Money then balance transfer

mat1964

I need to get £6k in the next week or so.  I could go down the personal loan route, but I've got an offer on my MBNA card (limit £10k, no balance currently) for 0% with a 4% fee or 3.6% with no fee.

Is there anything to stop me doing the 3.6% transfer and then immediately doing a balance transfer to a new 0% card which has no fee for transfers?

Can't think of any reason why it wouldn't work.  Not sure what MBNA would think.

[Deleted User]

It doesn't matter what MBNA think. It's fine.

Apply for the new card first before you incur the debt and damage your chances.

Fighter1986

mat1964 said:

I need to get £6k in the next week or so.  I could go down the personal loan route, but I've got an offer on my MBNA card (limit £10k, no balance currently) for 0% with a 4% fee or 3.6% with no fee.

Is there anything to stop me doing the 3.6% transfer and then immediately doing a balance transfer to a new 0% card which has no fee for transfers?

Can't think of any reason why it wouldn't work.  Not sure what MBNA would think.

My other half did exactly this last year, did the money transfer from MBNA and then did a 0% balance transfer to shift the balance over to a Barclaycard. MBNA and Barclaycard were fine with it and MBNA have plenty of repeat offers sat on his account ready for the taking today. 

Ebe_Scrooge

mat1964 said:

Is there anything to stop me doing the 3.6% transfer and then immediately doing a balance transfer to a new 0% card which has no fee for transfers?

The only fly in the ointment may be the credit limit you're offered on the new BT card - will it be high enough to allow you to BT the £6K? (bearing in mind you can usually only BT up to 95% of the card limit).  As ZX81 says, apply for the BT card first - if you're successful and are offered a high enough limit, then go for it.