MBNA Money Transfer Offer
Comments
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What I've effectively done is replace my cash savings with stoozed funds and moved the majority of my 'original' cash savings into a S&S ISA, a SIPP and p2p lending.
I'm not worried about the short term performance of my S&S ISA (or p2p) as I have an amount equal to my stooz pot in easily accessible cash savings + approx £4/5k. This 'cash' pot is shuffled around to whatever current account or regular saver is paying the best rate at any one time. As regular savers mature, I intend to make lump sum payments into the S&S ISA with part of proceeds and hopefully kick off further regular savers with the remainder.
39 next week. If I'd known about stoozing at 30 I'd have been doing it.0 -
Happy birthday!39 next week. If I'd known about stoozing at 30 I'd have been doing it.
I started just over 12 years ago in early 2005, and made an awful lot of money between then and 2007-08. However, even I missed the real golden years which were 2001-05 IIRC, when people like FD were giving £25K limits and fee-free BTs to almost anyone.
These were then routed through the mules of the day, ie MBNA and Egg Green. The stoozer's best friend, Egg Money*, came along in Autumn 2006. Those were the days...loads of fee-free BTs, multiple cards from the same lenders, big limits, a £70-80K stoozpot (others were approaching 6-figures!), and all of it making 5% AER with ING Direct. £250 a month AFTER savings interest tax!
* Anyone remember the BACS loophole where we got 1% cashback on BACS transfers of +ve balances? That was worth another £200 a year...for 2 phone calls requesting £10K transfers each time!0 -
Happy birthday for next week and thanks for response.
I started stoozing with very little at the start of 2015 and have now made over £2000 from bank accounts alone. That's not including what I've earned from P2P and S&S ISA. Wish I'd known earlier!
Most 0% balance transfer cards are around 24 - 30 months long. When you get to end of those interest free periods, will you just roll them on new balance transfer cards?
How long did you hold the MBNA card before they sent you the offer for 0% money transfers?
Admittedly, I'm not going to be starting with the money transferring until next year as there is a mortgage renewal on the horizon. After that, I'm hoping to get started with it.0 -
I intend to roll over balances to new 0% BT cards. Got a 0% period ending early August so should be applying for both a new 0% BT card and a 0% purchases card soon.
I've held the MBNA card for quite some time. It started out as a Play.com credit card in 2009. I wasn't in the habit of checking for offers so they may have been available previously. I received the MT offer by email which I don't remember receiving before. I'm now in the habit of checking each month.0 -
Looks like my further stoozing has been put on hold. The man from Tesco he say NO and sent me a nice letter about responsible lending and how my credit file shows a large amount of credit card borrowing. My current "debt" is 1.25 my income with a further .75 income available, only another £1.5K left on my TSB slow stooze card but loads left on my MBNA which is not really useable.
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Welcome to the club!Looks like my further stoozing has been put on hold. The man from Tesco he say NO and sent me a nice letter about responsible lending and how my credit file shows a large amount of credit card borrowing.
Don't know how many current account providers you have, but I've found that when you think all is lost...up pops one of them with a 'guaranteed acceptance'! My most recent was a visit to a Halifax branch where I had 'peek' at my profile on screen. I already had a BoS card (with a £5K limit), but the adviser said there was a Halifax card available if I wanted it...with a £12K limit! I went straight home and made an online application, and when asked how much I wanted I entered £14K. Message said no, but I could have £12K if I wanted it. Yes please!
I've had similar experiences with Lloyds and Santander.0 -
YorkshireBoy wrote: »Welcome to the club!
Don't know how many current account providers you have, but I've found that when you think all is lost...up pops one of them with a 'guaranteed acceptance'! My most recent was a visit to a Halifax branch where I had 'peek' at my profile on screen. I already had a BoS card (with a £5K limit), but the adviser said there was a Halifax card available if I wanted it...with a £12K limit! I went straight home and made an online application, and when asked how much I wanted I entered £14K. Message said no, but I could have £12K if I wanted it. Yes please!
I've had similar experiences with Lloyds and Santander.
When you say you had a 'peek', was it actually a surreptitious look while their back was turned or did you ask whether there was a card offer available? I don't have any business to transact in branch but it might be handy to find out if I've got any offers available0 -
I've never been refused a look at my Halifax profile, whenever I've asked over the years.When you say you had a 'peek', was it actually a surreptitious look while their back was turned or did you ask whether there was a card offer available? I don't have any business to transact in branch but it might be handy to find out if I've got any offers available
And Lloyds were always happy to show me too.0 -
A decline for a BT card from Lloyd's. Unfortunate as it's no-fee and £20 cashback available. It will soon be 6 months since I closed my Barclaycard account so I think Barclaycard will be the next one to try for. Got a balance of £3900 on a TSB card with the 0% period ending 02/08/17 which I'd rather not pay off.0
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A decline for a BT card from Lloyd's. Unfortunate as it's no-fee and £20 cashback available. It will soon be 6 months since I closed my Barclaycard account so I think Barclaycard will be the next one to try for. Got a balance of £3900 on a TSB card with the 0% period ending 02/08/17 which I'd rather not pay off.
You should have gone into a branch first to check and saved yourself the hard search. I've always done this whenever I have wanted another Lloyds/Halifax/BOS card, you can see on their screen what your rating is and what credit card limit they will give you and what cards and loan amounts are available.
http://forums.moneysavingexpert.com/showthread.php?t=4866010I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com0
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