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    • Former MSE Andrea
    • By Former MSE Andrea 15th Jun 06, 12:07 PM
    • 9,418Posts
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    Former MSE Andrea
    The end of balance transfers as we know it? Blog Discussion
    • #1
    • 15th Jun 06, 12:07 PM
    The end of balance transfers as we know it? Blog Discussion 15th Jun 06 at 12:07 PM
    This is a chat forum discussion on Martin's 'The end of balance transfers as we know it?' blog which you can read here.

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  • hanncy
    • #2
    • 22nd Jun 06, 10:39 AM
    End of balance transfers as we know it?
    • #2
    • 22nd Jun 06, 10:39 AM
    It sure is! I lent my son quite a sum of money and with juggling put it all on to 0% cards. I have managed this extremely well over the last couple of years constantly swapping cards without getting transfer fees every 6 or 9 months and my son has dilligently paid me every month. There is just 1700 left and I needed a new 0% in May and applied for an Abbey card (MBNA) - was turned down. Tried another 2 cards that were MBNA Bank - both turned down. Received through the post an invitation to apply for an MBNA Platinum card - turned down! Cross by this time as I knew my Credit Score to be above average, I phoned MBNA and was told that it is now their policy not to issue any 0% cards to people who have held them before! OK, fair enough I have been a 'Tart' and had a good run for my money. However at the same time my husband applied for a Buy to Let mortgage. He applied to two different companies to see which was the best deal and as the property was to be in our joint names 2 more searches were done on my credit! I had to make 3 further applications before I was given a 0% card with a limit of only 1500. On investigation I found that my Credit Score has plumeted due to so many searches! I do think MBNA could have just told me their policy without doing searches. I am glad only a small sum is owing as I think it is going to get more and more difficult. It is also so time consuming, reading all Martin's advice for the best deals and then filling out the forms - and in the meantime I got lumbered with a months interest! Still I have done well, had alot of money at 0%, really due to reading Martin's words of wisdom!
  • Anne, Oxford
    • #3
    • 22nd Jun 06, 6:52 PM
    MBNA won't give you two hits
    • #3
    • 22nd Jun 06, 6:52 PM
    You're right about MBNA, Hanncy. I applied for the BMI Baby card as recommened by Martin in order to get the airmiles, but they turned down my application. I was shocked. I have an excellent credit score - i thought. but am also a rate tart. Turns out that it was an MBNA card and because i took advantage of the Virgin balance transfer, which is also MBNA, and checked out just before time was up and spent not a bean on the card, they wouldn't let me take 'em for the second time. I was concerned that I was put in the position of not being able to respond "NO" to the question "have you ever been denied a credit card before" but on reflection - if they're asking, then they don't know, so I'll still answer "no" to that one.
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