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Locked: The Official RFD MBNA 0%/12 Months Thread - Finished

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The Official RFD MBNA 0%/12 Months Thread - Finished

Note: This is officially dead as of July 9th unless evil TD decides to bring it back. F TD.

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! :D ): 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Please note those amounts may be outdated.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.

FAQ:

(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!
Last edited by titaniumtux on Jul 24th, 2018 5:04 pm, edited 4 times in total.
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[OP]
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Mar 23, 2004
43645 posts
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Note from past years.

Update 28/05/12: All codes are not working anymore. The deal may be dead. Will update thread as more info comes up.

Update 29/05/12: Although the 0%/15 months is no more, the 0%/10 months is available, link on top of post.

Update 02/02/13: 0%/12 months is available (thanks neospice!)

Update 19/04/13: Added RFD Cashback link.

Update 09/08/13: Seems like TD/MBNA has a new policy about doing the BT, refer to here. (7) and (12) updated.

Update 02/09/13: 0%/10 is no more (well who needs that anyway when you have 0/12 :D ).

2014 Notices:

Update 04/10/14: You cannot apply for this anywhere online due to the new lousy MBNA system transition.

NOTICE (09/18): Due to the system migration/integration/downgrade/upgrade/etc, MBNA WILL NOT PROCESS ANY BT UNTIL OCT 1ST.

NOTICE (09/30): Looks like MBNA is able to take BT requests starting 09/30: official-rfd-mbna-0-12-months-thread-bt ... st20021119

NOTICE (10/01): BT functions still not working. MBNA can seriously go eat *****.

NOTICE (10/02): BT functions finally working. However there is a new system in place which forces you to leave 2.4% of your credit limit as a buffer "just in case". MBNA can seriously go eat *****X2.

NOTICE (10/04): BT functions do not seem to be working again :facepalm: The card cannot be applied online atm.

NOTICE (10/06): Check here for BT updates. As of this notice, it is still not working.

NOTICE (10/07): Online applications back up (only direct from MBNA website). BT still not working.[/b]

NOTICE (10/08): Per J-Wo, BT is working again. However, mbna website/phone message has not been updated to reflect that.

2015 Notices:

NOTICE (01/31/15): Thanks to the lousy MBNA system transition, in order to do a credit distribution now (move available credit among your MBNA credit cards), you need to call a credit analyst (phone number on #4) and have them to process it. Calling a regular MBNA rep will NOT WORK as they have to forward the request to the credit analyst. Credit to alanbrenton.

NOTICE (07/01/15): Staring Sept 1st 2015, the BT fee will be 3%, better renew your 0/12 before then! *Update: It's 3% if you receive a promotion rate on your current card. New applications are still 1%.
Penalty Box
Aug 21, 2008
547 posts
45 upvotes
Ottawa
Is the 1.99% for life deal still available?
[OP]
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Mar 23, 2004
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Discount wrote: Is the 1.99% for life deal still available?
havent heard of any new codes for it recently. But this thread is for the 0% for 12 or 15 months.
Deal Addict
User avatar
Jan 24, 2006
1192 posts
5 upvotes
Thanks you, been looking for sometime. :)
Deal Addict
Jan 29, 2006
1691 posts
149 upvotes
[QUOTE](10) What is the minimum payment per month?
1% of your balance. Eg: You will be charged $150 per month for a BT of $15000.
[/QUOTE]

strange. when i was under the promo, it was just $10/month minimum no matter what amount BT you did. in my case it was ~10k. did they change this.
Deal Fanatic
May 31, 2007
5018 posts
2162 upvotes
Has anyone been able to transfer their credit on the expiring SPG card for this ?
Deal Addict
User avatar
Oct 23, 2006
4765 posts
1752 upvotes
Winnipeg
Good Work
Member
Dec 8, 2008
421 posts
82 upvotes
has anyone followed their credit score to see how much of an impact the reapplying for a 0/15 card has on your credit?

my 0/12 is about to expire and i'm wondering if I should do the whole "reapply" thing..

I don't really need the money for anything right now (i got the first 0/12 to pay off the balance on my student loan) but I could use the cash for RRSPs etc...

what are other people here using their money for? car loans? house payments? investing? other general consumer debt?
[OP]
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Beeg wrote: Anglewing, last year I took your advice and called the Ottawa office and it went very well.

Now I'm about to reapply. Should I go to the website or go back to the Ottawa office?

Thanks.
like i said in the op, doesnt make a difference on how u apply or reapply. :)
Newbie
Jul 23, 2008
97 posts
22 upvotes
Would there be any reason to apply for the platinum 0% offer instead of the gold 0% offer (or vise versa) ie any benefits with one or the other or different credit score requirements etc.
[OP]
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ant1029 wrote: Would there be any reason to apply for the platinum 0% offer instead of the gold 0% offer (or vise versa) ie any benefits with one or the other or different credit score requirements etc.
other than the platinum card having beter benifits, it should not make a difference.
Member
Oct 29, 2009
263 posts
6 upvotes
Does redistributing credit limits in order to maximize the promo offer result in another credit inquiry?
[OP]
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Mar 23, 2004
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edwardalex wrote: Does redistributing credit limits in order to maximize the promo offer result in another credit inquiry?
no. Good question, going to put it on the FAQ.
Member
Oct 29, 2009
263 posts
6 upvotes
Can you apply for more than one of the three BT promo cards at the same time?

For example, you apply for the Gold MC promo on Monday, find out you are approved on Wednesday, then once you get the card, you apply again next Monday for the Platinum MC promo.
[OP]
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Mar 23, 2004
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edwardalex wrote: Can you apply for more than one of the three BT promo cards at the same time?

For example, you apply for the Gold MC promo on Monday, find out you are approved on Wednesday, then once you get the card, you apply again next Monday for the Platinum MC promo.
it doesnt matter how many promos u have as u have a max credit limit with mbna. If you have a 24k max cr limit, having one bt at 24k and four bt at 6k each makes no difference.
Member
Oct 29, 2009
263 posts
6 upvotes
angel_wing0 wrote: it doesnt matter how many promos u have as u have a max credit limit with mbna. Having one bt at 24k and four bt at 6k each is no difference.
Does your max limit change with a new application?

The reason I ask is because 2 months ago, I called in to ask for an increase on my Prestige Mastercard and was given an increase and told that that was the maximum MBNA can give to me. Last week, I applied for the promo and was approved for another 10K.
Deal Guru
Sep 2, 2008
11837 posts
1680 upvotes
When does the 15 months start? From the first balance transfer or from the card activation?

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