Pay minimum payt with another credit card

moneysavingobsessive

I am sure the answer will be somewhere, but there are so many threads I cant find it!!

Basically I took out an MBNA card with 3% BT fee and 12mths 0%. I have taken £7600 as a cash advance which is in my stooze pot. Will they accept the regular payments from my egg money card? In other words, can I make 1% on the repayments?!!

Also, will egg count this as a cash advance too?

thanks,

YorkshireBoy

I have previously successfully made minimum payments (and full payments) from Egg Money's positive balance. However, check the small print because I believe they may have a minimum BT value of £100 (and your second and subsequent MBNA minimum payments will be less than this).

If you create a negative balance with the BT to Egg you will incur interest at your standard rate (7.9%/16.9% APR).

You will not accrue cashback on the BT.

moneysavingobsessive

Many thanks. Is MBNA not 3% minimum payment, so I will have around £200 repayments a month? I don't think I will be BTing anyway as I will get charged by MBNA each time.

I know MBNA isnt the greatest card because of the unlimited BT fee, but their transfer to bank account feature and high credit limits will allow me to be in profit in about 8 months...

YorkshireBoy

moneysavingobsessive wrote: »

Is MBNA not 3% minimum payment, so I will have around £200 repayments a month?

It's 3% OR fees + interest + PPI + £5...provided it will always be at least £25...whichever is the LEAST. Your second, and subsequent, minimum payments will therefore be £25. See the summary box/T&C's.

I don't think I will be BTing anyway as I will get charged by MBNA each time.

You've lost me there! You asked if you could make the minimum payments from Egg Money. You'd do that by BT'ing TO Egg (the money goes from Egg Money to MBNA). MBNA do not make a charge for making your minimum payments this way!