MBNA Platinum card interest
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Pilch8129
Posts: 3 Newbie
in Credit cards
Hi,
The promotional 0% expired in my MBNA card a few months ago and I'm now paying 24.9% which has nearly tripled my monthly minimum payment.
My credit rating is coming up as poor currently. This is mostly due to having a fairly large unsecured debt from my wedding and other life expenses! I have also moved house a lot in the last few years that doesn't help the rating. I have no missed payments or anything like that on my accounts.
Because of the poor credit rating I am unsure if I will be accepted for a new 0% card (I was rejected for one last summer) and if I was accepted it is unlikely I will get one that I can move my entire balance to.
I would like to find a way if possible of moving this debt or a way of dealing with it before the interest mounts too high. I have a personal loan and another credit card. I was looking at a debt consolidation loan to clear both credit cards but not sure if this is the best option for me.
If anyone has any help or advice it would be greatly welcomed!
Thanks!
The promotional 0% expired in my MBNA card a few months ago and I'm now paying 24.9% which has nearly tripled my monthly minimum payment.
My credit rating is coming up as poor currently. This is mostly due to having a fairly large unsecured debt from my wedding and other life expenses! I have also moved house a lot in the last few years that doesn't help the rating. I have no missed payments or anything like that on my accounts.
Because of the poor credit rating I am unsure if I will be accepted for a new 0% card (I was rejected for one last summer) and if I was accepted it is unlikely I will get one that I can move my entire balance to.
I would like to find a way if possible of moving this debt or a way of dealing with it before the interest mounts too high. I have a personal loan and another credit card. I was looking at a debt consolidation loan to clear both credit cards but not sure if this is the best option for me.
If anyone has any help or advice it would be greatly welcomed!
Thanks!
0
Comments
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Have you tried using eligibility checkers to see what cards you maybe accepted for?0
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Have a look at the eligibility checker here: https://www.moneysavingexpert.com/eligibility/credit-cards/ and see what BT cards you might qualify for.
Consolidation loans are rarely a good option.
What is the status of your spouse? Can he/she get a card? Check that any BT card you get doesn't insist that the name on the cards involved in the transfer must be the same.
Consider the pyscho factors ... don't apply for more credit if you think it might encourage you to spend more.
If you think the situation is not sustainable, try http://forums.moneysavingexpert.com/forumdisplay.php?f=76 where you get advice on getting on top of things again.0 -
One thing that I would suggest is to not only look at 0% balance transfer cards - do you already have any other cards? If you can get that balance transferred somewhere else for even just a couple of months you may well find that MBNA start sending you offers to attract you back. Often they will start off with just short term 0% balance transfers but, if you resist their first advances, they will often improve the offer with longer balance transfers or low interest 'life of balance' rates.0
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Thanks for the replies. I have run the credit checker and I'm 90% eligible for a couple of Barclay cards. I am tempted to apply but I don't think they will have a credit limit high enough to cover all the balance (currently just over £3000) which will mean paying across three cards which I would rather avoid, I have another card with HSBC but no 0% balance transfer on it and a balance I am paying off on that too.
My spouse also has debts he is paying off and works on commission so his non fixed salary doesn't work well in his favour.0 -
It is always worth phoning up and asking if any of your other cards will do a balance transfer deal - sometimes they'll offer a deal that isn't publicised elsewhere.0
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I have run the credit checker and I'm 90% eligible for a couple of Barclay cards.I am tempted to apply but I don't think they will have a credit limit high enough to cover all the balance (currently just over £3000) which will mean paying across three cards which I would rather avoid
Just be aware that Barclaycard operate a 2.25% minimum payment, so you likely won't see an overall reduction in your monthly payment total...and it could even be higher.0
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