Just received an e-mail from MBNA regarding this. Seems like a cracking deal - 3 years and 3 months of peace of mind. Also the initial transfer fee is not that high 2.9%...yes, before you say it, I know that there are other cheaper offers but, again, given the length of time of peace of mind some people will welcome this.
Top comments
topss to spicerboy
1 Feb 1610#9
If someone isn't able to even arrange a simple DD, then a credit card is the last thing they should be signing up for.
bellboys
1 Feb 165#8
Virgin Money has a 40 month 0% card with a 2.89% transfer fee. Please note that this is an all or nothing card in the sense that unlike the MBNA card, you either get the full 40 months or they turn you down. The MBNA card is an 'up to' deal - poorer credit history often gets a lower period of 0%.
MSE has a pretty useful 'eligibility calculator' which puts a soft search on your credit file which you can see but lenders can't. Gives you a decent idea of which card you are likely to get so you don't **** up your credit rating being turned down.
Be very weary of Mbna if you miss a payment even for 1 day and they will cancel any deal and charge full interest they have very poor customer service be warned.
topss to spicerboy
1 Feb 1610#9
If someone isn't able to even arrange a simple DD, then a credit card is the last thing they should be signing up for.
callum84 to spicerboy
1 Feb 16#10
With any credit card you should always setup a direct debit for minimum payment just incase you forget.
Dont think any providers take kindly to late payments these days.
Had an MBNA card for quite a few years now. Have found them to be decent. Only had to contact customer service once when they reduced my credit limit but was promptly increased again.
Babbler to spicerboy
1 Feb 16#15
Thats what dd was invented for...
Been a customer of theirs for at least ten years now... being an existing customer - when you clear your balance they tend to send you another 12 to 24 month interest free offer the month after - or even during - your current deal. Means you dont have to keep applying for other cards.
Also they are one of the only cards allowing transfer to bank account. Which comes in handy. Can transfer to bank towards end of current deal - pay that off with the transfer hence extending the deal :smiley:.
As for specifying DD amount - can ring them to do so. I know - it involves talking to someone rather than clicking buttons - that is the only down side of their cards - assuming you can manage your money.
WillPS to spicerboy
1 Feb 16#17
Barclaycard are just the same, I imagine it's standard.
As others have said, Direct Debit (at least for the minimum payment) is essential.
Sebas111 to spicerboy
1 Feb 16#21
Yes and when your circumstances change they are very unwilling to assist you in any way, shape or form.
ianhalling to spicerboy
1 Feb 16#30
wary not weary surely ?
Haggis0609
31 Jan 16#3
I had one of these, found their customer service to be very poor, and you are unable to specify the amount of your direct debit, its either minimum payment or full balance so it makes it very difficult to pay your balance off over the term
peroxidase to Haggis0609
31 Jan 162#4
Just set up standing order.
robinjames127 to Haggis0609
31 Jan 162#6
This is incorrect. you can dictate any amount to oay at any time. It's realy simple and easy and I like how the site works. its simple and efficient. Obviously if you miss payments you.are going to be punished under terms but the answer to that is simple. don't.
scottyjim to Haggis0609
1 Feb 162#11
How would that work? your balance changes every month? Any credit card will only let you set either min or full but you just pay any extra you want during the month via debit card ect
robinjames127
31 Jan 16#5
Got this a few weeks ago. good service so far. no regrets.
yas212
31 Jan 16#7
i found their customer service to be fairly decent
bellboys
1 Feb 165#8
Virgin Money has a 40 month 0% card with a 2.89% transfer fee. Please note that this is an all or nothing card in the sense that unlike the MBNA card, you either get the full 40 months or they turn you down. The MBNA card is an 'up to' deal - poorer credit history often gets a lower period of 0%.
MSE has a pretty useful 'eligibility calculator' which puts a soft search on your credit file which you can see but lenders can't. Gives you a decent idea of which card you are likely to get so you don't **** up your credit rating being turned down.
I noticed the MSE thing on the TV the other week. I noticed they have started doing cash advance credit cards again and thought I'll have a look as its a very cheap loan. 10% chance! I have a great credit history/score. We put in my brothers details (he juggles his cards and has missed payments in the past. 80% chance.
Seem there is no money to be made from me so not eligible. :disappointed:
goldy12
1 Feb 16#13
MBNA offer good deals to take their products, but their customer service is shockingly bad.
DealJourno
1 Feb 16#14
Good deal if you've been sucked in by your bank and now realise you need to pay them back.
WillPS
1 Feb 16#16
Be sure to have a look at your credit record to be sure - but remember there is no such thing as 'having a great score' in the UK. Different providers assess you differently. Some actually want to see some minor infractions so they can see they have a chance of charging you a fee (which is where credit card companies make a chunk of their money).
TheNexusPanda
1 Feb 161#18
So true
Razzadaza
1 Feb 16#19
Anyone thinking of getting this should look at their other offer as well. The second one only has 32 months interest free, but a 1.5% fee rather than 2.9%. As I know I'd have my balance paid off within 32 months, I went for the lower fee option.
Gooner77
1 Feb 16#20
Nice find thanks.
e604005
1 Feb 161#22
Approved mine today. Welcome to 39mth 0%.
ianhalling to e604005
1 Feb 16#32
As Joey Essex would say : "Reeeeem!"
e604005
1 Feb 16#23
That's why you have DD, then you don't miss the payment. Simples.
furbix
1 Feb 16#24
What's the best card to use for US purchases like for fuel and hotels?
simont_space
1 Feb 16#25
Before taking on any interest free CC look up Securitisation. You transfer your balance, they package up and sell the debt to large investors, they manage the account for a fee, they dump you to debt collection very quickly, they sell the debt to less than the best debt buyers for a knockdown fee, you are at risk then of lots of hassle.
This is the business model used by all the interest fee CC providers. It's how they make money.
Consumer Action Group goos source of help if you are in any debt problems.
olivercer
1 Feb 16#26
Can somebody explain me why should I get a card that allows balance transfers for 39 months at 0 interest?
I have received this MBNA promotion by post and I immediately binned it.
Usually when I get a new credit card I transfer the balance from the other immediately and pay it in a couple of months. How many credit cards do you have guys? I always look for 0% purchase cards (just got one from Lloyds, 21 months 0% purchases).
topss to olivercer
1 Feb 161#27
I'm sure you just answered your own question in there somewhere :confused:
ianhalling to olivercer
1 Feb 16#31
If you transfer your balance to this card you will have longer to pay it off at 0 percent - it's a no-brainer surely ?
simont_space
1 Feb 16#28
Wants confirmation he is doing it right. :smiley:
mrsmalls
1 Feb 16#29
thanks op, I've been accepted just waiting for my card.
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Opening post
Top comments
MSE has a pretty useful 'eligibility calculator' which puts a soft search on your credit file which you can see but lenders can't. Gives you a decent idea of which card you are likely to get so you don't **** up your credit rating being turned down.
http://www.moneysavingexpert.com/credit-cards/balance-transfer-credit-cards#rule4
All comments (34)
Dont think any providers take kindly to late payments these days.
Had an MBNA card for quite a few years now. Have found them to be decent. Only had to contact customer service once when they reduced my credit limit but was promptly increased again.
Been a customer of theirs for at least ten years now... being an existing customer - when you clear your balance they tend to send you another 12 to 24 month interest free offer the month after - or even during - your current deal. Means you dont have to keep applying for other cards.
Also they are one of the only cards allowing transfer to bank account. Which comes in handy. Can transfer to bank towards end of current deal - pay that off with the transfer hence extending the deal :smiley:.
As for specifying DD amount - can ring them to do so. I know - it involves talking to someone rather than clicking buttons - that is the only down side of their cards - assuming you can manage your money.
As others have said, Direct Debit (at least for the minimum payment) is essential.
MSE has a pretty useful 'eligibility calculator' which puts a soft search on your credit file which you can see but lenders can't. Gives you a decent idea of which card you are likely to get so you don't **** up your credit rating being turned down.
http://www.moneysavingexpert.com/credit-cards/balance-transfer-credit-cards#rule4
Seem there is no money to be made from me so not eligible. :disappointed:
This is the business model used by all the interest fee CC providers. It's how they make money.
Consumer Action Group goos source of help if you are in any debt problems.
I have received this MBNA promotion by post and I immediately binned it.
Usually when I get a new credit card I transfer the balance from the other immediately and pay it in a couple of months. How many credit cards do you have guys? I always look for 0% purchase cards (just got one from Lloyds, 21 months 0% purchases).