Clearing MBNA Credit Card with CU loan

F

Fiskar

Registered User
Messages
141
Need a heads up on this problem.

As you know MBNA is pulling out in july 2012 or there abouts. I want to clear the balance on the card with a Credit Union loan.

Will a credit union give you a loan for such a purpose? I have built up sufficient funds to get a CU loan for this purpose.
 
If you have a good credit history you should be ok. Will depend on the credit union and your own circumstances.

Inquire / apply as you may need a plan B.
 
Have MBNA confirmed what they're going to do?

If they are fully withdrawing from the market, presumably they'll have to offer something along the lines of the Halifax offering (e.g. fixed monthly repayments of, say, 3% of the outstanding balance with interest of 10% applied).
 
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