Large CC amount owing

M

McAllyS

Guest
I presently have a MBNA Credit Card with just under Eur 9,000 on it. I have a plan for paying it off but I have just moved house and with all the extra spending, I can't put much into it for a couple of months. My question is that if I can find another CC with low (or zero) balance transfer rate - would they take this sort of balance transfer straight off?

Any thoughts?
 
> My question is that if I can find another CC with low (or zero) balance transfer rate - would they take this sort of balance transfer straight off?

See here:

www.askaboutmoney.com/clu...EDIT_CARDS

but bear in mind that many (all?) of these low rate offers only really work if you don't use the CC for further transactions since any additional transactions attract the full rate of interest as long as the transferred balance has not been cleared.

For more general info/advice on CC debt see here:
 
My question is that if I can find another CC with low (or zero) balance transfer rate - would they take this sort of balance transfer straight off?
Click to expand...

I suspect that you may encounter some difficulty in transferring this amount (9000) to a new a/c. They may be willing to let you transfer €3000 of this amount. Bargain hard. Write a letter with your application stating how you will be in a position to clear the balance within a certain time. It might well work. It may take a while for the transfer to take place. BOI offer 2.9% for 12 months. Others offer 0% for 6 months. I received a balance transfer for around this amount with BOI (I chose BOI because it was for a year) This sum was originally a loan at 3.9%. It took a week and initially they said no, but rang back the following day and said yes. I didn't close the original cc because I intend to switch back. Good luck.

Marion :hat

Remember each time you need to open and close an a/c it will cost €80.
 
MBNA debt

I posted this previously. The very worst MBNA can do is to refuse to give you an interest rate reduction. If you try it let us know how you got on.

Murt


A friend of mine is carrying a bit of debt on her MBNA credit card. She was talking to a friend of hers who also has an MBNA card and who had had her interest rate reduced. The friend advised my friend to get on to the Customer Loyalty Section in MBNA and tell them that she had received an application form for a Barclaycard which was offering her 0% interest for 6 months on transfers from her other cards.

My friend got on to MBNA Customer Loyalty Section and sure enough the girl there immediately said she would reduce the interest rate they were charging her, on a permanent basis, so long as she stayed with them - from 14.9% to 10.9%.

Now I'm not saying that 10.9% is cheap but it's a hell of a lot better than 14.9% and all just for making one phone call.

Anyone else out there with some MBNA debt could do worse than ring the Customer Loyalty Section and look for a reduction in their interest rate, the worst MBNA can do is say no.

Incidently, I advised my friend to go for the interest free card for 6 months and then change cards again to another bank offering 6 months interest free. She will then become what I believe is known in the trade as a "Rate Tart".

If the new Minister for Finance in his December budget were to change the rules and make people pay the Government tax just once a year he would really encourage competition in the CC market.

Perhaps Brendan will remember this when he is making the AAM pre budget submission.


Murt
 
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