MBNA gone bad on balance transfer offer!

jamesjustin

I notice a couple of people have had a similar issue to me. I opened an MBNA balance transfer credit card at the end of May and was given a generous credit limit (more than any of my other cards) and great introductory offer on balance transfers (26 months with a 1% fee). I completed a couple of balance transfers successfully and still have over 50% of my credit limit available. Given my introductory offer is available till the end of the month, I have made purchases on another card with the expectation of completing a balance transfer as before. This time it didn't work! Three calls to customer services and all they can tell me is I am no longer eligible for the offer based on checks undertaken with credit reference agencies when I submitted the transfer request. When asked which credit reference agency and what the specific issue is they couldn't say. I've got ClearScore and also just looked into CheckMyFile which aggregates results from Equifax, Experian, Transunion and Crediva and can see no issues. 

I'm now stuck with purchases on an interest-bearing card! I've raised a complaint but am not hopeful and my offer ends at the end of the month.

Any advice? This has left a really bad feeling regarding MBNA and the Lloyds Banking Group. Will be switching my other LBG accounts as soon as I can. 

bonkersbonkers1

Nothing in life is guaranteed. Can you afford the item you were purchasing - any chance you can return it?

D3xt3r5L4b

Return said item and save up for it 

jamesjustin

bonkersbonkers1 said:

Nothing in life is guaranteed. Can you afford the item you were purchasing - any chance you can return it?

Good lesson - never been caught out like
this before. 

Given it’s a kitchen - I’m going to say probably not ;-) 

jamesjustin

D3xt3r5L4b said:

Return said item and save up for it 

Can’t return it. Saving up defeats the object of having an available line of credit - or so I thought! 

Carrot007

Credit should be only for things you cannot absolutely live without.

I lived without a kitchen (most of it was useless) for a year in my house. Using a cheap plug in over and halogen oven. Worked very well. Why yes you need to learn to use the different appliences right but if done correctly they are great.

CRISPIANNE3

jamesjustin said:

bonkersbonkers1 said:

Nothing in life is guaranteed. Can you afford the item you were purchasing - any chance you can return it?

Good lesson - never been caught out like
this before. 

Given it’s a kitchen - I’m going to say probably not ;-) 

I think it is because we are living in very uncertain times. Best not to take it too personal. 

jamesjustin

Carrot007 said:

Credit should be only for things you cannot absolutely live without.

I lived without a kitchen (most of it was useless) for a year in my house. Using a cheap plug in over and halogen oven. Worked very well. Why yes you need to learn to use the different appliences right but if done correctly they are great.

I think my wife would disagree haha but a wake up call nonetheless! It has changed my attitude to credit. Have been lulled in to a false sense of security! Credit has always been easy and cheap for me...slippery slope! 

Thrugelmir

jamesjustin said:

I have made purchases on another card with the expectation of completing a balance transfer as before. 

Too many bites of the cherry. Having already made two (?) balance transfers. 

jamesjustin

Thrugelmir said:

jamesjustin said:

I have made purchases on another card with the expectation of completing a balance transfer as before. 

Too many bites of the cherry. Having already made two (?) balance transfers. 

The number of balance transfers shouldn't make any difference at all - there are no limits set in the T&Cs except percentage of overall credit limit (they want to allow some headspace for fees incurred through balance transfers) and the promotional period. Both are in check. Unless this is part of their risk criteria - in which case they have mislead me by saying it is due to checks undertaken with credit reference agencies... 

Thrugelmir

jamesjustin said:

Thrugelmir said:

jamesjustin said:

I have made purchases on another card with the expectation of completing a balance transfer as before. 

Too many bites of the cherry. Having already made two (?) balance transfers. 

The number of balance transfers shouldn't make any difference at all 

Lenders money lenders rules apply. Nothing to do with the T&C's.