Mint Card

A question about : Mint Card

Hi - I'm after some advice

I have the following cards
Barclaycard Gold - Credit Limit Ј11,000
MBNA - Credit Limit Ј6,500
MINT - Credit Limit Ј5,500

I earn Ј18,500 a year and have a balance of Ј6200 at 0% until January 05 on MBNA which I pay Ј200 a month off. I intend to apply for an egg card (probably) in December to transfer the balance as I like the anniversary interest free offer. Would you recommend egg or something else?

Also so should I cancel the mint card now to lower the total credit I have access to? Or keep it in case they offer me a special offer.

Cheers Ben

Best answers:

• Why do you need the big Barclaycard limit, if you are not using it either? Barclaycard are unlikely offer you such good deals as other cards. They limit promotional transfers, so your added credit limit can't be used effectively. I would start by phoning Barclaycard to cancel, and see how responsive they are [but not hold my breathe]
  Mint is a brand of RBS - who do other cards. Apply for one of those - on the basis of that 'affliate' relationship - and get a similar deal. You can suggest reducing the Mint credit limit once accepted to boost the limit you might then get. [And there is another way of making money out of RBS cards which, AFAIK, is unique to them]
• Why are you paying them Ј200 / month? Isn't the minimum payment Ј5?
  Pay them their Ј5, and put Ј195 in savings each month. Let their money earn interest for you as long as you have it interest free from them.
  If you get another 0% card with egg or whoever, that's great, transfer it over, make minimum payments to egg and build your savings some more.
  If you ever run out of 0% offers, then use your savings to clear as much of the balance as you can -- but why not earn interest on as much as you can until then? ;D
• Totally agree with Digging Out.
  Will we ever run out of 0% offers?
• I've changed my payment to Ј5 for MBNA and I'm putting Ј400 a month into a savings account. I'm going to ring barclaycard, and get my limit reduced don't really want to cancel as they are really good for price matching and it has saved me quite a bit in the past. Thanks for the advice
• Isn't the min. payment to cards about 2 or 3% or Ј5, whichever is the greater? Or is MBNA different?
  If you have Ј6200, needing 3% payment, you'd have to pay Ј186 per month? OK, if the terms allow you can BT it all straight back....
  Don't tell me I've been paying more than I need to!!!!
• Mbna and abbey both only ask for Ј5 per month, as they both come under the mbna umbrella. Others associated to mbna will probably be the same.
  John