' has gone up with them?

    Because I can resist anything but temptation(!), I immediately made a speculative application for their latest 24 month 0% fee-free card. Result!...£10K limit, with £9.5K on it's way to the stooz pot.

    Maybe give Tesco a try?

    I got a slip with my last statement stating I'd been provisionally accepted for a second card. Got another offer letter in the post today. Browsed their site to see if any restriction on holding two 0% BT cards, can't see any so will probably give it a try, they seem pretty insistent that I have another.

    Virgin Money card arrived today, can't find any mention in the T&Cs re BT limit (ie 95% of credit limit), is it unrestricted with Virgin Money?
  • edited 16 March 2017 at 11:14PM
    YorkshireBoyYorkshireBoy Forumite
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    edited 16 March 2017 at 11:14PM
    TheShape wrote: »
    Virgin Money card arrived today, can't find any mention in the T&Cs re BT limit (ie 95% of credit limit), is it unrestricted with Virgin Money?
    From their website (click "More about balance transfers")...
    Once approved, we’ll send the funds (up to 95% of your credit limit) to your other card provider the next business day, if we receive your instruction before 4pm.

    http://uk.virginmoney.com/virgin/credit-cards/money-transfer-cards/
    ...and from the "More about money transfers" section...
    A money transfer is a really flexible feature of a Virgin Money Credit Card that allows you to move up to 95% of your credit card limit into your current account. Turning credit into cash.
    I got the above for you with a tear in my eye, being as they've declined me twice within the last year. Thanks for rubbing it in! ;)
  • TheShapeTheShape Forumite
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    Thanks for that, I went round and round the site, missing that link each time. I knew it had to be there somewhere.
  • TheShapeTheShape Forumite
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    Applied for another Tesco no-fee 0% BT card. £21 mths with £4900 limit (can also call to discuss swapping unused credit from existing card). Another bonus is that it has a 90 BT window which will end after my holiday to Canada in May so will be able to clear my Nationwide Select card when I get back if I don't manage to max out all my cards with MBNA MTs.
  • YorkshireBoyYorkshireBoy Forumite
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    Congrats! But dangerous making applications late in the evening as the CRA links can be down. I try and avoid where possible.
    TheShape wrote: »
    Applied for another Tesco no-fee 0% BT card. £21 mths with £4900 limit (can also call to discuss swapping unused credit from existing card). Another bonus is that it has a 90 BT window
    Interesting. When I asked to swap limits last year my request was flatly refused, even after referring upwards...twice! If they've changed stance since then I'll be able to get at the £5K increase on the other card in mid-April...assuming it's not pulled due to the new card's £10K limit.
    ...if I don't manage to max out all my cards with MBNA MTs.
    If you're intending using it as a mule, I can report a minor 'grilling' on the reason behind the +ve balance recently. Not too uncomfortable...but might be to someone not prepared for it (I always have been but this was the first time the issue was raised). Might wait until the next statement cycle before making the £9.5K request!
  • TheShapeTheShape Forumite
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    Congrats! But dangerous making applications late in the evening as the CRA links can be down. I try and avoid where possible.

    Got lucky!
    Interesting. When I asked to swap limits last year my request was flatly refused, even after referring upwards...twice! If they've changed stance since then I'll be able to get at the £5K increase on the other card in mid-April...assuming it's not pulled due to the new card's £10K limit.

    Confirmation screen clearly suggested doing this once card received.

    ...if I don't manage to max out all my cards with MBNA MTs.
    If you're intending using it as a mule, I can report a minor 'grilling' on the reason behind the +ve balance recently. Not too uncomfortable...but might be to someone not prepared for it (I always have been but this was the first time the issue was raised). Might wait until the next statement cycle before making the £9.5K request!

    At present will concentrate on using the current MT offer. Should get two or three (with luck) further MTs from the existing deal before 31st March. I'm keeping the mule option in reserve for now. Thinking some sort of mixed up my Silver Cards and BT window running out excuse, will have to see how that works out if/when I try it.
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