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Is MBNA currently a fee free mule / money transfer card for new customers?
Long time stoozer coming out of retirement to have another go, as I have a hungry offset mortgage that needs a few £1,000s!
I noticed on a few post here that the MBNA credit card was recommended as a 'mule card'.
Is it currently the case that a new customer, could expect to get Fee Free money transfers?
Or are Fee Free money transfers something that is offered to existing customers now and then?
Thanks
Comments
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As a long time MBNA CC holder I don't think I've had anything fee free from them for a very very long time. Maybe 20 years? Their MTs always have a higher fee then their BTs and I don't think they would even offer zero fees as a new customer lure.
fyi - used to do tons of stoozing to help with the offset and then a lot of BTs & MTs to balance the books. now thankfully the books are doing just fine so I'm hoping to never do any stoozing of any sort ever again.
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If you look at the MSE site, they have 3 recommendations for money transfer, mbna is by far the worst at 4% fee 9 months 0%. Even the best, Tesco, is 14 months 3.99% fee
You might as well do the purchase card route to build up a pot, best card is TSB up to 26 months 0% or M&S 25 months
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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On my current Lloyds credit card I have a money transfer offer of 0% fee and 5.9% interest. Useful if have another card to balance transfer immediately. Not sure if this is personal to me or would be available on a new card.
I closed my MBNA a few months ago because they'd stopped offering me fee free money transfers.
Debt Free: 01/01/2020
Mortgage: 11/09/20241 -
Seems from replies above there isn't any single card that is anywhere close to
Free Free Money Transfer
but as an existing customer of some* cards you might be offered a free free money transfer at some point but it can't be reliably predicted.
*Lloyds on this thread
*MBNA on another on this group
*Barclaycard in my experience at some point in the last decade
*Egg about 23 year ago! One for the OG stoozers 😎
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Halifax was always doing free MT for me but it hasn't shown as an offer for a while. Does anyone else have it?
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Yeah, used it last week but was 4.9% apr but did MT to bank accounts and immediately transferred CC balance using Virgin fee free 0% card.
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Lloyds and Halifax both offer me the BT/MT offers of 0% fee but interest, 5.9% iirc
Barclays have never offered me fee free MTs, best I had was 3.3% fee but given I get 6% on the Santander Edge it was worth it - last one I had was 24 months but I think they're currently doing 21 months
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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I noticed the almost perpetual fee free money transfer on my Halifax Clarity card disappeared right around the time they switched from Mastercard to Visa, and has yet to make a return.
Annoying because I used to always be able to count on this card to rack up the transfers to any new BT cards I qualified for. 😕
• The rich buy assets.
• The poor only have expenses.
• The middle class buy liabilities they think are assets.2 -
Both Halifax and Lloyds CCs offer me money transfer 0% fee and 5.9% pa
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