MBNA Money Transfer Offer

TheShape

My post from 8th Sept:

TheShape wrote: »

Applied for a MBNA 0% purchases card. Declined. Reason given - MBNA believed my current Credit Limit £5200 was sufficient based on my income £30100 (wage + investment income).

Email today stating that MBNA are planning to increase my credit limit from £5200 to £8700 on 20th December. Unsure whether to accept or decline.

Would take my limits to:

MBNA £8700
Halifax £8000
Lloyds £6750
Tesco £6800
Tesco £4400
Nationwide £5300
Virgin £3300
Sainsburys £1500

That's a total of £44750 or around 150% of my income.

Vortigern

I did a money transfer from MBNA to current account, followed by a BT to clear the MBNA balance to a 0% card. Unfortunately MBNA produced a statement between these two transactions.

The statement says they will collect the minimum payment of £x by DD on a date in December. The T&Cs say they will collect the DD regardless of any interim payment. Will they really collect that DD when my account balance is zero, and thus put me into a positive balance?

Any stoozers had a similar experience?

TheShape

Vortigern wrote: »

I did a money transfer from MBNA to current account, followed by a BT to clear the MBNA balance to a 0% card. Unfortunately MBNA produced a statement between these two transactions.

The statement says they will collect the minimum payment of £x by DD on a date in December. The T&Cs say they will collect the DD regardless of any interim payment. Will they really collect that DD when my account balance is zero, and thus put me into a positive balance?

Any stoozer's had a similar experience?

Happened to me when I took advantage of the MT offer that prompted this thread. My MBNA account was set to take full statement balance which was around £2500.

I called them but was close enough to payment date that DD couldn't be stopped. CSA set a task for a couple of days after the payment debited to refund to my current account minus the small amount of interest that I'd incurred between the Money Transfers and Balance transferring away. He did say when I called that if I'd called earlier he could have sorted something out, presumably stopping the DD.

Vortigern

TheShape wrote: »

My MBNA account was set to take full statement balance which was around £2500.

As soon as I requested the MT MBNA warned me that my DD was set to full payment. I was able to change that before the statement date.

He did say when I called that if I'd called earlier he could have sorted something out, presumably stopping the DD.

That's good to know, but as mine is just a minimum payment I'll let the DD collect and spend the balance next month.

Mogley

TheShape wrote: »

Email today stating that MBNA are planning to increase my credit limit from £5200 to £8700 on 20th December. Unsure whether to accept or decline.

I don't see any significant benefit from an increased credit limit if you are using the card for multiple MTs covered by BTs from other cards. A minor benefit would be less transactions required.

TheShape

What I'd have much rather had is the £3500 credit limit on a new 0% purchases card. Fewer transactions to complete the MT/BT combos would be a minor benefit.

I think it's a case of finding a balance between available credit and how that will impact future applications.

ricky_v

Incase anyone is interested Lloyds Bank has also started to offer fee free MT at 4.9% for existing credit card holders.

Could only muster £3k BT from Tesco. Virgin Money and Sainsburys seem to hate me and I have cards from all the other fee free BT providers.