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ratesupermarket $100 GC(amazon,etc) - MBNA 0% balance transfer for 12 mos

  • Last Updated:
  • Sep 14th, 2015 8:11 am
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Deal Addict
Apr 22, 2006
1066 posts
364 upvotes
Centre of Universe
Got a snail mail yesterday saying they're hiking their balance transfer fee from 1% to 3% starting September 2015 . Did anyone else receive the mail??
Deal Addict
User avatar
Aug 21, 2008
1719 posts
1082 upvotes
Hamilton
torontoguy777 wrote: Got a snail mail yesterday saying they're hiking their balance transfer fee from 1% to 3% starting September 2015 . Did anyone else receive the mail??
I got the same letter about transfer fee hiking to 3%. Looks TD will start to sc@#w mbna CC owners. I bet many former mbna CC clients will walk away from TD.
Deal Addict
Jun 25, 2009
2319 posts
1192 upvotes
BC
elysiansaurus wrote: Lucky to the people who got their gc so quick. I already have my card and still don't have my gift card. I really need it to make a purchase on amazon I've been waiting for.
I got approved within the day I guess.
Deal Addict
User avatar
Aug 14, 2009
2194 posts
1106 upvotes
London
Just want to double check... I got approved for the MBNA card, and if I want to do the balance transfer, is it worth it for anything below $1000? I noticed it says 1%, but a minimum of $7.50 which no one has mentioned here. I don't want to get charged that $7 if I don't necessarily need it. It'd be nice though. I applied for two, got both my gift cards which is awesome and haven't gotten any credit inquiries yet on equifax and it's been over 2 weeks now
Deal Addict
User avatar
Aug 9, 2011
2052 posts
409 upvotes
GTA
COLD DEAL with the fee. If you're in just for the GC, it's not worth the damage towards your credit score.
Sr. Member
Aug 17, 2008
513 posts
234 upvotes
Quebec
imflying12 wrote: COLD DEAL with the fee. If you're in just for the GC, it's not worth the damage towards your credit score.
still a good deal at 1%. You're overrating credit score
Deal Addict
User avatar
Sep 23, 2007
1825 posts
625 upvotes
imflying12 wrote: COLD DEAL with the fee. If you're in just for the GC, it's not worth the damage towards your credit score.
Applying for a credit card "damages" your credit score? So by that logic, never get a loan, mortgage or credit card because it will damage your credit!

If your score is already high enough and you have no plans in the near future to get a loan or mortgage then there is no reason not to get a free $100 GC. Yes, it might drop a few points, but it will either recover or simply not matter, 730 is as good as 750 to most lenders.
Deal Addict
Jul 26, 2006
2451 posts
873 upvotes
theBasher91 wrote: What do you mean by taking money out of student loan? Will this not work to help pay off the loan itself?
If you are financially savvy and careful (you have an exact plan on how to deal with your debt), you should take up this offer.

Otherwise, if you think you can park debt at no cost and you''ll see later how to deal with it, pass. MBNA is very clever at this game and you'll end up paying awful rates later on and crying for help. Think carefully and hard. Like the wise say: There is no free lunch especially with that MBNA shark.
Deal Addict
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Apr 23, 2014
2470 posts
1162 upvotes
Cellphone Tower
I applied yesterday, even though MBNA hasn't approved me yet, ratesupermarket has me as approved for BBY gift card. I can't claim it yet.
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Deal Addict
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Mar 31, 2009
1219 posts
884 upvotes
imflying12 wrote: COLD DEAL with the fee. If you're in just for the GC, it's not worth the damage towards your credit score.
I never understand this. It's like people are all trying to horde credit score just so they can get to 900 and say they beat the credit score game.

Maybe if you're just about to renew a mortgage or something, give it a rest for a bit, don't apply for 10 cards right before you go to get your mortgage (lol) but generally people exaggerate the impact of a few credit card applications. I've been churning for a few years and it has lowered my score by about 20 or 30 points, and I still am around 700.

If you could buy 3 credit score points for $100, would you? If not, then why wouldn't you 'sell' 3 credit score points for $100? Unless your score is low and you're desperate to be able to get a loan, anyone who wishes they had a bit more money should take advantage of these credit card companies. I've made thousands by churning in the last few years if you include all the gift cards.
Sr. Member
Dec 18, 2013
533 posts
101 upvotes
What is the income requirement for this?

Thanks
Penalty Box
User avatar
Jul 11, 2008
4368 posts
1508 upvotes
Away from RFD idiots
Arvilish wrote: What is the income requirement for this?

Thanks
don't think there's any income requirement.

even a student can apply for it.
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Apr 23, 2014
2470 posts
1162 upvotes
Cellphone Tower
Arvilish wrote: What is the income requirement for this?

Thanks
mathiewannabe wrote: don't think there's any income requirement.

even a student can apply for it.
The requirement is to have a good credit score.
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Deal Addict
User avatar
Jun 14, 2005
3011 posts
135 upvotes
Mtl
RatePlans wrote: The requirement is to have a good credit score.
Any idea what sort of score they are looking for? From what i've read on these forums, mbna pulls TU first and then EQ if needed.
Price errors are the only real sales :)
I refused to be gouged by canadian retailers when purchases can be made in the U.S for a LOT less..
Deal Addict
User avatar
Aug 14, 2009
2194 posts
1106 upvotes
London
datako wrote: Just want to double check... I got approved for the MBNA card, and if I want to do the balance transfer, is it worth it for anything below $1000? I noticed it says 1%, but a minimum of $7.50 which no one has mentioned here. I don't want to get charged that $7 if I don't necessarily need it. It'd be nice though. I applied for two, got both my gift cards which is awesome and haven't gotten any credit inquiries yet on equifax and it's been over 2 weeks now
So even though you guys mention 1%, there's the $7.50 min, correct?
Penalty Box
User avatar
Jul 11, 2008
4368 posts
1508 upvotes
Away from RFD idiots
datako wrote: So even though you guys mention 1%, there's the $7.50 min, correct?
Yes so 750$ or above balance transfer for 1%
Deal Addict
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Apr 23, 2014
2470 posts
1162 upvotes
Cellphone Tower
Got my gift card today. Wow, technically I can cal Mbna now and cancel the balance transfer and the whole application lol
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Deal Addict
Mar 5, 2012
2045 posts
193 upvotes
Guelph
Never received any confirmation email from ratesupermarket after application...anyone get anything from them? Message at end said Mbna would contact me with their decision with 10-15 days.
Deal Addict
User avatar
Sep 3, 2012
1858 posts
627 upvotes
TO
blurx wrote: Also this card is incredible hard to cancel...maybe I am too nice or the agent is too talkative..
Hahaha what do you mean? "I want to close this card now and can't be saved, this is my final request" should do the trick, no?
Wins
2015: 69.99$
Jr. Member
Nov 27, 2013
135 posts
32 upvotes
so what is the issue with the increase to 3%? Surely if you apply now you will be approved before Sept 1st and can set up the balance transfer at the current 1% rate right? It's not like they will charge you the extra 2% come September, won't that only apply to new balance transfers from that point on? Correct me if I'm wrong but isn't it a one time up front fee?

Im assuminh we have to keep the card open until the balance transfer is paid off?

I'm considering putting the remainder of my LOC into a 1 year GIC. I still have some school debt that I've been paying off on the LOC too but if I transfer that to this card won't it be beneficial as I won't get charged the monthly interest fee and can make a bit back in interest from the GIC?

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