Want no BT fee and only £5 min repayment p/mt credit card please

niceshoes_2

Hi there,

Like many others I took out a Virgin MBNA card months ago and have loved only having to pay the £5.00 monthly repayment fee per month. It has meant that I have been in a position to concentrate on other things.

Sadly, my 0% period is due to expire shortly, and I was wondering if there were any other credit cards that would allow me just to repay the minimum £5.00 repayment per month, as MBNA have allowed.

I also, don't really want to pay a BT fee.

Current balance on the card stands at £3000 and won't be reduced much more at all, I am afraid.

I have a good credit history, so I am confident that I am able to get more credit.

I also have a Nationwide Gold Card which has nothing owing on it, but use this when I am abraod etc. Have no other credit cards at all, although I have in the past had egg, mint and sainsburys, although these were all at least 12 months ago now.

As I say, ideally I want a card that will not charge me a BT and allow me to only repay the minimum £5.00 monthly replayment fee.

I hope that someone more "clued up" on these sorts of things will be able to advise me, as I am sure you will

Thank you in advance for any help that I get

YorkshireBoy

Only MBNA (and MBNA run) cards have this £5 minimum payment "quirk".

In my opinion, based on reading various forums, you will be unlikely to be offered another MBNA branded card. However, if you are able to get one, you will not be able to BT the debt from one MBNA card to another. You'd have to go through a 3rd card to "clean" the money so to speak.

No fees...

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1122985312,39518,

https://www.stoozing.com/0fees.htm

http://forums.moneysavingexpert.com/showthread.html?t=95994 (Barclaycard loophole for <£5K BT’s)

Who owns who…

https://www.stoozing.com/cards.htm

niceshoes_2

Thanks very much for your reply.

So if I were to be able to move the debt from the Virgin card to my Nationwide card and then balance transfer it to a MBNA card, providing I was successful in being accepted for another one, then I could do this?

Probably a very basic question, but I don't really know alot about credit cards, apart from how to spend on them!

YorkshireBoy

niceshoes wrote:

So if I were to be able to move the debt from the Virgin card to my Nationwide card and then balance transfer it to a MBNA card, providing I was successful in being accepted for another one, then I could do this?

Your logic sounds OK but I'm not familiar with the Nationwide T&C's or where you are with them regards to credit limit, introductory period, etc.

Just remember that if you apply for an MBNA affiliated card and are turned down, the search will still have registered and may affect your ability to obtain further credit elsewhere - depending of course on your own personal situation with repect to your credit file.

niceshoes wrote:

...I don't really know alot about credit cards, apart from how to spend on them!

You gave us a clue from your first post.

Clariman

As YB says, MBNA cards are the only ones that offer £5 minimum payments. He also correctly points out that you can not BT between MBNA cards. On top of that, you should be aware that MBNA cards pretty much all charge a balance transfer fee these days. In other words, you are either going to have to sacrifice your wish to have £5 min payments or sacrifice your wish to have no BT fee. You are unlikely to be able to do both.

Clariman