MBNA 0%/15 Months Thread #2

[angel_wing0]

Since the OP in the old thread doesnt surf on RFD anymore, I am going to create a new thread along with updates and a FAQ so we don't have to have the same question ask a million times. PLEASE READ THIS POST FIRST BEFORE POSTING QUESTIONS AS IT IS VERY VERY VERY LIKELY THAT YOUR QUESTION HAS ALREADY BEEN ASKED AND ANSWERED!

So let's get started!

Current codes:
CG4H: Gold MC - 0% for 15 months
CG4G: Gold MC - 0% for 15 months
CGVL: Platinum MC - 0% for 15 months (3% BT fee = Avoid)
CH46: Platinum MC - 0% for 12 months (no longer works)
CG3W: 0% for 15 months
CJVR: Platinum MC - 0% for 15 months (no longer works)
CJVQ: 0% for 15 months (no longer works)

FAQ:

(1) So what is this promo and does it apply if I already have a card with MBNA?
This promo allows you to do a balance transfer to your bank account or another credit card for 0% interest for the first 15 months. There will be a 1% fee for doing so. You can still apply for this promo if you already have a card with MBNA. However, it has to be a new application (aka hard credit check).

(2) How and where do I apply?
You can apply at http://www.creditrsvp.com and enter one of the codes above or call 1-877-428-6060.

(3) Should I apply/reapply online or on the phone?
Won't make a difference. Only advantage to applying online is you can apply 24/7.

(4) How long do I have to wait to know if I am approved or denied?
Call MBNA @ 1-888-877-6262 2-3 business days after you applied, then ask for a credit analyst. You will then be able to know if you are approved or denied right away.

(5) So I got approved, but I got such a low credit limit! What should I do?
After you got approved, ask the same credit analyst for a credit limit increase. Note that it will be another ding to your credit score. Another way is to ask MBNA to redistribute your credit limits from your other MBNA cards to this new card.

(6) How long do I have to wait to get my card?
Usually take 2-3 weeks. YMMV.

(7) Can I do a balance transfer before I receive the card?
YMMV. Once you found out that you are approved, ask the rep if they will let you do a BT right away. If they won't allow you to do it, you will have to wait for the card to come. It is more likely they will let you do it if you have previous history with MBNA (have other MBNA cards, long time MBNA cardholder, etc etc).

(8) Is there anyway I can tell them to waive or lower the 1% fee and how does the fee work?
Almost close to no chance on waiving the fee or even decreasing it to 0.5% nowadays (though of course you should still ask to see if you get lucky, just don't go mad if they wouldn't do it). You will need to pay the fee when you perform a BT and it will be charged to your first statement. The minimum fee is $7.50. Eg: A BT of $15000 will net you a fee of $150. A BT of $200, $500 or $750 will cost you $7.50. Make sure you don't BT your entire limit as it will make you go over your limit. Eg: If you have a limit of $15000 you should do a BT of $14851.49. With $148.51 BT fee, it will just reach your credit limit of $15000.

(9) How long does it take for my bank account/credit card to receive the money after the balance transfer?
2-3 business days. YMMV.

(10) When does my 15 month promo start?
The day that you were approved for the card.

(11)What is the minimum payment per month?
1% of your balance. Eg: You will be charged $150 per month for a BT of $15000.
Note: It used to be $10 per month but that's no more.

(12) I have almost finished my 0/15 and would like it extended, can I call MBNA and ask for an extension?
Yes you can call them and ask, but 99% they will not give you an extension. What you need to do to get another 0%/15 offer is:

(A) Pay off the entire balance on your current offer close to the promo expiring date
(B) Apply for a new 0/15 card a week after you paid the previous one off.
(C) Once your new card is approved (refer to #4), call MBNA and tell them to cancel your old card, and transfer your old card's limit to the new one
(D) Ask the rep for a BT during the same call (Refer to #7)
(E) Another 0% for 15 months!

(13) Should I make any purchases with the card after I did a BT?
NO. Never. Leave the card in your drawer and NEVER touch it!

(14) Since MBNA is a division of TD now, what will happen to this promo?
This promo will still be going until TD decides to stop it. And I will update the OP right away if I hear anything.

(15) So I have $XXXXX in my bank now, what should I do with it?
Invest, leave it in bank account, pay off your mortgage/car loans, etc. This thread is mainly for people that are trying to get into this promotion rather than what to do with the money they got for the next 15 months. Please make a new thread for your question as everyone's situation is different.

That's all I have for now, please send me suggestions and correct any mistakes I made. Thanks!

[angel_wing0]

*reserved for future uses*

[Discount]

Is the 1.99% for life deal still available?

[angel_wing0]

Is the 1.99% for life deal still available?

havent heard of any new codes for it recently. But this thread is for the 0% for 12 or 15 months.

[kitbor]

Thanks you, been looking for sometime.

[Sonbuster]

(10) What is the minimum payment per month?
1% of your balance. Eg: You will be charged $150 per month for a BT of $15000.

strange. when i was under the promo, it was just $10/month minimum no matter what amount BT you did. in my case it was ~10k. did they change this.

[angel_wing0]

did they change this.

yes they did. Really sucks too...along with the bt fee thing.

[Jungle]

Has anyone been able to transfer their credit on the expiring SPG card for this ?

[coleworld]

Good Work

[mecassa]

has anyone followed their credit score to see how much of an impact the reapplying for a 0/15 card has on your credit?

my 0/12 is about to expire and i'm wondering if I should do the whole "reapply" thing..

I don't really need the money for anything right now (i got the first 0/12 to pay off the balance on my student loan) but I could use the cash for RRSPs etc...

what are other people here using their money for? car loans? house payments? investing? other general consumer debt?

[angel_wing0]

Anglewing, last year I took your advice and called the Ottawa office and it went very well.

Now I'm about to reapply. Should I go to the website or go back to the Ottawa office?

Thanks.

like i said in the op, doesnt make a difference on how u apply or reapply.

[ant1029]

Would there be any reason to apply for the platinum 0% offer instead of the gold 0% offer (or vise versa) ie any benefits with one or the other or different credit score requirements etc.

[angel_wing0]

Would there be any reason to apply for the platinum 0% offer instead of the gold 0% offer (or vise versa) ie any benefits with one or the other or different credit score requirements etc.

other than the platinum card having beter benifits, it should not make a difference.

[edwardalex]

Does redistributing credit limits in order to maximize the promo offer result in another credit inquiry?

[angel_wing0]

Does redistributing credit limits in order to maximize the promo offer result in another credit inquiry?

no. Good question, going to put it on the FAQ.