MBNA money or balance transfer

dhassen

I've been looking at the MBNA platinum plus card that offers 0% on balance transfers and cash transfers untill april 2009.

I've been looking to transfer the balance of my cahoot flexi load (around 7000).
In the summary for the MBNA card, it gives the standard rates as 15.9 for BTs, cheques and purchases. It states: APR of 27.9 "on cash transactions (including money transfers)"

would transferring to cahoot flexi loan - or another bank account, be classed as a money transfer or a balance transfer? Bit confused by this one

Dave

NickX

Transferring funds from MBNA to your Bank Account should be classed as a Balance Transfer and should attract the preferential rate.

I would advice doing this over the phone, and get the CS rep to confirm that it is treated as a Balance Transfer. Then take a note of his name, date and time of the call. If they do try and stitch you for interest, you have all the evidence that they are in the wrong.

Hope this helps.

YorkshireBoy

dhassen wrote: »

would transferring to cahoot flexi loan - or another bank account, be classed as a money transfer or a balance transfer? Bit confused by this one

They've had this money transfer definition for some time now (well over two years IIRC), so I would expect them to implement it sooner or later.

However, since they openly state it's 0% on transfers into your current account then that's what you should do...and settle the loan from there.

I've always done my MBNA SBT's via telephone, rather than online, because it then gives you chance to confirm with the CSA that the rate is, in fact, 0%.

dhassen

yea thanks for that Nick. I'd probably ring up anyway - lots of online sites don't recognise my address. Looking at my sig, and the fact I already have a virgin (mbna) card, what do you think my chances would be of getting accepted by mbna for over 7k? Not home owner, good history, good income.

Cheers

dhassen

YorkshireBoy wrote: »

They've had this money transfer definition for some time now (well over two years IIRC), so I would expect them to implement it sooner or later.

However, since they openly state it's 0% on transfers into your current account then that's what you should do...and settle the loan from there.

I've always done my MBNA SBT's via telephone, rather than online, because it then gives you chance to confirm with the CSA that the rate is, in fact, 0%.

Yea I could transfer to my current account no problem, but it's still more the issue of whether it's a balance or money transfer - and the rate after the offer period is up that would worry me

thanks

NickX

Ah my advice was endorsed by YorkshireBoy aswell, so got to be right :j

MBNA seem to be generous on Credit Limits. A recent virgin application gave me £10k.

But there is no way of knowing in advance what you will get really, you just have to apply and see. However if you are disappointed by the limit, do try and negotiate the limit up with the CS rep.

As you say you already have a Virgin card, they should be able to take any unused credit from that one and add it to the limit on the new card, so you may well be ok.

dhassen

NickX wrote: »

Ah my advice was endorsed by YorkshireBoy aswell, so got to be right :j

MBNA seem to be generous on Credit Limits. A recent virgin application gave me £10k.

But there is no way of knowing in advance what you will get really, you just have to apply and see. However if you are disappointed by the limit, do try and negotiate the limit up with the CS rep.

As you say you already have a Virgin card, they should be able to take any unused credit from that one and add it to the limit on the new card, so you may well be ok.

I understand that it's always difficult to say, each application is different etc. They've (virgin) upped my limit twice now in the last 6 months on the virgin card, maybe that's a good sign. I need a serious think about this, but really want to get rid of cahoot! (19.9% :eek::eek:)
thanks guys

YorkshireBoy

Is your Abbey card also run by MBNA?

If so, that might be a problem.

Have you considered the Egg Card (Visa...NOT Egg Money)? It offers the same 0% rate on current account transfers for 14 months, albeit with a 3% fee.

YorkshireBoy

dhassen wrote: »

...and the rate after the offer period is up that would worry me

At 15.9% typical, it's still a good bit less than your 19.9% Cahoot rate.

dhassen

no, the abbey one is now run by abbey. And it was this confusion about cash transfers where the rate was worrying me (27.9%) not the (as you say) better than cahoot rate of 15.9. I didn't realise Egg did current account transfers, I only knew of MBNA that did it. I'll have a look... thanks