Credit Cards

MBNA Cards with BT Promo's - MBNA TL New Card0%/12 Month Offer

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Jan 18, 2014
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Rouyn-Noranda
Also, can I transfer a limit from an AMEX charge card? Or just a credit card?
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John47 wrote: Can someone give me a rundown of how this works --- I'm reading about it in order to have money for investing:

1. apply to MBNA card
2. once approved (hopefully), call in to MBNA to tell them what card you want to transfer into your MBNA account?
--- what gets transferred exactly, your current balance on the other card or the credit limit on the other card?
You borrow money, up to the MBNA card's CL (minus 1% to buffer their fee), and dump it onto another card to pay it off/down, or into your chq account.

Don't see why you wouldn't be able to transfer to an AmEx charge card, since it processes transactions like any AmEx card whether charge or credit, afaik.
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titaniumtux wrote: You borrow money, up to the MBNA card's CL (minus 1% to buffer their fee), and dump it onto another card to pay it off/down, or into your chq account.

Don't see why you wouldn't be able to transfer to an AmEx charge card, since it processes transactions like any AmEx card whether charge or credit, afaik.
When you write that you borrow money, how do you do that exactly? You request a transfer to your chequing account?

And when you write "minus 1%", let's say your credit limit is $10K, then you'll be able to borrow $9,900?

If you do a balance transfer, does that mean your other card gets canceled or the credit limit gets reduced?
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John47 wrote: When you write that you borrow money, how do you do that exactly? You request a transfer to your chequing account?

And when you write "minus 1%", let's say your credit limit is $10K, then you'll be able to borrow $9,900?

If you do a balance transfer, does that mean your other card gets canceled or the credit limit gets reduced?
  1. yes
  2. yes
  3. no

But for #3, say you shift entire CL from another MBNA card onto the new one, that would indeed cancel that old MBNA credit card.
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titaniumtux wrote:
  1. yes
  2. yes
  3. no

But for #3, say you shift entire CL from another MBNA card onto the new one, that would indeed cancel that old MBNA credit card.
Thanks!

I'm wondering though, what's the difference between a balance transfer and just a regular card application, for the purposes of the 0% interest rate?

If I only have a $1000 balance on my other credit card, does that mean I can only have access to $1000 at 0% on the MBNA card?

Can I have 0% for the full credit limit?
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John47 wrote: Thanks!

I'm wondering though, what's the difference between a balance transfer and just a regular card application, for the purposes of the 0% interest rate?

If I only have a $1000 balance on my other credit card, does that mean I can only have access to $1000 at 0% on the MBNA card?

Can I have 0% for the full credit limit?
This. You can borrow more than "what you owe" on other card(s). Personally, I take balance transfers dumped into chq account and then do what I want with it (pay off cards, loans, park in TFSA's, etc.).
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Rouyn-Noranda
How can you know that the amount transferred to your chequing account will be at 0% and not the regular rate, if it says the 0% rate is only for balance transfers? Just trying to make sure I understand.
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Jan 9, 2011
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RFD pro advice needed!

I could use a loan right now. I have MBNA RWE with a $30k limit, and am considering canceling it. If I could get one of the remaining 0% MBNA cards and transfer all of my $30k credit limit to it, that would be pretty sweet. But I am a little hesitant because I have 5 hard credit hits in the last year:

Aug 2017: Chase Marriott Visa
Jan 2018: Fido MC (later converted to Rogers RWE)
Feb 2018: Meridian Visa Infinite
May 2018: Amex Gold charge card
July 2018: RBC Avion Visa Infinte (just 3 weeks ago)

Is that too many hits in the last year? Or should I just cross my fingers and take the plunge?
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John47 wrote: How can you know that the amount transferred to your chequing account will be at 0% and not the regular rate, if it says the 0% rate is only for balance transfers? Just trying to make sure I understand.
The card will be mailed to you in a white envelope, stating the BT offer in the booklet.
Kiraly wrote: RFD pro advice needed!

I could use a loan right now. I have MBNA RWE with a $30k limit, and am considering canceling it. If I could get one of the remaining 0% MBNA cards and transfer all of my $30k credit limit to it, that would be pretty sweet. But I am a little hesitant because I have 5 hard credit hits in the last year:

Aug 2017: Chase Marriott Visa
Jan 2018: Fido MC (later converted to Rogers RWE)
Feb 2018: Meridian Visa Infinite
May 2018: Amex Gold charge card
July 2018: RBC Avion Visa Infinte (just 3 weeks ago)

Is that too many hits in the last year? Or should I just cross my fingers and take the plunge?
@Kiraly you're in a great position to jump on this, only a month too late to get the now grandfathered PP card with 12 months BT offer. Apply for the card anyway. Since the TD acquisition, MBNA has got pretty stingy with CL, so they likely won't approve you for more CL. In this case, they'd offer to sever CL off your RWE, else you could move the entire $30k CL if your card's at $0 balance. I recommend borrowing more than you need, since you can capitalize on interest by dumping it into a TFSA.

Enjoy.
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Rouyn-Noranda
titaniumtux wrote: The card will be mailed to you in a white envelope, stating the BT offer in the booklet.

Right, ok thanks!

I've applied for one of the 0% for 10 months offers posted in your original post; application is under review.
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Sep 23, 2011
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John47 wrote: How can you know that the amount transferred to your chequing account will be at 0% and not the regular rate, if it says the 0% rate is only for balance transfers? Just trying to make sure I understand.
Some cards allow balance transfers ONLY, but this one allows balance transfers AND cash advances. When you transfer money to chequing account - it's cash advance.
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titaniumtux wrote: @Kiraly you're in a great position to jump on this, only a month too late to get the now grandfathered PP card with 12 months BT offer. Apply for the card anyway. Since the TD acquisition, MBNA has got pretty stingy with CL, so they likely won't approve you for more CL. In this case, they'd offer to sever CL off your RWE, else you could move the entire $30k CL if your card's at $0 balance. I recommend borrowing more than you need, since you can capitalize on interest by dumping it into a TFSA.

Enjoy.
Thanks for that. I just applied for the 0%/10 months Athabasca card and damn, approved instantly with a $2,500 limit. So it will cost me $300 fee to borrow $30k, which I can earn back in 5 months with Tangerine's 2.75% promo I just signed up for. Thanks for the nudge!
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vlad353 wrote: Some cards allow balance transfers ONLY, but this one allows balance transfers AND cash advances. When you transfer money to chequing account - it's cash advance.
It's a matter of semantics. Pulling cash via credit card at an ATM is a cash advance. Borrowing money from a credit card, even if dumped into a chq account, is a balance transfer. Heck, many lines of credit are or have been packaged as credit cards.
Kiraly wrote: Thanks for that. I just applied for the 0%/10 months Athabasca card and damn, approved instantly with a $2,500 limit. So it will cost me $300 fee to borrow $30k, which I can earn back in 5 months with Tangerine's 2.75% promo I just signed up for. Thanks for the nudge!
+1

Enjoy. Now you have total $32.5k CL with MBNA. You can borrow $32k easily.
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titaniumtux wrote: It's a matter of semantics. Pulling cash via credit card at an ATM is a cash advance. Borrowing money from a credit card, even if dumped into a chq account, is a balance transfer. Heck, many lines of credit are or have been packaged as credit cards.
Right, that's not the understanding I had --- if I'm able to get a $10K limit with MBNA or to have one transferred from another credit card company, that's what I'm looking for.
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Sep 23, 2011
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titaniumtux wrote: It's a matter of semantics.
Exactly what I was trying to say... I just remember that some card (not current mbna, I can't recall which one) used to be "balance transfer only" - there was no option of dumping money into bank account...
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John47 wrote: Right, that's not the understanding I had --- if I'm able to get a $10K limit with MBNA or to have one transferred from another credit card company, that's what I'm looking for.
You have both options. Transfer loan to pay down another card, or transfer loan to chq account. Whichever works best for you.
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Rouyn-Noranda
To be eligible to the 0% rate though, do I have to do an "official" transfer of an existing balance from another credit card beforehand?
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John47 wrote: To be eligible to the 0% rate though, do I have to do an "official" transfer of an existing balance from another credit card beforehand?
Short answer is no. Aside the credit check, MBNA has no idea what your balances are elsewhere. Note that it's against terms of service to use the MBNA BT offer to pay off another balance you may have with MBNA or TD. Big YMMV since it's hardly enforced, but I'd recommend having BT arranged with a card or chq account outside of MBNA/TD.

Long answer: your CL is X. You can BT up to 0.99*X. You can do that in one instance, or accross multiple instances (you can do say BT A, BT B, BT C, as long as A+B+C is equal or smaller than 0.99*X). You can move up to 0.99*X into chq account, or onto another card. The amount moved over to the other card does not have to be equal to the amount transferred. You can use a BT to make a partial installment to another card, or even to overpay another card.

You have 90 days to arrange the BT from the date the card was approved to get the promo offer.

@John47 if you think you'd benefit from a 10 months interest-free loan, why not try it out?
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Great, thanks for taking the time!

I applied tonight --- application is under review.

If I have a $10K limit with an AMEX credit or charge card, is it pretty automatic that MBNA will let me transfer it to them?
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John47 wrote: Great, thanks for taking the time!

I applied tonight --- application is under review.

If I have a $10K limit with an AMEX credit or charge card, is it pretty automatic that MBNA will let me transfer it to them?
Makes no difference. If MBNA grants you $5k CL, then you can BT $5k-1%. If MBNA grants you $15k CL, you can BT $15k-1% to AmEx, even if that means overpaying AmEx.

MBNA usually starts their cardholders with $3-8k CL, sometimes $10k CL to those who have a lapsed history. This is especially great for us who've been stockpiling MBNA CL over the years, including @Kiraly, myself and many others here on RFD.
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