The Official RFD MBNA 0%/12 Months Thread - Finished
https://www.lowestrates.ca/news/mbna-di ... tinum-plus
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!
MBNA application link (You get nothing! ): https://apply.mbna.ca/applicationform/g ... cale=en_CA
GCR ($60 CB): Google GCR
Rate Supermarket (Nothing atm): https://www.ratesupermarket.ca/deals/mbna
Please note those amounts may be outdated. I don't check them on a daily basis, so lmk if they need to be updated.
(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 your first 12 billing cycles. 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?
Apply through the link(s) 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? -or- I didn't get instant-approved, what's next???
Call the number on (2) 1-2 business days after you applied, press 1 for English then press 2 for Status of application. You can also call 1-888-898-1620 to speak to a credit analyst during business hours if the normal line requires you to wait.
(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. Very 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 allow you to do it, the BT will be processed, but it won't go through the system until you activate your card or 10 business days later. Long story short, make sure you do the request WHEN YOU GET YOUR CARD, because the due date will be a year after your BT request. Note that the 0% rate only applies when you do the BT within 90 days of card approval.
(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. MBNA will inform you the max amount you can BT (the BT amount will be less BT fee and 2% of your credit limit that must remain on your card). It is much better to request the BT online as the system will not force you to leave 2% of your credit limit on the card.
(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 0% BT promo start?
It starts from the day you requested the BT and ends after the 12th statement. For the exact end date, check the back of your statement.
(11) 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!
(12) What is the max amount I can BT?
You can BT up to 98% of your credit limit less the BT fee. However there are cases where the rep will allow you to BT your entire CL less BT fee. YMMV.
(13) 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 X months. Please make a new thread for your question as everyone's situation is different.
(14)What is the minimum payment per month?
1% of your current balance owing. Eg: You will need to pay back $150 for a BT of $15000 on the first month, then $148.50 the next month [(15000-150) X 1%] and so on.
(15)What if I miss the monthly minimum payment?
I will be frank, DO NOT MISS YOUR MONTHLY PAYMENT. The promotion will be voided once you miss a payment and the interest rate will jump back to 21.99% (ouch). If this is only your first time that you forgot to pay, pay it right away, and call MBNA to see if they can reactivate the promotion. They likely will if this is only your first time. If you are *THAT* forgetful, then I recommend you setting up a PAP so that this won't happen.
(16) I have almost finished my promo 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 (unless you received an offer for that account). What you need to do to get another BT offer is:
(A) Pay off the entire balance on your current offer close to the promo expiring date
(B) Once MBNA records the payment, transfer your entire credit limit to another MBNA non-PP card. (If you don't MBNA may deny your application because you have more than one PP card)
(B) Apply for a new BT a few days after you paid the previous one off (Advice: Do not do a BT during application, refer to #7)
(C) Once approved (refer to step #4 above), wait for card to come (can take up to 2-3 weeks)
(D) Once card arrives, call MBNA to activate card, then request to transfer the entire credit limit of your old BT card to the new BT card
(E) Have MBNA perform the BT (Do it online, refer to #8)
(E) Wait for the BT money to hit your bank account
(F) Profit! $$$
(17) What happened to the BT fee? I heard it was raised to 3%?!
The BT fee is still 1% if you apply for the card. It can be more than 1% if you got the BT through an offer.
Please send me suggestions and correct any mistakes I made. Thanks!