MBNA Money Transfer Offer

TheShape

Candyapple wrote: »

You should have gone into a branch first to check and saved yourself the hard search. I've always done this whenever I have wanted another Lloyds/Halifax/BOS card, you can see on their screen what your rating is and what credit card limit they will give you and what cards and loan amounts are available.

https://forums.moneysavingexpert.com/discussion/4866010

It's too hot to go out! Will do next time.

Edit: Thanks for the link, interesting to read.

molerat

molerat wrote: »

Looks like my further stoozing has been put on hold. The man from Tesco he say NO and sent me a nice letter about responsible lending and how my credit file shows a large amount of credit card borrowing. My current "debt" is 1.25 my income with a further .75 income available, only another £1.5K left on my TSB slow stooze card but loads left on my MBNA which is not really useable.

Letter this morning, TSB increasing my limit so will add another couple of months to my slow stooze

Mogley

MBNA offered me the 0 fee money transfer this month (until 31st). I have only had the card 3 months and was slow stoozing for purchases paying the minimum payment.


So... Tesco BT CC applied for and accepted (£8.1k) and I'll try Barclaycard this week to make use of building a fast stooze pot in the same way as The Shape (and others). I just need to apply for some high interest accounts to deposit the stooze into now!! For now it will reside in my Tesco internet saver (0.95%) until I have high interest account capacity.
Thanks for everybodys' input into this thread, without it I wouldn't have a clue how best to make use of this offer.

Mogley

Quick question regarding my last post.... I have already slow stoozed £1.2k on the MBNA card from 0% purchase offer. If I MT say £5k then BT the £5k before my statement, will part of the payment go to the purchases portion of the balance or will it all go to the MT portion?

TheShape

Mogley wrote: »

Quick question regarding my last post.... I have already slow stoozed £1.2k on the MBNA card from 0% purchase offer. If I MT say £5k then BT the £5k before my statement, will part of the payment go to the purchases portion of the balance or will it all go to the MT portion?

The best thing to do is check the card t&cs to see what the allocation of payments is. However, if you make a £5k money transfer your balance would be £6.2k, the whole of which you could balance transfer to your Tesco card anyway. You've then cleared the whole balance and no need to worry about allocation of payments.

Mogley

TheShape wrote: »

The best thing to do is check the card t&cs to see what the allocation of payments is.

Thanks. I have checked and it gets allocated to the highest interest first which is the MT but my concern was that it hasn't hit a statement date before I've paid and so the highest credit I have at that point in time is the purchases at 0%.

That's a good idea to transfer the whole balance to remove the ambiguity. I just like things to be neat and tidy in their own buckets so I can keep track:).

Mogley

I'm well under way with my MBNA money transfer plan however last night I made an error. I have requested a balance transfer to Tesco c/c of £1.5k more than the balance on the MBNA card after the money transfer which will effectively put my MBNA in credit.

Please could somebody explain the implications of this and what the best way to deal with this situation? :beer:

TheShape

Mogley wrote: »

I'm well under way with my MBNA money transfer plan however last night I made an error. I have requested a balance transfer to Tesco c/c of £1.5k more than the balance on the MBNA card after the money transfer which will effectively put my MBNA in credit.

Please could somebody explain the implications of this and what the best way to deal with this situation? :beer:

I imagine putting your card into credit is against the terms and conditions (possible consequence is account closure) although some here have deliberately put their MBNA account into credit and not had an issue.

It would be a good idea to call them. They may refund/transfer the +ve balance to your current account and you'll have managed to get yourself a 0% Money Transfer or they may insist on sending it back to Tesco putting you back to where you were before the mistake.

As with any refund/transfer of a +ve balance, make sure they don't transfer any more than the +ve balance or you may inadvertently create a Money Transfer and trigger a charge.

Mogley

Quick update. I phoned Tesco C/C today to check the status of the BT and there wasn't one showing on the account due to the card not being activated. Tescobank online didn't indicate that there was a problem when I applied for the balance transfer. Hey ho, it just means that I can BT the correct amount from MBNA.
There are 11 days left to take advantage of the MBNA money transfer offer. I'm aiming for a stooze pot of £18k. So far I've stoozed £10.6K and have opened current/savings accounts at 3% and 5% to hold £19k (the benefit to having OH on board).


Thanks again to everybody on this thread.

Mogley

MBNA have offered me the money transfer for another month until 31st August!!


I don't think I'll be making use of this one as I have BT'd £26.5k using the last offer and I did not get accepted for the advertised rate on the Halifax CC. I was offered £2500 credit limit with 14 months 0% (which I accepted). Stop while I'm ahead!!


How do people round here manage the minimum payments of the balance transfer cards? Do you just take them away from your stoozed fund?