Best Balance Transfers Discussion Area

dameedna_2

Hello Moggles- yes, I have a card with MBNA, and it was they who offered me a 'money transfer'. I've already moved money from my old card to MBNA, at 0%, and am now looking to use their current offer to pay off my overdraft.
Essentially it's the same as a balance transfer, but once the introductory period expires, that money will be charged at 16%, whilst the conventional balance transfer will incur a rate of just 14%.
I'm still wondering if it's worth taking up the offer, as my overdraft interest is about the same- in fact free, to a point.

DE.

Moggles_2

PJB wrote: »

I have a number of cards, so my wife who has none is applying for couple so we can shift balances and close some of mine and reapply when i am entitled to 0% BTs. She was accepted for Virgin, but with low available credit, so we are looking to apply to others but went to MBNA and the site is exactly the same as Virgin.

You cannot transfer balances between cards underwritten by the same bank, as I think you realise. (You would be trying to pay 'em off with their own money.)

This table on the stoozing site (which is sponsored by Money Saving Expert) should
help:
http://www.stoozing.com/cards.htm

To help you further, we would need to know which ccs you have at the mo or have held recently.

Moggles_2

dameedna wrote: »

I've already moved money from my old card to MBNA at 0% and am now looking to use their current offer to pay off my overdraft. Essentially it's the same as a balance transfer, but once the introductory period expires, that money will be charged at 16%, whilst the conventional balance transfer will incur a rate of just 14%. I'm still wondering if it's worth taking up the offer, as my overdraft interest is about the same, in fact free to a point.

If you would have savings to pay off your credit card balance before the 0% period expires, that's great.

Bear in mind that the reason MBNA can afford to lend you money at 0% for X months is because, as often as not, customers do not clear the debt and end up paying crippling interest when the promotion period ends. If this were not the case, these 0% offers would have dried up long ago.

If the 0% period isn't long enough to pay pay off your borrowings, it may be safer to stay put or apply to one of the other lenders suggested in #2783 above.

PJB

Moggles wrote: »

You cannot transfer balances between cards underwritten by the same bank, as I think you realise. (You would be trying to pay 'em off with their own money.)

This table on the stoozing site (which is sponsored by Money Saving Expert) should
help:
http://www.stoozing.com/cards.htm

To help you further, we would need to know which ccs you have at the mo or have held recently.

Have looked at site but what i really needed to know is what are the best cards my Wife can apply for, ie: ones not owned by same bank. As i said have the Virgin so that rules out MBNA.

Moggles_2

PJB wrote: »

Have looked at site, but what i really needed to know is what are the best cards my Wife can apply for, ie. ones not owned by same bank? As i said, have the Virgin, so that rules out MBNA.

If you click on the link I posted, the table shows who owns who

Scroll down the left-hand column to MBNA, then read off the cards listed in the right-hand column. These are broadly the ones she should avoid. (It's not an exhaustive list, but nevertheless an excellent starting point.)

To help you further, we would need to know which credit cards you have at the mo or have held recently.

wilmacat

How long do you have to have cancelled a card for before you will be allowed to a apply for a new one to take advantage of new deals?

I suspect this has been asked before so appologies up front.

Moggles_2

wilmacat wrote: »

How long do you have to have cancelled a card for, before you will be allowed to a apply for a new one to take advantage of new deals?

Lenders vary in this respect, as with everything else.

Some (eg. Barclaycard, HSBC) will not consider applications from former card holders in the 6 months following closure. The Royal Bank of Scotland stable (which includes Lombard Direct, Mint, NatWest, Tesco & Ulster Bank, as well as RBS itself), makes former customers wait 8 months and in the case of Egg, it's 12 months.

At the other extreme are Capital One, HBOS (which includes Bank of Scotland, Halifax, IF & Sainsbury), Marks & Spencer and MBNA. They accept applicants a month or so after closure.

In all cases, it's advisable to check your credit reports to make certain the account is actually closed down and marked "settled" before you re-apply

Moggles_2

grmen wrote: »

this shop can use credite card
fendsell.com

SPAM REPORTED :rolleyes:

PJB

Moggles wrote: »

If you click on the link I posted, the table shows who owns who

Scroll down the left-hand column to MBNA, then read off the cards listed in the right-hand column. These are broadly the ones she should avoid. (It's not an exhaustive list, but nevertheless an excellent starting point.)

To help you further, we would need to know which credit cards you have at the mo or have held recently.

Thanks again Moggles.

I have the following cards:

Abbey MBNA and Santander
A&L formerly, now MBNA
Barclaycard Platinum
Egg
AA

So pretty sure i have no options! Hence why we want to move balances to 0%BT deals in Wifes name, who as i said only has the Virgin card only.

dfh

Moggles wrote: »

Lenders vary in this respect, as with everything else.

Some (eg. Barclaycard, HSBC) will not consider applications from former card holders in the 6 months following closure. The Royal Bank of Scotland stable (which includes Lombard Direct, Mint, NatWest, Tesco & Ulster Bank, as well as RBS itself), makes former customers wait 8 months and in the case of Egg, it's 12 months.

At the other extreme are Capital One, HBOS, Marks & Spencer and MBNA. They accept applicants a month or so after closure.

In all cases, it's advisable to check your credit reports to make certain the account is actually closed down and marked "settled" before you re-apply

From my practical experience,this is not strictly true.I got a second halifax card three months after closing my first and my partner got a second barklaycard 3 months after the first one was closed.