I received a mailer yesterday offering an MBNA Gold card at 10.9%. My existing MBNA Gold card I think has a rate of 14.9% so I called today and asked for this new rate to be applied to my account. Customer loyalty dept. at MBNA 'tried' to apply this rate to my existing card but said it wasnt possible - I would have to apply for another card with them to avail of the lower rate - thereby incurring another stamp duty of €40!. Maybe its because I don't have a large balance and don't pay huge interest - has anyone with a large balance tried this and been successful?
Just called MBNA, and got the 10.9 %. Now it makes almost more sense to use my CC for short term investments, then to take out a personal loan from my bank.
Guys thanks for the tip. Just called MBNA and they did lower the interest to 10.9%. They only downside is that it is a fixed rate, meaning if you transfer balance from another card, you won't be eligible to a promotional rate
Did you really mean to say "investments" or did you actually mean "purchases"? It general doesn't make sense to borrow to invest. In fact if you find that you are regularly using CC credit to fund purchases then you should really consider whether or not your really NEED the items in question...