Can you have two credit cards from same supplier?

ellell

I'm looking to shift money owing on my Virgin card (just out of its 0% time period) to another card offering 0% with a low fee. I used the eligibility checker and it suggested that I was pre-approved for a MBNA balance transfer card.. 0% and with a 1% fee which seems excellent. The thing is though, I already HAVE an MBNA credit card which I got just over a year ago to access cash to pay off a bank OD. Yes - I know I have got too many credit cards! I'm trying to get rid of them! So I'm wondering - if I do apply for this second MBNA card, will it decline me at the credit check stage as I already have one MBNA card? Yet, thanks to the magic of MSE Eligibility checker which has done the soft search this would surely have shown up the other credit card on my credit file? And still said yes, pre-approved. I don't want to apply for the second MBNA card and then get turned down as it marks the credit file. But it's the best deal out of all the options and it's pre approved. Halifax is showing at 95% so not guaranteed, but highly likely and that also has a 1% fee. Any advice welcome! And thank you in advance.

[Deleted User]

It depends.
Some lenders allow it and some don’t.

However is your Virgin card issues by MBNA - if so you won’t be able to transfer the balance between the same lender.

[Deleted User]

ellell wrote: »

Yes - I know I have got too many credit cards!

You've only mentioned two.

That would fall into the category of 'not enough', rather than 'too many'. Are there others you haven't mentioned?

ellell

I've got a Virgin card with 9K of debt that I can't seem to reduce and an MBNA card too which I used one year ago to raise cash to pay off a bank overdraft. But overall I've got a lot of debt (two personal loans as well) and don't feel at all comfortable with it as so much of my monthly income goes on servicing the debt. Keep hoping I'll be able to earn more - but ultimately the solution will be to sell my house when my younger son moves out and downsize, paying off the mortgage and the cards and loans. I've grown used to financial juggling!

ellell

Good thought Gary - thanks. I decided the best way to settle this is to phone MBNA direct and ask them!

[Deleted User]

ellell wrote: »

I've got a Virgin card with 9K of debt that I can't seem to reduce and an MBNA card too which I used one year ago to raise cash to pay off a bank overdraft. But overall I've got a lot of debt (two personal loans as well) and don't feel at all comfortable with it as so much of my monthly income goes on servicing the debt. Keep hoping I'll be able to earn more - but ultimately the solution will be to sell my house when my younger son moves out and downsize, paying off the mortgage and the cards and loans. I've grown used to financial juggling!

Post a Statement of Affairs on the Debt-Free Wannabe board on here.

maxximus75

I believe MBNA allows more than one card. They also allow you to re-distribute existing credit limits (if you have spare) around the cards.


If you have everthing at 0%, unless you have been paying minimum payments, you must be showing a decrease in the ammount's outstanding?


Or have you been spending more than your repayments?


As GD mentions above..... a SOA can help get your head around things.


Good luck!

elle_may

i have 2 mbna cards, so yes. Virgin parted with mbna and is no longer the same cards. I believe mbna are now owned by Lloyds. As with all cards it depends on your affordability.

ellell

I phoned MBNA and yes, they say you CAN have two cards with them. But in the end, even though their card was pre approved, Halifax was showing as a 95% chance of getting one with them, so I decided to go for that, as I quite like to have different suppliers for different things so I don't get muddled between them. Filled out the application, crossed fingers and success. Halifax gave me a 0% for 22 years with a low transfer fee - 1%. So they will take over the debt from Virgin, and I don't need to do anything more, except make sure that I pay it down by a sizeable amount each month. Thanks for all the suggestions and advice.

[Deleted User]

ellell wrote: »

Halifax gave me a 0% for 22 years with a low transfer fee - 1%.

Are you sure about that? :rotfl::money:

ellell

Oops I meant to write 22 months! Thank you for spotting my mistake