Confused what to do with MBNA Card

Legacy_user

Hi Everyone,

Just looking for a little advice here. I have just paid off the last £4.36 :rolleyes: off my MBNA card after they tried to stiff me with rates of over 30 something % on a balance of 2K.

That is all paid off now and I went to close the card, but they offered me 2.9% until christmas this year. The strange thing is, they were prepared to do a cash transfer equal to the balance transfer into my bank account at no extra fee. Now although I have other cards (all rate locked for LOB), im wondering if it is worth doing because it's only (more or less) 7 months, and no way am I getting stung again with massive interest rates.

Any advice or ideas appreicated.

13000

IWantToBeFree_2

You could always take the balance transfer into the bank, then put the money into a high interest rate account as the rate you'll get on the savings should be higher than the 2.9% your paying on the card. Just make minimum payments in the mean time then at Christmas, withdraw your savings, pay the card off, and effectively you will have some 'free' money.

SarahNeedle1872

If it was me, I'd get rid of it..... unless u think u are disciplined enough to do as IWTBF said, then shove the money in a high interest acc....

Skint_Catt

What sort of LOB ae your other cards? If all under 6% I would say not to worry for 7 months unless you really are disciplined enough to do the above! I'd possibly do it and pay it off a month early - just in case! I've got a HSBC savings acc which is 6.25% which would be worth it!

Bismarck

Ahhh! the MBNA deal with the devil....it;s the tempter and they dangle it in front of you...to see if you can hold off...We've some that are on 0% but explode in June....want to pay them now while I can but am wary that more cheques will come...

is it really worth the hassle? all it needs is a change in your plans and the trap will be sprung...34.9% and high repayments...

RAS

Hi

Only if you put the money in a high interest account in the mean-time, pay off the minimum each month and organise a DD to pay it back before the deadline.


Then cut up the card.

And you will net about £25 on a £1500 balance transfer, before tax.

Gemmzie

After balance transfer fees, there's no profit to be made here