Mbna 24 months @ 6.9% no fee

Ive been offered the above deal as a money transfer deal.

Is there anything to stop me taking it then immediately transferring the debt to a 0% card with no BT fee, to avoid the 6.9%?

Comments

  • As long as you have available limit and offer on another card, no.

    And bear in mind allocation of payments.  'Immediately' won't work if there is an existing balance on the MBNA card
  • Why just not use the 0% no fee card direct and miss out MBNA?
  • MorningcoffeeIV
    MorningcoffeeIV Posts: 1,925
    First Anniversary First Post Name Dropper
    Forumite
    edited 2 November 2023 at 8:17PM
    Presumably, the other card has no purchases or MT offer.
  • daivid
    daivid Posts: 1,203
    First Post First Anniversary Name Dropper
    Forumite
    ses6jwg said:
    Ive been offered the above deal as a money transfer deal.

    Is there anything to stop me taking it then immediately transferring the debt to a 0% card with no BT fee, to avoid the 6.9%?
    Nothing, so long as you get all your ducks in a row first. Check the BT card will take a balance from the MT card (some that belong to the same banking group aren’t obvious). Check how much you can put on the BT card (typically, but not always, 95% of available balance) and have that card in your hand ready before making the MT. Do the MT then BT immediately after on the same day and you might get away with just a day's interest - last time I did it £1.30 on a £6k MT. But bear in mind things can go wrong - your BT could be slow to get processed (I've had one take 2 weeks), your BT offer could even be withdrawn or the BT rejected (unlikely but possible).
Meet your Ambassadors

Categories

  • All Categories
  • 341.9K Banking & Borrowing
  • 249.7K Reduce Debt & Boost Income
  • 449.2K Spending & Discounts
  • 234K Work, Benefits & Business
  • 606.2K Mortgages, Homes & Bills
  • 172.5K Life & Family
  • 246.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards