MBNA 0% For 15 Months

[jmalias]

as posted earlier. I am hoping one of these credit card companies will pick up the second 15 months of my 1% financing next year.

GO MBNA GO

[jacksorbetta]

as posted earlier. I am hoping one of these credit card companies will pick up the second 15 months of my 1% financing next year.

GO MBNA GO

I wouldn't count on Citi for that. They seem very tight fisted when it comes to limits and approvals.

Mbna seems pretty good to me though. I like my high limit. They offer payment vacations too- I just got my latest statement and I dont have to make a payment this month if I choose (but I'm trying to get my balance to zero before the promo end, so I'm making huge payments anyway).

But as always.......YMMV

[Bullseye]

IMbna seems pretty good to me though. I like my high limit. They offer payment vacations too- I just got my latest statement and I dont have to make a payment this month if I choose (but I'm trying to get my balance to zero before the promo end, so I'm making huge payments anyway).

Why would you try to pay it down faster?? Put all that payment money (above minimum, of course) into a high interest savings account instead, and then use that to pay off the MBNA at the very last minute, when the promo ends.

Makes no sense to pay down a 0% loan any faster than you have to!

[jacksorbetta]

Why would you try to pay it down faster?? Put all that payment money (above minimum, of course) into a high interest savings account instead, and then use that to pay off the MBNA at the very last minute, when the promo ends.

Makes no sense to pay down a 0% loan any faster than you have to!

cuz I actually used the card for an actual BT . I had a large balance on my Amex at the time ( 11.4%) and moved it to the Mbna to get rid of it faster. I want that debt GONE by the time my promo expires in Nov. I didn't have the priviledge of using the account for investing, due to my younger and stupider days of living paycheck to paycheck. I know betta now tho

[YYZFA]

cuz I actually used the card for an actual BT . I had a large balance on my Amex at the time ( 11.4%) and moved it to the Mbna to get rid of it faster. I want that debt GONE by the time my promo expires in Nov. I didn't have the priviledge of using the account for investing, due to my younger and stupider days of living paycheck to paycheck. I know betta now tho

I think you are missing the point. I used it for a balance transfer as well. I paid off a higher interest line of credit with my MBNA card. I still only make the minimum $10 payments. I don't pay a cent more because it's interest free. Instead of making a monthly payment of $500, I simply pay the minimum $10 and put the remaining $490 into a high interest savings account. I do this every month. When the 15 month promotion is over, I will have enough money in my savings account to pay the whole thing off, but I will have made $150 in interest from my savings account.

Make sense?

[jacksorbetta]

ya it makes sense........but I am uncomfortable floating that cash in a savings account, and not decreasing my debt. I only took out the account so I could hammer my debt down. It is not the perfect choice, but it works for me. In 6 months I will be down to 0, from 13k in CC debt-which was in my plan to begin with, but would have taken way longer. In future, I might try arbitraging, but with that debt load, I was too nervous to risk it.

[Bullseye]

ya it makes sense........but I am uncomfortable floating that cash in a savings account, and not decreasing my debt. I only took out the account so I could hammer my debt down. It is not the perfect choice, but it works for me. In 6 months I will be down to 0, from 13k in CC debt-which was in my plan to begin with, but would have taken way longer. In future, I might try arbitraging, but with that debt load, I was too nervous to risk it.

There is no risk at all in putting the money in a savings account. If it helps you over the mental block, just think of your debt balance as your MBNA balance, minus the savings account balance. Same net effect as paying down the MBNA, except you'll earn some interest.

[SirAlain]

I just read all the pages. Thanks for all the info everyone!
Can someone confirm if the promo is still available?



Edit:

Thats odd, i called within the time window and I didnt get an instant decision nor they are asking for any documents to be faxed in.

I do have a credit card with them and they told me to just merge it with the new card (if approved) when the new card arrives.

I thought they can tell me right away if approved or not.

I just phoned them and I was told that it will come in the mail in 2 weeks.

[slavka012]

I got the card few month ago, and a credit limit for 25000 (more than any other of my cards). Put the money in a saving account. He-he.

But now MBNA feels like they have right to spam me with phone calls more than anybody else. Got 3 calls from them this week.

[mgronqui]

I got approved for 5k at 1.99 AIR. There's also a 1% balance transfer fee. Any way I can make money off this?

I am debt free so I don't need to move credit.

I think it's cold, but I want someone more knowledgeable to confirm.

[Bullseye]

I got approved for 5k at 1.99 AIR. There's also a 1% balance transfer fee. Any way I can make money off this?

I am debt free so I don't need to move credit.

I think it's cold, but I want someone more knowledgeable to confirm.

Confirmed. With current savings rates accounts, no way to make money with that deal. You might get a .5%, taxable, not worth the hassle on $5k.

[BTron]

There is no risk at all in putting the money in a savings account.

That statement is completely untrue. While I am pulling off this same MBNA scheme as we speak, it damages your credit score. If you're looking to get a mortgage, it's more than a risk, it's a certainty that not paying this thing off ASAP is a risk to the rate you will get.

[adamtheman]

That statement is completely untrue. While I am pulling off this same MBNA scheme as we speak, it damages your credit score. If you're looking to get a mortgage, it's more than a risk, it's a certainty that not paying this thing off ASAP is a risk to the rate you will get.

There's some dumb posts on this forum but this one takes the cake. Seriously, pull your training pants up and stop spreading useless propoganda around the forum.

[YYZFA]

There's some dumb posts on this forum but this one takes the cake. Seriously, pull your training pants up and stop spreading useless propoganda around the forum.

This, from the King of dumb posts . . .

[america94]

Hello everyone,

I just got off the phone with MBNA. Used the code BODX. Got 0% for 15 months with instant approval.