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Repeat Money Transfers

I've just opened 2 MT cards with Virgin and MBNA. I've also completed 2 BT's to a tesco card and requested another £5500 MT from the tesco card. I'm just wondering if there are limits to how many times you can use money transfers from a card. For example, the tesco card talks about transfers within the first 90 days. If i do the MT from the tesco card and then transfer th balance to another card, can i repeat the same sequence within the 90 days? Not sure if this is clear?

Not all cards do MT's and i'm trying to work out how to get the maximum using these 3 cards that allow money transfers

Thank you!:beer:

Replies

  • TheShapeTheShape Forumite
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    You'll be able to do as many as the t&c's and your credit limits allow.

    You may be able to do an unlimited number of MTs but you may be restricted to only doing these at a promotional rate for a limited time (often 60 or 90 days).

    In March, my MBNA card had a MT offer so I used it to make approx half a dozen MTs and subsequently multiple BTs to 4 new BT cards that I opened.

    Be sure to keep a close eye on your statements from MBNA and Virgin as if you have a Direct Debit in place for those cards (may not apply to all cards but does apply to mine), subsequent payments to the cards do not usually alter the amount they will collect. I had a sizable DD collected by MBNA (subsequently returned) as I had a balance on statement date.
  • Aldo12Aldo12 Forumite
    7 Posts
    Thank you. I guess the only downside is double fees on MT and then BT as there arent many fee-free 0% BT cards
  • YorkshireBoyYorkshireBoy Forumite
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    Aldo12 wrote: »
    Thank you. I guess the only downside is double fees on MT and then BT as there arent many fee-free 0% BT cards
    There are currently no fewer than 8 cards offering fee-free 0% BTs. I think you'll find yourself getting declined before you've got them all! ;)
  • TheShapeTheShape Forumite
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    Aldo12 wrote: »
    Thank you. I guess the only downside is double fees on MT and then BT as there arent many fee-free 0% BT cards

    The Money Transfer offer I had from MBNA was fee-free at 4.9% which worked well as I had no upfront fee and paid only a small amount of interest as the balance was almost immediately transferred to another card.

    The Four cards I used for the fee-free 0% BTs were Virgin, Tesco, Halifax and Sainsbury's.

    Managed to transfer approx £19k with the MBNA interest totalling around £12 mostly due to some delays with BTs occurring over a weekend and a short wait for the Tesco account to be set up. Overall total effect was like having a 0% MT with a fee of around 0.06%.
  • Aldo12Aldo12 Forumite
    7 Posts
    thank you -i will have a look at the halifax as i dont have that one
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