MBNA Money transfer

A question about : MBNA Money transfer

It would seem the new MBNA card is well set up for stoozing. 0% for 24months on money transfers with a 2.69% fee.

That averages to a 1.35% fee per year so if the money were put in say a 5% interest current account. You'd pocket at least 2.5% interest (low rate taxpayer). Thats a free 250 quid per year if you were fortunate enough to get a 10k limit.

Best answers:

• doing just that. They gave me a Ј11500 credit limit.
• Hi I am somewhat puzzled as to why I have just been refused the MBNA card.
  My situation is I earn Ј60K+, have no mortgage (house worth approx Ј500K). No credit cards outstanding, no loans (always bought cars etc with money I saved)No debts or CCJs ever! Almost 100K in savings. I thought this would be a good way of getting a cheap loan for some home improvements etc.
  Can anyone shed light on why I may have been refused?
• Sorry forgot to say I was after Ј10,000 for 24 months.
• Thanks seduLOUs but surely they wont make any money off most people over 24 months?
  Nowadays, what with Martin's constant reminders don't most people pay back in time so only 2.69% interest will be charged anyway?
• So I suppose what I can take from this (as you can guess don't usually borrow money) is that the better you are at handling your money, the less likely anyone will give you a loan at a good rate!
  Seems madness to me but I suppose it's like being loyal to a particular bank/organisation when they give new customers better deals!
  Well, all I can say, so much for a Good Credit Score and I shan't be looking at MBNA again.
• Well, lenders are in the business to make money.
  They don't want to lend to someone who they have no chance of making money out of (and there have been several news stories in the past of 'excellent' customers having their cards closed unexpectedly).
  On the other hand, they don't want seriously bad payers who they will have to fight tooth and nail to get any money out of.
  So basically they want the ideal middle ground - the people who will keep a balance running, earn them some interest, and make their monthly repayments on time.
  You could try getting a different credit card with a low APR and holding a balance on occasion to build up a real credit history rather than just a perfectly clean one. The minimal cost in interest might be worth it in the long run to allow you to take advantage of these stoozing opportunities. But at the end of the day it's a big game, and nobody knows precisely how to play it as the lenders keep their individual criteria under lock and key.
• bsms1147 Hi yes I do have credit cards which I use every month and pay in full, on time. I also have direct debits which go out each month - never missed a payment. I've lived at current house for over 20 years and have always been on electoral roll.
  Yorkshireboy Hi, currently most of the savings are in accounts under my wife's name (non-tax payer), also have ISAs and good deals with regular monthly savers (6%) and current accounts.
  By doing sums it would have been a good opportunity to use the MBNA money transfer rather than go into savings!
  Quite disillusioned in having a "clean" credit history!!
• Can I just ask when you're using the cash for stoozing, what you say to the credit card people when they ask what you're using the money for? I received an offer and was planning to use it to pay off the remainder of my outstanding loan (with another company) over the next 6 months then stooze for the remaining 18 months. I was turned down because they won't do a cash transfer to pay off a loan. Just curious....