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Balance transfer credit card
Jon1705
Posts: 2 Newbie
in Credit cards
I have two MBNA credit cards and would like to clear one of them with a balance transfer to my new Nationwide credit card. Is this allowed?
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Comments
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Presumably the new Nationwide one has a 0% BT offer? No reason why it shouldn't work as far as I'm aware as I don't believe that Nationwide and MBNA are part of the same banking group. If it is then you'd have to have a 0% money transfer offer, move the money to your bank account and then pay off the credit card from there. Usually a bit more expensive but if it gets the job done then that's ok.
Caveat: always ensure you have at least the minimum DD set up on any card where you're using an offer and DO NOT use it for purchases. There are very very few cards that will not charge interest on purchases from day 1 when you're utilising a 0% offer of any sort so easiest just to not do it.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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Hi,
Thank you that was helpful. I hope it all works.
Jon0 -
MNBA are with Lloyds and Halifax, no problem doing them to Nationwide
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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