MBNA Money Transfer Offer
Comments
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Next time, if there is one, I will try a secure message although it may not be as quick it will be less hassle.0
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Sainsbury's PIN arrived today so card should be arriving shortly.
Last MT request will go in tomorrow and will hopefully have all the BTs wrapped up early next week.0 -
Hi all,
Long time lurker and first time poster here. I am currently stoozing a small amount on two 0% credit cards but one ends in June and I need to find a new home for the debt.
I have the Barclaycard Freedom Rewards card £5,000 limit and utilized £2400 but the 0% period ends in June and also a Tesco credit card £4800 limit and utilized £2200 with the 0% period ending December 2018. I did have £12,000 available credit 6 months ago as I used to have the Santander 123 credit card with a £2200 limit but I have since closed that account.
I have a clear grasp on stoozing and have the cash in high interest bank accounts however I cannot fully get my head around the Balance transfer and Money Transfer to a bank account option to grow the stooze pot. I see a lot of people mentioning MBNA as the best provider to do the Money Transfers.
Nationwide are offering me the Select credit card and I checked last night to find I would be given a £1700 credit limit. I have been looking at the Virgin 0% and zero fee card too but I am not sure what my best option is now. I want to continue stoozing to gain the maximum possible return on my money.
Any advice would be much appreciated and if someone could point to a detailed guide regarding BT and MT or explain it step by step that would be very helpful.
If you were in my position now, with a good credit score, what would be your next step to continue and increase the stooze?0 -
YouStoozeYouLose wrote: »Hi all,
Long time lurker and first time poster here. I am currently stoozing a small amount on two 0% credit cards but one ends in June and I need to find a new home for the debt.
I have the Barclaycard Freedom Rewards card £5,000 limit and utilized £2400 but the 0% period ends in June and also a Tesco credit card £4800 limit and utilized £2200 with the 0% period ending December 2018. I did have £12,000 available credit 6 months ago as I used to have the Santander 123 credit card with a £2200 limit but I have since closed that account.
I have a clear grasp on stoozing and have the cash in high interest bank accounts however I cannot fully get my head around the Balance transfer and Money Transfer to a bank account option to grow the stooze pot. I see a lot of people mentioning MBNA as the best provider to do the Money Transfers.
Nationwide are offering me the Select credit card and I checked last night to find I would be given a £1700 credit limit. I have been looking at the Virgin 0% and zero fee card too but I am not sure what my best option is now. I want to continue stoozing to gain the maximum possible return on my money.
Any advice would be much appreciated and if someone could point to a detailed guide regarding BT and MT or explain it step by step that would be very helpful.
If you were in my position now, with a good credit score, what would be your next step to continue and increase the stooze?
Usually the simplest way to start off a stooz is to get a 0% purchases card and do all your normal spending on that card. When the balance gets to a high level or the 0% period getting close to ending, apply for a 0% (preferably low/no-fee) BT card and transfer the balance. If you did that for 8 moths you could BT the 0%purchases card balance and the Tesco card balance to a new BT card. I'd probably do that for now.
You could try to get a long-term 0% BT card to transfer the Barclaycard balance to but you'd not be transferring a particularly large balance. However, if you got a 0% BT card in May with a 90 day BT window you could transfer the Barclaycard balance and the balance of any spend on a card 0% purchases card between now and August sometime.
The BT/MT wasn't planned. I'd opened a Halifax 0% BT card to transfer a balance from a TSB 0% purchases card and add some transfers from my Nationwide card. My MBNA card just happened to offer a no-fee Money Transfer offer at 4.9%APR. I realised that I could take this offer and almost immediately transfer the MBNA balance to my Halifax card resulting in a no-fee Money Transfer on which I'd pay little interest as I would incur interest for on a day or two per transfer. As the offer was available for the whole of March, it gave me time to open additional 0% Balance Transfer cards.0 -
Thank you TheShape for the quick reply.
Checking the Credit Club eligibility chances I have the following options;
All MBNA cards and Barcl platinum 0% chance (Any ideas why MBNA doesn't want me?)
Virgin money
32mo 0% 0.6fee 60day transfer limit 95%chance
30mo 0% 0.55fee 60day transfer limit 95%chance
24mo 0% 0.00fee 60day transfer limit 95%chance
TSB - up to
28mo 0% 0.5fee 90day transfer limit 90%chance
Looks like the Virgin 24 month card is my best option. I was going to get the Amex Platinum everyday cashback card next month (90% approval) as I have a large spend planned next month however continuing the stooze of £4600 earns me £138/year @ 3% (All higher interest accounts maxed already) and the Cashback from the Amex card would only be £100 for the £2k spend in 3 months.
What do people spend their Barclaycard Freedom Reward points on? I have about 6,000 points to spend.0 -
You could get the Virgin Card, transfer your Barclaycard balance to it. If you have a large enough credit limit, you could also get the Amex card, make the purchase and then transfer that balance too, making sure you do it within the 60 day window.0
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I just so happens that I applied for a Halifax (£8K credit limit) no-fee, 0% BT card on Friday with the intention of using the MBNA card (5.2K credit limit) as a Mule for a £5k balance transfer (MBNA into credit) and topping it (the Halifax card) up to the limit (95%) with a balance transfer from my other cards which have balances.
I'm thinking that instead I could complete a money transfer from MBNA followed by an immediate balance transfer to Halifax and repeat a second time to fill the Halifax card. The cost should be minimal as I'll incur the 4.9% for only a few days while the BTs complete.
I assume you want to keep the balance on MBNA below your credit limit because that's also the limit for MTs? But why not BTs before MTs (so avoiding interest on the MTs) rather than the way around you're doing it?0 -
Just had the same issue with MBNA the operator couldn't understand why I would balance transfer £13500 to a card with zero balance! She agreed to return it to my bank account. I told her it was a mistake and that satisfied her it was beginning to become uncomfortable.
What was the explanation you used?
When I quizzed Nationwide about the possibility of using my Select card as a mule they confirmed that positive balance could be transferred to a current account but warned me that amounts over £3k would be delayed for 10-14 working days for money laundering checks (and that amounts under £3k would take 3-4 working days) . Does the same problem arise with MBNA positive balances?0 -
I assume you want to keep the balance on MBNA below your credit limit because that's also the limit for MTs? But why not BTs before MTs (so avoiding interest on the MTs) rather than the way around you're doing it?
Do you mean BT to create a +ve balance on the MBNA then get a +ve balance refund to my current account?
I think i made 5 different MTs and 6 BTs in total between 4 cards. If I was using the MBNA as a mule that might have been a bit much.0
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