Why has MBNA suddenly stopped offering me ‘existing customer’ transfer deals?

alexanderalexander

I’ve had two MBNA cards for several years now and throughout that time they’ve always had ‘existing customer’ balance transfer and money transfer offers available – usually something like 4%–5% fee for 12 months. However, they have suddenly disappeared. Does anyone know what might have caused that to happen? Is it a wider change in MBNA policy, or is there something which MBNA suddenly doesn’t like about my credit profile

MattMattMattUK

alexanderalexander said:

I’ve had two MBNA cards for several years now and throughout that time they’ve always had ‘existing customer’ balance transfer and money transfer offers available – usually something like 4%–5% fee for 12 months. However, they have suddenly disappeared. Does anyone know what might have caused that to happen? Is it a wider change in MBNA policy, or is there something which MBNA suddenly doesn’t like about my credit profile

MBNA seem to cycle their offers, I get them every few months on average, but I can go six months without an offer. I currently have Balance Transfer and Money Transfer, both 5% fee then 0% interest for 12 months, but a few weeks ago they were both 18 months. They might drop off for a while and then offer them again. 

th081

alexanderalexander said:

I’ve had two MBNA cards for several years now and throughout that time they’ve always had ‘existing customer’ balance transfer and money transfer offers available – usually something like 4%–5% fee for 12 months. However, they have suddenly disappeared. Does anyone know what might have caused that to happen? Is it a wider change in MBNA policy, or is there something which MBNA suddenly doesn’t like about my credit profile

It's to mix it up and encourage you to use it as might not be available in the future. I find their offers are short (12 months) with a high fee 5%. But my Barclaycard offer went from a 2.8% fee last month to a 3.1% fee this month 

Hoenir

Uncertainty in the financial markets perhaps. There's a on going on currently and the dust needs to settle. 

fergie_

They can also disappear if their credit rating of you changes.

alexanderalexander

Thank you for everyone's thoughts. Seven weeks on from my post I still haven't had any offers come through on either of my MBNA cards. I might keep them open until the spring and then close them. 

martinbainbridge1975

Lloyds group including MBNA seem to be shorter terms and higher fees, I seem to be getting nothing from Barclaycard, so looking at closing the card in favour of Natwest.

HSBC are very good - fees and period very fair, might be because I am using the card whilst there is 0% deals on it for spending.  Offers will vary depends on individual circumstances

born_again

Please do not take this the wrong way.

Given you seem to have the same query with Nat West.
Perhaps they have realised that you are just cycling the same debt over & over & not actually making much/any headway in paying it back?

It could be your whole available debt & actual debt to income ratio, that is the real issue.

DullGreyGuy

Wife and I both have poor offers from MBNA and they are different for each of us. 

th081

born_again said:

Please do not take this the wrong way.

Given you seem to have the same query with Nat West.
Perhaps they have realised that you are just cycling the same debt over & over & not actually making much/any headway in paying it back?

It could be your whole available debt & actual debt to income ratio, that is the real issue.

This is the ideal for a credit card company a person perpetual carrying debt sometimes getting a zero deal and paying 3-5% other times paying 20-30% but always paying 

alexanderalexander

born_again said:

Please do not take this the wrong way.

Given you seem to have the same query with Nat West.
Perhaps they have realised that you are just cycling the same debt over & over & not actually making much/any headway in paying it back?

It could be your whole available debt & actual debt to income ratio, that is the real issue.

I had thought that could be the case and don't worry, I haven't taken it the wrong way. It's true, I've deliberately not  been making too much headway paying my credit card debt back as I've been using low-cost BT offers, and it's possible that the credit card providers' algorithms have spotted this and don't like it. 

However, as @th081 says, surely they do actually want people to be carrying balances on their cards as otherwise they don't make any money -- so my credit profile (some long-term balances but a 100% payment record) might therefore actually be attractive for them. However, if their algorithms are sophisticated enough to clock that I've been continually using cheap BT deals rather than paying proper credit card interest that might make them less keen.