MBNA Credit Card Trick That might work & Paypal

joseph3

Hi, all would like your thoughts please on this.

I have just been accepted for an MBNA credit DUAL OFFER 26 months 0% interest-free on purchases and 26 months 0% on balance transfer, provided that I carry out the purchase and the balance transfer within 60 days to take advantage of the 26 months 0% interest repayment offer.

Now we know the majority of those don't usually max out a credit card within 60 days especially one that has a high limit so I was thinking if this would do the trick below and your thoughts on this, please.

Now once I receive my credit card should I then make a purchase payment for the full credit balance via one of my PayPal accounts which will have my MBNA card registered on it and then pay my other PayPal account for a service and goods transaction. This will then be recognised as a purchase via MBNA.

Which at that point I then log into my other PayPal which has received the funds and then withdrawl those fund into my bank account.

Voila!

That way I still have the money, and still can make purchases after 60 days, whilst taking advantage of the 0% offer because I have technically made a purchase thorough that credit card . Now, will this work? I don't see why not.

Would appreciate all your opinions on this, please?

Also, I don't intend to use the whole balance of course, so the remainder which I don't intend to use will sit in my account for a direct debit option to pay towards the credit card.

Your thoughts are much appreciated thank you all.

Ben8282

Why didn't you just apply for ANY other purchases credit card other than this MNBA one if you didn't want to have to make the purchases within the first 60 days?

joseph3

Ben8282 wrote: »

Why didn't you just apply for ANY other purchases credit card other than this MNBA one if you didn't want to have to make the purchases within the first 60 days?

Other were only 6 and 12 months that is why. The 26 months on the MBNA allows more time for convenience and arrangements. Your thoughts on my idea, please?

thanks

Ben8282

joseph3 wrote: »

Other were only 6 and 12 months that is why. The 26 months on the MBNA allows more time for convenience and arrangements. Your thoughts on my idea, please?

thanks

Really? Only 6 - 12 months? Don't think so.
Barclaycard 25 months
Bank of Ireland 24 months
Tesco 22 months
Sanisburys 22 months
and that is just the first 4 cards listed
https://www.moneysavingexpert.com/credit-cards/best-0-credit-cards/

These are all proper purchases cards not a balance transfer card with a silly restrictive purchases offer like the MNBA one.

Can't comment on your suggestion as don't know how the PayPal transaction will be treated by MBNA (purchase or cash). Will leave that for somebody with a better knowledge of PayPal to answer..

joseph3

Ben8282 wrote: »

Really? Only 6 - 12 months? Don't think so.
Barclaycard 25 months
Bank of Ireland 24 months
Tesco 22 months
Sanisburys 22 months
and that is just the first 4 cards listed


These are all proper purchases cards not a balance transfer card with a silly restrictive purchases offer like the MNBA one.

Can't comment on your suggestion as don't know how the PayPal transaction will be treated by MBNA (purchase or cash). Will leave that for somebody with a better knowledge of PayPal to answer..

Those offers were available to me but are subject to change upon approval for which 2 did change when I made the application soft check, the Barclaycard and Tesco. At first, they showed the months you are referring too but then the offer was revised after my credit check.

So yes I did do what you said though the offers available to me sadly were revised and was not the best. This also shows in this site.

It's done now, all I would like to know if this option is possible. MBNA is a credit card and people make payments through PayPal always using their credit cards so I don't see why this wouldn't work.

and in theory if this does work then this would work out better than any other credit card offers as there is more time. I just want to know on experience and logical theory from other experiences.

[Deleted User]

Why don’t you just make a normal purchase?

joseph3

@!!!

Thanks for your question mate, in response, I dont want to make a normal purchase on the card because that would mean I would have to make these irrational decisions and purchases within 60 days only to take advantage of the deal which I don't want to do. I want to take my time and spend the money on what I like and organise things properly. Hence me opting to pay myself for a service through PayPal payment and then that would activate the 0% offer on the whole balance. Because I paid myself MBNA wouldn't know that thier system would just recognise it as a purchase payment. That way, because I paid myself I can then take that money and withdrawal it into my bank account and use it accordingly without having to worry about using it within 60days as that has technically been triggered on the whole limit which I paid to myself.

Any remainder limit that I dont intend to use I will straight away set up a direct debit and use those funds with MBNA to pay off the limit accordingly within the 26 month interest free offer, of course any limit that I do use I will pay back through my own pocket.

Hope you understand.

Thanks.

Belenus

How much will you have to pay to Paypal in charges?

born_again

joseph3 wrote: »

Hi, all would like your thoughts please on this.

Now once I receive my credit card should I then make a purchase payment for the full credit balance via one of my PayPal accounts which will have my MBNA card registered on it and then pay my other PayPal account for a service and goods transaction. This will then be recognised as a purchase via MBNA.

Your thoughts are much appreciated thank you all.

I can see a possible issue that a large amount from a CC to your account and then moved to another acc of yours....

[Deleted User]

Take a card with a longer spend range then rather than 60 days.

Or get a money transfer card if you need cash.

joseph3

Belenus wrote: »

How much will you have to pay to Paypal in charges?

I have two business PayPal accounts so i don't pay any extra charges on payment or receipt of payments.