MBNA mule

vacheron

pecunianonolet said:

adindas said:

The last one I did a few a few months ago. The ladies there were interviewing me how did it happen. You know it is a difficult question to answer. What about Halifax or Virgin Money as mule card?

Don't have Halifax or Virgin Money cards so don't know. My struggle is more about getting approved for more BT 0 fee, 0 interest cards to park the debt I accumulate.

Ditto. I used the last remaining two 0% rate, 0% fee BT cards available to me (MBNA and Natwest) as I already own all the others which are currently available. 

It sounds like there is an element of trickery or rule bending required in relation to using a mule card, and although I have been stoozing for many years and have heard the term, I haven't found a clear definition of the process?

To me the current Clarity Money Transfer option is the safest as it allows unlimited loading of BT cards without any rule bending.

I money transferred £16K from the Halifax Clarity card @ 5.9%pa, then transfered the clarity balance to a BT card 2 days later. Total interest payable about £4.50. Now that has cleared the Clarity card is showing the whole balance is available to money transfer again, so I could just keep doing this with every BT card I have until they are all filled and not have to "bend" any rules?

If your Clarity credit limit is lower you would just need to make multiple smaller transfers within the BT cards promotional period. 

pecunianonolet

vacheron said:

pecunianonolet said:

adindas said:

The last one I did a few a few months ago. The ladies there were interviewing me how did it happen. You know it is a difficult question to answer. What about Halifax or Virgin Money as mule card?

Don't have Halifax or Virgin Money cards so don't know. My struggle is more about getting approved for more BT 0 fee, 0 interest cards to park the debt I accumulate.

Ditto. I used the last remaining two 0% rate, 0% fee BT cards available to me (MBNA and Natwest) as I already own all the others which are currently available. 

It sounds like there is an element of trickery or rule bending required in relation to using a mule card, and although I have been stoozing for many years and have heard the term, I haven't found a clear definition of the process?

To me the current Clarity Money Transfer option is the safest as it allows unlimited loading of BT cards without any rule bending.

I money transferred £16K from the Halifax Clarity card @ 5.9%pa, then transfered the clarity balance to a BT card 2 days later. Total interest payable about £4.50. Now that has cleared the Clarity card is showing the whole balance is available to money transfer again, so I could just keep doing this with every BT card I have until they are all filled and not have to "bend" any rules?

If your Clarity credit limit is lower you would just need to make multiple smaller transfers within the BT cards promotional period. 

Natwest is the only one I don't have yet lol. Danske bank and TSB only offer very short terms so not worth it.

Barclays: Purchase offer from old existing card so using it for literally everything, groceries, petrol council tax, etc.

Santander: 22 month (offer changed to 12 months now) but the beauty is that it allows unlimited transfers over the full term. Most cards say you have to make a transfer within 3 months and they charge transfer fees after. So a great card to put a balance on and move it away elsewhere. In my case I took cash from MBNA card 1 via money transfer, maxed out Santander card and the following day I transferred it from Santander to MBNA card 2. My card 1 is an old card with high limit and I have the money transfer fee free promotion on. Card 2 is a new BT 15 months card.

Sainsbury: They gave me a high limit but 1% transfer fee so I only put a small excess on there. They closed my previous one due to inactivity after a previous BT a few years back.

RBS: Card was activated today, after over a week waiting. Took my MBNA card 1 (which got cleared from the previous transfers) and took money again. BT that amount straight away back to the new RBS card. Should all be settled by Friday, fingers crossed.

HSBC: Took the 12 month cost of living overdraft of £500 on current account, small and free 12 month stooze pot increase

Total cost in interest so far: £3.50

Stooze pot ca. 25k and rising due to Barclays card daily use (slow stooze)

--> I have a good salary so able to make all minimum payments from salary income and not have to melt down stooze pot to afford monthly payments. Have some leftover cash to fill some regular savers too.

--> I made most cc applications within the last 6-8 weeks as some banks only report quarterly to credit file so my "elegibility" criteria they see when they search isn't reflecting the true picture (yet).

--> I am aware this could damage my credit history long term but I am not planning to take out any mortgage or anything so not really bothered. 

--> Build comprehensive Excel file to track interest (for tax reasons), individulal cc terms, repayment deadlines and build a projection of monthly minimum payments across all cards. Also build a P&L as it is easy to mix up things and lock money away long term and not having funds available to repay in full at end of term. Keeping on top of things is a must to succesfully stooze!!!

--> There is no guarantee at all that there are offers available in the future or if I am elegible for some so I always plan worst case that I have to be able to repay everything in full at end of term of each card. 

YourUsername

pecunianonolet said:

adindas said:

IS MBNA still good to be used as mule card ?

I understand you could also use Halifax and virgin as mule card has anyone tried it recently ??

 Thx

Yes, still working fine. Took some fee free cash, sent part 1 to my Santander BT card and from there back to a second MBNA BT card. Moved after the second part to Santander so I was able to put MBNA cash from card one to a second MBNA card. Now waiting for bloody RBS to approve my BT card after over a week waiting now so will take a second money draw down fee free from MBNA and park it there. Should get me a 20k-25k stooze pot if all works out. 

Which MBNA’s are offering you fee free money transfers?

pecunianonolet

YourUsername said:

pecunianonolet said:

adindas said:

IS MBNA still good to be used as mule card ?

I understand you could also use Halifax and virgin as mule card has anyone tried it recently ??

 Thx

Yes, still working fine. Took some fee free cash, sent part 1 to my Santander BT card and from there back to a second MBNA BT card. Moved after the second part to Santander so I was able to put MBNA cash from card one to a second MBNA card. Now waiting for bloody RBS to approve my BT card after over a week waiting now so will take a second money draw down fee free from MBNA and park it there. Should get me a 20k-25k stooze pot if all works out. 

Which MBNA’s are offering you fee free money transfers?

One I have for around 15 months, offer for existing customers.

Tom_Hendo

vacheron said:

pecunianonolet said:

adindas said:

The last one I did a few a few months ago. The ladies there were interviewing me how did it happen. You know it is a difficult question to answer. What about Halifax or Virgin Money as mule card?

Don't have Halifax or Virgin Money cards so don't know. My struggle is more about getting approved for more BT 0 fee, 0 interest cards to park the debt I accumulate.

Ditto. I used the last remaining two 0% rate, 0% fee BT cards available to me (MBNA and Natwest) as I already own all the others which are currently available. 

It sounds like there is an element of trickery or rule bending required in relation to using a mule card, and although I have been stoozing for many years and have heard the term, I haven't found a clear definition of the process?

To me the current Clarity Money Transfer option is the safest as it allows unlimited loading of BT cards without any rule bending.

I money transferred £16K from the Halifax Clarity card @ 5.9%pa, then transfered the clarity balance to a BT card 2 days later. Total interest payable about £4.50. Now that has cleared the Clarity card is showing the whole balance is available to money transfer again, so I could just keep doing this with every BT card I have until they are all filled and not have to "bend" any rules?

If your Clarity credit limit is lower you would just need to make multiple smaller transfers within the BT cards promotional period. 

Hi vacheron

Just to check, is the Halifax Clarity card fee free by default, it just has static interest % that you need to do quick balance transfers to avoid or minimise? I have a purchase card I am currently 'slow' stoozing, but would like to 'fast stooze' to use up this years ISA tax allowance but couldnt find a single fee free money transfer card on comparison websites.

vacheron

Tom_Hendo said:

vacheron said:

pecunianonolet said:

adindas said:

The last one I did a few a few months ago. The ladies there were interviewing me how did it happen. You know it is a difficult question to answer. What about Halifax or Virgin Money as mule card?

Don't have Halifax or Virgin Money cards so don't know. My struggle is more about getting approved for more BT 0 fee, 0 interest cards to park the debt I accumulate.

Ditto. I used the last remaining two 0% rate, 0% fee BT cards available to me (MBNA and Natwest) as I already own all the others which are currently available. 

It sounds like there is an element of trickery or rule bending required in relation to using a mule card, and although I have been stoozing for many years and have heard the term, I haven't found a clear definition of the process?

To me the current Clarity Money Transfer option is the safest as it allows unlimited loading of BT cards without any rule bending.

I money transferred £16K from the Halifax Clarity card @ 5.9%pa, then transfered the clarity balance to a BT card 2 days later. Total interest payable about £4.50. Now that has cleared the Clarity card is showing the whole balance is available to money transfer again, so I could just keep doing this with every BT card I have until they are all filled and not have to "bend" any rules?

If your Clarity credit limit is lower you would just need to make multiple smaller transfers within the BT cards promotional period. 

Hi vacheron

Just to check, is the Halifax Clarity card fee free by default, it just has static interest % that you need to do quick balance transfers to avoid or minimise? I have a purchase card I am currently 'slow' stoozing, but would like to 'fast stooze' to use up this years ISA tax allowance but couldnt find a single fee free money transfer card on comparison websites.

Hi Tom.

The Clarity card money transfer option is 5.9% APR calculated daily with a 0% transfer fee, so as the time from drawing the money into my bank account and transferring the balance is short I was only paying about £1.50 per day to move a lump of 10K out of the card and then back in from a balance transfer card.

They charged me a total of £2.78 to do another two such transfers on last months statement.

The great part is as soon as the balance transfer clears the whole balance is immediately available do draw out again to move to another card, or to move another chunk to a larger BT card within its time limit  

The only issue could be is that people are reporting that you need to have owned the card for 3-6 months prior to the offer being made available, but I was helping my 75 year old mum sort some finances out at the weekend and noticed that she also had a Clarity card, and the offer was there for her too, so it seems like it could be universal, but obviously can't say 100%.

Tom_Hendo

vacheron said:

Tom_Hendo said:

vacheron said:

pecunianonolet said:

adindas said:

The last one I did a few a few months ago. The ladies there were interviewing me how did it happen. You know it is a difficult question to answer. What about Halifax or Virgin Money as mule card?

Don't have Halifax or Virgin Money cards so don't know. My struggle is more about getting approved for more BT 0 fee, 0 interest cards to park the debt I accumulate.

Ditto. I used the last remaining two 0% rate, 0% fee BT cards available to me (MBNA and Natwest) as I already own all the others which are currently available. 

It sounds like there is an element of trickery or rule bending required in relation to using a mule card, and although I have been stoozing for many years and have heard the term, I haven't found a clear definition of the process?

To me the current Clarity Money Transfer option is the safest as it allows unlimited loading of BT cards without any rule bending.

I money transferred £16K from the Halifax Clarity card @ 5.9%pa, then transfered the clarity balance to a BT card 2 days later. Total interest payable about £4.50. Now that has cleared the Clarity card is showing the whole balance is available to money transfer again, so I could just keep doing this with every BT card I have until they are all filled and not have to "bend" any rules?

If your Clarity credit limit is lower you would just need to make multiple smaller transfers within the BT cards promotional period. 

Hi vacheron

Just to check, is the Halifax Clarity card fee free by default, it just has static interest % that you need to do quick balance transfers to avoid or minimise? I have a purchase card I am currently 'slow' stoozing, but would like to 'fast stooze' to use up this years ISA tax allowance but couldnt find a single fee free money transfer card on comparison websites.

Hi Tom.

The Clarity card money transfer option is 5.9% APR calculated daily with a 0% transfer fee, so as the time from drawing the money into my bank account and transferring the balance is short I was only paying about £1.50 per day to move a lump of 10K out of the card and then back in from a balance transfer card.

They charged me a total of £2.78 to do another two such transfers on last months statement.

The great part is as soon as the balance transfer clears the whole balance is immediately available do draw out again to move to another card, or to move another chunk to a larger BT card within its time limit  

The only issue could be is that people are reporting that you need to have owned the card for 3-6 months prior to the offer being made available, but I was helping my 75 year old mum sort some finances out at the weekend and noticed that she also had a Clarity card, and the offer was there for her too, so it seems like it could be universal, but obviously can't say 100%.

Thanks, really detailed description.

I have gone through a soft check to look at the T&C which has the following details:

          Promotional money transfer fee           3% of transfer.
          Non-promotional money transfer fee    0% of transfer.

My assumption on that, and linking to your message above, I may or may not have a 'promotional period' applied to the account, maybe 3-6 months, where different fee's apply. If I am wanting to use as a money transfer card it is probably a good idea to get one now and see if the period is applied or not. 

Thanks again.

vacheron

Tom_Hendo said:

vacheron said:

Tom_Hendo said:

vacheron said:

pecunianonolet said:

adindas said:

The last one I did a few a few months ago. The ladies there were interviewing me how did it happen. You know it is a difficult question to answer. What about Halifax or Virgin Money as mule card?

Don't have Halifax or Virgin Money cards so don't know. My struggle is more about getting approved for more BT 0 fee, 0 interest cards to park the debt I accumulate.

Ditto. I used the last remaining two 0% rate, 0% fee BT cards available to me (MBNA and Natwest) as I already own all the others which are currently available. 

It sounds like there is an element of trickery or rule bending required in relation to using a mule card, and although I have been stoozing for many years and have heard the term, I haven't found a clear definition of the process?

To me the current Clarity Money Transfer option is the safest as it allows unlimited loading of BT cards without any rule bending.

I money transferred £16K from the Halifax Clarity card @ 5.9%pa, then transfered the clarity balance to a BT card 2 days later. Total interest payable about £4.50. Now that has cleared the Clarity card is showing the whole balance is available to money transfer again, so I could just keep doing this with every BT card I have until they are all filled and not have to "bend" any rules?

If your Clarity credit limit is lower you would just need to make multiple smaller transfers within the BT cards promotional period. 

Hi vacheron

Just to check, is the Halifax Clarity card fee free by default, it just has static interest % that you need to do quick balance transfers to avoid or minimise? I have a purchase card I am currently 'slow' stoozing, but would like to 'fast stooze' to use up this years ISA tax allowance but couldnt find a single fee free money transfer card on comparison websites.

Hi Tom.

The Clarity card money transfer option is 5.9% APR calculated daily with a 0% transfer fee, so as the time from drawing the money into my bank account and transferring the balance is short I was only paying about £1.50 per day to move a lump of 10K out of the card and then back in from a balance transfer card.

They charged me a total of £2.78 to do another two such transfers on last months statement.

The great part is as soon as the balance transfer clears the whole balance is immediately available do draw out again to move to another card, or to move another chunk to a larger BT card within its time limit  

The only issue could be is that people are reporting that you need to have owned the card for 3-6 months prior to the offer being made available, but I was helping my 75 year old mum sort some finances out at the weekend and noticed that she also had a Clarity card, and the offer was there for her too, so it seems like it could be universal, but obviously can't say 100%.

Thanks, really detailed description.

I have gone through a soft check to look at the T&C which has the following details:

          Promotional money transfer fee           3% of transfer.
          Non-promotional money transfer fee    0% of transfer.

My assumption on that, and linking to your message above, I may or may not have a 'promotional period' applied to the account, maybe 3-6 months, where different fee's apply. If I am wanting to use as a money transfer card it is probably a good idea to get one now and see if the period is applied or not. 

Thanks again.

Yes, sounds like a "negative promo" to deter people from taking it out primarily for this option, or as a bit of a "cooling off period" for people who are in financial trouble who would use it for its intended purpose as a short term loan.

Sounds like a good plan to apply now as it would at least start the promo clock ticking down in case It was useful in the future. I would also keep the credit limit as low as possible so it won't impact the amount you may get on future BT cards, after all you could always do multiple transfers which is slightly more inconvenient, but better to have the biggest balance on the BT card.