MBNA longest ever 31 month 0% on Money Transfer to your bank to pay for high interest loans or overdrafts with only 4% fee (1.54% a year)
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MBNA longest ever 31 month 0% on Money Transfer to your bank to pay for high interest loans or overdrafts with only 4% fee (1.54% a year)

19
Found 4th Jun 2014
For those how are paying high interest to banks, credit cards, store cards, overdrafts, etc. this is the best deal to get cash with 0% for more than two & half years and pay your debts and save £100s in interests.

With fee of only 4% but long 31 month 0% means you get cash for a cost of only 1.54% per year, this incredibly low rate is ideal even to overpay your cash loans and even to overpay your mortgage if it costs more than 1.54%.
Make sure you pay in full before the 31 month ends otherwise the rate will jump massively.

Contactless Payments: You can now pay quickly and securely for purchases under £20 without entering your PIN. We will send you more details with your card.

Also it gives 0% on balance transfers for 31 months from the date your account is opened (2.89% handling fee). For this great offer your balance needs to be transferred within the first 60 days of your account opening.

"Cardholders can get the longest-ever money transfer deal - 31mths 0% for a 4% fee. It pays cash into your bank account, so you can use it to repay overdrafts or loans, then owe the card at 0% instead. Clear it before the 0% ends or it jumps to 22.9% representative APR." (MoneySavingExpert, 4/5/14) But it says 18.9% on MBNA website.

19 Comments

Original Poster

https://apply.mbna.co.uk/uk/published/groupzips/MBNA31mnthOID/img/img780/summary-banner-start-now.jpg

once MBNA get their hooks into you,very hard to get out

Original Poster

You don't have to stay with them, but taking advantage of this deal would save money for those who have a fair or good credit score but pay massive interest on their debts. I hope that this deal will save their money. Also those who are about to buy a car with 6 or 7% APR interest, they can get the cash from MBNA and buy their car (or part of it) for much cheaper and they can pay in 31 months.
Edited by: "Amerviv" 4th Jun 2014

Decent deal if you want a money transfer - voted hot

Great deal!!

Great deal just signed up for this and saved a £1k on my loan (providing I pay back in the 31 months)

Anyone know if I could transfer my £40,000 odd mortgage to this?

Can former customers reapply. I did have a platimum card with them but Im pretty sure it was more then 12 months ago since I closed the account with them

Original Poster

Freddie Mercury

Anyone know if I could transfer my £40,000 odd mortgage to this?


If your mortgage provider doesn't charge a penalty for over-payment, (most allow 10% over-payment without a penalty), or you can do that without a penalty if you are remortgaging, and if your credit score is good enough to have £40,000 cash from this MBNA deal, then get the cash and pay off your mortgage, and pay MBNA balance over the 31 month.
Edited by: "Amerviv" 5th Jun 2014

Original Poster

mooo

Can former customers reapply. I did have a platimum card with them but Im … Can former customers reapply. I did have a platimum card with them but Im pretty sure it was more then 12 months ago since I closed the account with them


You can check your eligibility to see if you qualify first without affecting your credit rating, but be careful if they try to tempt you with other, but not as good, credit card. Good luck to you.

Amerviv

If your mortgage provider doesn't charge a penalty for over-payment, … If your mortgage provider doesn't charge a penalty for over-payment, (most allow 10% over-payment without a penalty), or you can do that without a penalty if you are remortgaging, and if your credit score is good enough to have £40,000 cash from this MBNA deal, then get the cash and pay off your mortgage, and pay MBNA balance over the 31 month.



Would that mean I would have to be paying over a grand a month?

Would you only be paying interest on the remainder of your loan if you stuck with it after the 31 months?

Could I pay £400 a month and then pay the loan off at the end with another interest free loan from another lender?

Original Poster

Freddie Mercury

Would that mean I would have to be paying over a grand a month?Would you … Would that mean I would have to be paying over a grand a month?Would you only be paying interest on the remainder of your loan if you stuck with it after the 31 months?Could I pay £400 a month and then pay the loan off at the end with another interest free loan from another lender?


you don't have to pay all the loan by the end of the 31 month, you can apply for another money transfer for the remaining balance, so if £400 is the minimum payment or more then you will be fine, but remember not to use over your limit or miss any payment (minimum payment by direct debit is advisable) other wise you will lose the 0% offer and they will start charging you the variable interest rate from the time you miss the payment or transfer over your limit.
There is no interest only payments from these kind of cards, unlike some mortgages' interest only deals, normally the minimum payment is between 1-3% a month of you monthly balance whether during the 31 month offer or after, the difference is that after the 31 month they will charge you the interest and will be added to your balance.
When the 31 month end, you'll be charged interest at their variable rate (currently 18.9%) which is , I believe, higher than your mortgage. So make sure you pay the balance in full by the end of the 31 month or guarantee that you can transfer the rest to another Money Transfer card provider at that time, otherwise I wouldn't advice you to do that as you will save on interest in the first 31 month but then you'll pay nearly 3 or 4 times more than your current mortgage rate, so not a good deal in this case.
Edited by: "Amerviv" 5th Jun 2014

New customers only?

4% fee is high. Other competitors charge 3%.

mooo

Can former customers reapply. I did have a platimum card with them but Im … Can former customers reapply. I did have a platimum card with them but Im pretty sure it was more then 12 months ago since I closed the account with them



Yes you can. You don't even need a new account. Ring them up and ask for the deal.

Amerviv

You can check your eligibility to see if you qualify first without … You can check your eligibility to see if you qualify first without affecting your credit rating, but be careful if they try to tempt you with other, but not as good, credit card. Good luck to you.



yeah I did they offer a 18 month deal instead.
I suspect its due to the fact I have been moving addresses alot for the past 3 years.

Edited by: "mooo" 5th Jun 2014

loop

4% fee is high. Other competitors charge 3%.



True, but 4% over 31 months will work out cheaper per year.

Original Poster

loop

4% fee is high. Other competitors charge 3%.


4% is for money transfer which means they send you cash to your bank to pay for your debts and this offer is the longest on the market, it also offer 2.89% fee 31 month 0% on balance transfer from other credit cards, don't get confused between money & balance transfer.

Amerviv

you don't have to pay all the loan by the end of the 31 month, you can … you don't have to pay all the loan by the end of the 31 month, you can apply for another money transfer for the remaining balance, so if £400 is the minimum payment or more then you will be fine, but remember not to use over your limit or miss any payment (minimum payment by direct debit is advisable) other wise you will lose the 0% offer and they will start charging you the variable interest rate from the time you miss the payment or transfer over your limit.There is no interest only payments from these kind of cards, unlike some mortgages' interest only deals, normally the minimum payment is between 1-3% a month of you monthly balance whether during the 31 month offer or after, the difference is that after the 31 month they will charge you the interest and will be added to your balance.When the 31 month end, you'll be charged interest at their variable rate (currently 18.9%) which is , I believe, higher than your mortgage. So make sure you pay the balance in full by the end of the 31 month or guarantee that you can transfer the rest to another Money Transfer card provider at that time, otherwise I wouldn't advice you to do that as you will save on interest in the first 31 month but then you'll pay nearly 3 or 4 times more than your current mortgage rate, so not a good deal in this case.



Thanks for the reply. I've just realised the 4% fee would cost me more than any savings I'd make.
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