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??
ratesupermarket $100 GC(amazon,etc) - MBNA 0% balance transfer for 12 mos
- SCORE
- Reason
Score breakdown ×
- Upvote
-
0%
- Not a good price
-
0%
- Bad product/service
-
0%
- Poor merchant reputation
-
0%
- Unable to get the deal
-
0%
- Other (downvote)
-
0%
- torontoguy777
- Deal Addict
- Apr 22, 2006
- 1066 posts
- 364 upvotes
- Centre of Universe
- HamsiBrain
- Deal Addict
- Aug 21, 2008
- 1719 posts
- 1082 upvotes
- Hamilton
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.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??
- froesesp
- Deal Addict
- Jun 25, 2009
- 2319 posts
- 1192 upvotes
- BC
I got approved within the day I guess.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.
- datako
- Deal Addict
- 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
- imflying12
- Deal Addict
- 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.
- sr79
- Sr. Member
- Aug 17, 2008
- 513 posts
- 234 upvotes
- Quebec
still a good deal at 1%. You're overrating credit scoreimflying12 wrote: ↑COLD DEAL with the fee. If you're in just for the GC, it's not worth the damage towards your credit score.
- Peroxide
- Deal Addict
- Sep 23, 2007
- 1825 posts
- 625 upvotes
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!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.
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.
- andreid
- Deal Addict
- Jul 26, 2006
- 2451 posts
- 873 upvotes
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.theBasher91 wrote: ↑What do you mean by taking money out of student loan? Will this not work to help pay off the loan itself?
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.
- RatePlans
- Deal Addict
- 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.
Place Your Ad Here
- unknownone
- Deal Addict
- Mar 31, 2009
- 1219 posts
- 884 upvotes
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.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.
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.
- Arvilish
- Sr. Member
- Dec 18, 2013
- 533 posts
- 101 upvotes
What is the income requirement for this?
Thanks
Thanks
- mathiewannabe [OP]
- Penalty Box
- Jul 11, 2008
- 4368 posts
- 1508 upvotes
- Away from RFD idiots
- RatePlans
- Deal Addict
- Apr 23, 2014
- 2470 posts
- 1162 upvotes
- Cellphone Tower
The requirement is to have a good credit score.
Place Your Ad Here
- sparrow_69
- Deal Addict
- Jun 14, 2005
- 3011 posts
- 135 upvotes
- Mtl
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..
I refused to be gouged by canadian retailers when purchases can be made in the U.S for a LOT less..
- datako
- Deal Addict
- Aug 14, 2009
- 2194 posts
- 1106 upvotes
- London
So even though you guys mention 1%, there's the $7.50 min, correct?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
- mathiewannabe [OP]
- Penalty Box
- Jul 11, 2008
- 4368 posts
- 1508 upvotes
- Away from RFD idiots
- RatePlans
- Deal Addict
- 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
Place Your Ad Here
- dtm252535
- 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.
- TheWalrus
- Deal Addict
- Sep 3, 2012
- 1858 posts
- 627 upvotes
- TO
- hitemwiddachoppa
- 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?
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?
Thread Information
There is currently 1 user viewing this thread. (0 members and 1 guest)