Best Balance Transfers Discussion Area

Llyllyll

My wife is thinking of applying for the above card which I understand is run by MBNA.

If she goes ahead I would like to transfer money from a credit card of mine (A&L - run also run by MBNA) to this new one of hers (MBNA 1.9% for 12 months NO FEE). Grateful if anyone can say if this is allowed or not.

Thanks

Llyllyll

Llyllyll wrote: »

My wife is thinking of applying for the above card which I understand is run by MBNA.

If she goes ahead I would like to transfer money from a credit card of mine (A&L - run also run by MBNA) to this new one of hers (MBNA 1.9% for 12 months NO FEE). Grateful if anyone can say if this is allowed or not.

Thanks

To answer my own question - NO, MBNA won't let you do a BT from one of their cards to another no matter who the individual account holders are.

Moggles_2

Llyllyll wrote: »

To answer my own question - NO, MBNA won't let you do a BT from one of their cards to another no matter who the individual account holders are.

That's right.

You cannot transfer balances between cards underwritten by the same bank, in this case MBNA. That would be like trying to pay them off with their own money.

Fortunately, MBNA is one of just three lenders in the UK that allow you to route funds via your current account. Your wife could request her money transfer when she calls to activate her new card (Please see #2482 above) There's no handling fee with this particular card. The funds would be credited to her current account in about 6 days. From there, she could pay off your card

Moggles_2

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royzer76

Hiya Guys,
Can you help me with my Balance Transfer?
I have £2200.00 spread over 2 cards which are coming to the end of promotional deals.
Just read in Martins email about the MBNA 1.9% for 12 months/no fee BT deal but don't know whether to go for that or for a 0% BT transfer with a fee, with say Virgin or Halifax.
If Im honest I tend to just make min payments and pay off extra as and when I can. Just really trying not to pay huge amounts on interest. And would be willing to switch again in 12 months.
If the Mbna deal is the better one, how much will the interest be? Is it 1.9% of 2200.00? Am I being dense?
Thanks guys!

Moggles_2

royzer76 wrote: »

I have £2200.00 spread over 2 cards which are coming to the end of promotional deals. Just read in Martin's email about the MBNA 1.9% for 12 months/no fee BT deal but don't know whether to go for that or for a 0% BT transfer with a fee, with say Virgin or Halifax. If I'm honest I tend to just make min payments and pay off extra as and when I can. Just really trying not to pay huge amounts on interest.

All three are market-leading deals and you wouldn't go far wrong using Halifax, MBNA or Virgin.

That said, if you tend to make the minimum payment required more often than not, the Virgin offer would probably save you the most money, whereas those aiming to clear the balance over 12 months with larger instalments, would find the MBNA card marginally less expensive.

If the MBNA deal is the better one, how much will the interest be?

That depends on the frequency, size and timing of the extra payments you make as and when.

If you plug some numbers into this credit card calculator, you can estimate the interest payable and see the effect of increasing your payments by a few pounds

http://www.whatsthecost.com/creditcard.aspx

royzer76

Thanks for that link moggles.

Just put my numbers in and based on me paying the min 1% required with the 1.9 apr, over the 12 months I'd be paying about £40.00 interest. The balance transfer fee with Virgin is about £64.00 but i'd get another 6 months at 0% apr. After the initial 12 months with MBNA the interest goes up to about £30.00 a month.
So I guess the Virgin deal is better long term for me? Or the Halifax who offer 13 months at 0% apr.

Thanks for the help!!:j

Moggles_2

royzer76 wrote: »

The balance transfer fee with Virgin is about £64.00, but I'd get another 6 months at 0% apr.

With Virgin, you would get a further 4 months actually ie. 16 months in total at 0%.
They're all good deals though. There's not a lot to choose between them.

Very best
M

Pip123

Hi! I'm new! was wondering if anyone could help me? I currently have 3 credit cards with HSBC,ASDA and Tesco and want to balance transfer in order to pay less interest and hopefully to throw more money at them in order to clear them! Which would be the best to apply for also taking into consideration i am on a low income? My credit rating is good in that i pay all 3 on time and my only other outgoing is a car on HP for around £8000.Thanks for any help!

royzer76

Moggles wrote: »

With Virgin, you would get a further 4 months actually ie. 16 months in total at 0%.
They're all good deals though. There's not a lot to choose between them.

Very best
M

Ah yeah ... I knew that ha ha!!

Think im prob gonna go for the Virgin or Halifax! Or would you go for the MBNA and then just switch again in 12 months?