MBNA 1.99% AIR Until Balance is paid off

[angel_wing0]

lol.. I better be gettin more than just dinner

djino
""

too much details

or u can just write a cheque once the cash gets there.

[wiebecj]

I just called and applied for 1.9% balance transfer for life - just said a guy in my office got it and she looked it up and helped me out!

[djino]

I just called and applied for 1.9% balance transfer for life - just said a guy in my office got it and she looked it up and helped me out!

sweet. Congrats, its rare to get it done on first try

djino
"It aint that hard to get"

[dracore]

Ok I just got my 1.99% card. I asked the credit analyst to consolidate my 2.99% FL (for life) to my 1.99% FL. Unfortunately my credit limit could not be raised further (just an additional 5k). Looks like I couldn't pull a fast one on them... my bluff with a higher income to 85k didn't seem to help much. She just said "oh based on your income we believe you have enough already". I wanted double! :P

So it does seem like they stick to a general rule of thumb where your credit limit is 24-25% of your salary unless you have other collateral (LOC perhaps?) Although I did mention the mortgage of my house was paid off... but that didn't seem to help much as collateral.

Well I guess I have another 5k to work with. I'll need to call in again to make them transfer to my bank account. Is it easy to get the Level 1 support reps to only charge a 0.5% fee?

[sienna owner]

Ok I just got my 1.99% card. I asked the credit analyst to consolidate my 2.99% FL (for life) to my 1.99% FL. Unfortunately my credit limit could not be raised further (just an additional 5k). Looks like I couldn't pull a fast one on them... my bluff with a higher income to 85k didn't seem to help much. She just said "oh based on your income we believe you have enough already". I wanted double! :P

So it does seem like they stick to a general rule of thumb where your credit limit is 24-25% of your salary unless you have other collateral (LOC perhaps?) Although I did mention the mortgage of my house was paid off... but that didn't seem to help much as collateral.

Well I guess I have another 5k to work with. I'll need to call in again to make them transfer to my bank account. Is it easy to get the Level 1 support reps to only charge a 0.5% fee?

ummmmmmm???
did you ask them to change the allocation for your overall credit limit?

[dracore]

ummmmmmm???
did you ask them to change the allocation for your overall credit limit?

Yeah she combined the limits of both cards and moved the balance to the new card. The old card cannot be used anymore.

Hmmm I just checked my new card balance online. It says that I have a balance but no promotional ID mentioned for it so I might be paying the full AIR rate... grrrrr

[sienna owner]

Yeah she combined the limits of both cards and moved the balance to the new card. The old card cannot be used anymore.

Hmmm I just checked my new card balance online. It says that I have a balance but no promotional ID mentioned for it so I might be paying the full AIR rate... grrrrr

just means you call back to complain and get what you asked and was given verbally!!! LOL
more trouble, but obviously worth it.

[ceeatch]

I just did the math, if I could get on this deal, use it to put some money down on the mortgage (prepayment), it's a pretty big savings when dust settles at the end. I'm really tempted to get on this.

[QTheNukes]

They gave me $26,730.00 after $267.30 balance transfer fee of 1%, they told me no way could I get the fee reduced. What is $267.30 on a 15 month loan anyway....Sounds good to me.

I was trying to get $40,000 - $50,000 but they told me I needed a much higher income, he said $250,000. He told me that I already have more than double what they should give me......but I am an excellent customer with a superior credit history....my words. It sounds like they use a 20% rule in deciding max credit limit. He also cited my other credit cards with large unused limits as a consideration in keeping it at $27,000.

Overall I am happy....Between my wife and I there is about $30,000 of RRSP room to throw this into which equals an immediate return of over $6000.00. Not bad when you consider it only cost me $267.00 bucks.

What to do with $6000?

[ceeatch]

What to do with $6000?

What's your plan in 15 months from now if they don't have this deal?

[QTheNukes]

What's your plan in 15 months from now if they don't have this deal?

To pay off the balance?

I will have enough saved outside of my rrsp's to pay it off. With the last balance transfer I just paid it off at about $3500 a month in the last few months. I will probably put the $6000 and other money into some short term investment, GIC or CT savings account.

[angel_wing0]

They gave me $26,730.00 after $267.30 balance transfer fee of 1%, they told me no way could I get the fee reduced.

hmmm it really sounds like they are not giving the 0.5% bt fee now...they must be deserpate for money :p

[Newbieinvestor]

I'm worried that they might stop a lot of their promotions due to the credit crunch where no one is lending money in the States.

It could spread up here fast.

[QTheNukes]

I'm worried that they might stop a lot of their promotions due to the credit crunch where no one is lending money in the States.

It could spread up here fast.

I really thought it would have happened by now if it was going to happen. They seem to be a high risk type of lender but apparently it works for them.

[djino]

hmmm it really sounds like they are not giving the 0.5% bt fee now...they must be deserpate for money :p

Had better not. Still have yet to receive my card to perform 1st BT.

djino
"Wants 0.5% BT"