Question re 0% cards

easyv

Hello,

I was wondering if you could give your opinion on something - I have £5,500 on an MBNA deal which runs out in April (it was much more but I've been paying off £200 pcm).

As I know that I wasn't going to pay of the remainder in a year I decided to opt for the Citibank 5.8% life of balance card (as recommended by this site). I got accepted yesterday but only for a limit of £3,500. What do you suggest I do with the other £2000? Try and get another 0% deal - if so, what would be the most efficient way to pay it off?

Any advice much appreciated.
Thank you
V

CannyJock

easyv wrote: »

Hello,

I was wondering if you could give your opinion on something - I have £5,500 on an MBNA deal which runs out in April (it was much more but I've been paying off £200 pcm).

As I know that I wasn't going to pay of the remainder in a year I decided to opt for the Citibank 5.8% life of balance card (as recommended by this site). I got accepted yesterday but only for a limit of £3,500. What do you suggest I do with the other £2000? Try and get another 0% deal - if so, what would be the most efficient way to pay it off?

Any advice much appreciated.
Thank you
V

Been reading a few posts recently about people with two MBNA cards (different brands, but same provider). If you've been operating your currentMBNA card in terms, you might be able to get another one from them, maybe not with a huge credit limit.

If you were eligible for one, you'd have another card with a 0% introductory offer. Can't transfer from MBNA card to MBNA card, but you could transfer £2000 from your Citibank card to your "new" MBNA card, then transfer the £2000 on your "old" MBNA card to your Citibank card. You'd pay a couple of transfer fees, but no way to avoid that I think.

Other option which can't do any harm would be to call their retention people on 0800 783 1116 and tell them you're thinking about closing the card and you've been offered a 0% deal with Citibank - see if they'll make you an offer?

Bokkens

Welcome to MSE
Ideally a 0% card so you don't have to pay any interest have a look at the cards that are offering 12mths+ at 0% Barclaycard only allow you to transfer 95% of the balance so that would leave you £100 left on your MBNA card so watch out for that.
You cannot BT to another MBNA card like A&L Virgin or Abbey so don't waste time apply for those if that id what you want to do.
Be aware of Transfer fees they are between 2-3% of the sum moved,you can find details in the cards summary box in the terms and conditions this may seem small but if you try to move smaller amount two or three times this can be expensive so plan you moves carefully to avoid the charges and extra fees .
You could apply for another LOB card but I am guessing you want to avoid paying any more interest.
Hope that helps.