MBNA 1.99% AIR Until Balance is paid off

[tailcone]

Just got an offer by the mail from MBNA.
It seems for the first time ever MBNA is offering a rate of 2.99% until you decide to pay off your promotional balance.

Looking at transferring $20,000 from my mortgage. I'm going to give them a call on Monday to have the transfer fees waived (they always did it in the past):)

[alanbrenton]

Just got an offer by the mail from MBNA.
It seems for the first time ever MBNA is offering a rate of 2.99% until you decide to pay off your promotional balance.

Looking at transferring $20,000 from my mortgage. I'm going to give them a call on Monday to have the transfer fees waived (they always did it in the past):)

Was this an instant approval? Or are you asking for the waiver in advance of the application process?

[tailcone]

I already have a credit line with MBNA (so it would be an instant approval), in the past they would always waiver transfer fees on there promotional rates.

[belowzeros]

I got a 1.99% bal transfer offer last week good till april09 on my mbna cc I'm considering using it.

[esq05]

Just got an offer by the mail from MBNA.
It seems for the first time ever MBNA is offering a rate of 2.99% until you decide to pay off your promotional balance.

Looking at transferring $20,000 from my mortgage. I'm going to give them a call on Monday to have the transfer fees waived (they always did it in the past):)

I got the offer as well. Haven't used my MBNA card for a while. Now, I have the cheques, can I just deposit say $1000 into my bank account and MBNA will only charge me 2.99% annually until I pay it off?

[Beradon]

Fine print:

The standard transaction fee for Cheque Cash Advances is 1% of each transaction, Min. $7.50.

The standard transaction fee for Balance Transfers is 1% of each transaction, Min. $7.50.

[Cataha]

As a former employee for MBNA, the lowest interest rate anyone can possibly receive is 0.99% as a current customer. (at least that's how it used to be, things might have changed) But, 0.99% was very rare and 1.99% was only seen once in a while. They were reserved for the customers with the most tenure, and the ones that rarely ever borrowed money. Usually 2.99%, 3.99% and 4.99% were much more common.

Another thing to remember is the options are available for a longer term of borrowing (usually 7-10 months) at the promotional rate with the transfer fee of 1%. (minimum $7.50) Or, you can get a shorter period (4-6 months) with the transfer fee waived.

Anyone can call up anytime to negotiate a promotional balance transfer rate. It just depends on your internal/external credit score, and how often you borrow money. The less often you borrow, the lower APR the offer usually is. (because they want you to start borrowing) Also, the more you borrow the more the rep will be willing to negotiate. They have a special tool that does the evaluation for them, but if you're really finicky and you are borrowing a lot they usually will escalate to a supervisor to make the sale. (a lot usually being $10,000+) Remember though, they often won't start with the lowest APR. You have to be persistent, and sometimes you will need to call back to get another rep. Some reps simply refused to give the lowest interest rates. But, most will do the balance transfer at any rate they can negotiate to get the credit for it. A little credit for a low APR balance transfer is better than none at all.

They make commission from it, and at the time the top 25 reps in the call center for balance transfers usually get extra money on their pay for doing so well.

Good luck, and please don't become frustrated at the reps if you don't get the offer you want from this information. Not everyone is eligible for 0.99%, and if you're only eligible for as low as 4.99% there's no way it's going to be escalated to be at 0.99%.

Negotiate though, and if you don't get the offer you want... Feel free to call back and try again. Talk about other companies, throw in promotional balance transfer rates that other banks are offering you, make things up... If someone called in and said CIBC offered them a balance transfer at 3.99%, and 2.99% was available...I would offer them the lower rate in a second.

EDIT: I haven't worked for MBNA for a while, and the company evolved constantly. Some information I provided might be outdated, but it can act as a general rule of thumb for calling up to negotiate with them. Please don't jump down my throat if I end up being wrong in some scenario. Things can and often change.

[belowzeros]

EDIT: I haven't worked for MBNA for a while, and the company evolved constantly. Some information I provided might be outdated, but it can act as a general rule of thumb for calling up to negotiate with them. Please don't jump down my throat if I end up being wrong in some scenario. Things can and often change.


hey regardless thanks for the info it was a good read :)

[matkun]

I think the 0% for 15 months is better then this, considering it's also from MBNA.

http://www.redflagdeals.com/forums/showthread.php?t=352003

Especially since you scan renew it every 15 months and people already have done this.

[kneevase]

I'm on my second run of the 0% for 15 months deal. It's sweet, and I sure hope that I'll get a chance to do it for a 3rd or 4th time. But there's no guarantee that this will be the case.


The 3% "forever" deal is also pretty attractive for someone who foresees having a meaningful amount of debt for 5 or 6 years. If you are paying 5% or 6% on a home mortgage, this is a way to shave couple of percent off of a chunk of your debt for a very long time. Some people take 15 or 20 years to pay off a mortgage, and it's entirely possible that we will see higher rates at some point during that time horizon. If mortgage rates should hit 7% or 8% in 2012, it would be very nice to still be paying 3% on the CC.

It also makes for an attractive "margin account" for investments because it is long-term borrowing. IF someone were confident in the future of Canadian banks, it would be possible to take a large cash advance at 3% and then invest the proceeds in a chartered bank which have dividend rates in the 4-5% range. The dividend would more than cover the interest costs, the interest would be tax deductible, and there is a potential for significant capital gains after 5-10 years.... I would not try this with a 15 month horizon because there is too much risk that the stock price could decline, but with a "forever" horizon it's pretty attractive. Just need to find some cash to cover the payments.


Anyway, IMO both MBNA deals attractive, and we should be thankful to board member for sharing them.

:D :D :D

[Keetla]

I'm on my second run of the 0% for 15 months deal. It's sweet, and I sure hope that I'll get a chance to do it for a 3rd or 4th time. But there's no guarantee that this will be the case.


How are you renewing them? Do you have to do an application for a second card?

[kneevase]

To do a second run of 0% for 15 months, you need to apply for a second MBNA card using the BODX priority code. When it's time to arrange the balance transfer to your chequing account, ask that they merge your old account into your new account, which will get you a much higher limit. Once you do that, you get another 15 months of 0%, but you do have to pay the 1% cash advance fee :( .

Overall, nice little deal! :lol: :lol: :lol:

[jmalias]

To do a second run of 0% for 15 months, you need to apply for a second MBNA card using the BODX priority code. When it's time to arrange the balance transfer to your chequing account, ask that they merge your old account into your new account, which will get you a much higher limit. Once you do that, you get another 15 months of 0%, but you do have to pay the 1% cash advance fee :( .

Overall, nice little deal! :lol: :lol: :lol:

don't use the cheques, arrange the transfer over the phone and ask them to reduce the transfer fee, after asking, the rep aid she could reduce it 50%, so I said "Thanks" what I wanted to say was "why the ?(%#! did you not offer that in the first place"

I believe the REP has the power to reduce if the customer asks.

[Cataha]

don't use the cheques, arrange the transfer over the phone and ask them to reduce the transfer fee, after asking, the rep aid she could reduce it 50%, so I said "Thanks" what I wanted to say was "why the ?(%#! did you not offer that in the first place"

I believe the REP has the power to reduce if the customer asks.

The rep has the power to waive the fee entirely. They just won't want to, because it means more credit for the sale if they don't.

[YYZFA]

I already have a credit line with MBNA (so it would be an instant approval), in the past they would always waiver transfer fees on there promotional rates.

So did you receive this offer on an MBNA Line of Credit or a regular credit card?

[tsgee]

What's the minimum payment per month? The 0% for 15 months is only $10 per month.

[Cataha]

What's the minimum payment per month? The 0% for 15 months is only $10 per month.

The minimum payment is always the lesser of:

1) The sum of the balance rounded down to the nearest dollar of all periodic rate finances charges, transaction fees, and account fees (excluding returned cheque cash advance fees and copy fees) plus $10.00.

OR

2) 2.25% of the new balance total, rounded down to the nearest dollar.

Note: The minimum payment is never less than $10.00 total, unless the balance total itself is less than $10.00.

Sometimes customers will be provided a "payment holiday" where no minimum payment has to be made at all. But, interest still accrues during that time period.

In your situation, the reason why it's always $10.00/month is because there is no finance charges, and no additional transaction/account fees. So, the lesser of the two is simply the remaining "plus $10.00" from A.

[TRK9]

I got cheques in the mail for 1.99% AIR
They also called me about the offer.... asked them to waive the fee, but they said the best they could do is 50% off... Still not a bad deal.

I have been their customer for over 10 years though.

[xst1]

Is there a promo code for the 1.99% BT until paid off? Anyone been able to get this by calling and applying for a new card or is it by invite only?

thanks

[slotscanada]

Is there a promo code for the 1.99% BT until paid off? Anyone been able to get this by calling and applying for a new card or is it by invite only?

thanks

Yes, anyone have the CODES (Referral link?) for the 1.99 and 2.99 % until balance is paid in full?

[CanadaRAM]

Remember that the 1% fee is upfront, and you pay compound interest on it too, so if you pay off the loan over the course of a year, the 1% up front fee means more than 2% increase in the AIR over the 2.99 or 1.99 you were offered.

[deepc]

Remember that the 1% fee is upfront, and you pay compound interest on it too, so if you pay off the loan over the course of a year, the 1% up front fee means more than 2% increase in the AIR over the 2.99 or 1.99 you were offered.

1.01 (balance transfer + fee) x 1.0199 (AIR) = 1.030099 or 3.0099% (AIR)(effective interest rate) - 1.0199 (AIR) = 0.010199 - .01 (fee) = .000199 or .0199% extra

1.01 (balance transfer + fee) x 1.0299 (AIR) = 1.040199 or 4.0199% (AIR)(effective interest rate) - 1.0299 (AIR) = 0.010299 - .01 (fee) = .000299 or .0299% extra

Not sure how it increases AIR by 2% in one year. At most it increases by 1.0299% (with fee included). It would take 24 years (and no reduction in the balance owing) to increase the 1% to 2%.

[jobeck]

Does anyone have a promo code for MBNA's 2.99% offer for life of balance? And can someone confirm that 1.99% AIR is for the life of balance, or only as 6/12-month deal?

FYI ::
Promo code BODX is 0% for 15 months.
Promo code CANW is 3.99% for life of balance (incl balance transfers); currently advertised at mbna.ca.

[theboschman]

I also got offered the same deal from MBNA when I called up after not using the card in a while.

In addition to the 2.9% balance transfer, they told me I got 0% interest for life on all of my retail purchases until October.

Was going to call back for any "fine print" before doing any major purchases, but maybe someone else here got the same offer as well.

[rangersfan]

Does anyone have a promo code for MBNA's 2.99% offer for life of balance? And can someone confirm that 1.99% AIR is for the life of balance, or only as 6/12-month deal?

FYI ::
Promo code BODX is 0% for 15 months.
Promo code CANW is 3.99% for life of balance (incl balance transfers); currently advertised at mbna.ca.

Dont forget that CANV is 6.99% fixed rate AIR on advances, purchases and balance transfers. No time limit.

[Verlin]

In addition to the 2.9% balance transfer, they told me I got 0% interest for life on all of my retail purchases until October.

Was going to call back for any "fine print" before doing any major purchases, but maybe someone else here got the same offer as well.

Not sure if same promotion but I got "B4CLZWNBP" 0% (for life) on retail purchases up till January 31, 2009 and called in twice and was told it applied to all retail purchases.

Today however I got a letter in the mail stating this offer applies only to gas and grocery purchases up until that date as determined by MBNA. :( Upon reviewing my account most fuel and grocery purchases have had this promotion applied to them but not other transactions. I also got "B4CLZWNBM" and "B4CLZWNBN" for balance transfers which are both at 1.99% but not for life I don't believe.

[TRK9]

Does anyone have a promo code for MBNA's 2.99% offer for life of balance? And can someone confirm that 1.99% AIR is for the life of balance, or only as 6/12-month deal?

FYI ::
Promo code BODX is 0% for 15 months.
Promo code CANW is 3.99% for life of balance (incl balance transfers); currently advertised at mbna.ca.


This is the promo code I got for the 1.99% AIR on my statement CHCB6XDQ9

This is for the until the balance is paid off deal!

[Mei Yee]

Interesting ! Thanks

[alanbrenton]

This is the promo code I got for the 1.99% AIR on my statement CHCB6XDQ9

This is for the until the balance is paid off deal!

Hi TRK, was this a one-off type of cheques provided for an existing credit card or was this for an entirely new credit card application?

[TRK9]

Hi TRK, was this a one-off type of cheques provided for an existing credit card or was this for an entirely new credit card application?

Sorry didn't see this post earlier... It was a cheque that I got as an existing customer. I usually ignore them, but this offer looked pretty good.

[Trooper8111]

This is the promo code I got for the 1.99% AIR on my statement CHCB6XDQ9

This is for the until the balance is paid off deal!

Those are exclusive to the cardholder. Get those checks all the time with different promo numbers.

[slotscanada]

So, I received my NEW card today with the 1.99% for life promo. Only $5k limit though. Called to request that $20k from my other MBNA AVAILABLE CREDIT be transferred to this card. She advised the CREDIT department would have to make a decision over the next 5 business days? Kinda weird, as before I called and they did something like this right over the phone. Maybe because it is $20k??

[alanbrenton]

So, I received my NEW card today with the 1.99% for life promo. Only $5k limit though. Called to request that $20k from my other MBNA AVAILABLE CREDIT be transferred to this card. She advised the CREDIT department would have to make a decision over the next 5 business days? Kinda weird, as before I called and they did something like this right over the phone. Maybe because it is $20k??

Slotscanada, was the promo code unique or can you share it with us? Thanks in advance.

[slotscanada]

Slotscanada, was the promo code unique or can you share it with us? Thanks in advance.

I just called and said a friend of mine received this offer in the mail, can't find his code - can you look up the offer in your system? Worked for me, others apparently have had mixed results.

[alanbrenton]

I just called and said a friend of mine received this offer in the mail, can't find his code - can you look up the offer in your system? Worked for me, others apparently have had mixed results.

Thanks. I guess I did read your earlier post. :)

[frankal101]

I just called and said a friend of mine received this offer in the mail, can't find his code - can you look up the offer in your system? Worked for me, others apparently have had mixed results.

Congrats - that is very good! I have tried twice and each time they deny me saying i need the code. Both times, however, they told me that the code is individual but can be used by others - meaning that if you get someone else's code you could still get the deal for yourself... This offer is unbelievable!!!

[troso]

just tried slotscanada's method and the rep gave me 1.99% with no transfer fee but only for 10months

[dieyoudie]

Those are exclusive to the cardholder. Get those checks all the time with different promo numbers.

tried the code from TRK9 post, rep said that's an invalid code.
i guess that's just the check code and not for the new application.
try to ask him to do it for me without the code but no luck, he said i'd need the code. >:(

[Jenthenaturelover]

Any updates on this????????????????????

[wmahmud]

So this is for 1.99% interest rate for life, or for one full balance transfer only till it is paid off?

[dinesh_zee]

any fine prints for 'life'?

[TRK9]

any fine prints for 'life'?

Yes. Never skip a payment or pay late. If you do, the interest rate goes back up to normal.

I pay my bills online dated for the due date (unless it's due on a weekend/holiday) and have done this for years, never had a problem. But on my last statement when I made the payment for the due date (transaction date on the MBNA statement), it was a Friday, MBNA received it on the following Monday (posted date on the MBNA statement). This has never been a problem for me in the past with MBNA, but on my last statement, they charged me 19.9% interest and then an over the limit fee. I called and complained and the rep said it was because I paid the bill late :confused: -- anyway, he fixed it and made it sound like the biggest favour in the world. He also reset my interest rate to 1.99% till paid off.

[to_munda]

I got an offer for 1.99% +0.5% (had to haggle down from 3.99% and/or 1% ) fee for 10 mos & I fell for it.
Is it good? As all the other promos that I see are for new accounts only.
:|

[fastcat7]

Yes. Never skip a payment or pay late. If you do, the interest rate goes back up to normal.

I pay my bills online dated for the due date (unless it's due on a weekend/holiday) and have done this for years, never had a problem. But on my last statement when I made the payment for the due date (transaction date on the MBNA statement), it was a Friday, MBNA received it on the following Monday (posted date on the MBNA statement). This has never been a problem for me in the past with MBNA, but on my last statement, they charged me 19.9% interest and then an over the limit fee. I called and complained and the rep said it was because I paid the bill late :confused: -- anyway, he fixed it and made it sound like the biggest favour in the world. He also reset my interest rate to 1.99% till paid off.

I had the same thing happen to me. I think they try to catch people off guard on the weekend, or holiday as it takes an extra day even if your due date is on one of those days.
They have a PAC form which you can submit so that they will take a min payment or selected payment from your bank account each month without the need to worry about getting your payment in on time and losing your preferred rate.

[frankal101]

I got an offer for 1.99% +0.5% (had to haggle down from 3.99% and/or 1% ) fee for 10 mos & I fell for it.
Is it good? As all the other promos that I see are for new accounts only.
:|

IMO, thats not such a hot deal... There are threads on this forum that would have codes for "0% for 15 months" offer. I would call them back armed with one of those codes or get 3.99% forever if a long term is beneficial.

[evoviii]

Yes. Never skip a payment or pay late. If you do, the interest rate goes back up to normal.

I pay my bills online dated for the due date (unless it's due on a weekend/holiday) and have done this for years, never had a problem. But on my last statement when I made the payment for the due date (transaction date on the MBNA statement), it was a Friday, MBNA received it on the following Monday (posted date on the MBNA statement). This has never been a problem for me in the past with MBNA, but on my last statement, they charged me 19.9% interest and then an over the limit fee. I called and complained and the rep said it was because I paid the bill late :confused: -- anyway, he fixed it and made it sound like the biggest favour in the world. He also reset my interest rate to 1.99% till paid off.

I post date too but I take one extra day in advance and two days if it's my balance transfer. Even though post dated on due date is mostly fine and should be fine, it's because of scenario's like yours I forego a couple days' interest in my savings account for peace of mind.

[evoviii]

I got an offer for 1.99% +0.5% (had to haggle down from 3.99% and/or 1% ) fee for 10 mos & I fell for it.
Is it good? As all the other promos that I see are for new accounts only.
:|

.99% is the best I got and that was with 1% fee (my fault for not completely reading the fine print else the fee would have killed it for me) though that was a mailing and I was a current client but card was inactive.

Theoretically as in the thread and other threads, cancel card and apply as new account if you want a better deal.

[dinesh_zee]

Yes. Never skip a payment or pay late. If you do, the interest rate goes back up to normal.

I pay my bills online dated for the due date (unless it's due on a weekend/holiday) and have done this for years, never had a problem. But on my last statement when I made the payment for the due date (transaction date on the MBNA statement), it was a Friday, MBNA received it on the following Monday (posted date on the MBNA statement). This has never been a problem for me in the past with MBNA, but on my last statement, they charged me 19.9% interest and then an over the limit fee. I called and complained and the rep said it was because I paid the bill late :confused: -- anyway, he fixed it and made it sound like the biggest favour in the world. He also reset my interest rate to 1.99% till paid off.

will paying on due date work even if i am paying from a different bank's chq a/c ? i always thought it would take like 2 business days for the receiving bank to actually receive the money...

[netcbc]

Any update on this?

Were existing MBNA visa holders able to get the 2.99% offer? I got the 4.99% offer in the mail but would love to get 2.99%.

thanks

[rmrose59]

I responded to an offer in the mail in June for 1.99% until paid in full. I also paid 1% one-time fee to get the money. So far, the payments have been the interest accrued + $10, so less than $100/month.

I used the money to pay off another loan and have no intention of paying 1 cent more than the minimum until paid in full as I can get more putting my money in a savings account.

They started me out at $15,000 and I kept talking them up over 2 days to $50,000. I have never been an MBNA customer before and could not believe I got such cheap money.

2 key things to remember:
1) Do NOT miss the due date which will cause the rate to jump up dramatically (I make payment a few business days early);
2) Do NOT use the card for anything else ever until paid in full. The reason for this is that the LAST item where payments are applied is whatever item has the higher interest rate.
They are banking on you screwing up in one of the above 2 scenarios in order for this deal to work for them.

[Ebtek]

I responded to an offer in the mail in June for 1.99% until paid in full. I also paid 1% one-time fee to get the money. So far, the payments have been the interest accrued + $10, so less than $100/month.

I used the money to pay off another loan and have no intention of paying 1 cent more than the minimum until paid in full as I can get more putting my money in a savings account.

They started me out at $15,000 and I kept talking them up over 2 days to $50,000. I have never been an MBNA customer before and could not believe I got such cheap money.

2 key things to remember:
1) Do NOT miss the due date which will cause the rate to jump up dramatically (I make payment a few business days early);
2) Do NOT use the card for anything else ever until paid in full. The reason for this is that the LAST item where payments are applied is whatever item has the higher interest rate.
They are banking on you screwing up in one of the above 2 scenarios in order for this deal to work for them.


awesome! im in the market for a new car and 1.99% would be a sweet
"finance" rate, considering dealerships offer very attractive cash purchase discounts.

can anyone suggest logistics for a new or used car purchase using this CC?
im thinking get my own financing at a bank (i.e. LOC for ~8% or whatever it is), then do the BT to pay of the LOC?

[dieyoudie]

Is there a code in that mail that you used when calling them?
i try to get that promo without the actual mail and they said if i have the code then i can get that deal

I responded to an offer in the mail in June for 1.99% until paid in full. I also paid 1% one-time fee to get the money. So far, the payments have been the interest accrued + $10, so less than $100/month.

I used the money to pay off another loan and have no intention of paying 1 cent more than the minimum until paid in full as I can get more putting my money in a savings account.

They started me out at $15,000 and I kept talking them up over 2 days to $50,000. I have never been an MBNA customer before and could not believe I got such cheap money.

2 key things to remember:
1) Do NOT miss the due date which will cause the rate to jump up dramatically (I make payment a few business days early);
2) Do NOT use the card for anything else ever until paid in full. The reason for this is that the LAST item where payments are applied is whatever item has the higher interest rate.
They are banking on you screwing up in one of the above 2 scenarios in order for this deal to work for them.

[CygnusX666]

I have just received the "$50,000 at 1.99% until paid off" mail offer and was wondering if the "Up to $50,000" is generic (the same for every offer mailed)?

In other words, as anybody received "Up to $10,000" or "Up to $25,000"?

I would like to evaluate my actual chances of getting $50,000 without having to sign up first (not a client). Maybe the $50,000 they offering me is based on some sort of pre-screening.

I have a good credit score and would like to use the cash to reduce my mortgage interest payment (4.4% now, but will be higher when re-negotiating this spring... says my crystal ball).

On the same note, does anybody have any thoughts on transferring such a big chuck of a mortgage on a credit card?

I am planning to lock the rate by automatically paying the minimum each month via Pre-Authorized Debit. I am also planning on paying a significant share of the principal each month as I am doing right now in my traditional mortgage. In my calculations, I have taken into account the MBNA 1.00% transfer fee and the 1.00% fee from my bank for maxing my yearly prepayment limit. Even at 4.4%, I'm winning.

I responded to an offer in the mail in June for 1.99% until paid in full. I also paid 1% one-time fee to get the money. So far, the payments have been the interest accrued + $10, so less than $100/month.

I used the money to pay off another loan and have no intention of paying 1 cent more than the minimum until paid in full as I can get more putting my money in a savings account.

They started me out at $15,000 and I kept talking them up over 2 days to $50,000. I have never been an MBNA customer before and could not believe I got such cheap money.

2 key things to remember:
1) Do NOT miss the due date which will cause the rate to jump up dramatically (I make payment a few business days early);
2) Do NOT use the card for anything else ever until paid in full. The reason for this is that the LAST item where payments are applied is whatever item has the higher interest rate.
They are banking on you screwing up in one of the above 2 scenarios in order for this deal to work for them.

[Trooper8111]

They are banking on you screwing up in one of the above 2 scenarios in order for this deal to work for them.

They have a pre-authorized form on their website that will guarantee that you never miss a payment.

[McMaggot]

How about somebody share the 1.99 until paid off code?

[psweitzer]

How about somebody share the 1.99 until paid off code?

+1

[angel_wing0]

nop seems like no one is sharing :(

[neecy2k]

I hope somebody can let us in on this deal - I'd definitely like to take advantage of it!

[Trooper8111]

How about somebody share the 1.99 until paid off code?

There is no code for this. These are offered to existing MBNA customers who have a good credit history with them and who normally don't do BT's. The code given to these customers are exclusive to them and have their info attached to it and thus can't be transferred to another person.

New customers can apply for the 3.99% for life. Read post #7 for more insight.

[angel_wing0]

There is no code for this. These are offered to existing MBNA customers who have a good credit history with them and who normally don't do BT's. The code given to these customers are exclusive to them and have their info attached to it and thus can't be transferred to another person.

New customers can apply for the 3.99% for life. Read post #7 for more insight.

so bascially ppl who get the 0% for 15 months are sol. --*

[McMaggot]

There is no code for this. These are offered to existing MBNA customers who have a good credit history with them and who normally don't do BT's. The code given to these customers are exclusive to them and have their info attached to it and thus can't be transferred to another person.

New customers can apply for the 3.99% for life. Read post #7 for more insight.

Thanks for the clarification.

[NUTS]

There is no code for this. These are offered to existing MBNA customers who have a good credit history with them and who normally don't do BT's. The code given to these customers are exclusive to them and have their info attached to it and thus can't be transferred to another person.

New customers can apply for the 3.99% for life. Read post #7 for more insight.


This thread triggered me to look back into my brown bag of receipts (yes I keep all my receipts going back 20-years) & there was the 1.99% MBNA offer received in june sometime & unopened.

I have never been a MBNA card member, so I ask myself-what gives here-why did they offer this too me!

On another thread on RFD I have taken info on the MBNA 0%/15mths, applied on October 22 (waiting for the card), but now saying to myself-wow, the 1.99% deal is great.

Yes, there is a code on the 1.99% life offer form & it looks like a unique assigned code.

The code is D-XXXXXXXXXX (1 alpha + 10 numeric digits)

I shall call MBNA about the status of my current yet to receive 0%/15 mths card, then call back and see if the 1.99% for life is still available

[psweitzer]

There is no code for this. These are offered to existing MBNA customers who have a good credit history with them and who normally don't do BT's. The code given to these customers are exclusive to them and have their info attached to it and thus can't be transferred to another person.

New customers can apply for the 3.99% for life. Read post #7 for more insight.

This isn't 100% accurate... :D

I phoned last week and was repeatedly offered 3.99% from the first rep...
While 3.99% would be a significant drop (even though I have a couple low rate 10-12% cards) I kept stating that I was interested in transferring a sizable amount from 3 seperate cards therefore I was interested in 2.99 or 1.99...
The rep just got frustrated and transferred me to customer service who then transferred me back to another rep...
Fortunately this rep had a uber-secret code and completed an application for the 1.99% for the life of the balance...

Just keep saying you received a mailing about the 1.99% but can't find it... Advertising is done by a 3rd party so they have no way to confirm or deny it...

I just phoned this morning and found out I was auto approved for enough to cover two cards! WOooooohoooo!

Now I just need to see if I can convince them its in their best interest to raise the limit higher to allow me to transfer enough...


Thanks to everyone that posted info and their experiences! This is going to easily save me 100s every month.

[NUTS]

This isn't 100% accurate... :D

I phoned last week and was repeatedly offered 3.99% from the first rep...
While 3.99% would be a significant drop (even though I have a couple low rate 10-12% cards) I kept stating that I was interested in transferring a sizable amount from 3 seperate cards therefore I was interested in 2.99 or 1.99...
The rep just got frustrated and transferred me to customer service who then transferred me back to another rep...
Fortunately this rep had a uber-secret code and completed an application for the 1.99% for the life of the balance...

Just keep saying you received a mailing about the 1.99% but can't find it... Advertising is done by a 3rd party so they have no way to confirm or deny it...

I just phoned this morning and found out I was auto approved for enough to cover two cards! WOooooohoooo!

Now I just need to see if I can convince them its in their best interest to raise the limit higher to allow me to transfer enough...


Thanks to everyone that posted info and their experiences! This is going to easily save me 100s every month.

Brilliant - well done & good luck

BTW, did you finally get the deal from the third party outsource or from MBNA ottawa directly & if it was Ottawa, which number did you call?

[sameerp]

I had been on the lookout for this deal for a long time since my friend got the 1.99% life of the loan 3 weeks ago. So I called MBNA just now and told them that I had a letter from MBNA and had misplaced the code and was looking for the 1.99% for the life of the loan offer. The rep just said OK sure and approved me for the loan....wooooooooo.

So if anybody is interested in this I would suggest them to call MBNA right now and do the same trick...hopefully you get a nice rep on the line like I got

[NUTS]

I had been on the lookout for this deal for a long time since my friend got the 1.99% life of the loan 3 weeks ago. So I called MBNA just now and told them that I had a letter from MBNA and had misplaced the code and was looking for the 1.99% for the life of the loan offer. The rep just said OK sure and approved me for the loan....wooooooooo.

So if anybody is interested in this I would suggest them to call MBNA right now and do the same trick...hopefully you get a nice rep on the line like I got

Can you please provide the MBNA phone number that you called to get the 1.99% deal

Thanks

[pats2306]

Hi NUTS,

I called 1.877.862.7759 from the contact us page on www.mbna.ca. All the best

[netcbc]

wo0t got the 1.99% for life, just called into one of these numbers, can't remember which one 1-877-428-6060 or 1-866-544-4104.

They asked for a code right off the bat, told them I didn't have one but my friend received the offer, they looked around on the system and found the 1.99% for life, they took my application and I just got approved yesterday for 5 figures.

I had previous MBNA cards but they wouldn't give me the 1.99% for balance transfer even with $0 balance.

Once I got approved, they just consolidated all the cards and I'll just have one card next week, sweet!!!

Thanks angel_wing!

[djino]

YAY.. I got 1.99% for life aswell.

How I got it:

Dialed 1-877-428-6060. First Rep opening script was asking me for the code.

I said "I got a letter yesterday from MBNA, left the letter at home, I was looking for the 1.99% life of loan offer".

Rep put me on hold, came back and said "sorry, all we have is the 3.99% life of the loan... or 1.99% for 10-months". I said "but my letter I got said 1.99% for life, is there a way for you to look it up". He said, "all he has is the 3.99% offer for life and suggested I call back when I have the code".

Waited, 10 minutes. Called the same number again.

Rep's opening script was more on asking how she could help me.

I said the samething as I said to the last rep.

Rep put me on hold, came back and said "Yes I can offer you 1.99% on the life of the loan"

Started the application process. Done!! :D

djino
"It works, may have to call multiple times. Goodluck"

[towhytea]

Thanks just called and said my gf shredded it and got the deal for 1.99%. First 3 times I said a friend got it and was wondering if I could they put me on hold and came back with no. So keep trying it will work.

YAY.. I got 1.99% for life aswell.

How I got it:

Dialed 1-877-428-6060. First Rep opening script was asking me for the code.

I said "I got a letter yesterday from MBNA, left the letter at home, I was looking for the 1.99% life of loan offer".

Rep put me on hold, came back and said "sorry, all we have is the 3.99% life of the loan... or 1.99% for 10-months". I said "but my letter I got said 1.99% for life, is there a way for you to look it up". He said, "all he has is the 3.99% offer for life and suggested I call back when I have the code".

Waited, 10 minutes. Called the same number again.

Rep's opening script was more on asking how she could help me.

I said the samething as I said to the last rep.

Rep put me on hold, came back and said "Yes I can offer you 1.99% on the life of the loan"

Started the application process. Done!! :D

djino
"It works, may have to call multiple times. Goodluck"

[Ebtek]

This isn't 100% accurate... :D

I phoned last week and was repeatedly offered 3.99% from the first rep...
While 3.99% would be a significant drop (even though I have a couple low rate 10-12% cards) I kept stating that I was interested in transferring a sizable amount from 3 seperate cards therefore I was interested in 2.99 or 1.99...
The rep just got frustrated and transferred me to customer service who then transferred me back to another rep...
Fortunately this rep had a uber-secret code and completed an application for the 1.99% for the life of the balance...

Just keep saying you received a mailing about the 1.99% but can't find it... Advertising is done by a 3rd party so they have no way to confirm or deny it...

I just phoned this morning and found out I was auto approved for enough to cover two cards! WOooooohoooo!

Now I just need to see if I can convince them its in their best interest to raise the limit higher to allow me to transfer enough...


Thanks to everyone that posted info and their experiences! This is going to easily save me 100s every month.


this is not true. an RFDer pm'd me his phone code, and when i called in they asked me for a promo code (below the phone code)...i said i didnt bring the offer with me. they looked up the name of the person they "Assigned" the phone code to, and told me his 1st name, and asked if it was me. i told them no....there was no point in continuing at that point so i told them id call back

[psweitzer]

this is not true. an RFDer pm'd me his phone code, and when i called in they asked me for a promo code (below the phone code)...i said i didnt bring the offer with me. they looked up the name of the person they "Assigned" the phone code to, and told me his 1st name, and asked if it was me. i told them no....there was no point in continuing at that point so i told them id call back

Okay but that isn't the same... I didn't try to use someone else's code did I... I simply stuck to the fact that I had received a promotion but couldn't find it... Like others have said you may have to phone a couple times as some of the reps stick to the 3.99% for life...

Did you phone the number from the mbna.ca contact page? That is the one I used.


Hi NUTS,

I called 1.877.862.7759 from the contact us page on www.mbna.ca. All the best

Ditto for me too... This is the # that I phoned. First rep stuck to 3.99% but I got bounced around a couple times and Carolyn finally gave me the 1.99 deal!!! I was told I need to talk to someone after the card arrives to try and get 1/2 the transfer fee... Even with 1% I will be verrrry happy... :D

[pflyer]

I've been through the terms of the card and I've gotta ask this because this deal sounds too good to be true. Can the "life of the loan" be indefinite as long as you never pay down the balance?

What is to stop you from getting the 1.99% for the life of the loan deal (for lets say 50K) and doing the following:

1) balance transfer within the first 90 days for the full amount of 50K

2) buying $50K in ETFs which track the S&P for a term of say 30 years while making interest payments of 1.99% X $50,000 = $1,000 per year.

3) assuming the market returns an average 8% over 30 years your portfolio will be worth $503K.

4) Then in 30 years time pay down the principal and pocket the proceeds. $503K - $30K interest - $50 principal = $423K

Of course you would owe capital gains tax but your interest would be tax deductible. I suppose what could really throw a wrench in this plan is if MBNA has the right to call the balance of the card at any point..

Is there something I am missing here? :confused:

[NUTS]

I've been through the terms of the card and I've gotta ask this because this deal sounds too good to be true. Can the "life of the loan" be indefinite as long as you never pay down the balance?

Is there something I am missing here? :confused:

on the basic idea no - it could work - but never say never.

1. If you would have done this deal 3-months ago and put the money in ETF's then, it would look scary now.

2. That said, unless there is a 100% total depression & or some of those ETF's collapsed, like the solid as gold banks, insurance companies & government mortgage series of ETF's did (you would be screwed over), I suppose in theory it could work.

3. RRSP the 50K, buy those ETF's that pay dividends, cover the positions with covered call and put options by being your own hedge fund manger - yes, then it is possible to use the almost free money to capitalize, even if this was done outside of an RRSP.

3. Also, why not see if you can get more in trying to maximize the $50k from MBNA up to $100k or even $200k - why not

4. Using OPM, just be really carefull

[scoobydoo]

I was denied by MBNA in the past, how long should I wait to ask again? 6 months?

[alanbrenton]

Approximately how much credit limit in aggregate do you guys have with MBNA? I only ask since I'm not sure if I'll still be approved for another card having been extended $33k by MBNA. I may have to request for a credit limit decrease but then with the credit crises, this may not even help anyway.

I'm not sure if I should cancel a card or two first or if I should call and request for even the smallest limit possible limit $500. I can always call and request to redistribute to this 1.99% card anyway.

[pflyer]

Approximately how much credit limit in aggregate do you guys have with MBNA? I only ask since I'm not sure if I'll still be approved for another card having been extended $33k by MBNA. I may have to request for a credit limit decrease but then with the credit crises, this may not even help anyway.

I'm not sure if I should cancel a card or two first or if I should call and request for even the smallest limit possible limit $500. I can always call and request to redistribute to this 1.99% card anyway.

I would say the only way of finding out is by giving it a shot. I wouldn't cancel your existing cards though, I think this would be a bad move and leave you with a lower overall credit limit in the end.

Even if they approve you for a nominal amount on the 1.99% just move the balance over from the other MBNA cards. I think that would be your best bet to get the highest possible limit. Remember too that you have a 90-day period on the 1.99% card to do the balance transfer so that leaves some time to negotiate a higher limit.

Good luck!

[SkeeterJohn]

This is the promo code I got for the 1.99% AIR on my statement CHCB6XDQ9

This is for the until the balance is paid off deal!

I spoke with a rep today and signed up for 1.99% until it's paid off deal. I simply said i had a code and gave her the one above... she said it was invalid but she then tried CACB6XDQ9 to which i said 'i must have wrote it down wrong' :lol:

She wouldn't reduce the 1% transfer fees but i'll try asking again to see if i can get the answer i'd like.

It goes without saying pay in full, on time, and don't go over any limits... and this works out to be a great deal. The 0% for 15 months is good too but regardless it's better than the 8% i'm paying now even if i don't owe much.

[Rockstead]

OK I found this thread just in time.

I'll be purchasing a minivan in the next two weeks, financing at the dealers has been aprox 7.99%

I have very good crediit.

I read the whole thread and I'm going to call in until I get the 1.99% for life.

My questions are:

- Do you find out right away on the phone if you are approved? instant credit check?

- Is it possible to get them to waive the transfer fee, or at least reduce it.

- Can I just get them to transfer let's say 25K to my savings account right over the phone?..that easy? and right after being approved on the phone?

- Can my wife and I apply together to get a higher amoung? does it even work that way.

Is there any reason why I shouldn't do this over a7,99% financing fee at a dealership..it soudns like a stupid question, it's just that this sounds too good to be true.

Thanks very much, including the great tip to get these guys to take out payments automatically every month, this way I'll never miss a payment.

[Trooper8111]

These questions should already be answered by the many posts and different threads on MBNA but here goes anyway.

- Do you find out right away on the phone if you are approved? instant credit check?

Yes, if you ask for instant approval after calling the Ottawa office. You have to ask for a senior credit analyst before 7pm eastern.

- Is it possible to get them to waive the transfer fee, or at least reduce it.

Yes, reduce it by half but not waived. Have to be persistent and it may take several calls.

- Can I just get them to transfer let's say 25K to my savings account right over the phone?..that easy? and right after being approved on the phone?

You can only do it once you receive the card.

- Can my wife and I apply together to get a higher amoung? does it even work that way.

You can include all your household income. You don't apply together. She won't need to get a credit check.

You can however, have her apply for her own card with her "household" income too. Then she will go through a credit check but you'll each have your own card with their own limits.:cheesygri

Is there any reason why I shouldn't do this over a7,99% financing fee at a dealership..it sounds like a stupid question, it's just that this sounds too good to be true.

I can't believe that they are charging that high financing charge for a minivan. I suspect it's a Japanese model, not American. If you drag out the payments, the only drawback I see is that you will continue paying for this minivan long after its death.

[Newbieinvestor]

I just want to confirm:

MBNA allows for credit from one card to be switched over to another active card?

What's the best way to approach them with this?

[Rockstead]

These questions should already be answered by the many posts and different threads on MBNA but here goes anyway.



Yes, if you ask for instant approval after calling the Ottawa office. You have to ask for a senior credit analyst before 7pm eastern.



Yes, reduce it by half but not waived. Have to be persistent and it may take several calls.



You can only do it once you receive the card.



You can include all your household income. You don't apply together. She won't need to get a credit check.

You can however, have her apply for her own card with her "household" income too. Then she will go through a credit check but you'll each have your own card with their own limits.:cheesygri



I can't believe that they are charging that high financing charge for a minivan. I suspect it's a Japanese model, not American. If you drag out the payments, the only drawback I see is that you will continue paying for this minivan long after its death.

Thanks so much for answering all my questions, generally speaking, how long does it take to receive the card?


It's actually an American Minivan, Dodge Grand Caravan, but they aren't offering 0% but if they are, you don't get any of the bonuses.

[belowzeros]

Thanks so much for answering all my questions, generally speaking, how long does it take to receive the card?


It's actually an American Minivan, Dodge Grand Caravan, but they aren't offering 0% but if they are, you don't get any of the bonuses.


If you don't have any luck with the mbna route wait a little bit on the minivan if you guys can. The deals are sure to start flying, I also can't believe they are still after 7.99 but I guess this market is still a lot healthier than the USA.

[jobeck]

I recently signed up for the "3.99% until paid" deal and have already made a large balance transfer. I'm wondering if anyone has had any experience in getting the original rate reduced. After reading these posts, I'm wondering if it's possible to get my current 3.99% reduced to 1.99% (or 2.99%) without doing a new application. Has anyone done (or tried) this?

[Trooper8111]

Thanks so much for answering all my questions, generally speaking, how long does it take to receive the card?

You can ask them to send it by Fedex for $10. I got mine within 48 hours.

[Trooper8111]

I recently signed up for the "3.99% until paid" deal and have already made a large balance transfer. I'm wondering if anyone has had any experience in getting the original rate reduced. After reading these posts, I'm wondering if it's possible to get my current 3.99% reduced to 1.99% (or 2.99%) without doing a new application. Has anyone done (or tried) this?

Once you accept the offer and do a balance transfer, there is no turning back. The offer will already have a promo code attached to it. If you want to save the extra 2%, then they'll ask you to do a whole new application.

[wpgcabby]

I spoke with a rep today and signed up for 1.99% until it's paid off deal. I simply said i had a code and gave her the one above... she said it was invalid but she then tried CACB6XDQ9 to which i said 'i must have wrote it down wrong' :lol:

She wouldn't reduce the 1% transfer fees but i'll try asking again to see if i can get the answer i'd like.

It goes without saying pay in full, on time, and don't go over any limits... and this works out to be a great deal. The 0% for 15 months is good too but regardless it's better than the 8% i'm paying now even if i don't owe much.


I signed up with the code that you provieded and they processed my application. They said that it will be 2-4 weeks to see if I am approved. I asked to speak to a credit analyst for instant approval but they said I have to wait 5 business days then I can call 1-866-434-5393 to check up on the status.

I hope they don't deny me because I already have a MBNA platinum Plus card, this will be my second card. I sure hope I get it, 1.9% is much better then the 7.4% im currently paying on my Jetta.

[pogs]

Just got an offer by the mail from MBNA.
It seems for the first time ever MBNA is offering a rate of 2.99% until you decide to pay off your promotional balance.

Looking at transferring $20,000 from my mortgage. I'm going to give them a call on Monday to have the transfer fees waived (they always did it in the past):)

So let me see if I get this straight....I could get this loan(assuming that I get approved) and pay down a chunk of my mortgage....then my mortgage would be lower, and I would have this new line of credit or loan for life with a great interest rate?

So I would need to still make my mortgage payments, plus the min payments on this loan for life....hmmmmm....so I guess if I can afford a little bit more in my monthly payments (mortgage + min for the new loan), then it is a good deal?

Hmmmm....got to do some more research. Any thoughts or opinions?

pogs

[knapper]

So let me see if I get this straight....I could get this loan(assuming that I get approved) and pay down a chunk of my mortgage....then my mortgage would be lower, and I would have this new line of credit or loan for life with a great interest rate?

So I would need to still make my mortgage payments, plus the min payments on this loan for life....hmmmmm....so I guess if I can afford a little bit more in my monthly payments (mortgage + min for the new loan), then it is a good deal?

Hmmmm....got to do some more research. Any thoughts or opinions?

pogs

It can be a significant increase in monthly payment, depending on the remaining amortization on your mortgage. The CC payments are structured to pay out in 4 years or less (much faster than typical CCs).

That said, if you can afford it this can greatly decrease your mortgage in 4 years (paying less interest on a portion, but even more so is the fact you are paying off a portion early).

[crashz]

So I have a $4500 purchase and the bank offered a crappy credit line rate. So I've been looking at a credit card. they have a 1.9% for 6 month rate right now. What's the best option for me, call in and see what the best rate I can get? I've seen some promo codes floating around people have been using. Just trying to see what my best option is.

[Rockstead]

guys let's say I qualify for 25,000 at 1.99%, what would be the lowest monthly payment I would have to make?

[pogs]

It can be a significant increase in monthly payment, depending on the remaining amortization on your mortgage. The CC payments are structured to pay out in 4 years or less (much faster than typical CCs).

That said, if you can afford it this can greatly decrease your mortgage in 4 years (paying less interest on a portion, but even more so is the fact you are paying off a portion early).

Are you saying the loan has to be paid off in 4 years?

[djino]

guys let's say I qualify for 25,000 at 1.99%, what would be the lowest monthly payment I would have to make?

Your monthly minimum payments are always the Interest (rounded down to the nearest dollar) + $10. So on a average monthly balance of $25,000 would be $51 monthly minimum payment ($41 + $10).

djino
"Make sense?"

[angel_wing0]

I just want to confirm:

MBNA allows for credit from one card to be switched over to another active card?

What's the best way to approach them with this?


tell them u want to do a credit limit transfer. Usually takes 5-7 days for the credit to actually transfer over which is...gay. :p

[djino]

tell them u want to do a credit limit transfer. Usually takes 5-7 days for the credit to actually transfer over which is...gay. :p

I Find the fastest way is to request cheques from MBNA. Then write a cheque to yourself and deposit to the other account.

djino
"Keep in mind Balance Transfer Fee applies. As you might be able to negociate the fee if you phone and do the transfer with a rep"

[dracore]

I Find the fastest way is to request cheques from MBNA. Then write a cheque to yourself and deposit to the other account.

djino
"Keep in mind Balance Transfer Fee applies. As you might be able to negociate the fee if you phone and do the transfer with a rep"

When I requested cheques it took about 3 weeks for them to arrive...

And when I requested for the 2.99% promotional cheques, they sent me the regular ones...

[djino]

When I requested cheques it took about 3 weeks for them to arrive...

And when I requested for the 2.99% promotional cheques, they sent me the regular ones...

I've recently requested cheques. Received them in 3 business Days.

djino
"You can also request cheques by logging into your MBNA account online"

[knapper]

Are you saying the loan has to be paid off in 4 years?

The "2.99% until balance is paid off" card has a much more aggressive minimum payment schedule than regular CCs. Search this thread and you should find it is about 4 years to pay off the original balance if minimum payments are made. For a regular CC it would be over 10 years.

[crashz]

I'm going to try for that 1.9% for the life of the balance deal. I think I understand it from flipping through previous posts but I want to be certain before I do. So long as I have a balance on the card it's 1.9% AIR? So If I spend $5000 and I paid it all off in 7 months I would be reverted to the regular rate? So would I just pay off the balance a leave $1 to keep the rate where it is? Or am I missing something?

[djino]

I'm going to try for that 1.9% for the life of the balance deal. I think I understand it from flipping through previous posts but I want to be certain before I do. So long as I have a balance on the card it's 1.9% AIR? So If I spend $5000 and I paid it all off in 7 months I would be reverted to the regular rate? So would I just pay off the balance a leave $1 to keep the rate where it is? Or am I missing something?

the 1.99% rate applies to Purchases/Balance Transfers/etc posted to the account within the first 90 days. It will keep that rate for the life of those Balances.

After 90 Days, you will get the normal 17.99%+ on any transactions posted to the account. Keep in mind that if you do make any transactions after the first 90 Days, any payments you make will from that point will be applied to the Balance that has Lower Interest applied to it.

djino
"Hope that helps"

[Rockstead]

Your monthly minimum payments are always the Interest (rounded down to the nearest dollar) + $10. So on a average monthly balance of $25,000 would be $51 monthly minimum payment ($41 + $10).

djino
"Make sense?"

Hi, that part did make sense and that's the number I came up with myself as well. (25000 * .0199 ) / 12 = 41

But what is confusing me is that people keep mentioning that the balance would have to be paid off within 4 years, if that's the case then the above formula does not work, or at the end of the 4 years they require the balance to be paid off, I would like to know which scenario applies, either higher monthly payments so that it is paid off in 4 years, or to be prepared to pay the balance of the payment at the end of 4 years.

[djino]

Hi, that part did make sense and that's the number I came up with myself as well. (25000 * .0199 ) / 12 = 41

But what is confusing me is that people keep mentioning that the balance would have to be paid off within 4 years, if that's the case then the above formula does not work, or at the end of the 4 years they require the balance to be paid off, I would like to know which scenario applies, either higher monthly payments so that it is paid off in 4 years, or to be prepared to pay the balance of the payment at the end of 4 years.

I do see it mentioned as you say a few times in this thread. But nowhere do I see this in the Agreement/TOS having to pay it off in 4 years. I figure Life of Balance, means exactly that. Until that Balance is paid off.

djino
"But I could be wrong"

[crashz]

Bastards, went through 2 agents already and none of them would give me that offer claiming no knowledge of it. :mad:
Wish I had a code

[djino]

Bastards, went through 2 agents already and none of them would give me that offer claiming no knowledge of it. :mad:
Wish I had a code

Keep trying. You'll get it eventually

djino
":|"

[jigo]

I've got approved for 1.99% rates ( for life), but the MBNA Credit Approval specialist gave me only Credit Line of 2.5K, because I have 2 other MBNA cards (0% 15 months and Starwood Reward). Should I request that my other MBNA account ( let's say Starwood reward) merge with 1.99% card to increase my 1.99% Credit line? Or should I transfer balance from that card to increase my credit line with 1.99% card?

[crashz]

4 strikes :mad::mad::mad:

:mad:

[djino]

I've got approved for 1.99% rates ( for life), but the MBNA Credit Approval specialist gave me only Credit Line of 2.5K, because I have 2 other MBNA cards (0% 15 months and Starwood Reward). Should I request that my other MBNA account ( let's say Starwood reward) merge with 1.99% card to increase my 1.99% Credit line? Or should I transfer balance from that card to increase my credit line with 1.99% card?

Merge whatever account has the highest credit limit with the highest Interest.

djino
":cheesygri"

[knapper]

I do see it mentioned as you say a few times in this thread. But nowhere do I see this in the Agreement/TOS having to pay it off in 4 years. I figure Life of Balance, means exactly that. Until that Balance is paid off.

djino
"But I could be wrong"

I looked through this thread and online at MBNA and could not see where i got the information from. I am pretty sure I saw it on a similar but different thread here on RFD. What it came down to was the way MBNA calculates the minimum monthly payment ensures that the original balance is paid off within approximately 4 years (that was the range I remember). There is NO WAY they are going to let the minimum be "interest + $10". With DJINO's example with $25K it would take 208 years (250 months) to pay off the principal.

[djino]

I looked through this thread and online at MBNA and could not see where i got the information from. I am pretty sure I saw it on a similar but different thread here on RFD. What it came down to was the way MBNA calculates the minimum monthly payment ensures that the original balance is paid off within approximately 4 years (that was the range I remember). There is NO WAY they are going to let the minimum be "interest + $10". With DJINO's example with $25K it would take 208 years (250 months) to pay off the principal.

I suppose I could be wrong for the 1.99%.

I currently have the MBNA Platinum Prestige Line (credit card) at 6.75%. Everymonth my minimum monthly payment is calculated at Interest + $10 (my credit limit is 15K on it). The MBNA account I had before that was calculated in the same way. So I assume it would be with the 1.99%. As It is with their 0% 15-Month promo (people on that are only required to pay $10/month).

djino
"Again, I could be wrong about the 1.99% monthly payment"

[crashz]

I give up. MBNA can eat my ass.
RBC has a card right now that offers 1.9% intro rate for the first 9 months. That's enough for me.

http://www.rbcroyalbank.com/services/cards/rwd_gold.html?ASC=UDE018&ProspectID=A8D71D5A31D747DDA3043959C85EBB0C

[Rockstead]

If someone can please confirm 100% how they payment schedule works and if you truly only have 4 years to pay this off, this would greatly affect my decision on buying a new car with this.

[psweitzer]

I give up. MBNA can eat my ass.
RBC has a card right now that offers 1.9% intro rate for the first 9 months. That's enough for me.

http://www.rbcroyalbank.com/services/cards/rwd_gold.html?ASC=UDE018&ProspectID=A8D71D5A31D747DDA3043959C85EBB0C


:razz:

Stick with it man... 1.99% for the life! Not some crappy 9/12/15 months! You'll hit the right rep... Ask to speak to their supervisor...!

[dracore]

I give up. MBNA can eat my ass.
RBC has a card right now that offers 1.9% intro rate for the first 9 months. That's enough for me.

http://www.rbcroyalbank.com/services/cards/rwd_gold.html?ASC=UDE018&ProspectID=A8D71D5A31D747DDA3043959C85EBB0C

Also try calling on Saturday morning. They may have a different group (weekend group) of reps for the weekend who might not be so tight-lipped about it. I called in on a weekend, got some lady on the phone and surprisingly got the 1.99% on the first try.

She was asking me for a code. I kept giving my phone # area code. She was saying no no.. need the code on the promo. I then said, OH that code.. and I mentioned that I misplaced it somewhere. She said hold on while she looks it up... and she came back with OK.

[Trooper8111]

I looked through this thread and online at MBNA and could not see where i got the information from. I am pretty sure I saw it on a similar but different thread here on RFD. What it came down to was the way MBNA calculates the minimum monthly payment ensures that the original balance is paid off within approximately 4 years (that was the range I remember). There is NO WAY they are going to let the minimum be "interest + $10". With DJINO's example with $25K it would take 208 years (250 months) to pay off the principal.

MBNA is interest + $10. Citibank is 2-2.5% of average daily balance.

[angel_wing0]

I give up. MBNA can eat my ass.
RBC has a card right now that offers 1.9% intro rate for the first 9 months. That's enough for me.

http://www.rbcroyalbank.com/services/cards/rwd_gold.html?ASC=UDE018&ProspectID=A8D71D5A31D747DDA3043959C85EBB0C

too bad man, for life of the balance is much better than just 9 months.

[corollace]

I'm waiting for 1.99% approval now. I called them in the night, but all reps are in India, very hard to understand them, but they gave me this without any promo code. I told them I dont have, my friend just got this today.

[wpgcabby]

I have a savings account paying 3.15%, would it be worth parking 20g for the balance of the loan?

[casperr]

My brother in law tried it on first try and he got it. Just no instant approval but he got the 1.99 promo code.

[casperr]

I've got approved for 1.99% rates ( for life), but the MBNA Credit Approval specialist gave me only Credit Line of 2.5K, because I have 2 other MBNA cards (0% 15 months and Starwood Reward). Should I request that my other MBNA account ( let's say Starwood reward) merge with 1.99% card to increase my 1.99% Credit line? Or should I transfer balance from that card to increase my credit line with 1.99% card?


Just a question, when you tried to apply, did you ask for a credit analyst right away?

[crashz]

I dont need it for life. I plan to use it for my need and cut it loose.

[bigsky2]

Sorry to be such a noob here, but I was reading through this thread and I have a few questions:

- Is this product from MBNA, the X.XX annual interest rate until balance is paid off, a credit card product or a personal line of credit/loan product?

- If the product is a credit card and if I have an existing MBNA Mastercard (Premium Rewards Platinum+, thanks RFD :-0), would my existing credit card be cancelled?

- Does the principal need to be paid off in a reasonable amount of time? From what I have read, the balance should be paid off in 4 years.

[Trooper8111]

Sorry to be such a noob here, but I was reading through this thread and I have a few questions:

- Is this product from MBNA, the X.XX annual interest rate until balance is paid off, a credit card product or a personal line of credit/loan product?

- If the product is a credit card and if I have an existing MBNA Mastercard (Premium Rewards Platinum+, thanks RFD :-0), would my existing credit card be cancelled?

- Does the principal need to be paid off in a reasonable amount of time? From what I have read, the balance should be paid off in 4 years.

I suggest you call MBNA and ask a CSR concerning your questions. They are quite helpful.

[djino]

Is this product from MBNA, the X.XX annual interest rate until balance is paid off, a credit card product or a personal line of credit/loan product?


its a credit card product. 17.99%+ fees apply to any transactions after the first 90 Days. (Anything before 90 Days will have 1.99%/2.99%/3.99% Interest on them until its paid off).

Most current MBNA's loan/personal line of credits products now come with a credit card attached to them (Example: The Platinum Prestitge Line of Credit http://mbna.ca/pc_flexible_credit.html has a credit card you can use for purchases to be posted to that product aswell). So essentially all current products shown at mbna.ca are credit card products even if it states Personal line of credit.

If the product is a credit card and if I have an existing MBNA Mastercard (Premium Rewards Platinum+, thanks RFD :-0), would my existing credit card be cancelled?

Absolutely not. Though depending on your income/credit-report/credit limit on existing MBNA account ... MBNA may not extend that much credit towards the new product you'd apply for. Or They may reduce your current limit and/or transfer completely that account over to the new product. But this IS NOT something thats automatically done. The Credit Analysis will discuss these options with you.

Does the principal need to be paid off in a reasonable amount of time? From what I have read, the balance should be paid off in 4 years.

Not at all. I'm not sure where a select few are reading 4 years from. Your minimum monthly payment is always the Interest + $10.

djino
"Now go apply already!"

[knapper]

I suggest when someone talks to a CSR they ask how the payments are calculated. I agree that with their low interest for 9-15 month products that MBNA the payment is interest + $10, but there is NO WAY that is the case for life.

[djino]

I suggest when someone talks to a CSR they ask how the payments are calculated. I agree that with their low interest for 9-15 month products that MBNA the payment is interest + $10, but there is NO WAY that is the case for life.

Do you have an MBNA account?

[knapper]

Do you have an MBNA account?

No I don't. When this deal was posted in another thread (LINK (http://www.redflagdeals.com/forums/showthread.php?t=618353)) I thought about applying. Checkout post #13 in the thread, it says the min. payment is 2.25% of the outstanding balance, which would mean it is paid off in about 4-5 years. Based on that I decided not to apply.

Is there someone browsing the thread who has a MBNA "until balance is paid" card that can confirm their interest rate , balance and min. payment?

[Trooper8111]

As per my agreement:

The current payment due each billing cycle will be the lesser of: (1) the sum, rounded down to the nearest dollar, of all interest rate finance charges, transaction fees, and account fees (excluding returned cheque cash advance fees and copy fees) plus $10; or (2) 2.25% of the new balance total, rounded down to the nearest dollar.

[Nofirstname]

Hello everyone.

I have the MBNA CC with BT for 15 months (ends in January).

Can I ask them to convert (request new) for 2.99/3.99 per life?

Should I return my previous balance first (completely), and reapply only after that?

Thanks.

[sienna owner]

Hello everyone.

I have the MBNA CC with BT for 15 months (ends in January).

Can I ask them to convert (request new) for 2.99/3.99 per life?

Should I return my previous balance first (completely), and reapply only after that?

Thanks.

why not try to get another 0%/15 months...appears that others were able to do this.

[knapper]

As per my agreement:

The current payment due each billing cycle will be the lesser of: (1) the sum, rounded down to the nearest dollar, of all interest rate finance charges, transaction fees, and account fees (excluding returned cheque cash advance fees and copy fees) plus $10; or (2) 2.25% of the new balance total, rounded down to the nearest dollar.

Is this for the AIR Until Balance is Paid Off? Or a 9-15 month promo? If the former, have you received a bill yet?

[Nofirstname]

I do have already 2 cards, and the second is due in September.
It is still better to have MBNA BT at 4.99 (or less) than higher rate LOCs.

If anybody done with existing BT, so how does it work?

Should I first return them money or try strictly to convert the balance.

Thx.

[Trooper8111]

Is this for the AIR Until Balance is Paid Off? Or a 9-15 month promo? If the former, have you received a bill yet?

Is this not the AIR until balance is paid off thread? I have both promos and the agreement is the same on both which are Platinum Plus cards. I also confirmed with the CSR before applying.

[knapper]

Is this not the AIR until balance is paid off thread? I have both promos and the agreement is the same on both which are Platinum Plus cards. I also confirmed with the CSR before applying.

OK, all I can say is I am very surprised.

[bigsky2]

I suggest you call MBNA and ask a CSR concerning your questions. They are quite helpful.

Thanks. I will be calling them to open an account soon.

[bigsky2]

its a credit card product. 17.99%+ fees apply to any transactions after the first 90 Days. (Anything before 90 Days will have 1.99%/2.99%/3.99% Interest on them until its paid off).

Makes sense!
Noted and understood.

Most current MBNA's loan/personal line of credits products now come with a credit card attached to them (Example: The Platinum Prestitge Line of Credit http://mbna.ca/pc_flexible_credit.html has a credit card you can use for purchases to be posted to that product aswell). So essentially all current products shown at mbna.ca are credit card products even if it states Personal line of credit.

Okay, I follow!


Absolutely not. Though depending on your income/credit-report/credit limit on existing MBNA account ... MBNA may not extend that much credit towards the new product you'd apply for. Or They may reduce your current limit and/or transfer completely that account over to the new product. But this IS NOT something thats automatically done. The Credit Analysis will discuss these options with you.

I will give MBNA a call and see what sort of credit they can offer for the new account.


Not at all. I'm not sure where a select few are reading 4 years from. Your minimum monthly payment is always the Interest + $10.

I believe some other members have stated that other similar offers have shown that the intended time frame to repay the entire balance is 4-5 years, after taking into account the minimum payment each month. But since this differs, then it should not apply.

It was also clarified by another member a few posts above that the minimum payment is structured as you have stated, and that the interest rate is valid for the life of the balance.

djino
"Now go apply already!"

Thank you for your reply.
I will apply and post my results later.

[bigsky2]

I called MBNA this afternoon and things went well.

I spoke to an account rep who helped me open a new MBNA credit card account, with the promotional 1.99% AIR until the balance is paid off. The rep stated that there is a 90 day window for the balance transfers to take place, and that any purchases made on the card are not eligible for the promotional 1.99% AIR.

I also asked her if there are any accounts or products in which they cannot accept a balance transfer from, and she said there are a few credit lines from other companies that they cannot accept. Checking with the MBNA prior to performing a BT will ensure that you get approved for the 1.99% rate.

I also clarified the payment issue, and yes, the payment is calculated as your interest payment + $10.

As for the balance transfer fee, it is a standard 1% for any cheques that you have written. She said the fee could be "adjusted by a manager" if you call them prior to initiating a BT over the phone. I'm not sure if you can reduce the fee associated with the cheques, but it could be worth a try to speak to a manager prior to cashing that cheque.

It was a simple process and I didn't have any problems trying to get this account opened. It certainly helps that you are an existing customer, as the information is available for the rep to fill out your application.

As far as the limit they offered, it was about half of my existing MBNA credit card. I asked if I could reduce the credit limit on my main MBNA credit card and put that towards the new card, as djino suggested. I forgot to request that as I was applying for it. When I called back and spoke to another rep, she said that the credit limit could not be adjusted until the card is created in their system. So I will basically call them back when I receive my card to adjust my credit limit accordingly.

Thanks for the reply and to the OP for bringing attention to this product!

[djino]

I also clarified the payment issue, and yes, the payment is calculated as your interest payment + $10.

I hope now the Issue of Minimum monthly payment can now be put to rest! :arrowu:

djino
"INTEREST + $10 :)"

[jmac88]

First time poster. I thought I would share my story.

I just got off the phone with 3 different MBNA reps (all during one call)

The first person I talked with was Scott. I told him I was going to cancel my card to take advantage of the RBC deal (http://tinyurl.com/5dvv3o). He was immediately helpful, offering me the same deal (1.99 on trans until Sept 09). I also got him to cancel the transfer fee, because RBC was going to give me reward points :).

Off I went to get my credit limit increased.

I asked for an increase from 3000 to 10,000, explaining that I wanted to pay of a LOC that I had used for some home renovations ;)

After 30 seconds, I was instantly approved and off I went to Melody. She took care of the transfer. While talking to her I mentioned that RBC would give me a 8.99% percent rate after the intro period. (I was currently paying 12.99%). She said she could take me down to 9.99% which I agreed upon. I was starting to feel like I was pressing my luck...

Anywho, that's it. Just waiting 2-3 bus days for the money to be in my account. I didn't ask to speak with anyone special, I just went with the flow, calling the number on the back of my card 1-888-877-6262. Last week I took my entire paycheck and paid off the remaining balance on my card. I think having a 0 balance offers a lot more negotiating power. :cheesygri

In Summary:
1.99% on bal trans for 10 months
No transfer fee
Lowered regular monthly rate

UPDATE: Grew a set and called back. I want the 0% for 15!

Spoke with the CSR, useless. transferred me to senior credit annaylst, useless. transferred me to new accounts (I guess) where I was going to fill out a new card application as the senior CA said that was the only way to get that rate. Before transferring she asked if I got a code in the mail, as this was the only way to get this deal. I said yes! She didn't ask what it was, all I had is what I got from these forums which was "BODX".

Spoke with this new agent and she asked if I would like to just have the 0 for 15 on my existing card... DOH! I said that is what I'm trying to do.

She put me on hold for a few and came back with some attitude. At this point I was asked what the promo code was. She then put me on hold and spoke to her supervisor. She came back and said that because I only had the partial code they would not honor the deal. I said fine, that's it, cancel the whole bloody thing. She said "sure, one moment" (I wanted to strangle her through the phone). She came back after a few minutes and transferred me again where the negotiating continued. This person said she had to speak to her boss that was in a meeting. This dude would have to no doubt be the owner of MBNA himself based on all the escalating they said they were doing. Anyways... "June" said she would call back later that afternoon. She was already trying to set my expectations low before I got off the phone.

Well, 5pm came around and no call. I called and tried to cancel again. shifted around and finally got what I was asking!

Final Summary:
0% on transfers for 15 months
I did have to pay the full 1% transfer fee (Although they would have given me half if I had more fight in me.)
9.99% adjusted regular rate

In conclusion, I think I would have been in better shape if I just cancelled my card and started fresh. I also think I spoke to a lot of the wrong people at MBNA. In June of 2010 I'll be calling back to do it again! I can hardly wait....

[djino]

In Summary:
1.99% on bal trans for 10 months
No transfer fee
Lowered regular monthly rate

1.99% for 10 months is a normal offer anyone can get (any CSR you call can pull up and give you). You should have requested the 1.99% for life of Balance.

djino
"No BT Fee is good though, but coulda done better"

[alanbrenton]

I hope now the Issue of Minimum monthly payment can now be put to rest! :arrowu:

djino
"INTEREST + $10 :)"

Nice! This will be the hottest credit card ever.

[angel_wing0]

1.99% for 10 months is a normal offer anyone can get (any CSR you call can pull up and give you). You should have requested the 1.99% for life of Balance.

djino
"No BT Fee is good though, but coulda done better"

cant agree more...well he can request that again once the 10 months is over i guess :D

[djino]

My main reason for getting the 1.99% offer was to help my better half pay off debt faster. Once I receive the card/account is opened, am I able to setup a Balance Transfer with an MBNA rep to a credit card that is NOT in my name?

djino
"BT to account not in my name, can it be done?"

[angel_wing0]

My main reason for getting the 1.99% offer was to help my better half pay off debt faster. Once I receive the card/account is opened, am I able to setup a Balance Transfer with an MBNA rep to a credit card that is NOT in my name?

djino
"BT to account not in my name, can it be done?"

hmm, they dont even ask for the bank account holder's name when doing the bt...so i dont think they would know where the money is going anyway.

[bigsky2]

The only caveat I have for this product at 1.99% AIR is that it may influence you to only make the minimum payment (interest + $10) and extending the ammortization period of the balance for as long as possible.

In the long run you end up paying more interest (although at a lower rate) and it's not beneficial if you intend to decrease your debt rather than servicing it regularly by making the minimum payment.

However, if you are financially responsible then this product will be a great benefit to you.

A quick calculation on a $10,000 balance transfer shows that you can save a lot of interest per year.

Assuming you will pay more than the required minimum payment, you definitely reduce the principal a lot faster and the interest portion is lower than some of best lines of credit out there.

[NUTS]

A quick calculation on a $10,000 balance transfer shows that you can save a lot of interest per year.

Assuming you will pay more than the required minimum payment, you definitely reduce the principal a lot faster and the interest portion is lower than some of best lines of credit out there.

With the 1.99% life deal ($200/year minimum I believe)- on the assumption that you take the $10k cash and that you not need it to pay other debt - then fling it into an RRSP and with the refund $3k-$4k, put that towards paying off the balance -if not, then why not put the $3k back into an RRSP, and the tax back on the $3k back again to the RRSP, then over time its good money (OPM) for you to get some compunding over a 20 - 40 year period.

When in the end the RRSP should compound to at least 3 x times the original $10k deposit - withdraw $14k from that RRSP ($4k for tax) and the $10k to pay off the balance sometime between now and 65

Nice little gift

[bigsky2]

With the 1.99% life deal ($200/year minimum I believe)- on the assumption that you take the $10k cash and that you not need it to pay other debt - then fling it into an RRSP and with the refund $3k-$4k, put that towards paying off the balance -if not, then why not put the $3k back into an RRSP, and the tax back on the $3k back again to the RRSP, then over time its good money (OPM) for you to get some compunding over a 20 - 40 year period.

When in the end the RRSP should compound to at least 3 x times the original $10k deposit - withdraw $14k from that RRSP ($4k for tax) and the $10k to pay off the balance sometime between now and 65

Nice little gift

Good idea, I've seen people do this before and it works as long as you are fiscally responsible!

[Trooper8111]

hmm, they dont even ask for the bank account holder's name when doing the bt...so i dont think they would know where the money is going anyway.

They do check where the money goes and so does the bank. I asked what measures are in place concerning transfers to a bank account. If it's not the same name, with the same info, the transfer will not be done. I wanted to make sure that I would not be liable if the money ends up in the wrong hands. Imagine what a fiasco it would be if it was put into the wrong account?!

[Trooper8111]

My main reason for getting the 1.99% offer was to help my better half pay off debt faster. Once I receive the card/account is opened, am I able to setup a Balance Transfer with an MBNA rep to a credit card that is NOT in my name?

djino
"BT to account not in my name, can it be done?"

Just transfer the money into your account then pay whatever from there. Take the card(s) away from your better half and make sure (s)he has dinner for you ready every night.

[angel_wing0]

They do check where the money goes and so does the bank. I asked what measures are in place concerning transfers to a bank account. If it's not the same name, with the same info, the transfer will not be done. I wanted to make sure that I would not be liable if the money ends up in the wrong hands. Imagine what a fiasco it would be if it was put into the wrong account?!

true, but i think it can still be done as long as the cardholder authorizes the transfer...hmmm

[djino]

Just transfer the money into your account then pay whatever from there. Take the card(s) away from your better half and make sure (s)he has dinner for you ready every night.

lol.. I better be gettin more than just dinner

djino
";)"

[angel_wing0]

lol.. I better be gettin more than just dinner

djino
";)"

too much details :D

or u can just write a cheque once the cash gets there.

[wiebecj]

I just called and applied for 1.9% balance transfer for life - just said a guy in my office got it and she looked it up and helped me out!

[djino]

I just called and applied for 1.9% balance transfer for life - just said a guy in my office got it and she looked it up and helped me out!

sweet. Congrats, its rare to get it done on first try

djino
"It aint that hard to get"

[dracore]

Ok I just got my 1.99% card. I asked the credit analyst to consolidate my 2.99% FL (for life) to my 1.99% FL. Unfortunately my credit limit could not be raised further (just an additional 5k). Looks like I couldn't pull a fast one on them... my bluff with a higher income to 85k didn't seem to help much. She just said "oh based on your income we believe you have enough already". I wanted double! :P

So it does seem like they stick to a general rule of thumb where your credit limit is 24-25% of your salary unless you have other collateral (LOC perhaps?) Although I did mention the mortgage of my house was paid off... but that didn't seem to help much as collateral.

Well I guess I have another 5k to work with. I'll need to call in again to make them transfer to my bank account. Is it easy to get the Level 1 support reps to only charge a 0.5% fee?

[sienna owner]

Ok I just got my 1.99% card. I asked the credit analyst to consolidate my 2.99% FL (for life) to my 1.99% FL. Unfortunately my credit limit could not be raised further (just an additional 5k). Looks like I couldn't pull a fast one on them... my bluff with a higher income to 85k didn't seem to help much. She just said "oh based on your income we believe you have enough already". I wanted double! :P

So it does seem like they stick to a general rule of thumb where your credit limit is 24-25% of your salary unless you have other collateral (LOC perhaps?) Although I did mention the mortgage of my house was paid off... but that didn't seem to help much as collateral.

Well I guess I have another 5k to work with. I'll need to call in again to make them transfer to my bank account. Is it easy to get the Level 1 support reps to only charge a 0.5% fee?

ummmmmmm???
did you ask them to change the allocation for your overall credit limit?

[dracore]

ummmmmmm???
did you ask them to change the allocation for your overall credit limit?

Yeah she combined the limits of both cards and moved the balance to the new card. The old card cannot be used anymore.

Hmmm I just checked my new card balance online. It says that I have a balance but no promotional ID mentioned for it so I might be paying the full AIR rate... grrrrr

[sienna owner]

Yeah she combined the limits of both cards and moved the balance to the new card. The old card cannot be used anymore.

Hmmm I just checked my new card balance online. It says that I have a balance but no promotional ID mentioned for it so I might be paying the full AIR rate... grrrrr

just means you call back to complain and get what you asked and was given verbally!!! LOL
more trouble, but obviously worth it.

[ceeatch]

I just did the math, if I could get on this deal, use it to put some money down on the mortgage (prepayment), it's a pretty big savings when dust settles at the end. I'm really tempted to get on this.

[QTheNukes]

They gave me $26,730.00 after $267.30 balance transfer fee of 1%, they told me no way could I get the fee reduced. What is $267.30 on a 15 month loan anyway....Sounds good to me.

I was trying to get $40,000 - $50,000 but they told me I needed a much higher income, he said $250,000. He told me that I already have more than double what they should give me......but I am an excellent customer with a superior credit history....my words. It sounds like they use a 20% rule in deciding max credit limit. He also cited my other credit cards with large unused limits as a consideration in keeping it at $27,000.

Overall I am happy....Between my wife and I there is about $30,000 of RRSP room to throw this into which equals an immediate return of over $6000.00. Not bad when you consider it only cost me $267.00 bucks.

What to do with $6000?

[ceeatch]

What to do with $6000?

What's your plan in 15 months from now if they don't have this deal?

[QTheNukes]

What's your plan in 15 months from now if they don't have this deal?

To pay off the balance?

I will have enough saved outside of my rrsp's to pay it off. With the last balance transfer I just paid it off at about $3500 a month in the last few months. I will probably put the $6000 and other money into some short term investment, GIC or CT savings account.

[angel_wing0]

They gave me $26,730.00 after $267.30 balance transfer fee of 1%, they told me no way could I get the fee reduced.

hmmm it really sounds like they are not giving the 0.5% bt fee now...they must be deserpate for money :p

[Newbieinvestor]

I'm worried that they might stop a lot of their promotions due to the credit crunch where no one is lending money in the States.

It could spread up here fast.

[QTheNukes]

I'm worried that they might stop a lot of their promotions due to the credit crunch where no one is lending money in the States.

It could spread up here fast.

I really thought it would have happened by now if it was going to happen. They seem to be a high risk type of lender but apparently it works for them.

[djino]

hmmm it really sounds like they are not giving the 0.5% bt fee now...they must be deserpate for money :p

Had better not. Still have yet to receive my card to perform 1st BT.

djino
"Wants 0.5% BT"

[angel_wing0]

Had better not. Still have yet to receive my card to perform 1st BT.

djino
"Wants 0.5% BT"

good luck...1st bt should be easier if u try hard enough.

[ceeatch]

I've been trying to get the deal, so far no luck. The last person I was speaking to though said if I had the 4 digit priority code and the phone code from someone's offer, they could extend the offer to me because they'd have something to go on.

I'd be up for trying it. Anyone feel like sharing? PM or otherwise?

Thanks!

[alanbrenton]

I've been trying to get the deal, so far no luck. The last person I was speaking to though said if I had the 4 digit priority code and the phone code from someone's offer, they could extend the offer to me because they'd have something to go on.

I'd be up for trying it. Anyone feel like sharing? PM or otherwise?

Thanks!

+1

The 3.99% balance for life is no longer on MBNA's website. Does this mean the end to the 1.99% balance for life as well?

[Trooper8111]

The 3.99% balance for life is no longer on MBNA's website.

Just refresh the home page and it should show up.

[djino]

+1

The 3.99% balance for life is no longer on MBNA's website. Does this mean the end to the 1.99% balance for life as well?

See post 2647 here -> http://www.redflagdeals.com/forums/showthread.php?t=352003&page=177

djino

[wiebecj]

sweet. Congrats, its rare to get it done on first try

djino
"It aint that hard to get"

Actually - it took me 3 trys :-) but only about 5 minutes time.

[djino]

Sweet.

djino
"Good stuff.. now try to get 0.5% BT as I've been unsuccessful with"

[psweitzer]

"Good stuff.. now try to get 0.5% BT as I've been unsuccessful with"

Completed my BTs last week and it wasn't even hard to get the 0.5%!!! :twisted:

I just said "so I heard that it might be possible to have the BT fee lowered..." to which the CSR promptly replied that she could cut it in half... I was very pleased to not have to push for it....

[Rockstead]

OK so I just got the 1.99% for life promotion, only took two tries.

At the end of the call I said to transfer me to a Senior Analyst so that I could get instant approval, I was told to call another number.

From there the person on the phone said she would only be able to review my account once the information has been posted, she said it normally takes aprox 2 days, can anyone confirm this please.

I'll be using this money to purchase a car, so thanks for the tip on the balance transfer fee, I'll ask for it at the time, so instead of a $250 transfer fee (.01 * 25000), it will be $125 and then I will ask for the money to be transferred to my savings account.

[ceeatch]

OK so I just got the 1.99% for life promotion, only took two tries.

Just wondering, what number did you call and how did you ask for the promotion? I'm 0 for 2 so far.

edit: Called tonight (3rd try) and I got it.

Steps taken:

Called 1-866-478-3666
Girl asked for my offer number starting with a D.
Told the girl my neighbour got an offer for 1.99% for life of the balance and asked if it was okay if I used his code?
She said yes. (This would have been MUCH easier if someone with an actual offer would share their D- whatever code. Anyway.)
I made up a code on the fly.
She asked me to repeat it. Gave it to her again. Code didn't work (obviously)
Told her I must have mistyped it.
She asked if there was an expiry to the deal.
I said no.
She said I can do this for you no problems.

[MusashiX]

I've went through this thread, and I have a few questions regarding Balance Transfers..

I already have an MBNA Preferred MasterCard that I got about 4-5 years ago through eBay, my limit is at almost 6k$. The limit kept increasing, because of good standing, I assume, and I noticed since last summer that I'm eligible for 1.99% on BTs and Access Cheques. And, they show up on every statement since then on the bottom. There are 4 of them each with a different code (all starting with the letter "J") next to it, 3 of them are at 1.99% and one at 2.99%(!?). The AIR type letter is "P". So, I don't know if this is for a couple of months or so. I'm obviously more interested in getting the one for life. Anyone have any clue?

And, if I wanted to increase my credit limit do you just usually tell them you make more and give them the amount and they will take 20% of to determine your limit?

Also, I read that you shouldn't be using the card for anything else after using the promo, what if I have a pre-authorized debit to pay for a bill every month? Should I stop that so that it doesn't mess up the rate?

I want to do a BT to my bank account and invest that money, can they transfer it directly over the phone if I get them my chequings account info?

Thanks in advance!

[dracore]

So currently I have a balance with 1.99% but I have some additional credit to use before I hit my limit because my limit was raised. If I ask for a second BT of the remaining limit would this still count as part of the 1.99% or would this be at full rate?

[alanbrenton]

Just wondering, what number did you call and how did you ask for the promotion? I'm 0 for 2 so far.

edit: Called tonight (3rd try) and I got it.

Steps taken:

Called 1-866-478-3666
Girl asked for my offer number starting with a D.
Told the girl my neighbour got an offer for 1.99% for life of the balance and asked if it was okay if I used his code?
She said yes. (This would have been MUCH easier if someone with an actual offer would share their D- whatever code. Anyway.)
I made up a code on the fly.
She asked me to repeat it. Gave it to her again. Code didn't work (obviously)
Told her I must have mistyped it.
She asked if there was an expiry to the deal.
I said no.
She said I can do this for you no problems.

Was it a CSR or Credit Analyst you spoke to? Also, was this the Indian call center or the Ottawa-based center -- what time did you make the call? I'm a little extended right now (with low balance transfer offers) and am not sure if I can get an immediate decision over the phone but it's too good a deal to pass up. Are chances better if there currently are no credit card outstanding balances?

[angel_wing0]

So currently I have a balance with 1.99% but I have some additional credit to use before I hit my limit because my limit was raised. If I ask for a second BT of the remaining limit would this still count as part of the 1.99% or would this be at full rate?

i think it's only for the 1st bt within 90 days. Call and ask.

[psweitzer]

So currently I have a balance with 1.99% but I have some additional credit to use before I hit my limit because my limit was raised. If I ask for a second BT of the remaining limit would this still count as part of the 1.99% or would this be at full rate?


Depends on how long ago your account was opened...
All qualified transfers within the first 90 days will be part of the 1.99% for the life of the balance.

I have already made two transfers and will consider another if I can pay down a little of the limit before my Feb 5 cutoff...

MusashiX, you can continue to use the card but will be charged the full ~19% annual interest on those purchases. Keep in mind that these purchases will stick around longer than your 1.99% balance as all payments are applied to the balance with the lowest interest first. That is one of the ways they get people with these deals... :twisted:

Personally I am treating this as a verry verrrrry low interest loan. I have no intentions of ever putting a full rate transaction on this card.

[ceeatch]

Was it a CSR or Credit Analyst you spoke to? Also, was this the Indian call center or the Ottawa-based center -- what time did you make the call? I'm a little extended right now (with low balance transfer offers) and am not sure if I can get an immediate decision over the phone but it's too good a deal to pass up. Are chances better if there currently are no credit card outstanding balances?

To be honest, I'm not entirely sure what the difference is between a 'CSR' and 'Credit Analyst'. As for the which call center it was, the lady wasn't speaking total broken English like most Indian call centers, so I would have to say it was Ottawa. I made the call around 5:30ish. I wasn't immediately approved over the phone. She took down my application and that was that. I asked to be transferred to a senior credit analyst but said that wasn't possible. She gave me a phone number to check on my status.

[ceeatch]

MusashiX, you can continue to use the card but will be charged the full ~19% annual interest on those purchases. Keep in mind that these purchases will stick around longer than your 1.99% balance as all payments are applied to the balance with the lowest interest first. That is one of the ways they get people with these deals... :twisted:


This brings me to the following 'Terms and Conditions' of this said deal. I haven't seen anyone mention this before.

"
Credit Balance Inactive Fees

If, and for as long as your Account is inactive and has a credit balance, then a fee will be assessed to your Account on each anniversary date of the day on which your Account was last active as follows: After 1 year of inactivity with a credit balance, the fee will be the lesser of $5 or the credit balance; after 2 years the fee will be the lesser of $15 or the credit balance; after 5 years the fee will be the lesser of $25 or the credit balance; and after 9 years the fee will be the lesser of $30 or the credit balance.
"

So let's say I plan to keep this going for 10 years, I'm looking at
$5, $15, $15, $15, $25, $25, $25, $25, $30, $30 = $210 + 18% interest

I know, it's not much, but it's still worth mentioning.

[nacho113]

This brings me to the following 'Terms and Conditions' of this said deal. I haven't seen anyone mention this before.

"
Credit Balance Inactive Fees

If, and for as long as your Account is inactive and has a credit balance, then a fee will be assessed to your Account on each anniversary date of the day on which your Account was last active as follows: After 1 year of inactivity with a credit balance, the fee will be the lesser of $5 or the credit balance; after 2 years the fee will be the lesser of $15 or the credit balance; after 5 years the fee will be the lesser of $25 or the credit balance; and after 9 years the fee will be the lesser of $30 or the credit balance.
"

So let's say I plan to keep this going for 10 years, I'm looking at
$5, $15, $15, $15, $25, $25, $25, $25, $30, $30 = $210 + 18% interest

I know, it's not much, but it's still worth mentioning.

Thats only if you have a CREDIT balance, which on a credit card means you overpaid what you owed. Not if you still owe them money and are still making payments on the outstanding balance.

[ceeatch]

Thats only if you have a CREDIT balance, which on a credit card means you overpaid what you owed. Not if you still owe them money and are still making payments on the outstanding balance.

Thanks for clearing that up.

[kcotoulas]

Thats only if you have a CREDIT balance, which on a credit card means you overpaid what you owed. Not if you still owe them money and are still making payments on the outstanding balance.

thanks

[Rockstead]

So has anyone figured out just how long you really have to pay back this money. for 25k at 1.99%, I could float this for the rest of my life paying the min payment...too good to be true?

There was mentione that you had to have this paid off in 4 years, but no one came back with anything from the Terms and conditions.

[ceeatch]

So has anyone figured out just how long you really have to pay back this money. for 25k at 1.99%, I could float this for the rest of my life paying the min payment...too good to be true?

There was mentione that you had to have this paid off in 4 years, but no one came back with anything from the Terms and conditions.

Well you are paying $10 of capital per month (interest+$10 are the minimum payments). So in theory, yes, it would be a lifetime (unless you plan on living for more than 208 years ~2500 months)

[alanbrenton]

To be honest, I'm not entirely sure what the difference is between a 'CSR' and 'Credit Analyst'. As for the which call center it was, the lady wasn't speaking total broken English like most Indian call centers, so I would have to say it was Ottawa. I made the call around 5:30ish. I wasn't immediately approved over the phone. She took down my application and that was that. I asked to be transferred to a senior credit analyst but said that wasn't possible. She gave me a phone number to check on my status.

Thanks for the additional info.

[deepc]

Well you are paying $10 of capital per month (interest+$10 are the minimum payments). So in theory, yes, it would be a lifetime (unless you plan on living for more than 208 years ~2500 months)

When I signed up I asked how was the minimum payment calculated. The agent said 2.2% of the balance (I should point out I can't confirm what the actual minimum payment rate until I receive my card). Most credit cards also say that the minimum payment cannot be lower than interest+$10 (this is because if you take 2.2% of a declining balance it will keep getting smaller and will take a very long time to approach zero. Plus they don't want the expense of trying to process a payment of a penny). So if this holds true then these are the payback periods for different balances:

1000 84 months
10000 196 months
25000 240 months
50000 274 months
100000 308 months

The reason why the paybacks for larger loan amounts are not linear (i.e. 1000 is paid back in 84 months and 10000 is not paid back in 840 months) is because regardless of your starting balance you payback 52% of initial loan by the end of the third year. The approximate rate of payback falls to 26% by the end of the next three years and 13% by the end of the next and so on. This is an exponential function though it does get smoothed at the end because the last 49 payments are based on the $10 + interest minimum (again regardless of starting balance).

If, however, the minimum payment is only $10 + interest (this is very possible as I have one credit card which offers me this and another which offers interest only payments), then the paybacks are considerably longer.

[djino]

*sigh* Are we still on the Minimum monthly payment thing?

djino
"INTEREST + $10, yes its unbelievable, but its a fact"

[angel_wing0]

So has anyone figured out just how long you really have to pay back this money. for 25k at 1.99%, I could float this for the rest of my life paying the min payment...too good to be true?

too good to be true, but true :D

but the thing is, if u pay it off too late, u might have paid too much interest.

[pogs]

I just did the math, if I could get on this deal, use it to put some money down on the mortgage (prepayment), it's a pretty big savings when dust settles at the end. I'm really tempted to get on this.

did you end up getting in on this deal?

I am thinking about doing the same thing after I renew my mortgage. :D

[angel_wing0]

*sigh* Are we still on the Minimum monthly payment thing?

djino
"INTEREST + $10, yes its unbelievable, but its a fact"

This should stick to the 1st post :D

[Newbieinvestor]

Has anyone been mailed an offer recently?

[Deeeler]

i was introduced to this website and happy to find this thread:)

i was just approved for the mbna 0% interest rate for fifteen months promotion as explained in this thread and others. i was approved for --$7500.-- i thought this was too low but they would not budge and inch.:mad: it is because i have an existing 9.99% mbna card with a --$10,000-- dollar credit limit that i'm not using. can i tell them to combine seven thousand five hundred + the ten thousand for the card i was just approved for? having --$17,500-- for the next fifteen months would be nice.

i mentioned this to the representative and they did not want to answer so i did not push it. i read on one thread this is allowed but did not want to press my luck today and if i can do it will contact them tomorrow.

[dracore]

i was introduced to this website and happy to find this thread:)

i was just approved for the mbna 0% interest rate for fifteen months promotion as explained in this thread and others. i was approved for --$7500.-- i thought this was too low but they would not budge and inch.:mad: it is because i have an existing 9.99% mbna card with a --$10,000-- dollar credit limit that i'm not using. can i tell them to combine seven thousand five hundred + the ten thousand for the card i was just approved for? having --$17,500-- for the next fifteen months would be nice.

i mentioned this to the representative and they did not want to answer so i did not push it. i read on one thread this is allowed but did not want to press my luck today and if i can do it will contact them tomorrow.

Yes you will need to talk to the credit analyst in order to do that. The representatives will forward you as necessary. The analyst can combine the balance of both cards to one.

[alanbrenton]

Should I wait until I pay off my outstanding low and zero balance transfer credit cards prior to applying to the 1.99% for life credit card? Intuitively, I will be seen as having a lower credit risk profile by doing so but then again, won't MNBA indulge when they see my outstanding balances and think that I will fall into the credit card debt trap? :)

Do you guys think I should pay the credit cards amount off first and wait one or two billing cycles before I apply for this card?

Also, since I already have a significant combined credit limit with MBNA, could I possibly request for a small credit limit to better my chances of obtaining the 1.99% for life card? I have never been denied on any of my credit card applications (took advantage of MBNA's 0% offers thrice) but am hesitating since I have so many credit cards right now. I don't have a mortgage though if it is at all a consolation.

[Newbieinvestor]

Should I wait until I pay off my outstanding low and zero balance transfer credit cards prior to applying to the 1.99% for life credit card? Intuitively, I will be seen as having a lower credit risk profile by doing so but then again, won't MNBA indulge when they see my outstanding balances and think that I will fall into the credit card debt trap? :)

Do you guys think I should pay the credit cards amount off first and wait one or two billing cycles before I apply for this card?

Also, since I already have a significant combined credit limit with MBNA, could I possibly request for a small credit limit to better my chances of obtaining the 1.99% for life card? I have never been denied on any of my credit card applications (took advantage of MBNA's 0% offers thrice) but am hesitating since I have so many credit cards right now. I don't have a mortgage though if it is at all a consolation.
I believe that MBNA has a total credit limit for each customer, no matter how many cards you have with them.

I'm unsure if paying off your current credit cards would help. It makes sense to me (you are a great customer) but hopefully someone who's done it will reply.

[ceeatch]

did you end up getting in on this deal?

I am thinking about doing the same thing after I renew my mortgage. :D

Yep. I'm waiting for my card now. Once I get it, I'll try to up the credit limit as high as it will go then use to make prepayment on my mortgage. Since I'm in the early going of house owning (under a year) this prepayment will significantly impact the amount of interest I'll end up paying in the end.

[alanbrenton]

I believe that MBNA has a total credit limit for each customer, no matter how many cards you have with them.

I'm unsure if paying off your current credit cards would help. It makes sense to me (you are a great customer) but hopefully someone who's done it will reply.

Thanks for your concern and response. Maybe I can request to lower my total credit limit by $1k and get approved for a measly $1k. :) I'm thinking my other balances will affect how MBNA would calculate the maximum credit limit they would extend so maybe it's best for me to pay them down. In the US, the card companies have been lowering the credit limits for people they now deem to be higher risks.

[NUTS]

Thanks for your concern and response. Maybe I can request to lower my total credit limit by $1k and get approved for a measly $1k. :) I'm thinking my other balances will affect how MBNA would calculate the maximum credit limit they would extend so maybe it's best for me to pay them down. In the US, the card companies have been lowering the credit limits for people they now deem to be higher risks.

I would like to suggest that you give MBNA a call directly to get it straight from the horses mouth, & to speak to a credit analyst to ask the question(s) - those being;

a) How does MBNA determine the max credit limit that they give someone - on what basis
b) If I was to lower my limits on current cards or cancel those cards - would MBNA give me more
c) What other factors does MBNA take into consideration other than credit score and income to give someone the best possible credit limit

[alanbrenton]

I would like to suggest that you give MBNA a call directly to get it straight from the horses mouth, & to speak to a credit analyst to ask the question(s) - those being;

a) How does MBNA determine the max credit limit that they give someone - on what basis
b) If I was to lower my limits on current cards or cancel those cards - would MBNA give me more
c) What other factors does MBNA take into consideration other than credit score and income to give someone the best possible credit limit

This sounds like a good advice. Some questions I'm itching to ask are:


Are there any helpful MBNA Credit Analysts on this forum? Please PM me as I am dying to get the 1.99% balance for life card.
Are MBNA Credit Analysts able to make outgoing solicitation calls to "prospective" card applicants like myself for this 1.99% promotion? I would really like to discuss those points above.


So I see that it is easier to get this credit card application approved when calling the call center in India. Can someone provide guidance as to what number to call and priority code to use? I did copy and paste some of the advice given on this thread but some suggested a D-code whereas others suggested giving a code that starts with C so I'm at a lost as to how to go about it. I'm guessing night time Eastern is the best time to call but I've tried calling just now (2am Eastern) all the numbers and the automated response said the offices were closed and asked me to call back again. What number should I call to reach the Indian call center and at what time of the day should I make the call? I need this credit card badly as it might not be available for too long. Can the Credit Analyst crunch the numbers on their end and not end up rejecting an application (as in run a simulation)? I don't want the risk of rejection as I will have to wait a couple of months prior to reapplying.

[Rockstead]

Thank you so much for this, I just got approved for the 1.99% and it will give me enough to buy a new mini-van!

they said I was approved last week, off hand, how long does it normally take to receive the card? he said I could only do a balance transfer once the card was activated from my house.

[dracore]

Thank you so much for this, I just got approved for the 1.99% and it will give me enough to buy a new mini-van!

they said I was approved last week, off hand, how long does it normally take to receive the card? he said I could only do a balance transfer once the card was activated from my house.

Took me about 2-3 weeks

[Rockstead]

Took me about 2-3 weeks

Really, that long...damn, I want my money faster :)

Thanks for the info.

[alanbrenton]

I don't think anyone has posted the priority code for the 1.99% balance for life credit card on this thread so here goes -- CAA2 and CAE3. I got mine calling 1-866-544-4104. The MBNA representative was so nice to have looked through 10 pages of priority codes. Good luck everyone.

Any ideas as to how I can try to ask for a credit limit increase? I got approved for the minimum $5,000. Do I activate the card and ask to speak to a Credit Analyst? If not, what is the right procedure? Thanks.

[pangolin]

I don't think anyone has posted the priority code for the 1.99% balance for life credit card on this thread so here goes -- CAA2 and CAE3. I got mine calling 1-866-544-4104. The MBNA representative was so nice to have looked through 10 pages of priority codes. Good luck everyone.

Any ideas as to how I can try to ask for a credit limit increase? I got approved for the minimum $5,000. Do I activate the card and ask to speak to a Credit Analyst? If not, what is the right procedure? Thanks.

the code is not working for me.

Any one has the code for 1.99% life?

[Twiin]

the code is not working for me.

Any one has the code for 1.99% life?

Just call and say someone threw out your mailer.

[Pitbully]

The 1.99 for life is over. I know someone that workds at MBNA and from my conversation this promotion is not being offered anymore. It may in the future, but who knows with the way the recession is.

[Tennoh]

The 1.99 for life is over. I know someone that workds at MBNA and from my conversation this promotion is not being offered anymore. It may in the future, but who knows with the way the recession is.

Not for me. I applied for 1.99 card on this past Mon, Dec 15, and was processed. Waiting for final approval/card to mailed.

And then a few weeks ago, 1st week Dec, my wife also applied for a 1.99 card and was processed.

All we did was phone in and ask for a low rate interest card. We told them we had no code and that someone we know got this 1.99 for life of initial balance card and we're interested in the same. The CSR would do a quick lookup and voila, went through the application process. No hassle at all.

My wife got her's processed on the 1st call attempt on the 866 number. Myself I got it on the 2nd call to the 877 number. I tried the same 866 but got refused. I called th 877 right after and that went smooth.

[ceeatch]

So it's been 4 weeks. Should I start calling and asking where my card is?

[ceeatch]

Update: Called this morning. I had to answer two questions about my previously addresses. That's what the hold up was. They never called me though which is stupid. She said it would take another 2 to 3 weeks to send out. Asked her if she could send it faster than that. Said she'd Fedex it.

We'll see.

[scrolls]

Just applied for the 1.99% for life deal online. Cruised on over to the mbna.ca site tonight and clicked to the current 3.99% deal. When I noticed that the CANW code appeared in the URL, I tried substituting the CEAN one in there, and bingo, I was in business! Verified through the terms & conditions and all the fine print that it was the 1.99% for life, so I applied and my fingers are now crossed.

This deal will definitely help out since I find it's hard to finagle getting the bt deal on the cash advance cheques, so I can never take advantage of it with my line of credit. I'm excited for this since it will let me finish off paying the debt once and for all. :)

[Focused]

thanks for the tip!!

I just did the same!






Just applied for the 1.99% for life deal online. Cruised on over to the mbna.ca site tonight and clicked to the current 3.99% deal. When I noticed that the CANW code appeared in the URL, I tried substituting the CEAN one in there, and bingo, I was in business! Verified through the terms & conditions and all the fine print that it was the 1.99% for life, so I applied and my fingers are now crossed.

This deal will definitely help out since I find it's hard to finagle getting the bt deal on the cash advance cheques, so I can never take advantage of it with my line of credit. I'm excited for this since it will let me finish off paying the debt once and for all. :)

[alanbrenton]

Just applied for the 1.99% for life deal online. Cruised on over to the mbna.ca site tonight and clicked to the current 3.99% deal. When I noticed that the CANW code appeared in the URL, I tried substituting the CEAN one in there, and bingo, I was in business! Verified through the terms & conditions and all the fine print that it was the 1.99% for life, so I applied and my fingers are now crossed.

This deal will definitely help out since I find it's hard to finagle getting the bt deal on the cash advance cheques, so I can never take advantage of it with my line of credit. I'm excited for this since it will let me finish off paying the debt once and for all. :)

Thanks so much. Here's the link:

https://wwwa.applyonlinenow.com/CACCapp/Ctl/entry?sc=cean&lc=en_CA

Too bad, in the end of the application it says:

Thank you for your request.
We will respond to you within 30 days by regular mail at...

[ceeatch]

Wow.. good catch! You could probably call in somewhere and get that process expedited.

[tdotcitizen]

When applying, are we supposed to give them our S.I.N.? Is it possible to avoid it?

[knapper]

When applying, are we supposed to give them our S.I.N.? Is it possible to avoid it?

Not a required field, so you can avoid it.

[tdotcitizen]

Not a required field, so you can avoid it.

My friend called and was asked on the phone to provide it, so if they asked me on the phone, can I say I wouldn't provide it? Is it possible? Thanks.

I guess it might have become more difficult to get approved recently.

[tdotcitizen]

Thanks so much. Here's the link:

https://wwwa.applyonlinenow.com/CACCapp/Ctl/entry?sc=cean&lc=en_CA

Too bad, in the end of the application it says:

Thank you for your request.
We will respond to you within 30 days by regular mail at...

Is this link for 1.99% "for the life of balance" or is it limited time? Because I didn't see it indicating the life of balance. :confused:

[ceeatch]

My friend called and was asked on the phone to provide it, so if they asked me on the phone, can I say I wouldn't provide it? Is it possible? Thanks.

I guess it might have become more difficult to get approved recently.

I was asked over the phone for mine. I declined to give it to them. They don't require it. I was approved.

[gemstone]

Is this link for 1.99% "for the life of balance" or is it limited time? Because I didn't see it indicating the life of balance. :confused:

https://wwwa.applyonlinenow.com/CACCapp/Ctl/display?pageid=appdisc

"The Introductory AIR of 1.99% for Balance Transfers (including Cheque Cash Advances), (each, an "Eligible Transaction"), will apply to Eligible Transactions posting to your Account within 90 days of your Account opening until such Eligible Transaction balances are paid in full. The Introductory AIR will end sooner if your payment is late or if the Account balance is over the credit limit."

People that applied over the phone, did you say you got it in the mail and was the full code CEAN?

I just called the number on the webpage and they knew nothing about it. What number did you call?

[Rockstead]

Was anyone recently successful in getting them to waive the transfer fee from 1% to .05% on the 1.99% for life deal?

I've called in several times and they all said that there would be no possibility of waiving any part of the fee for the 1.99% deal, some of them even said yes at first until they checked the system for info and they came back with a flat out no.


Any suggestions, or do I give up? I am using the # 1-888-876-6262

[Rockstead]

I finally got the .05% transfer, it but it took many calls, and I think the only reason they agreed at first was because he thought I had the 1.99% for 9 months deal, he made a big "OH" when he realized it was for life but went through with it anyway.

[elty]

is this dead now?

[Gentile]

is this dead now?

No, I got 1.99 last night by using the CEAN code and calling the phone number on the web page linked a few posts above this.

[elty]

No, I got 1.99 last night by using the CEAN code and calling the phone number on the web page linked a few posts above this.

What is the CEAN code you are talking about?

Plus, the link few post above this is dead.

[JBlue]

I am very tempted to get this deal. About 3 months ago I got the 15month 0% MBNA MasterCard.

I wonder if I should wait until my 0% is complete and hope for a deal then (1 year from now).

Anyone know if it is possible to get a low limit 1.99 for life MasterCard then transfer the limit from my 0% card when the promotion is complete?

[aw124]

FYI

Transaction Fees

You will be charged the greater of $7.50, or a fee equal to 1% of the total amount of the transaction for each of the following: Balance Transfers (including Cheque Cash Advances); Cash Advances; the purchase of Cash Equivalents; and if you make a Wire Transfer Purchase.

[alanbrenton]

Were any of you successful in requesting a lower balance transfer fee of 0.5% with the 1.99% Balance for Life credit card?

[dubstarr]

Got mine today in the mail - applied just 2 weeks ago via the CEAN coded site.

1.99 FBL!!!!

Thanks again CEAN OP


Were any of you successful in requesting a lower balance transfer fee of 0.5% with the 1.99% Balance for Life credit card?

[HamsiBrain]

Thx OP. Applied today. Hope this will give us a room to complete our car loans :) Too bad for 1% tfr fee :(

[alanbrenton]

Got mine today in the mail - applied just 2 weeks ago via the CEAN coded site.

1.99 FBL!!!!

Thanks again CEAN OP

Congratulations. Will you try to request for the reduced balance transfer fee? Please let us know in this thread. Thanks.

[marbss]

Just applied for the 1.99% card. To summarize: Transfers within 90 days of activating the card are eligible for the 1.99% rate until the balance is paid in full. NO 9/12/15 month limit. The min. payment is 2.5% of your balance per month (which is what the rep told me -- but I'll wait until I see it in writing)

Phone:

1.877.428.6060
Monday to Friday
9 a.m. to 9 p.m. ET
Saturday
10 a.m. to 6 p.m. ET

Please mention priority code CEAN

or online at
https://wwwa.applyonlinenow.com/CACCapp/Ctl/entry?sc=cean&lc=en_CA

You do not get instant approval if you apply on the phone which I thought might happen...

[alanbrenton]

Just applied for the 1.99% card. To summarize: Transfers within 90 days of activating the card are eligible for the 1.99% rate until the balance is paid in full. NO 9/12/15 month limit. The min. payment is 2.5% of your balance per month -- which is not bad at all.

Phone:

1.877.428.6060
Monday to Friday
9 a.m. to 9 p.m. ET
Saturday
10 a.m. to 6 p.m. ET

Please mention priority code CEAN

or online at
https://wwwa.applyonlinenow.com/CACCapp/Ctl/entry?sc=cean&lc=en_CA

Strange. Djino's offer was $10 minimum payment plus interest. How come yours was 2.5% each month? Have you received the terms and conditions pamphlet?

Djino's would be tantamount to a lifetime loan while the CEAN code is at best a 4 or 5 year low interest loan.

Please let us know in this thread how you determined the 2.5% minimum. When I reach home tonight, I'll read the terms & conditions pamphlet I received. I applied by phone and did not have to mention the CEAN code though my wife did apply online using the CEAN code.

[marbss]

Strange. Djino's offer was $10 minimum payment plus interest. How come yours was 2.5% each month? Have you received the terms and conditions pamphlet?

Djino's would be tantamount to a lifetime loan while the CEAN code is at best a 4 or 5 year low interest loan.

Please let us know in this thread how you determined the 2.5% minimum.

That's what the rep told me on the phone when I asked what the min. payment is. I will have to wait until I see it in writing.

here are some terms but I don't see anything about the payments:
https://wwwa.applyonlinenow.com/CACCapp/Ctl/display?pageid=appdisc#bt

[djino]

The min. payment is 2.5% of your balance per month

Incorrect.

As I've mentioned countless times in this thread (and in other MBNA threads), the Minimum payment is the Interest + $10. (Note, If Balance Transfer occured during previous billing cycle then its Interest + $10 + BT Fee)

Example: Opened Account, BT of $10,000 (if AIR 1.99%)

Interest = Rounded Down to closest dollar [$16.58] = $16
1% BT Fee = $100

The minimum payment following the BT will be $126.
The minimum payment there after is $26

Interest + $10 goes across almost all MBNA's products (excludng the fix pay products).


djino
"I have the 1.99% offer and have already received my first statement and it is indeed correct"

[scoobydoo]

Just applied for the 1.99% card. To summarize: Transfers within 90 days of activating the card are eligible for the 1.99% rate until the balance is paid in full. NO 9/12/15 month limit. The min. payment is 2.5% of your balance per month (which is what the rep told me -- but I'll wait until I see it in writing)

Phone:

1.877.428.6060
Monday to Friday
9 a.m. to 9 p.m. ET
Saturday
10 a.m. to 6 p.m. ET

Please mention priority code CEAN

or online at
https://wwwa.applyonlinenow.com/CACCapp/Ctl/entry?sc=cean&lc=en_CA

You do not get instant approval if you apply on the phone which I thought might happen...

"You must have a total household income of $35,000 or greater (not applicable to students)"

It's not good for someone making less then 35k?

[tsgee]

Anybody ever had this offer end after a certain amount of time not using the card? Hate to use this pay down the mortgage and suddenly have it end.

[djino]

Anybody ever had this offer end after a certain amount of time not using the card? Hate to use this pay down the mortgage and suddenly have it end.

It only ends when you meet any of the following

1) do not pay at least your monthly minimum
2) exceed your credit limit
3) Balance is paid off

Otherwise you continue to get the AIR on Balance Transfers initiated within the first 90 days of account opening.

djino
"Thats all"

[alanbrenton]

Incorrect.

As I've mentioned countless times in this thread (and in other MBNA threads), the Minimum payment is the Interest + $10. (Note, If Balance Transfer occured during previous billing cycle then its Interest + $10 + BT Fee)

Example: Opened Account, BT of $10,000 (if AIR 1.99%)

Interest = Rounded Down to closest dollar [$16.58] = $16
1% BT Fee = $100

The minimum payment following the BT will be $126.
The minimum payment there after is $26

Interest + $10 goes across almost all MBNA's products (excludng the fix pay products).


djino
"I have the 1.99% offer and have already received my first statement and it is indeed correct"

I checked the Account Agreement booklet on the CEAN offer and can confirm that what Djino said is correct.

On page 19:

The current payment due each billing cycle will be the lesser of: (1) the sum, rounded down to the nearest dollar, of all Interest Rate Finance Charges, Transaction Fees, and Account Fees ... or (2) 2.25% of the New Balance Total, rounded down to the nearest dollar.

My wife got approved for the $5,000 minimum. Too bad I will need to pay down her 0% for 15 months offer before proceeding to use this 1.99% balance for life offer. We love MBNA Canada.

[Mike71]

Can someone help me out here to let me know if I am getting screwed by MBNA or not? I have an MBNA card that I have had for about 5 years or so and a credit limit of $23,400. It was originally supposed to be a 7.99% anual rate for life but then last year they suddenly raised it to 9.99% and a few months back to 11.99% I called in and spoke to a rep about lowering my rate and mentioned some of the 0% and 3.99% promo's etc. that were mentioned in this thread. He said those are only for balance transfers and only for new accounts as well. He said I could qualify for 3.99% on balance transfers till Sept/09 or something like that. He said that there is a difference between the PROMO rates and the anual rates on purchases. I guess my question what is a good anual rate? He said 11.99% is a good rate but I don't think it is. Any help/advice would be appreciated.

[dracore]

Can someone help me out here to let me know if I am getting screwed by MBNA or not? I have an MBNA card that I have had for about 5 years or so and a credit limit of $23,400. It was originally supposed to be a 7.99% anual rate for life but then last year they suddenly raised it to 9.99% and a few months back to 11.99% I called in and spoke to a rep about lowering my rate and mentioned some of the 0% and 3.99% promo's etc. that were mentioned in this thread. He said those are only for balance transfers and only for new accounts as well. He said I could qualify for 3.99% on balance transfers till Sept/09 or something like that. He said that there is a difference between the PROMO rates and the anual rates on purchases. I guess my question what is a good anual rate? He said 11.99% is a good rate but I don't think it is. Any help/advice would be appreciated.

A good rate would be the cheapest rate :lol:
Especially with the 1.99% life promo thats way better than 11.99%.

Apply for a new account with the 1.99% promo as discussed in this thread. Then when you get the card 3-4 weeks later, call in and talk with the credit analyst. Ask to consolidate the balance from your previous mbna card to the new one at lower rate including your credit limit. There is no balance transfer involved.

[alanbrenton]

A good rate would be the cheapest rate :lol:
Especially with the 1.99% life promo thats way better than 11.99%.

Apply for a new account with the 1.99% promo as discussed in this thread. Then when you get the card 3-4 weeks later, call in and talk with the credit analyst. Ask to consolidate the balance from your previous mbna card to the new one at lower rate including your credit limit. There is no balance transfer involved.

Is this foolproof? My wife is in the current situation only being 4 months into the 0% 15 month promo but just got approved for the 1.99% card.

Has anybody else done this?

[dracore]

Is this foolproof? My wife is in the current situation only being 4 months into the 0% 15 month promo but just got approved for the 1.99% card.

Has anybody else done this?

Not sure about going from a 0% 15-month promo to a 1.99%. I went from a regular mbna card (17% standard credit card) which I hardly used and upgraded to a 2.99% for life promo card and made a balance transfer of 15K. Then shortly after applied for the 1.99% and consolidated my 15K from the 2.99% to the 1.99%. Now I am making payments on the lower 1.99% card.

[alanbrenton]

Not sure about going from a 0% 15-month promo to a 1.99%. I went from a regular mbna card (17% standard credit card) which I hardly used and upgraded to a 2.99% for life promo card and made a balance transfer of 15K. Then shortly after applied for the 1.99% and consolidated my 15K from the 2.99% to the 1.99%. Now I am making payments on the lower 1.99% card.

Dracore, how soon (in months) did you make this transfer from the 2.99% to the 1.99%? Do the interest charges show as being 1.99% at the bottom of your statement? Maybe it is possible in my wife's case too. I'll have to ask my wife to call MBNA to know for certain.

[dracore]

Dracore, how soon (in months) did you make this transfer from the 2.99% to the 1.99%? Do the interest charges show as being 1.99% at the bottom of your statement? Maybe it is possible in my wife's case too. I'll have to ask my wife to call MBNA to know for certain.

I would say a little over 1 month before I made the request to move my balance to the 1.99%. There is a 3-4 week time frame for the approval and mailing of the new card to my home. I made the call to the credit analyst to activate my new card when I got it and that's when I requested to consolidate my balance.

Yup the interest charges are showing 1.99% on my latest statement. I believe it's okay for your wife too. Just have your wife apply for the 1.99% card - I think you can even apply online (using CEAN code)? If approved (3-4 weeks later if you receive the card) you can go to the next step and call the credit analyst for the consolidation. If not approved.. no harm done.

[alanbrenton]

I would say a little over 1 month before I made the request to move my balance to the 1.99%. There is a 3-4 week time frame for the approval and mailing of the new card to my home. I made the call to the credit analyst to activate my new card when I got it and that's when I requested to consolidate my balance.

Yup the interest charges are showing 1.99% on my latest statement. I believe it's okay for your wife too. Just have your wife apply for the 1.99% card - I think you can even apply online (using CEAN code)? If approved (3-4 weeks later if you receive the card) you can go to the next step and call the credit analyst for the consolidation. If not approved.. no harm done.

Dracore, my wife got her credit card today. It took about two weeks. Only for the minimum amount though but consolidating would bump the entire amount to $25k.

Happy New Year!

[cferneyh]

Big thanks to the OP for this!

I've got a vehicle coming off of lease in July that I'm going to purchase. Doing some quick calculations (lease rate is .9%) of buying it out now and doing a BT on the balance for 1.99% (+ 1% BT fee) versus waiting until July and using my HELOC (prime + 1%) confirmed it made sense to go with this now (especially with the risk - as unlikely as it is - that they might pull the plug on this offer before July).

When speaking to the CSR regarding getting the BT fee cut in half, he told me that it isn't up to him - it is determined by my "credit-worthiness" and to call back when I get the card.

Between this nice low rate, the 0% for 15 months (that I have already taken advantage of), and their 1% cash back CC, MBNA is quickly becoming my new favourite financial services company.

[iluvmikeharris]

Called 1-877-428-6060 to check status of an online application from a couple of weeks ago for the 1.99% for life (CEAN code) and all they would tell me was that it was approved and would be in the mail. Is there any way of confirming amount approved and/or account number by calling one of the other call centers or asking to speak to a credit analyst?

[alanbrenton]

I got the 1.99% balance for life credit card (two weeks back) and spoke to a credit analyst last week to request for a credit limit increase as I was only given the minimum $5,000. I was told that because I have a fairly high aggregate credit limit across MBNA credit card products, a recently opened 1.99% card, and because my income was just so and so, I was not eligible for an increase.

When I explained that both my wife and I were employed, the second credit analyst (I had to call back to confirm just how the income factored into the decision and how much was mentioned on file) said that they only factored in my income and not the entire household income as my wife had not obligation to pay my credit card debt and was (kind of) rudely told that based on my income, I should only have been extended a total of $15,000 (20% of my annual gross salary). To think that I did not even demand a credit limit increase as I asked rather nicely, I wonder why the second credit analyst was very defensive in justifying that I do not qualify for a credit limit increase.

Then just yesterday, I received another credit card offer (world points reward card 1.99% good for 6 months) from MBNA that said I was pre-approved (a marketing gimmick of course). I read the fine print which said so long as I met the criteria ($35k income, never declared bankruptcy, credit cards all in good standing), I will be approved. The only thing that was a concern to me was that any card application I made within the last 90 days would count as the "approval" and that MBNA reserved the right to choose which application it would approve. This new offer letter was sent a week after I got approved for the 1.99% balance for life offer so maybe I am still a good credit risk in MBNA's eyes.

It's strange for MBNA to deny a credit limit increase request but to send me another credit card offer. I guess the credit risk department and marketing department operate rather independently of each other.

[deepblue2007]

I just received my MBNA card with lifetime 1.99%. The new card comes with 29K limit.

I requested to combine my other MBNA card with 0 balance and transfer the credit to this card.

The guy told me over the phone that I will have 45K after the credit consolidation.

I called them two days ago but I checked that I still have only 20K limit on the new card. I'd like to do some balance transfer after the cosolidation.

Does anyone know how long it may take to process the consolidation? I noticed many people on this forum requested credit consolidation.

Thank you.

[alanbrenton]

I just received my MBNA card with lifetime 1.99%. The new card comes with 29K limit.

I requested to combine my other MBNA card with 0 balance and transfer the credit to this card.

The guy told me over the phone that I will have 45K after the credit consolidation.

I called them two days ago but I checked that I still have only 20K limit on the new card. I'd like to do some balance transfer after the cosolidation.

Does anyone know how long it may take to process the consolidation? I noticed many people on this forum requested credit consolidation.

Thank you.

I was told it would take a maximum of 10 business days. It's been three business days since I requested for the credit limit redistribution.

You can sign up for online statements so you can check whether the consolidation has been effected.

[mmhassa2]

I’ve been threading this thread for a while and was wondering if anyone can take the time and answer a few questions:

Have about 5 months for the 0%/15 month promo left on my $8K MBNA card. Now I’d like to purchase a new car once our lease up over this October. I would like to apply now because the promo might not be around by the time we’re ready to apply.

So I guess I can apply for the 1.99% card now and do a balance transfer and keep the $$ in a savings account? When I apply for the card should I let them know about my previous card that still has a balance on it? Should I pay it off???

Say by adding both cards I get a limit of $15K for the 1.99% promo, what are my monthly payments going to be? I know there’s the balance transfer fee which guess will be $150. Those who already did a balance transfer, is it the same as you did on the 0%/15 month promo? I remember reading when the promo just came out about purchases within 90 days…but seems like all of you are doing balance transfers?

So the 1.99% is for BALANCE TRANSFERS? Thanks so much

[Halifax55]

I appreciate any support/advice any of you can give me. I have two cards with MBNA, one with the 3.99 lifetime rate for balance transfers (I owe 3200.00, balance transfer) on that card. I had another card with the 0% for 15 months, that I never used (it came in too late to benefit me).

MBNA called and asked why I had not used the other card, I said not useful, they have since canceled that card and sent a MBNA premium travel card (I agreed to that card) BUT! that card has no benefit to me. I have not activated that card.

What should I do? The 3.99 card has a basic limit of 5000.00 and the second card has a limit of 7500.00.

What am I asking from you guys? I do not know what to do with that second card, it is of no benefit, yet I have it? Will MBNA be peeved off if I ask for the CEAN code card, 1.99 on balance transfers and can I put the balance I owe on that card if they grant me that card to replace the travel card.

If someone understands what I am asking please help.

[mmhassa2]

I appreciate any support/advice any of you can give me. I have two cards with MBNA, one with the 3.99 lifetime rate for balance transfers (I owe 3200.00, balance transfer) on that card. I had another card with the 0% for 15 months, that I never used (it came in too late to benefit me).

MBNA called and asked why I had not used the other card, I said not useful, they have since canceled that card and sent a MBNA premium travel card (I agreed to that card) BUT! that card has no benefit to me. I have not activated that card.

What should I do? The 3.99 card has a basic limit of 5000.00 and the second card has a limit of 7500.00.

What am I asking from you guys? I do not know what to do with that second card, it is of no benefit, yet I have it? Will MBNA be peeved off if I ask for the CEAN code card, 1.99 on balance transfers and can I put the balance I owe on that card if they grant me that card to replace the travel card.

If someone understands what I am asking please help.

I think you can ask them to add the limit from the other MBNA card to the new card so you have a $12500 credit limit.

[Halifax55]

I think you can ask them to add the limit from the other MBNA card to the new card so you have a $12500 credit limit.

Are you implying that they will let will most likely let me change that useless travel CC for the CEAN code card; 1.99 balance even though it will mean a 3rd change to the account? Should I call them and let them know that I have reconsidered...this is costing them to send a new card every time.

Thanks so much.

[elty]

Can anyone tell me what is the "CEAN" code?

[tsgee]

Can anyone tell me what is the "CEAN" code?

'CEAN' is the code you quote when you phone in your application. Or use the link back a few pages it is still active.

[elty]

'CEAN' is the code you quote when you phone in your application. Or use the link back a few pages it is still active.

Oh I thought "CEAN code" refer to some secret code that you have to give them over the phone, not realizing "CEAN" is the code itself.

Can you apply online and do the balance transfer later (without checking that "Balance Transfer" box)? Also what is the minimum payment on the card?

[Halifax55]

I just applied online, I am hoping that will approve my online application since I already have the 3.99 and the platinum travel one which I have not activated.

Thanks to everyone for the info and the links.

[djino]

what is the minimum payment on the card?

First monthly payment = Interest + $10 + 1% BT Fee
Ongoing monthly payment = Interest + $10

djino

[SiR001]

hi, I'm a real newb at this...here's my scenerio and I'm based in BC.

I have a VW on lease until 2010, paying about $400 something per month. I have to check what buy-out is now, might be in range of $20,000

I can sorta see the benefit but having a hard time trying to figure out how I'd save or the process at which to do it, as well the monthly payments to the card

...anyone confirm or give me a scenario on how i would do a balance transfer since the car is on lease as well a process of doing it?

I don't have the MBNA card yet so would I need to get one 1st then do one of the following? Hoping to get the 1.99% for x period or the life of the balance...

Would I:
Option1: buy out my car using my personal line of credit(prime+1), then do a BT to the MBNA?

Option2: buy out the car using MBNA - how would i do that, what are pro's/con's?

Option3: buy out the car by financing using the car dealerships finance, then do a BT using MBNA?

What type of payments would I be looking at? I'm looking at strictly using it to get out of debt faster.

Are there any other fees I'm looking at?

[cferneyh]

hi, I'm a real newb at this...here's my scenerio and I'm based in BC.

I have a VW on lease until 2010, paying about $400 something per month. I have to check what buy-out is now, might be in range of $20,000

I can sorta see the benefit but having a hard time trying to figure out how I'd save or the process at which to do it, as well the monthly payments to the card

...anyone confirm or give me a scenario on how i would do a balance transfer since the car is on lease as well a process of doing it?

I don't have the MBNA card yet so would I need to get one 1st then do one of the following? Hoping to get the 1.99% for x period or the life of the balance...

Would I:
Option1: buy out my car using my personal line of credit(prime+1), then do a BT to the MBNA?

Option2: buy out the car using MBNA - how would i do that, what are pro's/con's?

Option3: buy out the car by financing using the car dealerships finance, then do a BT using MBNA?

What type of payments would I be looking at? I'm looking at strictly using it to get out of debt faster.

Are there any other fees I'm looking at?

Can't do #2 as that is considered paying for credit with credit, which would get denied.

Your best bet is likely #1.

With respect to your question "What type of payments would I be looking at", that depends on how quickly you want to pay it off. If you want to pay it off sooner, make larger payments.

[elty]

Can't do #2 as that is considered paying for credit with credit, which would get denied.

Your best bet is likely #1.

With respect to your question "What type of payments would I be looking at", that depends on how quickly you want to pay it off. If you want to pay it off sooner, make larger payments.

What do you mean by "paying for credit with credit" and would get denied? Do you mean MNBA will deny your 1.99% AIR if you do it that way?

I applied online. How long does it take for them to respond?

[nacho113]

hi, I'm a real newb at this...here's my scenerio and I'm based in BC.

I have a VW on lease until 2010, paying about $400 something per month. I have to check what buy-out is now, might be in range of $20,000

I can sorta see the benefit but having a hard time trying to figure out how I'd save or the process at which to do it, as well the monthly payments to the card

...anyone confirm or give me a scenario on how i would do a balance transfer since the car is on lease as well a process of doing it?

I don't have the MBNA card yet so would I need to get one 1st then do one of the following? Hoping to get the 1.99% for x period or the life of the balance...

Would I:
Option1: buy out my car using my personal line of credit(prime+1), then do a BT to the MBNA?

Option2: buy out the car using MBNA - how would i do that, what are pro's/con's?

Option3: buy out the car by financing using the car dealerships finance, then do a BT using MBNA?

What type of payments would I be looking at? I'm looking at strictly using it to get out of debt faster.

Are there any other fees I'm looking at?

#2 would probably be your best bet, just use one of the Balance Transfer cheques that they send to you.
There is however a time limit to get the 1.99% BT, I believe it is within 3 months of getting approved for the card.

****and whatever you do**** NEVER miss or be late with a payment or your 1.99 will magically change to 19.99.Also NEVER use the card for any other transactions after the 1.99 promo ends as they will be posted at the regular 17.99 or 19.99 rate

[cferneyh]

What do you mean by "paying for credit with credit" and would get denied? Do you mean MNBA will deny your 1.99% AIR if you do it that way?

To be clear, applying for the card and using the card for a transaction are two different things.

You can have the 1.99% AIR card, but if you try to purchase your car lease on it, MBNA will deny the transaction, not the 1.99% AIR.

To get around it, you do the BT.

[tsgee]

Just got this months statement, it said I qualified for a month without having to make a payment. It actually says my minimum payment for this month is zero. The fine print say regular interest would apply to next month statement. Don't fall for this, I confirmed with the MBNA customer service if I skip a payment the special interest rate would end and your account would be subject to the normal interest rate of 17.99%

[alanbrenton]

Just got this months statement, it said I qualified for a month without having to make a payment. It actually says my minimum payment for this month is zero. The fine print say regular interest would apply to next month statement. Don't fall for this, I confirmed with the MBNA customer service if I skip a payment the special interest rate would end and your account would be subject to the normal interest rate of 17.99%

Thanks for the heads up.

Have any of you successfully transferred an existing 0% credit card balance for 12/15 months to a 1.99% Balance for life credit card to avoid paying another 1% balance transfer fee? Thanks.

[djino]

Just got this months statement, it said I qualified for a month without having to make a payment. It actually says my minimum payment for this month is zero. The fine print say regular interest would apply to next month statement. Don't fall for this, I confirmed with the MBNA customer service if I skip a payment the special interest rate would end and your account would be subject to the normal interest rate of 17.99%

Nice! lol, how devious of MBNA

djino
"I'm shocked :)"

[ceeatch]

This is getting ridiculous.

So I got the deal on Nov. 24 (you can read about it in the previous pages).

I was told I couldn't speak to a analyst for instant approval and to wait 5 business days before calling back if I hadn't heard anything.

I called 5 days later. Analyst person said no one looked at my account but she would do so right now over the phone with me. I was approved. Told me it would take 2 to 3 weeks.

I called about 3 weeks later. Asked the CSR where my card is. Told me I have to answered some additional questions before sending it out. Fine. I do that, and now she tells me it will take another 2 to 3 weeks! I told her I was told his already can't you ship it to me faster. Says she'll email the appropriate people to have it Fedex'd to me.

Now about 1.5 weeks later. STILL NO CARD. I call again asking where the damn card is. I get told my account is now closed. Now I'm completely lost. The CSR contacts the analyst dept. who then magically approve me for another account within a matter of minutes. CSR comes back saying that because I waited so long, I will get my card in 2 or 3 days from Fedex. Originally I had my balance increased which I may or may not have now according to the CSR. Thinking back on it, I'm not even sure if they gave me the same deal as before (1.99 for life).

This is becoming quite the journey for a single credit card.

[juggie]

Looks like MBNA just shut down the CEAN 1.99% for life code. I was in the middle of applying when it stopped working.

[coopercold]

Just got this months statement, it said I qualified for a month without having to make a payment. It actually says my minimum payment for this month is zero. The fine print say regular interest would apply to next month statement. Don't fall for this, I confirmed with the MBNA customer service if I skip a payment the special interest rate would end and your account would be subject to the normal interest rate of 17.99%

Let's not get carried away. Missing a payment is entirely different from qualifying for a payment holiday. You always have to make a your minimum payments. The only difference with a payment holiday is that the minimum payment is $0.00. You WILL NOT lose your promotional rate if you keep paying the minimum payments -- even if that means paying $0 when they say you can!

So relax, MBNA is not trying to scam you.

[coopercold]

Looks like MBNA just shut down the CEAN 1.99% for life code. I was in the middle of applying when it stopped working.

Maybe you should try again. I was able to pull up the online app just now.

[tsgee]

Let's not get carried away. Missing a payment is entirely different from qualifying for a payment holiday. You always have to make a your minimum payments. The only difference with a payment holiday is that the minimum payment is $0.00. You WILL NOT lose your promotional rate if you keep paying the minimum payments -- even if that means paying $0 when they say you can!

So relax, MBNA is not trying to scam you.

Maybe the rep didn't understand my question.

I think just in case, I'll make a payment for the same amount as last month.

[alanbrenton]

Nice! lol, how devious of MBNA

djino
"I'm shocked :)"

Djino (and the rest of you out out there who have the 1.99% or 2.99% for life of the balance card), where you able to get the MBNA representative to lower your balance transfer fee to 0.5% for the 1.99% card? I spoke to a courteous MBNA senior account manager and was told that I will have to either pay 1) 1% balance transfer fee or 2)0.5% but at 3.99% good for some months

I already went through with the transaction as she was nice enough to tell me that it wasn't possible. I hope she was telling the truth. It was for $37k.

[elty]

How long does it take for them to approve an online app?

[coopercold]

Djino (and the rest of you out out there who have the 1.99% or 2.99% for life of the balance card), where you able to get the MBNA representative to lower your balance transfer fee to 0.5% for the 1.99% card? I spoke to a courteous MBNA senior account manager and was told that I will have to either pay 1) 1% balance transfer fee or 2)0.5% but at 3.99% good for some months

I already went through with the transaction as she was nice enough to tell me that it wasn't possible. I hope she was telling the truth. It was for $37k.

I was able to get 0.5% last month. All I did was ask nicely/apologetically. My rep. said to not apologize, because there was no harm in asking.

[alanbrenton]

I was able to get 0.5% last month. All I did was ask nicely/apologetically. My rep. said to not apologize, because there was no harm in asking.

Congratulations. I never thought this was possible. Oh well, 1% is fine. There's nothing I can do about it anymore.

[mjl]

thanks I got the 1.9%. I did the online last night and got a phone call today. I am approved and will receive the card within 10 working days.

[elty]

thanks I got the 1.9%. I did the online last night and got a phone call today. I am approved and will receive the card within 10 working days.

That was quick, I submit mine on sunday night and heard nothing yet

[wiebecj]

Combined my 2 mbna cards for $26k Now to go buy my new car :-)

[penduboy]

I applied earlier and got 0% for 15 months got the transfer done for $15000 towards my LOC but later realized they charge me 1% transfer fee. Called them to take the fee off or lower it to 0.5% but the agent said no. Ask him to cancel my card and he did.

Then I applied for 1.99% for the life of balance, got my card today, I will try to do the balance transfer tomorrow and ask for 0.5% transfer fee (before hand this time), lets c what they are going to say. I will keep u guys posted.

Regards, Pendu

[alanbrenton]

I was able to get 0.5% last month. All I did was ask nicely/apologetically. My rep. said to not apologize, because there was no harm in asking.

Phoned MBNA this morning and asked about lowering of the BT fee since a friend (you :)) was able to avail of this. I was told that midway in December, the MBNA representatives were no longer allowed to lower the BT fees for credit cards with interest rate of 2.99% or lower.

Please tell us that you made the balance transfer in early December. :)

[djino]

Djino (and the rest of you out out there who have the 1.99% or 2.99% for life of the balance card), where you able to get the MBNA representative to lower your balance transfer fee to 0.5% for the 1.99% card? I spoke to a courteous MBNA senior account manager and was told that I will have to either pay 1) 1% balance transfer fee or 2)0.5% but at 3.99% good for some months

I already went through with the transaction as she was nice enough to tell me that it wasn't possible. I hope she was telling the truth. It was for $37k.

No unfortunately I was NOT able to get the 0.5% BT. But I didn't speak with a credit analysis before doing so, as I believe they have the authority to do it.

But going by the experience of others here, If you've had the 0.5% BT once, you most likely will not get it again. You also most likely wont get it if you are doing a BT for less then 5,000$.

djino
"Goodluck though"

[Ruski1982]

Can someone just clarify something for me:

i) A lot of ppl here are talking about a 1.99% Card. Is this only for balance transfers and current balance owing on card? OR is this for all present and future purchases for life?

ii) I didn't really negotiate or push much and got a 5.99% Card with 1% Cashback on all purchases present/future for life. I dont really use the card much, but I figure its good to have a low interest card, just in case. Is there room to push lower than 5.99% with 1% cashback?

[ceeatch]

Can someone just clarify something for me:

i) A lot of ppl here are talking about a 1.99% Card. Is this only for balance transfers and current balance owing on card? OR is this for all present and future purchases for life?


The 1.99% 'for life' only applies to the balance total for the first 90 days. Afterwards, any additional purchases/BTs are for the regular 17.99 or whatever.

[djino]

A lot of ppl here are talking about a 1.99% Card. Is this only for balance transfers and current balance owing on card? OR is this for all present and future purchases for life?

Its for Balance Transfers. Once your account is setup, all your Balances Transfers made within the first 90 Days of opening the account, will get 1.99% Interest on them for the life of the Balance (eg, until its paid off).

Purchases/Cash Advances/BTs after 90 Days, still get the 17.99%+ Rate. If you are late on a payment or you exceed your credit limit, the entire balance gets the 17.99%+ rate.

I didn't really negotiate or push much and got a 5.99% Card with 1% Cashback on all purchases present/future for life. I dont really use the card much, but I figure its good to have a low interest card, just in case. Is there room to push lower than 5.99% with 1% cashback?

MBNA doesn't give you lower Interest on your exisitng product, you just have to apply for a new/convert your exisiting account to another product. If you have an existing MBNA account, just apply for 1.99% Balance for life card Transfer the balance from your exisitng Credit cards (MBNA or non-MBNA credot cards or even to Bank Account).

djino
"Make sense"

[elty]

Technically what is a balance transfer? Writing those cheque to your own bank account count as one right?

[CanuckDuck]

Its for Balance Transfers. Once your account is setup, all your Balances Transfers made within the first 90 Days of opening the account, will get 1.99% Interest on them for the life of the Balance (eg, until its paid off).

A few questions.. thanks for all the info here everyone.

1) Would the 1.99% interest work on Purchases within the first 90 days? For example, could I use it to pay off a student or car loan? Or would I have to use the "special" cheques?

2) If I used this Card (A) to transfer a balance from Card (B) would I only get hit with the 1% balance transfer fee from Card (A) or is there a fee from Card (B) as well?

[djino]

Technically what is a balance transfer? Writing those cheque to your own bank account count as one right?

Yes.

Balance Transfer can be done in 2 ways.

1) Either you write a Cheque and deposit it to any account (any bank account or any credit card)

2) Or you tell MBNA to transfer the money to your bank account, or Your credit card.

Both are Balance Transfer. But using #2, the account you transfer to, has to be in your name.

1% Balance Transfer fee applies to all Balance Transfers

djino
"Yup"

[djino]

1) Would the 1.99% interest work on Purchases within the first 90 days? For example, could I use it to pay off a student or car loan? Or would I have to use the "special" cheques?

Purchases at anytime DO NOT WORK on the 1.99% (they will get 17.99%+ attached to them).


Yes, you would have to use the Access Cheques (or Tell MBNA to move money to the selected account (credit card or Bank account). All this has to be done within the first 90 Days of account opening or BT will soon get 17.99% Attached to them Post 90 Days.


2) If I used this Card (A) to transfer a balance from Card (B) would I only get hit with the 1% balance transfer fee from Card (A) or is there a fee from Card (B) as well?

The fee is applied to the account you are transfering FROM. If you are transfering from one MBNA account to another, the account you are transfering FROM gets the 1% HIT. But not all MBNA Accounts have the 1% Fee. I also have a Prestige Plantium Line Card that is 6.75% with 0% Balance Transfer Fee.

All the Life of Balance Cards have the 1% Fee as well as the 0% 15-Months.

djino
"Understand?"

[Ruski1982]

Not trying to hijack this thread or anything, but:

i) What is the lowest interest rate that some of you folks have on your MBNA Card? As mentioned in my above post, I have a 5.99% Platinum Card with 1% Cashback for life. I was assured that the 5.99% rate will not change and is for all present/future purchases.

Anyone manage to get a better rate?

[CanuckDuck]

thanks djino. All clear now. :cheesygri

[djino]

Not trying to hijack this thread or anything, but:

i) What is the lowest interest rate that some of you folks have on your MBNA Card? As mentioned in my above post, I have a 5.99% Platinum Card with 1% Cashback for life. I was assured that the 5.99% rate will not change and is for all present/future purchases.

Anyone manage to get a better rate?

MBNA Has many better rates.

The life of balance products are 3.99%, 2.99%, and 1.99%.
There is also the 0% for 12 and 15 months.

djino

[Ruski1982]

MBNA Has many better rates.

The life of balance products are 3.99%, 2.99%, and 1.99%.
There is also the 0% for 12 and 15 months.

djino

Ya but you are talking about life of balance products...i was asking if people have just regular interest on purchases with better rates...

[djino]

Ya but you are talking about life of balance products...i was asking if people have just regular interest on purchases with better rates...

Ahh sorry, I'm not sure. I have the Platinum Prestige Line Card thats 6.75% AIR on everything (purchases/cash advance/Balance Transfers) with 0% BT Fee.

djino

[tsgee]

Remember payments go to the lowest interest portion of you balance first, which is the 1.99%. Therefore any purchases will have interest of 17.99%+ until you pay the balance of your transfer. That's why as mentioned in this thread do the BT and never use the card for anything else.

[taile]

errrr, some questions about balance transfers..

The transfer fee is a one time fee right? Let's say 1% transfer fee applys if I transfer $10000 to my bank account, the fee is $100 and will be charged to my account, how do I pay it back? Does it got splited into monthly payment or I have to pay it at the end of the first month?

If it's a life time offer, does that mean I pay min payment every month untill the whole balance is off and the rate for this whole thing is let's say 1.99% right?

[djino]

errrr, some questions about balance transfers..

The transfer fee is a one time fee right? Let's say 1% transfer fee applys if I transfer $10000 to my bank account, the fee is $100 and will be charged to my account, how do I pay it back? Does it got splited into monthly payment or I have to pay it at the end of the first month?

If it's a life time offer, does that mean I pay min payment every month untill the whole balance is off and the rate for this whole thing is let's say 1.99% right?

(ASSUMING AIR = 1.99%, Balance Transfer = 1%, Credit limit is more than $10,000)
Day 1. You Initiate a Balance Transfer of $10,000
Day 2. $10,000 Balance Transfer is posted to your account
Day 2. $100 Balance Transfer fee is posted to the account
Day 2. Account Balance is $10,100
.
.
.
Day 1 (Next Billing Cycle): Statement with Balance $10,116.75
Statement shows:
Balance Transfer - "Banks Name" - $10,000
Balance Transfer fee - $100
Interest = $16.75

Monthly minimum payment Calculation
= Rounded D[Interest] + $10 + BT Fee
= $16 + $10 + $100
= $126

Each statement there after should be approx $26 minimum monthly payment (assuming no other transactions).

djino
"Your BT Fee is posted to your account as everything else"

[winks1]

is there a promo code for this offer? none of the cards on their site show the 2.99/life offer:confused:

[djino]

is there a promo code for this offer? none of the cards on their site show the 2.99/life offer:confused:

I believe CEAN is the 1.99% Offer

djino

[taile]

(ASSUMING AIR = 1.99%, Balance Transfer = 1%, Credit limit is more than $10,000)
Day 1. You Initiate a Balance Transfer of $10,000
Day 2. $10,000 Balance Transfer is posted to your account
Day 2. $100 Balance Transfer fee is posted to the account
Day 2. Account Balance is $10,100
.
.
.
Day 1 (Next Billing Cycle): Statement with Balance $10,116.75
Statement shows:
Balance Transfer - "Banks Name" - $10,000
Balance Transfer fee - $100
Interest = $16.75

Monthly minimum payment Calculation
= Rounded D[Interest] + $10 + BT Fee
= $16 + $10 + $100
= $126

Each statement there after should be approx $26 minimum monthly payment (assuming no other transactions).

djino
"Your BT Fee is posted to your account as everything else"

Thanks a lot!:razz:
So I have to leave room for the BT fee and the interest and another $10(what's this?), make sure the total will not go over my limit, right?

[djino]

Thanks a lot!:razz:
So I have to leave room for the BT fee and the interest and another $10(what's this?), make sure the total will not go over my limit, right?

Well there has to be some sort of amount to decrease your balance each month. If you only paid the Interest, your balance would remain the same every month. Interest + $10 is actually better than most credit card's minimum payment requirements.. Most usually require you to pay 2.5-3% of Balance (which obviously is a lot more than Interest + $10).

But maybe you are confused about the $10.. thats just in the calculation of your minimum payment. There is no $10 charge to your account. Only added in calculating your minimum payment.

So having said that, when you make your first Balance Transfer, leave room for the Interest and the BT Fee only. And yes, make sure all this does not go over your limit, otherwise your account goes to 17.99%+ on everything effective immediately.

djino
"Yup"

[taile]

Well there has to be some sort of amount to decrease your balance each month. If you only paid the Interest, your balance would remain the same every month. Interest + $10 is actually better than most credit card's minimum payment requirements.. Most usually require you to pay 2.5-3% of Balance (which obviously is a lot more than Interest + $10).

But maybe you are confused about the $10.. thats just in the calculation of your minimum payment. There is no $10 charge to your account. Only added in calculating your minimum payment.

djino
"Yup"
Ok, I see, the $10 is the min payment off my balance. Thanks a lot!
Just hope there is another "good" code coming out!:cheesygri

[ceeatch]

Finally got the card and the BT done. Talk about a ***** of a time to get it.

[nufan]

Wanted to post my experience. I have a lingering Student Loan of about $9000 that has an interest rate of just under 7%. I called MBNA (spoke with a nice guy from Ottawa, was expecting someone offshore) based on this thread. I have a current "Purchasing" card with them with 15k limit, I pay on time every month. They were willing to offer me a 2.99% rate for the lifetime of the balance transfer. I however mentioned the code from this thread (CEAN) and they gave me the 1.99% rate for the life of the balance, so I'm happy with my call, and thanks for the code !

[elty]

How quick do they process application? I am reading story that some takes months and some date just a day.

[bigsky2]

Wanted to post my experience. I have a lingering Student Loan of about $9000 that has an interest rate of just under 7%. I called MBNA (spoke with a nice guy from Ottawa, was expecting someone offshore) based on this thread. I have a current "Purchasing" card with them with 15k limit, I pay on time every month. They were willing to offer me a 2.99% rate for the lifetime of the balance transfer. I however mentioned the code from this thread (CEAN) and they gave me the 1.99% rate for the life of the balance, so I'm happy with my call, and thanks for the code !

The interest you pay on student loans is tax deductible, so it lowers your tax liability.

However, if you are a bit tight for money and you want to decrease your monthly payment to your student loan, then the MBNA credit card loan is a good option. The interest accrued on this loan is not tax deductible unfortunately.

Extending the student loan ammortization period to as long as possible, thereby paying a lower monthly payment, does increase the amount of interest paid on the loan. But keep in mind that this interest is tax deductible each tax year, so it's not entirely bad.

Just an option to consider if you haven't already paid off your student loan with the MBNA balance transfer.

[nufan]

How quick do they process application? I am reading story that some takes months and some date just a day.

The application process took minutes over the phone. I was accepted and they said I would receive the card within 5 business days. Once I get it I can call them up and begin the balance transfer process. Like I said though I have had a normal MBNA card for about 4 years, not sure if that made the process easier (and faster?). I didn't get any more credit limit, just shifted the majority of it from my existing card to the new 1.99% balance transfer for life card. Also like I said have never missed a payment (in fact never paid interest to them) and have a steady well paying job.

The interest you pay on student loans is tax deductible, so it lowers your tax liability.

However, if you are a bit tight for money and you want to decrease your monthly payment to your student loan, then the MBNA credit card loan is a good option. The interest accrued on this loan is not tax deductible unfortunately.

Extending the student loan ammortization period to as long as possible, thereby paying a lower monthly payment, does increase the amount of interest paid on the loan. But keep in mind that this interest is tax deductible each tax year, so it's not entirely bad.

Just an option to consider if you haven't already paid off your student loan with the MBNA balance transfer.

Sorry should have mentioned that my Student Loan is overseas. So I actually pay LESS Canadian (due to the exchange rate between the countries) and can better manage the loan and of course have a lower interest rate (7% vs 1.99%). And yeah since its overseas of course doesn't affect my Canadian taxes in any way. Good points though for people with Canadian Student Loans.

[bigsky2]

How quick do they process application? I am reading story that some takes months and some date just a day.

I'm an existing MBNA customer, and the application process from start to finish took about 10 days. Called them up, completed application on the phone with a representative, then received my card in the mail about 10 days later.

[Mom4]

Our experience with these MBNA cards has been well.. interesting. Thank you all on this thread for all the advice or we would never have persevered to a successful conclusion.

Got my 15mo 0% interest in Spring no problems. DH applied for it in Summer. Wait a month -- nothing -- call -- no record of app. Apply again & told no such offer only 0% 9 months available. No. Pull Credit Reports as I'm concerned now about that original app & where all that info has gone. Credit is excellent, better than mine. At this time I'm following the thread on the 2.99% & 1.99% BT for Life. DH phones again to apply for it. Told it doesn't exist he can have 3.99%. No. Some futzing about & they take app for 1.99% after all. They don't give him a # to call to check on. Wait a couple weeks. Nothing. I have him call again (you married people can picture how well this dynamic is going in the home). They have the app but have done nothing because he doesn't have a history with them (he has other cc's long-standing). They ask him some Qs & now will put the app through. Get card 2 weeks later. BT done no won't increase the amount & won't budge on 1% BT. OK got 10K.

2 weeks after $ finally went in account (early December -- have been trying since August), I applied. Not sure how it would go at all as I did get the 15 month one in the Spring. NO problems at all. Card arrived ~10 days after application. Only a small amount 5K. Wouldn't budge on the amount when I called to activate, but did lower the BT to 0.5% when I asked.

So moral of this story is it is all completely up to whoever you happen to talk to there whether you get anything. This thread on redflags has been the only thing that contained any truth! Big YMMV & keep trying.

[knapper]

How quick do they process application? I am reading story that some takes months and some date just a day.

I applied on the Dec. 20 (using the CEAN link from the day before) and received my card on Jan. 6. No MBNA history.

BTW: I've read the agreement and confirm the monthly payment is calculated as per djino has stated numerous times. I really can't believe that they will allow you to care the balance for so long...

[nufan]

Wouldn't budge on the amount when I called to activate, but did lower the BT to 0.5% when I asked.

Just curious how you were able to lower the Transfer Fee ? It's still a great deal for me with the 1% but I see some have been able to lower it to .5%. Just wondering if you or anyone else had tips on getting it lowered when I do get my card and call to start the Balance Transfer :)

[djino]

Just curious how you were able to lower the Transfer Fee ? It's still a great deal for me with the 1% but I see some have been able to lower it to .5%. Just wondering if you or anyone else had tips on getting it lowered when I do get my card and call to start the Balance Transfer :)

1) Speak directly to a credit analysis about it. Tell the First CSR, that you wish to speak to a credit analysis on increasing your credit limit, when you get to the credit analysis, ask them if they can decrease the 1% on the BT you will do with them.

2) Make sure its for an amount greater than 5K.. I'd say 10K minimum.

djino
"Goodluck"

[ceeatch]

The card I got is a 'Platinum Plus'. Is that what you guys got?

[ziploc]

how long it takes between the application and receiving the card ??

thx

[Mom4]

Just as djino stated. Ask for Credit Analyst when you get the card & are phoning to activate. Funny thing was CA said no to increase, but then transferred me back to normal customer service regarding the BT fee & activating. This person (normal Customer Service) activated & lowered the BT fee. All I did was ask. My BT was only 5K -- actually I made it $4900 to be sure not go over.

Now DH had also asked & his was kept at 1%. In both cases we stated we knew others (friends) had received the 0.5%.
DH was also told when he finally got his card that a BT could not be done directly to our Line of Credit (which my 0% 15mo MBNA card was), but only to Chequing account. Strange.
AND DH received a Gold Card after all that. Both of mine (Spring 0%15mo MBNA & December 1.99% Life BT) are Platinum.

[alanbrenton]

Our experience with these MBNA cards has been well.. interesting. Thank you all on this thread for all the advice or we would never have persevered to a successful conclusion.

Got my 15mo 0% interest in Spring no problems. DH applied for it in Summer. Wait a month -- nothing -- call -- no record of app. Apply again & told no such offer only 0% 9 months available. No. Pull Credit Reports as I'm concerned now about that original app & where all that info has gone. Credit is excellent, better than mine. At this time I'm following the thread on the 2.99% & 1.99% BT for Life. DH phones again to apply for it. Told it doesn't exist he can have 3.99%. No. Some futzing about & they take app for 1.99% after all. They don't give him a # to call to check on. Wait a couple weeks. Nothing. I have him call again (you married people can picture how well this dynamic is going in the home). They have the app but have done nothing because he doesn't have a history with them (he has other cc's long-standing). They ask him some Qs & now will put the app through. Get card 2 weeks later. BT done no won't increase the amount & won't budge on 1% BT. OK got 10K.

2 weeks after $ finally went in account (early December -- have been trying since August), I applied. Not sure how it would go at all as I did get the 15 month one in the Spring. NO problems at all. Card arrived ~10 days after application. Only a small amount 5K. Wouldn't budge on the amount when I called to activate, but did lower the BT to 0.5% when I asked.

So moral of this story is it is all completely up to whoever you happen to talk to there whether you get anything. This thread on redflags has been the only thing that contained any truth! Big YMMV & keep trying.

Mom4, so you got 0.5% BT on the 0% promotion card and 1% BT on the 1.99 for the life of the balance card?

[winks1]

The card I got is a 'Platinum Plus'. Is that what you guys got?

is that the one with 2.9/life offer...the site states 1.9/6months for that card?
how is everyone getting 2.9/life:confused:

[brunes]

When you take into account the 1% transfer fee and prime being at 3.5% nowadays this deal is not even that good anymore. My mortgage rate is lower than this.

[elty]

When you take into account the 1% transfer fee and prime being at 3.5% nowadays this deal is not even that good anymore. My mortgage rate is lower than this.

But that 1% is amortized over 1000 months (for a $10000 credit). I think overall it will still beat a P-1 mortgage... for now.

[Mom4]

No, that was 1% BT Fee on the first card (0%15mo Platinum in Spring) -- I didn't know about asking for lowered fee then.

1% BT fee on DH 1.99% Life Balance (December) -- he did speak to CA & did ASK for 0.5% as others he knew had received -- no go.

0.5% BT fee on my 2nd MBNA (late Dec, 1.99% Life Balance) -- I did ask as I'd heard of people getting it. No probs. Shows up as BT FEE of 1% then a CR for the 0.5%.

[brunes]

But that 1% is amortized over 1000 months (for a $10000 credit). I think overall it will still beat a P-1 mortgage... for now.

1% of 10,000 over 100000 months is still $100. Just cause you are paying it slower does not mean you are paying less. Your effective rate is still 3.99%.

[elty]

1% of 10,000 over 100000 months is still $100. Just cause you are paying it slower does not mean you are paying less. Your effective rate is still 3.99%.

Do you even know how to calculate effective interest rate?

[djino]

But that 1% is amortized over 1000 months (for a $10000 credit). I think overall it will still beat a P-1 mortgage... for now.

That 1% is due the following billing cycle as its included (increases) your next minimum payment.

djino
"Yup"

[nufan]

When you take into account the 1% transfer fee and prime being at 3.5% nowadays this deal is not even that good anymore. My mortgage rate is lower than this.

Have to think outside the box though. I am going from a loan with 7% interest to this card with 1.99% for life.. I'm glad of the deal being posted as the best I was previously offered was 2.99% Even with the 1% Transaction Fee (I plan on using 9K, so $90) this is still a great deal for me, even better if I have success like others in reducing the BT Fee.

[brunes]

Do you even know how to calculate effective interest rate?

Say you BT $10,000 at 2.99% over 5 years.

You get charged 1% on your first statement. So that is $100 cost right there.

You then will get charged 2.99% / year, but this is compounded MONTHLY. This will make your end total 11,610.38. So your total cost of borrowing is that plus $100 or 1,710.38 / 10,000, equals an effective interest rate of 17% over 5 years.

Now let's compare to a mortgage at say, 3% (mine is actually a whole lot lower that this right now but whatever), assuming prime stays constant. Mortgages normally compound semi-annually. Your end total will be 11,592.74, making your cost of borrowing $1,592.74 and your effective rate 15.9%.

See? Not so hot a deal.

[djino]

Say you BT $10,000 at 2.99% over 5 years.

You get charged 1% on your first statement. So that is $100 cost right there.

You then will get charged 2.99% / year, but this is compounded MONTHLY. This will make your end total 11,610.38. So your total cost of borrowing is that plus $100 or 1,710.38 / 10,000, equals an effective interest rate of 17% over 5 years.

Now let's compare to a mortgage at say, 3% (mine is actually a whole lot lower that this right now but whatever), assuming prime stays constant. Mortgages normally compound semi-annually. Your end total will be 11,592.74, making your cost of borrowing $1,592.74 and your effective rate 15.9%.

See? Not so hot a deal.

Can you do your calculation again with 1.99% as that is what most people can get (instead of the 2.99% you used in your calculation)

[elty]

Say you BT $10,000 at 2.99% over 5 years.

You get charged 1% on your first statement. So that is $100 cost right there.

You then will get charged 2.99% / year, but this is compounded MONTHLY. This will make your end total 11,610.38. So your total cost of borrowing is that plus $100 or 1,710.38 / 10,000, equals an effective interest rate of 17% over 5 years.

Now let's compare to a mortgage at say, 3% (mine is actually a whole lot lower that this right now but whatever), assuming prime stays constant. Mortgages normally compound semi-annually. Your end total will be 11,592.74, making your cost of borrowing $1,592.74 and your effective rate 15.9%.

See? Not so hot a deal.

Most variable rate mortgage compound monthly. Most people also get this for 1.99%. Now, does your mortgage

Allow you paying only $10 principal a month?
Is it fully open that you can pay down any time?
Does it require no collateral?

[alanbrenton]

Say you BT $10,000 at 2.99% over 5 years.

You get charged 1% on your first statement. So that is $100 cost right there.

You then will get charged 2.99% / year, but this is compounded MONTHLY. This will make your end total 11,610.38. So your total cost of borrowing is that plus $100 or 1,710.38 / 10,000, equals an effective interest rate of 17% over 5 years.

Now let's compare to a mortgage at say, 3% (mine is actually a whole lot lower that this right now but whatever), assuming prime stays constant. Mortgages normally compound semi-annually. Your end total will be 11,592.74, making your cost of borrowing $1,592.74 and your effective rate 15.9%.

See? Not so hot a deal.

How is the credit card balance interest compounded monthly when the minimum monthly payment is $10 + interest charges? I don't think there will be a compounding of interest on top of the interest charges as the latter would have been paid off each month.

Sorry but I just did my BT and have yet to analyze my financial statement like a true financial analyst. :)

[cferneyh]

assuming prime stays constant

:lol:

[ceeatch]

Say you BT $10,000 at 2.99% over 5 years...

You're looking at this on a small mortgage amount. Try $200k over X amount of years. You'll see a difference. Unless of course that in your case you're mortgage rate is super low which isn't the case for the majority of people here.

[SiR001]

Well there has to be some sort of amount to decrease your balance each month. If you only paid the Interest, your balance would remain the same every month. Interest + $10 is actually better than most credit card's minimum payment requirements.. Most usually require you to pay 2.5-3% of Balance (which obviously is a lot more than Interest + $10).

But maybe you are confused about the $10.. thats just in the calculation of your minimum payment. There is no $10 charge to your account. Only added in calculating your minimum payment.

So having said that, when you make your first Balance Transfer, leave room for the Interest and the BT Fee only. And yes, make sure all this does not go over your limit, otherwise your account goes to 17.99%+ on everything effective immediately.

djino
"Yup"

Hi, the "over your limit" - sorry ...confused..what is that referring to? Example, can I make minimum payment or more than minimum? is there maximum payback limit?

[nufan]

Hi, the "over your limit" - sorry ...confused..what is that referring to? Example, can I make minimum payment or more than minimum? is there maximum payback limit?
He's saying don't go over the limit that is on your card. Just like most credit cards there is a spending limit on it, and if you go over that they start charging you the high interest rate. So what he's saying is don't go over it at all. Eg. based on the credit check done let's say they give you a $10,000 credit limit on your card. Don't go over it in any way shape or form. Eg. don't transfer the maximum amount ($10,000 in this example) as the BT fee will then be added to this, putting you over the limit. There won't be a "maximum" payment that they enforce. They aren't gonna tell you they don't want your money to pay back the loan they are giving you :P

[HamsiBrain]

Applied to %1.9 life of balance offer online just before new year. Any idea how long does it take to process it? Thx

[jchanq]

it takes about 2-3 weeks, so you can call them some time next week to see the status of your application

[elty]

Applied to %1.9 life of balance offer online just before new year. Any idea how long does it take to process it? Thx

I applied on the 4th and got it today. It is a crappy looking gold card, but it will get cut very soon anyways.

How likely is it to have them increase my credit limit? Would the entire balance still eligible for the balance transfer? The limit is a bit lower than I thought.

[tsgee]

Applied to %1.9 life of balance offer online just before new year. Any idea how long does it take to process it? Thx

Applied on-line and phoned this number 4 days later (1-888-876-6262) and they said I was approved. Might have been so quick since we had a MBNA card already. The CSR cancelled my previous MBNA card and consolidated the credit limits to $35K. I just have to wait for the card in the mail to activate and complete the BT.

[Halifax55]

I applied on the 4th and got it today. It is a crappy looking gold card, but it will get cut very soon anyways.

How likely is it to have them increase my credit limit? Would the entire balance still eligible for the balance transfer? The limit is a bit lower than I thought.

Applied on the 4th...was this by phone?

You keep calling until they raise your limit, they will, if it is reasonable. You can do any amount of balance transfers up until your cc limit for the first 90 days (the 90 days begin the day the card is issued), the transfer fee will applicable on each BT, so try and do one...just to a bank account and then you can decide what you will use it for.

[elty]

Applied on the 4th...was this by phone?

You keep calling until they raise your limit, they will, if it is reasonable. You can do any amount of balance transfers up until your cc limit for the first 90 days (the 90 days begin the day the card is issued), the transfer fee will applicable on each BT, so try and do one...just to a bank account and then you can decide what you will use it for.

Online. Filled out the form on Sunday night and got the card today.

[Halifax55]

Online. Filled out the form on Sunday night and got the card today.

Thanks...I filled out the form online on the same day...I already have two of their cards. One that I have a BT on at the 3.99 rate and another useless MBNA platinum travel rewards card...I want the 1.99 to transfer the amount owing from the 3.99 card and to replace the useless "other" card that I have never activated. I am not sure they will figure out that I want to have this card to replace the travel card, even though I have never activated that card. I still have not heard anything.

[Gentile]

Thanks...I filled out the form online on the same day...I already have two of their cards. One that I have a BT on at the 3.99 rate and another useless MBNA platinum travel rewards card...I want the 1.99 to transfer the amount owing from the 3.99 card and to replace the useless "other" card that I have never activated. I am not sure they will figure out that I want to have this card to replace the travel card, even though I have never activated that card. I still have not heard anything.

I received the 3.99% card but never activated it before applying for the 1.99% offer. They were able to take the approved limit of the unactivated card and give it to the new one.

[Halifax55]

I received the 3.99% card but never activated it before applying for the 1.99% offer. They were able to take the approved limit of the unactivated card and give it to the new one.

Thanks for the info, I am waiting to hear something about the online app soon, if not I am going to call.

[Halifax55]

Thanks for the info, I am waiting to hear something about the online app soon, if not I am going to call.

I decided to call anyway and not wait to hear about online app...

it was declined because already have two cards...just as I thought. They did not know that I wanted to replace the 1.99 card for one of their cards that I have never activated. He did not have the authority to do anything although he was very nice...he gave me a reference number and said I would have to call tomorrow when the credit department is open...I do not want another hit on my credit record...I have a good score and want to keep it that way.

[Nraja]

well folks...all done!

read the thread on Friday night (9th) applied on Saturday night (online)...got my card in the mail today!!! 2-3 weeks my a$$!

Limit was more than the minimum at 1.99% for life of balance, but less than what I wanted and they said they can't raise it...but I obviously did consolidate my credit limit from my other mbna cc

BT on the way...they wouldn't wave the 1%...but I guess I could have kept calling back but I'm too lazy :S

On to the mall we go!! <--im kidding....

[alanbrenton]

For those who previously had a balance on their 0% interest for 12/15 months MBNA credit card, were you allowed to transfer the entire balance over to the 1.99% for the life of the balance credit card to avoid having to


pay down the 0% credit card
redistribute the credit limit from the 0% credit card to the 1.99% credit card and
do a new balance transfer with a 1% fee?


Thanks.

[tsgee]

For those who previously had a balance on their 0% interest for 12/15 months MBNA credit card, were you allowed to transfer the entire balance over to the 1.99% for the life of the balance credit card to avoid having to


pay down the 0% credit card
redistribute the credit limit from the 0% credit card to the 1.99% credit card and
do a new balance transfer with a 1% fee?


Thanks.

Technically they won't let you pay down a balance on a MBNA card with a BT from another MBNA card. You have to clear the balance. I just used my line of credit to pay the balance. Wait a few weeks apply for 1.99% card, combine limits and cancel old card. And yes, you do have to pay the transfer fee again.

[johnnyshads]

I have had a line at this rate with MBNA for 6 months now - Excellent crdit vehicle - about $ 106.00 per month for over $ 40,000 -- for life - or longer !

[casperr]

I am amazed on how fast some people are getting their cards in the mail. You guys applied online and never called MBNA for instant approval?

[alanbrenton]

Technically they won't let you pay down a balance on a MBNA card with a BT from another MBNA card. You have to clear the balance. I just used my line of credit to pay the balance. Wait a few weeks apply for 1.99% card, combine limits and cancel old card. And yes, you do have to pay the transfer fee again.

Someone, not sure if on this thread or the other MBNA thread, had done so but his older card had a rate of over 3.99% (or with even higher interest rate). My wife has two months (expiry of her 1.99% promo) to convince a considerate MBNA representative to move the balance to her 1.99% card.

[namm]

Okay so i kind of don't get all the abbreviations and stuff. so what i do is i have a MBNA credit card that has a limit of 3300. SO what i do is apply for another card with the 1.99% balance transfer for life card and once i get the card i transfer my 3300 limit card to the 1.99% card and pay it exactly the minimal payment every month to get rid of the amount owning? and never be late on any payments? am i correct? and once i pay it all off and i just spend it again and wait to find out the minimal payment?

[sienna owner]

Okay so i kind of don't get all the abbreviations and stuff. so what i do is i have a MBNA credit card that has a limit of 3300. SO what i do is apply for another card with the 1.99% balance transfer for life card and once i get the card i transfer my 3300 limit card to the 1.99% card and pay it exactly the minimal payment every month to get rid of the amount owning? and never be late on any payments? am i correct? and once i pay it all off and i just spend it again and wait to find out the minimal payment?

almost but not quite...
any purchase is subject to their ridiculous interest rate of 18 or 19%..whatever it is..

the 1.99% is good only for transfers within 90 days of approval (or activation...can't remember)

[namm]

oh okay so once i transfer it i just slowly pay it off till its all gone so i get a new card and a new limit can i spend it and then pay it off slowly? before the 90 days off and then slowly pay it off thru teh minimal payment?

[thedonald]

Not sure if the online link has been posted... but in case it hasn't... here you go...

https://wwwa.applyonlinenow.com/CACCapp/Ctl/entry?sc=cean&lc=en_CA

Just make sure that you tick the box at the bottom, "Balance Transfer 1.99%"

Enjoy everyone!

--TheDonald

[Trooper8111]

Just make sure that you tick the box at the bottom, "Balance Transfer 1.99%"


Only click on it if you want to do the transfer right away. Otherwise, wait for the card to arrive.

[thedonald]

Sorry for being off topic...does anyone of a high interest paying account that provides cheques?

Thanks,

--TheDonald

[dookeran_3]

The link that was provided is CLOSED. Filled out the app and clicked verify, and it said that it no longer exists.

[thedonald]

The link that was provided is CLOSED. Filled out the app and clicked verify, and it said that it no longer exists.


Just filled it out with some bogus info...and the verify worked.... didn't go any further than that... maybe try again? Or you can just call...

Good Luck

--TheDonald

[watungga]

The link that was provided is CLOSED. Filled out the app and clicked verify, and it said that it no longer exists.

The same thing happened to me. I know why. My f---ing neighbor did reset their router which turned my laptop's signal to seek auto-connection to my router!!

Fr--k f--k! :twisted:

I tried to register again and it worked. :cry:

[jooshua]

anyone mind without being too specific (pricacy and what not) mind telling us around what credit limits they approve, if you have perfect credit? I've had a card with them for almost 6 years, perfect credit but not sure if I want to apply for another. From speaking to the credit analyst they said as times are tough in the economy they go for max of 20% income in total cards from them.

[dookeran_3]

ok.....it's working now, I'm all signed up. We'll see what happens.

[alanbrenton]

anyone mind without being too specific (pricacy and what not) mind telling us around what credit limits they approve, if you have perfect credit? I've had a card with them for almost 6 years, perfect credit but not sure if I want to apply for another. From speaking to the credit analyst they said as times are tough in the economy they go for max of 20% income in total cards from them.

It was about 20% of the applicant's income I was told (two-three weeks back) when I tried to request for a credit limit increase thought I'm not sure if they consider a spouse's income at all since one of the more discourteous MBNA credit analyst I dealt with said it doesn't mean my spouse is on the hook if I decided to skip my credit card payments.

I've (We've) been approved for about 40-50% of my (our household) income but it was a steady accumulation of credit limit from around 2006 to September 2008 which was before Lehman Brothers went into bankruptcy. For the 1.99% offer, both my wife and I were approved for the minimum $5,000 but we are very thankful for that.

One credit card application rejection will not bring your credit score down and this 1.99% is well worth it especially when talks are that banks will be raising the rates on the LOC's. I was declined for the latest MBNA offer which was mailed to me right after I got approved for the 1.99%. The letter even said I was preapproved. I said why not try apply since if approved, I would have moved the credit limit balance to my 1.99%. I will not be applying to any more MBNA offer since I don't want them to come back and reduce my (our) existing credit limit(s). We're more than happy with our two 1.99% for life.

[jooshua]

It was about 20% of the applicant's income I was told (two-three weeks back) when I tried to request for a credit limit increase thought I'm not sure if they consider a spouse's income at all since one of the more discourteous MBNA credit analyst I dealt with said it doesn't mean my spouse is on the hook if I decided to skip my credit card payments.

I've (We've) been approved for about 40-50% of my (our household) income but it was a steady accumulation of credit limit from around 2006 to September 2008 which was before Lehman Brothers went into bankruptcy. For the 1.99% offer, both my wife and I were approved for the minimum $5,000 but we are very thankful for that.

One credit card application rejection will not bring your credit score down and this 1.99% is well worth it especially when talks are that banks will be raising the rates on the LOC's. I was declined for the latest MBNA offer which was mailed to me right after I got approved for the 1.99%. The letter even said I was preapproved. I said why not try apply since if approved, I would have moved the credit limit balance to my 1.99%. I will not be applying to any more MBNA offer since I don't want them to come back and reduce my (our) existing credit limit(s). We're more than happy with our two 1.99% for life.
Thanks for the reply. I guess they are being consistent with their reasoning to people. Thanks again!

[SpykeYs]

Can I use that CEAN 1.99% deal with any MBNA mastercard ? I was thinking of getting their CAA mastercard.

Thanks!

[Trooper8111]

Can I use that CEAN 1.99% deal with any MBNA mastercard ? I was thinking of getting their CAA mastercard.

Thanks!

No. It's a platinum plus card.

[Halifax55]

anyone mind without being too specific (pricacy and what not) mind telling us around what credit limits they approve, if you have perfect credit? I've had a card with them for almost 6 years, perfect credit but not sure if I want to apply for another. From speaking to the credit analyst they said as times are tough in the economy they go for max of 20% income in total cards from them.

Yup, my credit card limits with MBNA is currently 20% of my income, I am a lone parent...I have lots of other credit cards. Only wanted "their" cards because of the balance transfer deal. I applied for the 1.99 they rejected saying I had sufficient credit...I at least spoke with a rep and they gave the 0% until October 09 attached to one of the cards I already have plus 5000 travel bonus points. I am trying to never pay interest on any card I hold, regardless of interest rate on card.

[SpykeYs]

No. It's a platinum plus card.

Damn :(

Any deal for the CAA MBNA card ? Like 0% for 15 months ? or 2.99% for life ?

Thanks!

[jooshua]

Yup, my credit card limits with MBNA is currently 20% of my income, I am a lone parent...I have lots of other credit cards. Only wanted "their" cards because of the balance transfer deal. I applied for the 1.99 they rejected saying I had sufficient credit...I at least spoke with a rep and they gave the 0% until October 09 attached to one of the cards I already have plus 5000 travel bonus points. I am trying to never pay interest on any card I hold, regardless of interest rate on card.

Thanks for the reply too. I'm not sure if anyone else found it a little ironic that we have the CITI and MBNA threads zero rate BT's, and the latest two banks to get more government money last week were Bank of America, which owns MBNA and CITI. :razz:

[alanbrenton]

Thanks for the reply too. I'm not sure if anyone else found it a little ironic that we have the CITI and MBNA threads zero rate BT's, and the latest two banks to get more government money last week were Bank of America, which owns MBNA and CITI. :razz:

I'm a little concerned MBNA might cancel the 1.99% promotion or lower existing credit limits if the Canadian economy deteriorates. But rather than just speculate, I took advantage of the offer and my wife will do too soon.

[nufan]

Called MBNA and used the CEAN code on Wed. Jan 7th. Was approved over the phone and moved a bunch of credit (that I don't get close to using on a monthly basis, I use it mainly for occasional online purchases) from my existing Sony card I have with them. Received the card today in the mail, Monday Jan 19th. Added to my online MBNA account and shows up as "
MBNA Canada Gold MasterCard" (card is gold in color also)

Will be calling within next day or so to initiate Balance Transfer to my bank account. Really pleased with the whole process and turn around time so far, this will save me a bunch of money in interest on an existing debt I have, not to mention be much easier to manage for me.

Anyone know how long the transfer to a bank account typically takes? Going to a Scotiabank account if that makes a difference.

Cheers again for the thread and all the info in it!

EDIT: Called to start the transfer to my bank account, they said it would take 2-5 Business days. I asked about the chance of reducing the BT fee however he said the system wouldn't allow him since it was such a low rate and for the life of the loan. I suppose I could have pressed it more but I'm happy to get the 1.99% so wasn't too worried about the one time fee.

[Sand]

Anyone got more than 20% of their income in credit limit with MBNA (first card with them) ?

Thank you.

[SpykeYs]

Is the CEAN promotion a GOLD or PLATINUM card ?

Thanks!

[nufan]

Is the CEAN promotion a GOLD or PLATINUM card ?

Thanks!

like I just said, used the CEAN promotion and received a Gold card. Not that it mattered at all, just wanted the 1.99%, won't be using the card after the first Balance Transfer !

No idea if this differs for others, can only comment on my case.

[SpykeYs]

Cool thanks, sorry, didn't read your post..

Minimum on gold is 5K i think right ?

I have 2500 at 8.99% + 2500 at 12.99%..

Id'll be great to switch it to 1.99%

Thanks!

[belowzeros]

do the rewards cards compound interest any differently? their marketing company keeps calling me to switch but I decline because the interest rate is 12.99 versus my 11.99. I'm more worried about interest calculating differently or some hidden snafu.

i can't really apply to the 1.99 or 2.99 or I would...I have no income to put on my app right now

[alanbrenton]

For those who previously had a balance on their 0% interest for 12/15 months MBNA credit card, were you allowed to transfer the entire balance over to the 1.99% for the life of the balance credit card to avoid having to


pay down the 0% credit card
redistribute the credit limit from the 0% credit card to the 1.99% credit card and
do a new balance transfer with a 1% fee?


Thanks.

Is this possible seeing how many of us had the 0% offer prior to obtaining this 1.99% card? Thanks.

[elty]

I talked to 2 different CSR and a CA... they won't give me 0.5% balance transfer fee! Oh well. It is still a good deal.

I am writing a $9880 cheque to myself, then the balance will be $9990 (after 1% fee and interest) at the end of month. :cheesygri

[nufan]

I talked to 2 different CSR and a CA... they won't give me 0.5% balance transfer fee! Oh well. It is still a good deal.

I am writing a $9880 cheque to myself, then the balance will be $9990 (after 1% fee and interest) at the end of month. :cheesygri

yeah they wouldn't budge on the BT fee for me either. Since its such a low interest rate (1.99) and for the life of the balance, I think it would take either a very large transfer, or a lot of bitching and escalating to get it. Wasn't worth it for me, as you say is still a great deal!

[sienna owner]

Phoned MBNA this morning and asked about lowering of the BT fee since a friend (you :)) was able to avail of this. I was told that midway in December, the MBNA representatives were no longer allowed to lower the BT fees for credit cards with interest rate of 2.99% or lower.

Please tell us that you made the balance transfer in early December. :)

Just curious how you were able to lower the Transfer Fee ? It's still a great deal for me with the 1% but I see some have been able to lower it to .5%. Just wondering if you or anyone else had tips on getting it lowered when I do get my card and call to start the Balance Transfer :)

well folks...all done!

read the thread on Friday night (9th) applied on Saturday night (online)...got my card in the mail today!!! 2-3 weeks my a$$!

Limit was more than the minimum at 1.99% for life of balance, but less than what I wanted and they said they can't raise it...but I obviously did consolidate my credit limit from my other mbna cc

BT on the way...they wouldn't wave the 1%...but I guess I could have kept calling back but I'm too lazy :S

On to the mall we go!! <--im kidding....

Called MBNA and used the CEAN code on Wed. Jan 7th. Was approved over the phone and moved a bunch of credit (that I don't get close to using on a monthly basis, I use it mainly for occasional online purchases) from my existing Sony card I have with them. Received the card today in the mail, Monday Jan 19th. Added to my online MBNA account and shows up as "
MBNA Canada Gold MasterCard" (card is gold in color also)

Will be calling within next day or so to initiate Balance Transfer to my bank account. Really pleased with the whole process and turn around time so far, this will save me a bunch of money in interest on an existing debt I have, not to mention be much easier to manage for me.

Anyone know how long the transfer to a bank account typically takes? Going to a Scotiabank account if that makes a difference.

Cheers again for the thread and all the info in it!

EDIT: Called to start the transfer to my bank account, they said it would take 2-5 Business days. I asked about the chance of reducing the BT fee however he said the system wouldn't allow him since it was such a low rate and for the life of the loan. I suppose I could have pressed it more but I'm happy to get the 1.99% so wasn't too worried about the one time fee.

I talked to 2 different CSR and a CA... they won't give me 0.5% balance transfer fee! Oh well. It is still a good deal.

I am writing a $9880 cheque to myself, then the balance will be $9990 (after 1% fee and interest) at the end of month. :cheesygri

yeah they wouldn't budge on the BT fee for me either. Since its such a low interest rate (1.99) and for the life of the balance, I think it would take either a very large transfer, or a lot of bitching and escalating to get it. Wasn't worth it for me, as you say is still a great deal!

getting them to reduce the BT from 1.0% to 0.5% takes persistent.
I've been trying to keep up with this tread, applied for the 1.99% int on balance for life by calling the overseas # (can't remember which one, but it's been posted). once i got the card & activated, i tried a credit limit increase to no avail. should have asked for the lower BT fee with the CA, but was contemplating cancelling the card. decided to call again to at least get the lower BT fee...after 2 calls and no results, decided to wait it out a bit. received cash cheques and was wondering if i'd be able to use them like a balance transfer to take advantage of the 1.99% promo.
decided to call this morning (7:45am EST) to find out. Spoke to Eleanor and she said it would be faster to do the balance transfer with her rather than write a cheque and deposit into my bank account (seemed contradictory to me, but whatever). I then asked if there was any way to reduce the BT fee to 0.5%...she put me on hold and said she would have to charge the 1% and credit back the 0.5%...in the end she said the BT would be $49, chargeback would be $50!!!

so after all that i got my 1.99% promo with 0.5% BT fee

thanks to all

[Jaremy T]

So I have tried the online form, but it spit out an error with a number and asked to quote CEAN when calling. I did and i'm into the automated message right now.

Did anyone take the insurance? I declined right away, but i'm curious to see if a contract/self employed person can be covered under the job loss part of it.

[cferneyh]

so after all that i got my 1.99% promo with 0.5% BT fee

thanks to all

Nice work! I just called to do my BT and was told that given the type of promotion that it is that they couldn't do it. Now I know the price of my laziness is half a percent.

[sienna owner]

Nice work! I just called to do my BT and was told that given the type of promotion that it is that they couldn't do it. Now I know the price of my laziness is half a percent.

haha

the last time i called, it was before 8 am...not sure if that makes a difference or not, but after i asked about the cash advance cheques, i casually mentioned that would be my option since i can't get the lower Bt fee...

at least now you know...and if it's worth it in the future, than i'm sure you'll persist...like most of the ppl on this thread (applying or requesting lower BT fee)

[sienna owner]

getting them to reduce the BT from 1.0% to 0.5% takes persistent.
I've been trying to keep up with this tread, applied for the 1.99% int on balance for life by calling the overseas # (can't remember which one, but it's been posted). once i got the card & activated, i tried a credit limit increase to no avail. should have asked for the lower BT fee with the CA, but was contemplating cancelling the card. decided to call again to at least get the lower BT fee...after 2 calls and no results, decided to wait it out a bit. received cash cheques and was wondering if i'd be able to use them like a balance transfer to take advantage of the 1.99% promo.
decided to call this morning (7:45am EST) to find out. Spoke to Eleanor and she said it would be faster to do the balance transfer with her rather than write a cheque and deposit into my bank account (seemed contradictory to me, but whatever). I then asked if there was any way to reduce the BT fee to 0.5%...she put me on hold and said she would have to charge the 1% and credit back the 0.5%...in the end she said the BT would be $49, chargeback would be $50!!!

so after all that i got my 1.99% promo with 0.5% BT fee

thanks to all


update: BT cash in bank account after 2 days (requested transfer 7:50am on Jan 20, in my account this morning Jan 22)...not bad

[ceeatch]

My journey is finally OVER. After applying two months ago, I finally have the money in my account. Talk about a long process. If it wasn't for this deal, I wouldn't bother with mbna.

[nufan]

update: BT cash in bank account after 2 days (requested transfer 7:50am on Jan 20, in my account this morning Jan 22)...not bad

Yeah I too was pleasantly surprised at the turn around time.

1) Called Jan 7th in the evening, instantly approved using CEAN (1.99%)
2) Received card in mail on Jan 19th. Called that evening to Activate/Begin Balance Transfer process to my Bank Account. Wouldn't budge on BT fee but I didn't press it much.
3) Received funds in my bank account on Jan 22nd, online MBNA account shows the balance for the same amount along with the 1% BT fee charge.

Mail is always slow to get to me (one reason the first thing I did was log in and set it to no paper bills), still arrived within the 10 business days time frame they gave me though. All in all am thankful for this thread and all the info in it!

[dracore]

Just called in to do a balance transfer. It is currently 2:26am.

Asked if they could *somehow* (I stressed that word) reduce the 1% fee. The lady said to wait while she looked up what kind of promotion I had. Unfortunately she said no since I had the 1.99% for life.

Oh well.. I suspect it will be close to impossible to getting this fee reduced nowadays. I just said go ahead with the 1%.

Or maybe you just have to call in at the right time? someone said to call in before 8:00am? :P

[BoogieMan]

I need some clarification and I tried reading a few pages back on this thread and also the 0% 15 mth thread, didn't find an answer so if its already addressed, please forgive me.

Say If I apply for 1.99% life of balance card and already have the 0% 15 mth card, and want to transfer the credit limit from 0% to 1.99%. Do I need to do the transfer at the time of activation of 1.99% card or it can be done pretty much anytime?

When they transfer the limit, does that automatically cancel the old card? What if there is some balance on 0% card and they transfer the limit, I`d think the transfer amount will be the available limit, so that means old card remains active?

Would it help with approval if 0% was paid off before applying for 1.99% or not necessary? I thought I read one of the post where someone applied for 0% 15 mth in March 08 and 1.99% in Dec. 08.

Is it possible to activate the 1.99 card and do BT, wait few weeks, pay off anything remaining in 0% 15 mth, transfer the limit, then do 2nd BT within the 90 day promo period?

Which card is the 1.99% card exactly? is it Platinum Plus or plain Gold card?

I`d really appreciate a response from the experienced ones!

Thanks in advance.

[HamsiBrain]

Is 2.99% card offer still active? Anyone applied recently? Thanks

[sienna owner]

Say If I apply for 1.99% life of balance card and already have the 0% 15 mth card, and want to transfer the credit limit from 0% to 1.99%. Do I need to do the transfer at the time of activation of 1.99% card or it can be done pretty much anytime?

it can be done anytime, however if you want to take advantage of the 1.99% for life promo, you must complete the transfer before 90 days of activation/approval.

When they transfer the limit, does that automatically cancel the old card? What if there is some balance on 0% card and they transfer the limit, I`d think the transfer amount will be the available limit, so that means old card remains active?


yes, the old card will be closed. the balance of the 0% card would more over to the 1.99% card. if you want to keep the 0% card, they can transfer the availabe credit over and you can have both cards (not sure why you would do that though)

Would it help with approval if 0% was paid off before applying for 1.99% or not necessary? I thought I read one of the post where someone applied for 0% 15 mth in March 08 and 1.99% in Dec. 08.

Is it possible to activate the 1.99 card and do BT, wait few weeks, pay off anything remaining in 0% 15 mth, transfer the limit, then do 2nd BT within the 90 day promo period?


no necessary to pay off the 0%..you can apply for the 1.99%, but you will probably not get a high limit cause they have already given you credit, however if you get approved, for a small amount ($1000 even), you can then do the BT & CL transfer all together. plan would also work, however if you can get the 0.5% BT fee right away, you probably won't get it again the 2nd time you transfer over within the 90 day period.

good luck

[BoogieMan]

Is 2.99% card offer still active? Anyone applied recently? Thanks

Does this warrant the change in topic title to add 1.99% offer that's now available?

[BoogieMan]

it can be done anytime...
good luck

Thanks for all the information.

[sienna owner]

Does this warrant the change in topic title to add 1.99% offer that's now available?

only the OP can do that...

[alanbrenton]

Does this warrant the change in topic title to add 1.99% offer that's now available?

People interested in the 2.99% will even be more elated when they find out it's 1.99% :)

[alanbrenton]

For those who previously had a balance on their 0% interest for 12/15 months MBNA credit card, were you allowed to transfer the entire balance over to the 1.99% for the life of the balance credit card to avoid having to


pay down the 0% credit card
redistribute the credit limit from the 0% credit card to the 1.99% credit card and
do a new balance transfer with a 1% fee?


Thanks.

Anyone had success with this maneuver? Just wondering as my wife's 1.99% promo expires in less than 2 months time.

[mrhappy002]

Just wanted to give the french link pour nos amis francophones du forum:

https://wwwa.applyonlinenow.com/CACCapp/Ctl/entry?sc=cean&lc=fr_CA

[crimsondr]

When you receive the card, do you also get balance transfer cheques?

[djino]

When you receive the card, do you also get balance transfer cheques?

yes, I believe the card comes with 3 Access Cheques.

djino

[nufan]

I received the card in the email pasted to a "welcome" note, along with the terms and conditions booklet. The day after I got a seperate MBNA letter which had the access checks and another terms and conditions book. So for me at least the checks came seperate for whatever reason. I also used to get them included with my purchasing MBNA card every month until I turned to online statements only. I shred them all and just did the Balance Transfer over the phone which seemed a bit easier and only took 2 days to complete.

[starchoice]

A few posts back, somebody was saying this wasn't that good a deal because of interest compounding monthly and that the effective rate of interest made this a not so attractive deal.

Reading the fine print in the online app, I see the following:

Interest Rate Finance Charges accrue daily and compound daily on Balance Transfer, Cash Advance and Purchase balances.

Has any financial wiz been able to determine the difference between interest calculated on a standard loan vs. this "deal"?

[eliteblaze2]

the difference is diminimus. 2.99 -> probably 3.2% at most.

[starchoice]

OK. I applied for this card online. On page one of the application, there is a clickable question:



Frequently Asked Questions

If my application is approved, when will I receive my new credit card?

Upon approval, you will receive your card in 7 to 10 business days.


Upon completing my application, it says something like I'll get a response by mail in 30 days.

I suppose if you analyze it, that would be 20-23 days to process the application and upon approval, 7-10 days to receive it. :lol:

Why do they have conflicting information?

Most people here seem to phone. Anybody with experience on the online application?

[tsgee]

Most people here seem to phone. Anybody with experience on the online application?

Applied on-line and phoned this number 4 days later (1-888-876-6262) and they said I was approved. Might have been so quick since we had a MBNA card already. I received the card about 5 days later and completed the consolidation & balance transfer, so it took little under two weeks, 7 business days in total.

[laz66]

Is the 1.99% deal still available?

[ARK]

Is the 1.99% deal still available?

I just called them and gave promo code CEAN and they told me I can get 1.99% for all transactions within first 90 days for the life of balance

[TylerS]

A few posts back, somebody was saying this wasn't that good a deal because of interest compounding monthly and that the effective rate of interest made this a not so attractive deal.

Reading the fine print in the online app, I see the following:



Has any financial wiz been able to determine the difference between interest calculated on a standard loan vs. this "deal"?

I think that person's post was misleading and of no relevance. Even compounded continuously, it is still a far better rate than you will find most anywhere else. Find anyone willing to lend you money at 2% per year, or even 3%.

[djino]

Is the 1.99% deal still available?

yes

[weebg]

Using an online financial calculator, it looks like 1.99% compounded daily works out to an effective interest rate of 2.01% annually.

1.99% compounded monthly works out to a 2.0083% effective interest rate.

A few posts back, somebody was saying this wasn't that good a deal because of interest compounding monthly and that the effective rate of interest made this a not so attractive deal.

Reading the fine print in the online app, I see the following:



Has any financial wiz been able to determine the difference between interest calculated on a standard loan vs. this "deal"?

[laz66]

I called Mbna ,and they said I needed the code under cean. I told him that I threw out the paper

[puddingsauce]

first post ever!

called this number
1-888-876-6262

stayed on the line (dont do anything just press 1 for english)
and just stay on the line until a real person talks to you

mention code CEAN

they transferred me and i filled out the application over the phone

was instantly approved for 10k @ 1.99% =)

they cant transfer student loans or mortgages directly
BUT u ask them to deposit the full 10k into ur cheqing account and ur good to go =)

muhaha

that is all

great success!

[starchoice]

There doesn't appear to be any consistency here. I filled in the online application on the 27th (they told me when I called today). They advised that my application has not been "decisioned" yet? She said it wasn't enough time?? I already have an MBNA cc with a fairly substantial limit and I've had this card for many, many years. They don't seem to care if you're a customer of theirs or not, treating every application independently or so it seems. Received some cheques yesterday in the mail for my existing card with a 3.99% rate until July. How generous!

[tsgee]

There doesn't appear to be any consistency here. I filled in the online application on the 27th (they told me when I called today). They advised that my application has not been "decisioned" yet? She said it wasn't enough time??

Since you filled it out on the 27th they probably wouldn't have looked at it until the next day, so they 've only had for less than two business day. I'd call back on Tuesday and they'll probably have an answer for you.

[NewCougar]

Starchoice... every time I've called during regular business hours they transfer me to a credit analyst who gives me an answer right away.

I also got the 1.99% for life CEAN promotional offer on balance transfers made in the first 90 days. If you calculate the interest between 0% and 1.99% it's really small (~$15/mo based on $10,000) which is worth it IMO then having to apply & reapply every year to get the 0% offers.

Applying, reapplying and canceling a few cards over the last 2 years has hurt my credit a little (not just using this, but I've done 3-4 no interest/no payment deals locally on furniture, computer, & renos as well). So, this is a much better way to go.

If you have $10,000 on a CC @ 19.9% making payments of $250/mo it'll take you almost 10 years to pay it off. Transfer that balance to this 1.99% interest rate card, making the same payments would only take you about 3.5 years to pay off. This is the best deal on here by far.

[FD3S]

Can I use the CEAN offer thru online app?

[starchoice]

Can I use the CEAN offer thru online app?

Yes, here it is:

https://wwwa.applyonlinenow.com/CACCapp/Ctl/entry?sc=cean&lc=en_CA

[starchoice]

Since you filled it out on the 27th they probably wouldn't have looked at it until the next day, so they 've only had for less than two business day. I'd call back on Tuesday and they'll probably have an answer for you.

Thanks, tsgee. I called the application status line and was told that I'm approved. The rep was a little apologetic because of the low amount but he said it's because I have another MBNA account with a fairly significant credit line. He said just to call customer service when I get the card and I can ask them to transfer whatever credit amount from the other card to this card. Sounds easy. Is it that easy?

[laz66]

I called last night , and was told that I was approved. Thet told me my credit limit was $7500.00. I asked if they could consolidate my other mbna card with this one, said no problem. I now have over $30,000.00 to borrow at 1.99% for life. Thanks rfd, this site is truly amazing.:lol::!:

[djino]

Thanks, tsgee. I called the application status line and was told that I'm approved. The rep was a little apologetic because of the low amount but he said it's because I have another MBNA account with a fairly significant credit line. He said just to call customer service when I get the card and I can ask them to transfer whatever credit amount from the other card to this card. Sounds easy. Is it that easy?

Yes it is that easy. I had a friend of mine who had another MBNA card before applying for the 1.99% offer. They also gave him a low credit liimit on the 1.99%. He asked if they could transfer some of the credit he had available on his other MBNA card, and they did it on the spot.

djino
"Just call them and request it, its easy"

[Jenthenaturelover]

So let me get this straight.

I have a 15 month for 0% card for 20k and 10k on a 3.99%.

Should I pay both of them off and then apply for the 1.99% AIR?

I don't think they will give me any more cards because they already said that I've reached my limit and left them 'exposed.'

But I've always paid my bills on time and stuff.

[Jenthenaturelover]

My financial situation hasn't changed, so I don't think they'd approve of another card.

Or are they being aggressive and will appreciate that I always pay on time?

So confusing:confused:

[darkkith]

Thanks, tsgee. I called the application status line and was told that I'm approved. The rep was a little apologetic because of the low amount but he said it's because I have another MBNA account with a fairly significant credit line. He said just to call customer service when I get the card and I can ask them to transfer whatever credit amount from the other card to this card. Sounds easy. Is it that easy?

I called a few weeks back about my application and the gal indicated I was approved as well.. first thing out of my mouth was how to increase the limit... i had another mbna credit line wihch i had never used, so she first tried to increase the limit on the old account and then afterwards closed the old card and moved the balance to the 1.99% cean card. So make sure you ask them to see if you can increase the limit on your exisitng account before merging the accounts!

[sienna owner]

My financial situation hasn't changed, so I don't think they'd approve of another card.

Or are they being aggressive and will appreciate that I always pay on time?

So confusing:confused:

they will look at your history of payments with the other accounts...if you've always paid on time, chances are your bureau score has gone up, not down.
even if you get a small credit limit on the new 1.99 card, you can just transfer your other ones over.

[starchoice]

I called a few weeks back about my application and the gal indicated I was approved as well.. first thing out of my mouth was how to increase the limit... i had another mbna credit line wihch i had never used, so she first tried to increase the limit on the old account and then afterwards closed the old card and moved the balance to the 1.99% cean card. So make sure you ask them to see if you can increase the limit on your exisitng account before merging the accounts!

I'm not merging accounts. My other account is not a credit line, it's an MBNA M/C with 1% cashback. Per my post, they won't up the limit on the new card which was just issued because I want to keep the old card, not merge them. I'll simply take a portion of the limit on the older card and move that limit to the new card.

[fewa]

first post ever!

called this number
1-888-876-6262

stayed on the line (dont do anything just press 1 for english)
and just stay on the line until a real person talks to you

mention code CEAN

they transferred me and i filled out the application over the phone

was instantly approved for 10k @ 1.99% =)

they cant transfer student loans or mortgages directly
BUT u ask them to deposit the full 10k into ur cheqing account and ur good to go =)

muhaha

that is all

great success!

were you charged the 1% transaction fee?

[ares_toronto]

First of all, I know nothing about financial things and credit card, thus I always paid the full balance off in term of my credit card use in the past.

Anyone can educate me how I should take advantage of applying this card?

So basically if I get a MBNA 1.99% credit card for $15000, what should I do?
Should I:
1. Transfer the $15000 to my chequeing account and then use this money for what ever purpose (Mortgage, investment, RSP etc), right?
2. How can I maintain the MBNA credit card after that, should I pay nothing to the card or I need to pay some money back (more than minimum payment), or just make sure the minimum payment requirement on each monthly statement is paid off every month should be fine?
3. How the MBNA are going to charge me for interests on my balance?
4. Let's say the 1.99% promotion rate is only for 1 year, does that mean I have to paid all the balance off by end of the term, what if I cannot find enough money to pay the whole balance off at that time?

Thanks in advance!

[sienna owner]

Anyone can educate me how I should take advantage of applying this card?


Thanks in advance!

reading the tread some my help??



1. Transfer the $15000 to my chequeing account and then use this money for what ever purpose (Mortgage, investment, RSP etc), right?
yes
2. How can I maintain the MBNA credit card after that, should I pay nothing to the card or I need to pay some money back (more than minimum payment), or just make sure the minimum payment requirement on each monthly statement is paid off every month should be fine?
must pay $10 min + interest
3. How the MBNA are going to charge me for interests on my balance?
1.99% per annum...so 1.99% of balance divide by 365 times # of days in billing cycle
4. Let's say the 1.99% promotion rate is only for 1 year, does that mean I have to paid all the balance off by end of the term, what if I cannot find enough money to pay the whole balance off at that time?1.99% is for life of balance...but normally after promotion, you pay standard APR 19.9% or something....

[rocking23nf]

personally i think switching balances from loans to CC's or mortgages to CC's is a risky game, your only saving a few % of interest. Now switching 19% CC to 2% CC makes a lot of sense.

[ceeatch]

personally i think switching balances from loans to CC's or mortgages to CC's is a risky game, your only saving a few % of interest. Now switching 19% CC to 2% CC makes a lot of sense.

Depends on your situation. Even though the % might not be much different, if you just bought a house and planning to pay it off for the next 10+ years its worth while imo.

[dracore]

1. Transfer the $15000 to my chequeing account and then use this money for what ever purpose (Mortgage, investment, RSP etc), right?

Yes that's fine.


2. How can I maintain the MBNA credit card after that, should I pay nothing to the card or I need to pay some money back (more than minimum payment), or just make sure the minimum payment requirement on each monthly statement is paid off every month should be fine?

Assuming your credit card is 1.99% for life...

If you're late for payment (or never pay the card), you will lose the 1.99% and it will go to regular AIR which is something like 19%. Missing a payment or never paying is generally bad for your credit score and your monthly payment will go up.

Yes you need to pay some money back if you want to keep the promotional rate.

If you pay just the minimum... you'll always remain in debt and you'll never pay it off. But in any case, as long as you pay the at least the minimum, you will be able to keep the 1.99% rate.

Ideally you should pay more than minimum.


3. How the MBNA are going to charge me for interests on my balance?

Your first payment will be the 1% transaction fee (for your $15000 that would be $150) plus the balance owed with the remaining # of days at the daily interest rate. I think someone mentioned that they added $10 to it or something? In any case, typically your monthly interest will be approximately $30.

So your first payment will have minimum payment $150+$30 = $180. From that point on, all monthly payments will then only be the minimum which is $30.



4. Let's say the 1.99% promotion rate is only for 1 year, does that mean I have to paid all the balance off by end of the term, what if I cannot find enough money to pay the whole balance off at that time?

No you don't need to pay off the entire balance by then. What that means is that 1.99% rate will only apply for 12 months. Only the 13th month, they will charge your remaining balance at the full interest rate 19%.

Thankfully the 1.99% promotional is for life :)

[djino]

So basically if I get a MBNA 1.99% credit card for $15000, what should I do?

This depends. Do you have debt on other credit cards/Lines of Credit at a high interest rate? If yes, then the 1.99% Offer would be IDEAL.

Let me explain what the 1.99% Offer is as you wouldnt use this as a regular credit card. The 1.99% is a rate MBNA will give you on Balance Transfers (money you use from this card to pay off other credit cards, or to move to your bank account). These Balance Transfer need to take place within the first 90 Days of the account being opened. You will then get the 1.99% Interest on these balances for the LIFE of these balances (i.e. until they are paid off).

Now, as I said above, you would NOT use this card for purchases/cash advances (yes, you have the option, but it would be stupid of anyone to do this) as these types of transactions get the normal 17.99%+ Interest attached to them.

I suppose you could also use this money to pay off a part of your mortgage. But that would depend on your Interest rate of the mortgage as also keep in mind that every balance transfer comes with a 1% Balance Transfer fee payable on the following statement. So it may not be worth it to use it to put a chunk down on a mortgage.

You may want to invest it, but can you gaurantee much profit here. Not really.

Its really best to use the 1.99% Life of Balance promo to pay off existing credit card/lines of credit.

1. Transfer the $15000 to my chequeing account and then use this money for what ever purpose (Mortgage, investment, RSP etc), right?

Like I said above, you could do that, but I think any bank might be able to give you a comparable interest rate on an RSP Loan.

Now what you may want to look at is another MBNA promo. They have 0% Interest 12 and 15 months promos for Balance Transfers. Theses promos are ideal if you wish to Invest this money like on a TFSA, RSP, Mortgage, etc. As long as you can pay the entire balance off before the 12 or 15 month period ends as the Interest goes back up to the regular 17.99%+ after the promo expires. I think the promo code for this is BODX, there are other MBNA threads that speak of this.

2. How can I maintain the MBNA credit card after that, should I pay nothing to the card or I need to pay some money back (more than minimum payment), or just make sure the minimum payment requirement on each monthly statement is paid off every month should be fine?

For all MBNA products, MBNA's minimum payment is always Interest + $10.

If you have the 0% 12/15 Promo. That means all you are required to pay during the promo period is $10 (since Interest is 0%). Also Note. The balance Transfer fee applies to this aswell which is 1%.

You also need to make sure you pay the minimum payments ontime and do not go over the credit limit given to you.

Example (0% for 15 months promo) :
Day 1 - Approved for $15,000. You have your card in the mail and you call to activate it. You also ask for them to start a balance transfer to move money to your bank account. You can move maximum $14,850, since you want to keep room for the 1% Balance Transfer fee.

So
Day 2 - $14,850 is applied to your account
Day 2 - $148.50 Balance Transfer Fee is applied.
...
...
Next Month - Day 1 - Statement is printed for the amount $14,998.50
Your minimum payment will be: Interest + $10 + BT Fee = ($0 + $10 + $148.50).
Your minimum payment ongoing will just be $10.

3. How the MBNA are going to charge me for interests on my balance?

Example (1.99% AIR for Life of Balance):
Assuming you are also approved for $15,000, just like above you want to keep room for the BT Fee, but aswell as the Interest. Maximum transfer I'd do in this case is $14,825. BT = $148.25.

Your 1st month statement would be $14,998.08 and would list the following
Balance Transfer $14,825
Balance Transfer Fee $148.25
Interest occured = $24.83

Your first minimum payment would be $182. (Interest + $10 + BT Fee = $24 + $10 + $148)
Minimum payments following would just be $34 (Interest + $10).

4. Let's say the 1.99% promotion rate is only for 1 year, does that mean I have to paid all the balance off by end of the term, what if I cannot find enough money to pay the whole balance off at that time?

You could ask for 1.99% for 1 year, but why when you can get 1.99% for LIFE of the Balance. There is no term for this as long as you pay your required minimum payment and you do not go over your limit. This term can go on for a lifetime by sticking to the minimum payment.

So you may ask, which is better 0% for 15 months or 1.99% for life of the Balance.

Depends on what you are using the money for. If you have no credit card/line of credit existing debt then I'd get the 0% for 15 months as you can use the money given purely for investment purposes. Others have been successful in renewing their 15 month term by paying it off in full before it expires then applying for it again.

Going with 0% for 15 months doesn't mean that this product will always be there which is a reason the 1.99% life of Balance may be Ideal.

djino
"Goodluck"

[kneevase]

personally i think switching balances from loans to CC's or mortgages to CC's is a risky game, your only saving a few % of interest. Now switching 19% CC to 2% CC makes a lot of sense.

Why do you think it's risky?

1) Are you worried about forgetting to make a payment and having the CC interest rate skyrocket?

2) Are you worried about MBNA changing the rules after a couple of years?

3) Are you worried about your credit score sliding?

4) Something else?

I'm not too worried about any of these things.

[kneevase]

You may want to invest it, but can you gaurantee much profit here. Not really.


Depends on what you are using the money for. If you have no credit card/line of credit existing debt then I'd get the 0% for 15 months as you can use the money given purely for investment purposes. Others have been successful in renewing their 15 month term by paying it off in full before it expires then applying for it again.

Going with 0% for 15 months doesn't mean that this product will always be there which is a reason the 1.99% life of Balance may be Ideal.

djino
"Goodluck"

djino,

I agree with 99% of your post. You're bang on with your advice on how to manage the card, access the BT, and manage the payments.

I do not entirely agree with your assessment of the cards' suitability for investment. I currently hold the 0%/15 month card and have invested the proceeds into a one year CT GIC at 3.9%. Assuming that I can get a half decent rate for the final 3 months of my 0% period, I should be able to net out perhaps 3.5% after accounting for the 1% fee. This is a solid return for about 30 minutes of work.

I chose to invest in the GIC because of the term limit (15 months) on the 0% BT offer. It was waaaaaay to risky to invest in equities because I know that I'll have to repay the balance sometime in September. So I needed to select a product that had a 100% guarantee of capital over the 15 month time horizon. In a practical sense this means that your only real options are a savings account or a GIC.

Since last summer, short term interest rates have plummeted, and show no sign of stabilizing. The best one-year GIC that I have seen in recent days is 3.1% from ICICI. The best savings account that I have seen is Peoples at 3.6%. After accounting for the 1% fee, this deal 0%/15 month is significantly less lucrative than it was last summer....and will likely continue to become less lucrative over the next few months as interest rates drop.

While the 1.99%/forever offer was not available to me last summer, I would probably have taken it if were it possible. The "forever" time frame greatly expands the range of investment vehicles at your disposal. For example, it permits a client to buy preferred shares from a Canadian chartered bank. Bank preferred shares are yielding between 6-7% these days, implying that you could net out 4-5% per annum before tax, effectively forever. You do not need to worry about whether the price of the preferreds go up or down because there is no pressing need to repay the CC.

A braver soul might even consider investing in common stocks with a view to holding them for 10 or 15 years, and just make the small monthly payment of $10+interest.

Anyway, I certainly would not categorically state that the 0%/15 offer is better for investing than the 1.99%/forever offer.

[starchoice]

Does anybody know where this offer originated from? I haven't seen it anywhere except on this board. You can find the same low interest rate but not for the life of the balance.

These online apps are generally redirects from some other site. Just curious but is this offer intended for a certain demographic? It's certainly not offered on the MBNA site.

[mcshame]

Why do you think it's risky?

1) Are you worried about forgetting to make a payment and having the CC interest rate skyrocket?

2) Are you worried about MBNA changing the rules after a couple of years?

3) Are you worried about your credit score sliding?

4) Something else?

I'm not too worried about any of these things.

Neither am I. I'm using it to save money on my mortgage interest and lower my principal. I'm going to set up automatic monthly minimum payment, hightlight the payback date in multiple place on calendars. This strat, so far this year, will lower my principal by $600 by end of year and save me $885 of interest. And once my dad get one as well, I will use his credit power and save even more. Just a little work to save some money.

[nufan]

I'm wondering if anyone could put my mind at ease and explain my first bill to me.

I got this card recently and my first bill has just printed. I did a $9000 Balance Transfer so my bill is as follows:

Balance Transfer $9000
Balance Transfer Fee $90

Then under "Summary of Transactions" and under "(+)Periodic Rate Finance Charges" it has $7.93

In the "Total Minimum Due" box it has:

Past Due Amount: $0.00
(+) Current Payment: $107.00
(=) Total Min. Due: $107.00

I just want to be sure I'm paying the right amount so that my interest rate doesn't go up to the high amount or anything silly like that. Is $107 what I need to pay for this bill? Is it always the "Total Min. Due" that needs to be paid to avoid the interest rate going from 1.99% up to 19% (or whatever it is) ?

Also, where does the $107 come from ? I can see $90 plus $10 min payment, but should it not be $107.93 with the interest on there?

And lastly why is the interest charge only $7.93 ? I would think on $9000 it would be $179.10 for the year (9000x1.99%) and then around $14.93 per month (179.10/12)

In the very bottom of the statement it has a "Finance Charge Schedule" which shows the daily interest rate. in the AIR 1.99% column it shows the daily rate of .005452% but the "balance subject to finance charge" is $5017.22, shouldn't the whole $9000 be subject to this interest rate?

Sorry for the long post just trying to understand my first bill I guess. I understand this is the biggest due to the $90 BT fee but can't work out the difference. Want to be 110% sure that I'm paying the right amount each month so I don't break the rules and end up with the high interest rate :P

[elty]

I'm wondering if anyone could put my mind at ease and explain my first bill to me.

I got this card recently and my first bill has just printed. I did a $9000 Balance Transfer so my bill is as follows:

Balance Transfer $9000
Balance Transfer Fee $90

Then under "Summary of Transactions" and under "(+)Periodic Rate Finance Charges" it has $7.93

In the "Total Minimum Due" box it has:

Past Due Amount: $0.00
(+) Current Payment: $107.00
(=) Total Min. Due: $107.00

I just want to be sure I'm paying the right amount so that my interest rate doesn't go up to the high amount or anything silly like that. Is $107 what I need to pay for this bill? Is it always the "Total Min. Due" that needs to be paid to avoid the interest rate going from 1.99% up to 19% (or whatever it is) ?

Also, where does the $107 come from ? I can see $90 plus $10 min payment, but should it not be $107.93 with the interest on there?

And lastly why is the interest charge only $7.93 ? I would think on $9000 it would be $179.10 for the year (9000x1.99%) and then around $14.93 per month (179.10/12)

In the very bottom of the statement it has a "Finance Charge Schedule" which shows the daily interest rate. in the AIR 1.99% column it shows the daily rate of .005452% but the "balance subject to finance charge" is $5017.22, shouldn't the whole $9000 be subject to this interest rate?

Sorry for the long post just trying to understand my first bill I guess. I understand this is the biggest due to the $90 BT fee but can't work out the difference. Want to be 110% sure that I'm paying the right amount each month so I don't break the rules and end up with the high interest rate :P

Bank used a weighted average to calculate interest rate, which is most likely what that $5000 is. If you do the balance transfer in the middle of the billing cycle, then you will pay roughly half of the normal monthly interest for the first month.

$10 min + $90 BT fee + $ 7 interest rate = $107 minimum payment. Sounds logical.

[starchoice]

Yes, this is right: $90.00 transfer fee + $10.00 + $7.93 = $107.93. The Total Minimum Payment must be met to keep within the terms & conditions. Since this is your first bill, it likely does not reflect a full billing cycle thereby accounting for reduced interest. In any event, I always take the position that if something is in my favour, don't worry about it. Just pay the $107.93.

[djino]

I'm wondering if anyone could put my mind at ease and explain my first bill to me.

I got this card recently and my first bill has just printed. I did a $9000 Balance Transfer so my bill is as follows:

Balance Transfer $9000
Balance Transfer Fee $90

Then under "Summary of Transactions" and under "(+)Periodic Rate Finance Charges" it has $7.93

In the "Total Minimum Due" box it has:

Past Due Amount: $0.00
(+) Current Payment: $107.00
(=) Total Min. Due: $107.00

I just want to be sure I'm paying the right amount so that my interest rate doesn't go up to the high amount or anything silly like that. Is $107 what I need to pay for this bill?

Yes.

Is it always the "Total Min. Due" that needs to be paid to avoid the interest rate going from 1.99% up to 19% (or whatever it is) ?

Yes. You need to pay at least the minimum payment to keep your promo Interest rate of 1.99 ongoing.

Also, where does the $107 come from ? I can see $90 plus $10 min payment, but should it not be $107.93 with the interest on there?

Total Minimum Payment is calculated as follows
= Rounded down to closest dollar [Interest] + $10 + (BT Fee if done during previous billing cycle)
= Rounded down to closest dollar [7.93] + $10 + $90
= $7 + $10 + $90
= $107

And lastly why is the interest charge only $7.93 ? I would think on $9000 it would be $179.10 for the year (9000x1.99%) and then around $14.93 per month (179.10/12)

Assuming 1.99 AIR. If you completed your $9000 Balance Transfer on the first day of your billing cycle then the Interest is calculated as follows:

Interest
= ((AIR / 100) / 12) * (Balance Transfer Amount + Balance Transfer Fee)
= ((1.99 / 100) / 12) * ($9000 + $90)
= $15.07

Now you maybe asking "Why is yours only $7.93?".

My calculation assumes that your Balance Transfer was done on the first day of your billing cycle. If you only had say 2 weeks remaining on the current billing cycle when the Balance Transfer took place, then you are only paying 2 weeks of Interest charges (which would amount to about 1/2 of what I calculated). So you'd need to find out the date your bill was printed and the date your balance transfer occured (All should be shown on your statement).

But just know, Future ongoing bills should amount to about $15.07 (or a little less).

In the very bottom of the statement it has a "Finance Charge Schedule" which shows the daily interest rate. in the AIR 1.99% column it shows the daily rate of .005452% but the "balance subject to finance charge" is $5017.22, shouldn't the whole $9000 be subject to this interest rate?

That I am not sure about. Call MBNA on that one. My assumption on that is that since your Balance Transfer didn't occur at the start of the billing cycle, to make their calculations make sense, instead of say calculating $9000 on the 2 weeks and $0 on 2 weeks, they averaged out the $9000 across the MONTH which might be $5017.22. Then used this amount to calculate the Interest as if you did the balance Transfer of $5017.22 on Day 1 of billing cycle. Again,this is just my guess.

Sorry for the long post just trying to understand my first bill I guess. I understand this is the biggest due to the $90 BT fee but can't work out the difference. Want to be 110% sure that I'm paying the right amount each month so I don't break the rules and end up with the high interest rate :P

Whatever they write as the minimum payment is what is ONLY required. Remember whatever they caculate as the Interest during that period is ALWAYS rounded down to the closest dollar when it comes to calculating your required MINIMUM PAYMENT.

If you did a balance transfer during the previous billing cycle. Your minimum payment is Interest + $10 + BT Fee. Ongoing your minimum payment will just be $Interest + $10. So expect your next statement minimum payment to be around $25.

Assumptions:

1) Your AIR is 1.99%
2) Your Balance Transfer Amount is $9000
3) Your Balance Transfer fee is 1%
4) Your Balance Transfer took place 1/2 way through the billing cycle

djino
"Hope that makes sense"

[nufan]

Thanks, really appreciate the detailed replies guys.

I didn't realize that it was rounded down to the nearest dollar, so the $107 makes sense. Also I did the BT on Jan 21st according to the statement, and the statement closing date was yesterday (Feb 5th), so they have obviously just adjusted the amount that got charged with interest by around half since I did the BT half way through the month, just like you guys said.

Again, thanks, that made things a lot clearer :)

[Stephen C.]

Ok, I admit it. I'm too lazy to read everything. But from wha I've read it soudns intereting (especially the lifetime balance).

I obviously suck at handling money but my credit rating should be very good. I always pay before it's due and I always pay more than due. I have never missed a paymnet yet. So here's the problem; over the las six or seven years I have run up about $35,000 in debt. There should be enough equity in my house to pay for it, if not more. Do these lenders like people like me. I know it's time to reign in the horses and I am reponsible (my credit record should reflet this). The only assett I have is the house. So what do you think? Am I dead meat or do I have a chance? Any advice woud be apprecitated. Thanks in advance...

Steve

[djino]

Ok, I admit it. I'm too lazy to read everything. But from wha I've read it soudns intereting (especially the lifetime balance).

I obviously suck at handling money but my credit rating should be very good. I always pay before it's due and I always pay more than due. I have never missed a paymnet yet. So here's the problem; over the las six or seven years I have run up about $35,000 in debt. There should be enough equity in my house to pay for it, if not more. Do these lenders like people like me. I know it's time to reign in the horses and I am reponsible (my credit record should reflet this). The only assett I have is the house. So what do you think? Am I dead meat or do I have a chance? Any advice woud be apprecitated. Thanks in advance...

Steve

I'm not sure what you are asking. Are you asking if you should move the $35K of credit card debt towards your mortgage or apply for the MBNA 1.99% to handle some/most of that 35K debt?

This depends on your current mortgage interest rate. do you have enough equity in your home to pay $35K? What is your currently annual salary? Usually MBNA will only extend about 20-25% of your annual salary, could this cover most/all of your 35K debt?

Have you checked your credit score? I assume this $35K is spread across multiple credit cards, are these credit cards maxed? What would you say is the percentage of credit used ($35K) to the credit limit on all cards? If its above 70%, I doubt your credit score is that impressive. Which I would then doubt MBNA would extend that much (of any) credit to you even if you have no late payments. Though I guess it doesn't hurt to try to apply (besides the MBNA hit on your credit score).

If it doesn't work out, maybe it might be best to go the mortgage route. Though I'd hope you wouldnt just start rackin up more debt once the credit card balances are transfered. As that would be irresponsible even if you can afford to pay the minimum payments.

djino

[Stephen C.]

I'm not sure what you are asking. Are you asking if you should move the $35K of credit card debt towards your mortgage or apply for the MBNA 1.99% to handle some/most of that 35K debt?

This depends on your current mortgage interest rate. do you have enough equity in your home to pay $35K? What is your currently annual salary? Usually MBNA will only extend about 20-25% of your annual salary, could this cover most/all of your 35K debt?

Have you checked your credit score? I assume this $35K is spread across multiple credit cards, are these credit cards maxed? What would you say is the percentage of credit used ($35K) to the credit limit on all cards? If its above 70%, I doubt your credit score is that impressive. Which I would then doubt MBNA would extend that much (of any) credit to you even if you have no late payments. Though I guess it doesn't hurt to try to apply (besides the MBNA hit on your credit score).

If it doesn't work out, maybe it might be best to go the mortgage route. Though I'd hope you wouldnt just start rackin up more debt once the credit card balances are transfered. As that would be irresponsible even if you can afford to pay the minimum payments.

djino


Thanks for the reponse. The spenging has to stop. For the las 5-6 years I've been taking advantage fo the 6 month2.99
stuff but It's getting too muchl; N0t all my credit cards are maxed. Threre' more with a defcit of zero isnsteat 0f maxxed. I think I'm going to go to the bank that holds my morgage and please for mercy. I thikn it's the only optiion I've g0t right now,

[alanbrenton]

Sorry for the repeat question but for those who previously had a balance on their 0% interest for 12/15 months MBNA credit card, were you allowed to transfer the entire balance over to the 1.99% for the life of the balance credit card to avoid having to

* pay down the 0% credit card
* redistribute the credit limit from the 0% credit card to the 1.99% credit card and
* do a new balance transfer with a 1% fee?

Thanks.

[Britex]

Thanks for all the info about how to apply for this card and the promotion code. Made it very easy. I am an existing customer so the amount of info I had to provide to get in on this card wasn't too lengthy. At the end the rep told me I was approved instantly... But for a measly $2,500. Told him it was the lowest credit limit I've received in over a decade. So, he says to call back once I get the card and try and increase the limit. Will probably take the advice of some others here and combine my old card with this one in order to increase the limit. Thanks again!

[alanbrenton]

Thanks for all the info about how to apply for this card and the promotion code. Made it very easy. I am an existing customer so the amount of info I had to provide to get in on this card wasn't too lengthy. At the end the rep told me I was approved instantly... But for a measly $2,500. Told him it was the lowest credit limit I've received in over a decade. So, he says to call back once I get the card and try and increase the limit. Will probably take the advice of some others here and combine my old card with this one in order to increase the limit. Thanks again!

The minimum for the 1.99% lifetime card is $5,000. My wife and I each got $5,000 but we already had existing MBNA cards (maybe a kind gesture of MBNA to not reject our application). Make sure you got approved for that and not another credit card.

[Trowa]

I currently have 2 MBNA cards.
1 Premier Rewards Platinum Card w/ $6300 CL and 1 Platinum Prestige LOC Master Card w/ $10k CL. If I apply for this card and want to move my LOC limit over does anybody think they would do it? I'm thinking of keeping the Premier Rewards Platinum Card for regular use.

[nufan]

If I apply for this card and want to move my LOC limit over does anybody think they would do it?

Yes.

The credit limit you get based on the credit check they do can be spread out over multiple cards. When I applied I wasn't granted any more credit than I already had with my purchasing card, they simply transfered however much I wanted FROM the purchasing card to the new 1.99% card. Worked out fine for me as I never got close to using the limit on the purchasing card, but still wanted to keep both.

[phishin_for_goods]

Thanks for all the info. I just applied for this card and got approved for $15,000.
My question is, everyone keeps talking about transfering the cash into their bank account, doesnt that count as a cash transfer, which has a higher interest rate?
I thought the 1.99% only applied to balance transfers, meaning debt you have already incurred.

Also, has anyone used this money to invest. I was checking some bank stocks today, Royal Bank pays an annual dividend of $2 per share which would more than cover your interest rate and give you a chance to get in on a reputable stock at a low price......any thoughts?

Thanks

[djino]

Thanks for all the info. I just applied for this card and got approved for $15,000.
My question is, everyone keeps talking about transfering the cash into their bank account, doesnt that count as a cash transfer, which has a higher interest rate?
I thought the 1.99% only applied to balance transfers, meaning debt you have already incurred.

Balance Transfer can be done in 2 ways:

1) You call MBNA and tell them to move money from your MBNA account to either a Credit Card or a Bank Account. Both of these will give you the same 1.99% Promo rate

2) You get Access Cheques in the mail. You can then deposit them into your Bank account (or write a cheque to someone else/pay a bill) and these will still get the 1.99% Promo rate.


What you maybe confusing Balance Transfers with is Cash Advance. With MBNA Cash Advance is when you goto an ATM and stick the credit card into the machine and withdraw cash from that. THIS WILL NOT GIVE YOU 1.99% (I think 17.99%+).

djino
"Also note, all Balance Transfers come with 1% Balance Transfer Fee (the greater of $7.50 or 1%)"

[nufan]

Thanks for all the info. I just applied for this card and got approved for $15,000.
My question is, everyone keeps talking about transfering the cash into their bank account, doesnt that count as a cash transfer, which has a higher interest rate?
I thought the 1.99% only applied to balance transfers, meaning debt you have already incurred.

Also, has anyone used this money to invest. I was checking some bank stocks today, Royal Bank pays an annual dividend of $2 per share which would more than cover your interest rate and give you a chance to get in on a reputable stock at a low price......any thoughts?

Thanks

transfering it to your bank account is eligible for the 1.99% for life rate, you can do it right through a rep over the phone or use the checks they send out. It's covered in the terms and conditions you receive with the card.

[lorax1284]

Thanks OP!

[tsgee]

Also, has anyone used this money to invest. I was checking some bank stocks today, Royal Bank pays an annual dividend of $2 per share which would more than cover your interest rate and give you a chance to get in on a reputable stock at a low price......any thoughts?

If you are using it to invest, the interest can be used as an expense on your income taxes.

[krozet]

If you are using it to invest, the interest can be used as an expense on your income taxes.

No, interest on a loan is ONLY eligable on taxes if the loan is used to generate income and you HAVE to prove this when filing your income taxes.

Investing is a broad term. If you buy interest bearing bonds or dividend paying stocks then the interest qualifies as long as you own the products. If you buy a 'hot stock tip' your best friends father was told about by his goat herding sisters hairstylist well then that might not qualify. One other thing to remember in this market climate, if you own a stock that pays a dividend and it stops paying that dividend then you cannot claim the interest on your income tax because you are no longer using the borrowed money to earn income.

What I did to maximize this deal was to get $25K that I am paying 1.99% on for the life of the loan. Buy $25K of recently issued interest bearing bonds @ 10.9% from Canada's second largest bank. So I am making over 8% after making interest payment and the interest payments are tax deductible... I do not see myself paying this off anytime soon, I am getting a guaranteed return. I only wish I could get a bigger loan...

[alanbrenton]

What I did to maximize this deal was to get $25K that I am paying 1.99% on for the life of the loan. Buy $25K of recently issued interest bearing bonds @ 10.9% from Canada's second largest bank. So I am making over 8% after making interest payment and the interest payments are tax deductible... I do not see myself paying this off anytime soon, I am getting a guaranteed return. I only wish I could get a bigger loan...

I didn't know a bank would offer such a high yielding instrument. How long is the maturity and is it callable?

[starchoice]

I still haven't got my card but just yesterday received one of those routine calls from MBNA as I have the PP cash-back card. They were trying to sell me travel insurance. Then there was a pitch for a BT on my existing card. I told her I was waiting for a new card with a promo. After asking me how much I would transfer, she asked about the rate and I told her it was 1.9. She said that she could offer me 0.9 with a 1% BT fee, thereby equaling the 1.9. She then stated that the promo rate would be good until the end of the year. I thanked her and said I would wait for my new card.

[krozet]

I didn't know a bank would offer such a high yielding instrument. How long is the maturity and is it callable?

25 years and no.

CIBC has yielded over 8% on common stock in the past month, you can sometimes get your hands on pref's at 9.5%

Bank of Nova Scotia has yielded over 7% in the last month on common stock and they just RAISED their dividend. This is my current favorite Canadian bank for bonds and pref's.

National Bank of Canada is actually UP 23% on the year and is still yielding over 7% on common's. Prefs can be found at almost 10% and this bank has zero sub prime exposure! I have been riding this one up for two months now.

Royal and TD are both over 6% on common shares too, BMO is over 10% but is more toxic than toys from China...

Are the Canadian banks immune to the current meltdown? No, but they certainly have had a booster shot and will not nor have not suffered near as much as their american cousins. If you are worried about a dividend cut then buy debt. If you want exposure to the potential upside of the stock and are not worried about a possible dividend cut then buy prefs. If you think that a Canadian bank is going under then move to Nunavut, marry a sea lion and wear a tinfoil hat because you are crazier then a fruitcake.

[namm]

sorry im kinda slow and stilll dont get what im suppose to do with the 1.99%.
i have a mbna credit card atm and say i get approved of the 1.99% what i do is get the card activate it and then do a balance transfer from the old card to the new card cancel the old card and then start paying the minimal payment each month? Another question say i want to pay off another credit card can i do a balance transfer from that card to this card? i would like to know a good way to take advantage of this since im having trouble paying my credit cards

[djino]

sorry im kinda slow and stilll dont get what im suppose to do with the 1.99%.
i have a mbna credit card atm and say i get approved of the 1.99% what i do is get the card activate it and then do a balance transfer from the old card to the new card cancel the old card and then start paying the minimal payment each month? Another question say i want to pay off another credit card can i do a balance transfer from that card to this card? i would like to know a good way to take advantage of this since im having trouble paying my credit cards

I would suggest reading back at least 5-10 pages (focus a bit on my posts) as I have explained countless times on what this offer is and on how you should apply it.

If you have specific questions on it, I'd be happy to answer :)

djino

[cferneyh]

No, interest on a loan is ONLY eligable on taxes if the loan is used to generate income and you HAVE to prove this when filing your income taxes.

One other thing to remember in this market climate, if you own a stock that pays a dividend and it stops paying that dividend then you cannot claim the interest on your income tax because you are no longer using the borrowed money to earn income.

Actually, both of these statements are untrue.

Interest on a loan is tax deductible provided that the investment currently produces income or that there is an expectation that the investment will produce income at some point in the future.

[starchoice]

These guys at MBNA sure don't have the service they used to. I've called about 4 times to follow-up on my application. Before today's call, the guy told me that the card would be sent mid to late last week. I've been approved for some time now, having applied late January. Today's call, the girl transfers me after taking my information without even saying anything. Then the guy tells me again about how the limit is low but I can transfer credit from my exisitng PP M/C. Yea, I know. Can you tell me if the card has been issued? He says no, to my surprise. I'll do that now for you????? Says the card wasn't sent out because it was waiting for "verification" which he said he just did and that the card would go out tomorrow. Makes no sense. Of course, I wonder if I hadn't called, if the card would have remained in limbo.

If you've been waiting for this card to arrive, I recommend you follow-up. Now I'm sure that when I do get it, it won't have the right offer on it. That's just the way my luck goes.

[krozet]

Actually, both of these statements are untrue.

Interest on a loan is tax deductible provided that the investment currently produces income or that there is an expectation that the investment will produce income at some point in the future.

I think you're splitting hairs. Personally I will stick to investment insturments that bear income now and not worry about trying to explain to CRA how i am deducting interest from a loan I got to invest in uncle ron's shrimp flavored soda company because I expect that at some point in the future it will produce income. I am not an accountant nor an expert on the tax system, I just read up on taxes every year to ensure i am doing everything by the book and maximising my return. I am not calling you wrong but I wonder what happens if five years down the road the investment in the shrimp soda idea fizzles out and you und up loosing money what happens to all that interest you deducted that you never received income from?

The thought of CRA visiting me with a tube of KY is beyond my investment risk level. :lol:

[alanbrenton]

Good points on interest deductibility but I'd rather use this loan for RRSP or RESP contribution and claim deductibility on my LOC (prime + 0.5) or other credit cards with higher interest rates (prime + 0.9). :)

[eliteblaze2]

Anyone get 0.5% on the BT lately?
Its easier for me to deposit the BT cheque in my account but IF I can get the 0.5% then I'll keep calling...

[starchoice]

Have you tried already? How many times?

[xansmommy]

Anyone get 0.5% on the BT lately?
Its easier for me to deposit the BT cheque in my account but IF I can get the 0.5% then I'll keep calling...

I actually ended up getting the whole fee waived. I think it is all about who you talk to.

Laura

[connery]

I have 20k with the 0/15 coming due.

I have 10k at 3.99%.

I would like to get the 1.99% card and consolidate the entire credit package.

When I got the 10k card, they were a little jumpy over their amount of exposure (I'm new to MBNA).

I worry I'll be turned down for the 1.99% card.

Should I pay off the 3.99% 10k before applying for the 1.99% card?

Advice is greatly appreciated.

[starchoice]

If your credit rating is good, they will give you a card with a low limit. The trick is to get in on the deal and they will let you shuffle credit limits between accounts.

[dryang]

I applied for the 1.99% mbna card last Monday online. At the end of my application, it stated that you will be contacted within a month. Can I call in tomorrow to ask for the status of my application? How long does it usually take for them to make a decision?

[outtolearn88]

Would it be O.K. to go buy a new car in "Cash" to get a better price from the dealer. Then use the card to pay it monthly. ?????


Thank You For your toughts...
:razz::razz::razz:

[alanbrenton]

Would it be O.K. to go buy a new car in "Cash" to get a better price from the dealer. Then use the card to pay it monthly. ?????


Thank You For your toughts...
:razz::razz::razz:

You need to borrow the lump sum amount since the 1.99% is only good for balance transfers made in the first 90 days.

[eliteblaze2]

wow that's amazing. I'll call a few more times, I'm trying to get a CL increase anyways so...

Who did you talk to? (I heard Credit Analysts have more leeway) and how much was the BT?



I actually ended up getting the whole fee waived. I think it is all about who you talk to.

Laura

[leafsrule06]

I applied for the 1.99% mbna card last Monday online. At the end of my application, it stated that you will be contacted within a month. Can I call in tomorrow to ask for the status of my application? How long does it usually take for them to make a decision?

I just called this morning and was told I'm approved for a 2nd MBNA card at the 1.99%. The credit limit is low but i have another account that I can merge...good luck.

[cferneyh]

I am not calling you wrong but I wonder what happens if five years down the road the investment in the shrimp soda idea fizzles out and you und up loosing money what happens to all that interest you deducted that you never received income from?

What happens? You claim the losses on your tax returns. :lol:

All you have to do is explain to the CRA that when you invested the funds in "shrimp soda" you anticipated receiving dividends at some point in the future. Unless you received paperwork from the "shrimp soda" company that they will never, ever, ever, ever under any circumstances pay dividends, then the CRA cannot prove that you did not intend to receive income at some point in the future.

That being said, if you are afraid of the big bad CRA, then it makes a lot more sense to go with what you are most comfortable with.

[coopercold]

What happens? You claim the losses on your tax returns. :lol:

All you have to do is explain to the CRA that when you invested the funds in "shrimp soda" you anticipated receiving dividends at some point in the future. Unless you received paperwork from the "shrimp soda" company that they will never, ever, ever, ever under any circumstances pay dividends, then the CRA cannot prove that you did not intend to receive income at some point in the future.

That being said, if you are afraid of the big bad CRA, then it makes a lot more sense to go with what you are most comfortable with.

If a company does not have an established history of regular dividend payments, then it's not safe to assume they ever will. Just because you say or think something doesn't make it so.

Sorry, cferneyh, but I won't be trusting you for tax advice.

[sienna owner]

wow that's amazing. I'll call a few more times, I'm trying to get a CL increase anyways so...

Who did you talk to? (I heard Credit Analysts have more leeway) and how much was the BT?

only the Credit Analyst can give you the CL...and don't forget the ask them there and then about reducing the BT fee

good luck

[xansmommy]

wow that's amazing. I'll call a few more times, I'm trying to get a CL increase anyways so...

Who did you talk to? (I heard Credit Analysts have more leeway) and how much was the BT?

I basically talked to them about the fact that I was moving from a 0% card to a card paying interest (though it is low) and that since I was paying off my 0% card to move the balance to my 1.99% card I didn't want to have to pay the BT fee again. They agreed to let me do my new BT for no fee once the cards were consolidated, so I got to re-take the old $ and also paid no fee on the new amount coming out as well.

This doesn't mean you can withdraw up to your limit though, they still charge the fee and then credit it back. I think anyone willing to take a card paying interest can at least get the 0.5% BT fee. I might have just been lucky.

Laura

[leafsrule06]

I basically talked to them about the fact that I was moving from a 0% card to a card paying interest (though it is low) and that since I was paying off my 0% card to move the balance to my 1.99% card I didn't want to have to pay the BT fee again. They agreed to let me do my new BT for no fee once the cards were consolidated, so I got to re-take the old $ and also paid no fee on the new amount coming out as well.

This doesn't mean you can withdraw up to your limit though, they still charge the fee and then credit it back. I think anyone willing to take a card paying interest can at least get the 0.5% BT fee. I might have just been lucky.

Laura

I'm also looking to transfer the credit from my 0% card to my 1.99% card but not pay another BT fee. Please post the number you called as there seems to be several different numbers.

[dryang]

I just called this morning and was told I'm approved for a 2nd MBNA card at the 1.99%. The credit limit is low but i have another account that I can merge...good luck.

that is fast. which number did you call? I just dialed 1.877.428.6060 and the rep told me there is nothing showing up with my name and postal code. She told me it usually take a few weeks for the decision to be made. I also already had an MBNA card with 15 months 0% APR and i just paid it off.

[starchoice]

that is fast. which number did you call? I just dialed 1.877.428.6060 and the rep told me there is nothing showing up with my name and postal code. She told me it usually take a few weeks for the decision to be made. I also already had an MBNA card with 15 months 0% APR and i just paid it off.

Nothing showing up is bad. While it may take a few weeks for a decision, they should be able to find a pending application and also give you a reference number. It's coming up to a month now for me and I still don't have my card. I reported back on my situation a few posts ago. I am expecting my card this week based on my last conversation with them but if I had not followed-up, I don't think I would have gotten it.

In this world of instant credit approval, I don't believe for a minute that they can't instantly approve an application, particularly if you are already an MBNA cardholder. I'm really wondering if they are trying to avoid giving out this low rate for life. I have still never seen this offer other than via a link from this site and curious who this offer is actually intended for.

[cferneyh]

If a company does not have an established history of regular dividend payments, then it's not safe to assume they ever will. Just because you say or think something doesn't make it so.

Sorry, cferneyh, but I won't be trusting you for tax advice.

Well, that's good news - especially since I didn't provide any tax "advice". Nor did I state it was "safe to assume" any company without a history of regular dividend payments would start paying a dividend.

What I stated was the simple fact that the onus is on the CRA to prove that you never expected to receive income from the investment that you claimed an interest expense deduction on.

[xansmommy]

I'm also looking to transfer the credit from my 0% card to my 1.99% card but not pay another BT fee. Please post the number you called as there seems to be several different numbers.

I only called the MBNA customer service number on their website.

Laura

[eliteblaze2]

hmm anyone else have luck?

I've asked three times and they say they can't on this promotion. (Obviously they can because Laura had it done but...)

[alanbrenton]

hmm anyone else have luck?

I've asked three times and they say they can't on this promotion. (Obviously they can because Laura had it done but...)

I think you have to live in Ottawa for them to reduce the BT fee because that's where the MBNA office is. I had no success myself.

[chris.thesandman]

I call about the promo code CEAN and they keep saying that they don't have access to that application.

Then they give me another number to call, 1-866 428-1655 and all i get is automated french?

I filled out the online application, hopefully they get back to me in a few days, I've got 2 CC's at their 18% rates and one has 13K the other 5K, and I'm looking to consolidate on this great deal.

Me thinks the 1.99% might only be valid in Quebec now?

Since the website still shows the 3.99%, i bet the CANW code still works but I'd rather have 1.99% than 3.99%.

And props to the OP as always, and to you "djino" you've posted some good info.

[Lukus]

I want to consolidate 4 credit cards to this MBNA 1.99% lifetime card... can someone who's been following this thread answer these questions so others don't have to read every single pages.

Is the 1.99% lifetime promo still available?

What is the promo code, if any?

Is the 0.5% BT fee still obtainable?

Is the online application better than phoning in?

What is the link for the online application and what is the toll-free number?

Do you ask for a specific credit limit now or wait till you're approved first?

If you already have an MBNA card, do you merge the two and still get 1.99% lifetime on the existing balance?

Is it better to deposit the amount in your bank account and then pay off the rest of the credit cards? How do you get the money deposited in your bank account?

Will it hurt my credit rating if I cancel all other credit cards after paying them off?

Lots of questions but I think this resumes what I, and many others, would like to know. Thanks to whoever takes the time to answer these questions. ;)

[alanbrenton]

I call about the promo code CEAN and they keep saying that they don't have access to that application.

Then they give me another number to call, 1-866 428-1655 and all i get is automated french?

I filled out the online application, hopefully they get back to me in a few days, I've got 2 CC's at their 18% rates and one has 13K the other 5K, and I'm looking to consolidate on this great deal.

Me thinks the 1.99% might only be valid in Quebec now?

Since the website still shows the 3.99%, i bet the CANW code still works but I'd rather have 1.99% than 3.99%.

And props to the OP as always, and to you "djino" you've posted some good info.

Chris.thesandman, have you tried applying online?

https://wwwa.applyonlinenow.com/CACCapp/Ctl/entry?sc=cean&lc=en_CA

For those who previously had a balance on their 0% interest for 12/15 months MBNA credit card, were you allowed to transfer the entire balance over to the 1.99% for the life of the balance credit card to avoid having to

* pay down the 0% credit card
* redistribute the credit limit from the 0% credit card to the 1.99% credit card and
* do a new balance transfer with a 1% fee?


Anyone care to share a similar experience? Thanks in advance. I only have a few weeks before my wife's 90 day offer ends and would like to know if I don't have to go through the above steps and save on the 1% BT fee.

[Dangaa]

id like to know if this deal is still alive as well....

[mafiastyles]

id like to know if this deal is still alive as well....

i recieved my card today gold mbna $5k limit only
applied mid feb around 16/17

1.99% until balance is paid off

1% balance transfer fee

$7.50 transcation fee

[nuknsltnt]

The deal is alive and well!!

Personally know of someone who got approved today!

Call 1.877.862.7759 CEAN is still working!

All the best!

1.877.428.6060 did not work! Earlier it used to work!

[Dangaa]

The deal is alive and well!!

Personally know of someone who got approved today!

Call 1.877.862.7759 CEAN is still working!

All the best!

1.877.428.6060 did not work! Earlier it used to work!

I just called, got instantly approved without having to speak with a credit analyst. They also mentioned that credit increases can be done 24 hours a day and since I have good credit (qualified automatically), an increase wont be a problem, but will only be able to do that when i have the card.

When i first called in mentioning the 1.99% AIR she very quickly indicated that the deal no longer existed. I gave her the code and told her that a colleauge of mine just applied and got approved this morning. She spoke with a supervisor and graciously 'extended me a one time courtesy' and told me not to tell anyone else about the code.

Get it while you can :) Good luck!

[super_mario]

Can someone clarify what the "Until Balance is paid off" actually means?

If I transfer over x amount of dollars, obviously the rate will be 1.99% until the balance is paid off.

Now once its paid off, can I transfer more money over or is it a one time deal?

[nuknsltnt]

Read through the pages please!

You can only do a BT within the first 90 days!

[djino]

Can someone clarify what the "Until Balance is paid off" actually means?

If I transfer over x amount of dollars, obviously the rate will be 1.99% until the balance is paid off.

Now once its paid off, can I transfer more money over or is it a one time deal?

Once approved and activated for the 1.99% Promo, you then have 90 Days to transfer a Balance up to your credit limit from MBNA to another credit card or Bank Account.

Any purchases you make at anytime (or Balance Transfers Post 90 Days) will get the 17.99% Attached to them.

Your Balance Transfers you made within the first 90 Days will keep 1.99% Interest rate until you've paid them off.

djino
"Make sense?"

[super_mario]

Yes thank you, I understand now. I guess they state the 90 rule so that people aren't constantly transferring over their balances for years on end, and therefore taking advantage of the 1.99% rate.

[hOrnizuka]

Is it better to use this card to pay off my OSAP? I believe OSAP interest rate is higher than this.

[nuknsltnt]

djino,

How many times have you posted that answer? LOL

Maybe a FAQ needs to be posted at the first page.

Cheers,
N

[Jfriah]

The deal is alive and well!!

Personally know of someone who got approved today!

Call 1.877.862.7759 CEAN is still working!

All the best!

1.877.428.6060 did not work! Earlier it used to work!

I can confirm that the Call 1.877.862.7759 CEAN is, in fact, valid.
The rep asked if that was a mailout and I said yes, and away we went with the application for 1.99% balance transfer for life of the balance.

She also made it quite clear "do NOT miss a payment--so pay several days in advance if you can--and do NOT go over your limit...because that rate will change instantly"

Good luck to all enjoying this current low-interest-rate period.
USE IT WISELY

As she reminded me "you can have funds deposited to your chequing account and you can do (pause) anything (pause) with those funds, does that make sense?"

Yes, of course it does!
(anything interest-generating over 1.99% is a smart investment at this point. And those wanting to apply it to mortgages, etc. Smart plan BUT--- find out where you are at on your current term at your current interest rate. You may be subject to an early-out penalty but do the math...it may be better to take advantage of the rock-bottom interest rates out there right now and lock in a new mortgage. But cutting your principal is ALWAYS a good plan especially for those that haven't done a prepayment)

Enjoy! See you at the light at the end of the tunnel of debt!

[djino]

Is it better to use this card to pay off my OSAP? I believe OSAP interest rate is higher than this.

The INTEREST you pay on your OSAP Student Loan qualifys you for a tax credit. If you apply for the MBNA 1.99% and have them pay off your Student loan, you no longer qualify for this tax credit.

I believe OSAP right now is at prime + 2.5% (5.5%). So you'll have to figure out if it worth it.

djino

[djino]

djino,

How many times have you posted that answer? LOL

Maybe a FAQ needs to be posted at the first page.

Cheers,
N

LoL.. for real. I guess its easier for most people to post the question and wait for someone to answer than to take a few minutes to read back a bit

djino
"but, I'm always here to help :)"

[HamsiBrain]

A friend of mine got $2500 credit limit only :( She thought it was a joke, and I gave up applying for this card.

[djino]

A friend of mine got $2500 credit limit only :( She thought it was a joke, and I gave up applying for this card.

When you apply for the card, they will give you a 1st approval credit limit. What most have been successful in doing is apon activation of the card, speak to a credit analysist, and they usually can approve you for more.

djino
"Just wait til you activate the card and ask for a higher limit"

[blazerzr2]

Just wondering if the 0% BT for 12 or 15 months (BODX) code is definitely dead?

Has anyone tried recently? I had called the number but they said they didn't know of that particular code number? Strange!?

Thanks, maybe I'll just do the 1.99% BT for life of balance thingy!

Cheers

[dianmichele]

When you apply for the card, they will give you a 1st approval credit limit. What most have been successful in doing is apon activation of the card, speak to a credit analysist, and they usually can approve you for more.

djino
"Just wait til you activate the card and ask for a higher limit"

That's what I did when I got the card in the mail. I was originally approved for less than what I had hoped and when I called to activate, they put me through to a credit analyist and they gave me $2500 more...I should have asked for even more but I didn't want to push my luck! Over the phone they will ask you if you own your home, how much is left on your mortgage, if you have any RRSP's, etc...stuff they don't really get into too deeply on the initial application.

Thanks to RFD for all these great tips by the way...I never would have known about this great deal!

[dads gt]

I received my card last week:lol: Thanks for this great thread...unfortunately my wife was declined. Would it be possible for me to apply for another card with her name on it also???

[sienna owner]

I received my card last week:lol: Thanks for this great thread...unfortunately my wife was declined. Would it be possible for me to apply for another card with her name on it also???


it would go against your credit rating...the new thing is to have only one person liable for cc's....so she would just be an additional/non-liable cardholder....and they probably wouldn't give you another one if you just got one.

[hugewallet]

my application was approved with $5000 limit. I already have a $5000 credit limit MBNA card, how to consolidate them to get 1.99% rate on $10,000?

[alanbrenton]

my application was approved with $5000 limit. I already have a $5000 credit limit MBNA card, how to consolidate them to get 1.99% rate on $10,000?

If you have a balance on your old MBNA card, you may have to pay it off. Once that is done, request for a credit limit redistribution. I believe anyone can help you with this and you will not have to talk to a credit analyst. Depending on how old your credit history is, you can safely cancel the old card (if you have a long credit history or your score might take a hit if this older MBNA has been with you for years or if you are young and have little established credit history) and put the entire credit limit on the new one. I kept my 6.75% card with $200 left just in case MBNA cancels the 1.99% promotional offer during my lifetime. :)

As an aside, if you have an outstanding loan on the old MBNA credit card, I'd love to know if you can actually move it over to the new card without having to pay it down. I asked because I was wondering if my wife can do the same so that I can save on the $220 balance transfer fee. She has the 0% offer with $22k balance and I am dying to know if this can moved to her new $5k 1.99% card without having to first pay it down. I'm not concerned about not being able to pay as I have my good old LOC for that, it's just that I want to avoid, if possible, another 1% BT.

Has anyone been able to move an existing balance over to the 1.99% without having to pay it down and call for redistribution of the credit limit? My wife made the first attempt and her request was rejected. I was contemplating on calling maybe 2-3 more times to ask if this is possible. If not, I will just have to pay it down, bite the bullet, and pay another 1% in BT fees.

I should have told them we are now Bank of America long term investors (as the investment is currently under water) and hopefully they can extend this courtesy. Haha.

[dads gt]

it would go against your credit rating...the new thing is to have only one person liable for cc's....so she would just be an additional/non-liable cardholder....and they probably wouldn't give you another one if you just got one.

would my credit rating get hit because of too many card applications too soon???

[Trooper8111]

would my credit rating get hit because of too many card applications too soon???

You can avoid it getting hit twice by applying for credit closely together. I had applied for one MBNA card, then the following week applied for another. Got instant approval on both. Amalgamated the two.

Last week, got rid of my 0% and amalgamated it to one. Thus, one MBNA card with the total credit limit of the three cards.

Credit rating is important if you're applying for a mortgage in the near future and you're looking for a good rate. Otherwise, it's just a number creditors use to accept or deny an application. As long as you pay on time and don't carry a high percentage of your available credit, you'll be fine.

[Trooper8111]

Has anyone been able to move an existing balance over to the 1.99% without having to pay it down and call for redistribution of the credit limit? My wife made the first attempt and her request was rejected. I was contemplating on calling maybe 2-3 more times to ask if this is possible. If not, I will just have to pay it down, bite the bullet, and pay another 1% in BT fees.

You can transfer it over by amalgamating the two cards into one. The problem with that is you won't be able to take advantage of the 1.99% for life AIR. The balance that is moved will be charged at its regular rate of 19.99%. (You can't pay off one MBNA card with a BT from another MBNA card).

Your best bet is to move some credit around by paying off the first MBNA with your LOC. When that card is paid off, call MBNA to transfer over the available credit to your 1.99% card. When you have the available credit, transfer your credit limit (minus 1% fee) to your LOC. Remember though that the 1.99% for life is applied to BT's that are done within the first 90 days after approval. Otherwise, any BT's after the 90 days will be subject to the regular rate of 19.99%. If this is what you want to do it, don't hesitate because the deal is time sensitive.

Try to reduce the BT fee by half if you so desire. It may be to your advantage to ask because you'll be transferring a large amount. Regardless, the deal will earn you more than the BT fee if you use the money effectively.

[alanbrenton]

You can transfer it over by amalgamating the two cards into one. The problem with that is you won't be able to take advantage of the 1.99% for life AIR. The balance that is moved will be charged at its regular rate of 19.99%. (You can't pay off one MBNA card with a BT from another MBNA card).

Your best bet is to move some credit around by paying off the first MBNA with your LOC. When that card is paid off, call MBNA to transfer over the available credit to your 1.99% card. When you have the available credit, transfer your credit limit (minus 1% fee) to your LOC. Remember though that the 1.99% for life is applied to BT's that are done within the first 90 days after approval. Otherwise, any BT's after the 90 days will be subject to the regular rate of 19.99%. If this is what you want to do it, don't hesitate because the deal is time sensitive.

Try to reduce the BT fee by half if you so desire. It may be to your advantage to ask because you'll be transferring a large amount. Regardless, the deal will earn you more than the BT fee if you use the money effectively.

Thanks Trooper. I've asked this quite a few times if only because I only got one or two helpful responses, besides yours. My LOC can handle the entire amount and that is what I plan to do, pay it off next week, ask for a redistribution, and borrow from the 1.99% credit card.

"The balance that is moved will be charged at its regular rate of 19.99%. " --> Are you completely sure about this? There was a post from awhile back from someone (just one mind you) who said he was able to move his balance from a 19% APR card to the 1.99% and take advantage of the 1.99% fee.

I'll try to confirm with MBNA tomorrow and Friday just in case they would make an exception since the one I'm transferring from is at 0%, which means that I will just start paying them interest sooner.

[djino]

Has anyone been able to move an existing balance over to the 1.99% without having to pay it down and call for redistribution of the credit limit?

I do not believe you can move an existing balance over to the new MBNA account. But you can move the credit available from another MBNA account to the new account.

Example. You have a 10K limit on another MBNA Account but you have a 3K Balance on it. MBNA will be able to move up to 7K of the available credit over to the new account you applied for.

djino
"Try that"

[Trooper8111]

I do not believe you can move an existing balance over to the new MBNA account. But you can move the credit available from another MBNA account to the new account.

Yes, you are able to. Just did it last week.

[alanbrenton]

Yes, you are able to. Just did it last week.

Trooper, but you are saying at 19% instead of the 1.99% that I plan to take advantage of, right?

[xansmommy]

Has anyone been able to move an existing balance over to the 1.99% without having to pay it down and call for redistribution of the credit limit?

I had done this on my 0% to 0% card with no problems, and had told I could do it for my 1.99% card. However, when I received it, they would not let me do it.

As I then had to pay off a $20k balance on a 0% card to do the consolidation, I requested that they waive the BT fee when I had to do the BT after the consolidation. They agreed to do so. Then after I had paid it off and the consolidation took place, the person tried to say they only agreed to 0.5% BT fee. I persisted (nicely) and they waived the whole thing.

All this to say, is that you should at least be able to get 0.5%, but my argument was that I was moving from a 0% card to one where I was willingly paying interest (albeit low interest), so I didn't really want to pay a BT fee on the same funds again.

HTH

Laura

[phishin_for_goods]

for anyone who has just recently applied make sure you keep on these monkeys!!!
I applied for my card over 2 weeks ago, talked to someone live regarding my address, job, etc and said I was approved and everything was ok.
After reading numerous posts about MBNA taking there sweet time to mail the card, I have now called twice myslef, both times saying the card should be there in 7-10 business days.
I just called yesterday and talked to someone for the 3rd time, she looked up my file, said everything was approved, there is no reason for the delay and she will personally ensure my card gets sent out. Almost 3 weeks and the card hasnt even been sent out!?!?
If i never called who knows how long id have to wait.....

has anyone experienced getting their card quickly after application??

[Trooper8111]

Trooper, but you are saying at 19% instead of the 1.99% that I plan to take advantage of, right?

You can move your balance from one MBNA product to another if you want to merge cards. If you transfer from the 0% to the 1.99% card, the regular interest on the 1.99% card is 19.99% on BT's, so your balance will be subject to that percentage. The 1.99% AIR for life is only for balance transfers (not MBNA cards) that are done in the first 90 days.

I moved a small balance from one MBNA to my 6.99% MBNA card saving some interest charges. I had no need for the first card and just merged the two to the lower interest MBNA card.

[alanbrenton]

I had done this on my 0% to 0% card with no problems, and had told I could do it for my 1.99% card. However, when I received it, they would not let me do it.

As I then had to pay off a $20k balance on a 0% card to do the consolidation, I requested that they waive the BT fee when I had to do the BT after the consolidation. They agreed to do so. Then after I had paid it off and the consolidation took place, the person tried to say they only agreed to 0.5% BT fee. I persisted (nicely) and they waived the whole thing.

All this to say, is that you should at least be able to get 0.5%, but my argument was that I was moving from a 0% card to one where I was willingly paying interest (albeit low interest), so I didn't really want to pay a BT fee on the same funds again.

HTH

Laura

Thanks Laura. I will try to shoot for the 0.5% and attempt to request this 2-3 times. If it fails, then I'll just pay the amount off, redistribute, and borrow the amount all over again.

You can move your balance from one MBNA product to another if you want to merge cards. If you transfer from the 0% to the 1.99% card, the regular interest on the 1.99% card is 19.99% on BT's, so your balance will be subject to that percentage. The 1.99% AIR for life is only for balance transfers (not MBNA cards) that are done in the first 90 days.

I moved a small balance from one MBNA to my 6.99% MBNA card saving some interest charges. I had no need for the first card and just merged the two to the lower interest MBNA card.

Thanks Trooper. So your 6.99% MBNA card has a BT rate of less than 6.99% then for it to make sense to transfer the balance over? I can effect the transfer anytime before March 22 but intend to do so 4-5 days in advance as a precautionary measure.

[hugewallet]

I do not believe you can move an existing balance over to the new MBNA account. But you can move the credit available from another MBNA account to the new account.

Example. You have a 10K limit on another MBNA Account but you have a 3K Balance on it. MBNA will be able to move up to 7K of the available credit over to the new account you applied for.

djino
"Try that"


does this affect my credit rating? my older MBNA card has a history of 16 months now.

[ynchu]

for anyone who has just recently applied make sure you keep on these monkeys!!!
I applied for my card over 2 weeks ago, talked to someone live regarding my address, job, etc and said I was approved and everything was ok.
After reading numerous posts about MBNA taking there sweet time to mail the card, I have now called twice myslef, both times saying the card should be there in 7-10 business days.
I just called yesterday and talked to someone for the 3rd time, she looked up my file, said everything was approved, there is no reason for the delay and she will personally ensure my card gets sent out. Almost 3 weeks and the card hasnt even been sent out!?!?
If i never called who knows how long id have to wait.....

has anyone experienced getting their card quickly after application??

The weirdiest thing must have happened to me. I called them, expecting that they won't send the card over until three weeks later, but the card showed up after three business days.

[bluser]

Really Noob question here from a student... But is the point of this to be able to move your balance from some other card or loan to this for the low interest rate?

[djino]

does this affect my credit rating? my older MBNA card has a history of 16 months now.

Yes and No.

Anytime your credit report is pulled (like would happen when you apply for a new account) there would be a hit - Negative Effect.

If you are approved for new credit, this would be a positive effect as your ratio of credit used to credit available would increase.

Closing creditcards 'May' have a negative effect.
1) ratio is decreased (see 2nd point above)
2) If its one of your oldest accounts you lose the credit history

djino

[cherrychip]

I just wanted to let people know that I was approved for the CEAN promotion at the 1.99% for the lifetime of BT, etc. today. Approval was for $7500, and CSR told me that I can request an increase once I receive my card. I'm going to call in again to see if I can get the lower rate for balance transfers once I receive it as well.

I also thought, what the heck, I'm on a roll, so I phoned the customer service number for my current MBNA card and asked for a lower interest rate - they lowered it from 13.99% to 9.96% effective March 25th and told me that I can request it to be lowered every 3 months.

I'm a very happy credit consumer at the moment - thank you to everyone, especially djino for your valuable advice!

[djino]

Really Noob question here from a student... But is the point of this to be able to move your balance from some other card or loan to this for the low interest rate?

Yes, if you are carrying a higher interest on any other credit cards/loans, then this account would be ideal as you'd move the balance to this 1.99% deal.

Others will use it for investment purposes.

djino

[starchoice]

for anyone who has just recently applied make sure you keep on these monkeys!!!
I applied for my card over 2 weeks ago, talked to someone live regarding my address, job, etc and said I was approved and everything was ok.
After reading numerous posts about MBNA taking there sweet time to mail the card, I have now called twice myslef, both times saying the card should be there in 7-10 business days.
I just called yesterday and talked to someone for the 3rd time, she looked up my file, said everything was approved, there is no reason for the delay and she will personally ensure my card gets sent out. Almost 3 weeks and the card hasnt even been sent out!?!?
If i never called who knows how long id have to wait.....

has anyone experienced getting their card quickly after application??

Same problem here which I reviewed in a number of posts. Apparently, one person told me I was "auto-approved" but that didn't seem to speed up the process of sending the card. One person actually confiirmed that the card was not sent despite previous assurances that it would be processed in a few days. The bottom line is that from the date of online application, it was over a month until I received the card and I question if I would have it today if it had not been for my follow-up calls.

[Ruski1982]

does anyone know when this 1.99% for life of balance deal is set to end?

I want to take advantage and move ~$20k of student debt over to this card. Don't plan on applying for a few months though.

[djino]

does anyone know when this 1.99% for life of balance deal is set to end?

I want to take advantage and move ~$20k of student debt over to this card. Don't plan on applying for a few months though.

No end date in site.

Note: Current interest you pay on Student Loan debt qualifys you for tax credit. Moving the debt over to MBNA means you no longer qualify for that tax credit. Still might be worth it to move it over to MBNA, but you'll have to work out the numbers.

djino

[bigsky2]

No end date in site.

Note: Current interest you pay on Student Loan debt qualifys you for tax credit. Moving the debt over to MBNA means you no longer qualify for that tax credit. Still might be worth it to move it over to MBNA, but you'll have to work out the numbers.

djino

Hehe, I think this was mentioned before and I answered the same way you did.

The other user that replied to my answer said his student loans were out of the country, so the interest that was paid on it was not tax deductible.

[tsgee]

does anyone know when this 1.99% for life of balance deal is set to end?

I want to take advantage and move ~$20k of student debt over to this card. Don't plan on applying for a few months though.

You have 90 days to complete the Balance Transfer if that helps. My wife applied early even though we didn't need it until April, when my 0% deal expires.

[hugewallet]

if i call to request a credit limit increase, is it a hard inquiry and my credit will take a hit? thanks. i plan to have a limit increase on my current card before requesting to merge the two cards.

found the following from the web. does mbna or any other major canadian banks offer the same "soft inquiry" services, too?


"Citibank also has a nice website that offers many convenient features for its customers. One of the nice functions is the option to request an automatic credit limit increase online without the need for a hard credit pull. When you request automatic limit increase through your Citibank online account, only a soft inquiry is made of your credit report.

This a wonderful feature since not all credit card companies offer this automatically. Other issuers will increase your limit upon request, but the manual request usually involves a hard credit inquiry."

[deepc]

Does combining credit accounts work with all their products? Will it work with their affinity cards (i.e. converting the available credit limit on a university alumni card onto 1.99% account)?

[hugewallet]

Does combining credit accounts work with all their products? Will it work with their affinity cards (i.e. converting the available credit limit on a university alumni card onto 1.99% account)?


should not be a problem.

[alanbrenton]

So I wrote a cheque with the 1.99% for life of the balance offer to pay down my RBC LOC late Friday (March 13) afternoon knowing that the promotional rate ends on March 22 -Saturday. I was told that because the branch system shuts down at 4:30pm, my payment will not have been posted until Monday (March 18) as the documents will have to be sent to the Credit Department at the head office for processing.

It's already Wednesday and the payment has not reflected on my online banking. Since Friday will be the last date the cheque should have been posted, will there be a chance that I will miss the promotional rate?

Should I give MBNA a call to let them know that I have issued two cheques (one was a deposit to my chequing and so I'm not worried about this and the other was a significant payment to my RBC LOC) so at least they can count my two transactions as being at the 1.99% rate?

[sienna owner]

So I wrote a cheque with the 1.99% for life of the balance offer to pay down my RBC LOC late Friday (March 13) afternoon knowing that the promotional rate ends on March 22 -Saturday. I was told that because the branch system shuts down at 4:30pm, my payment will not have been posted until Monday (March 18) as the documents will have to be sent to the Credit Department at the head office for processing.

It's already Wednesday and the payment has not reflected on my online banking. Since Friday will be the last date the cheque should have been posted, will there be a chance that I will miss the promotional rate?

Should I give MBNA a call to let them know that I have issued two cheques (one was a deposit to my chequing and so I'm not worried about this and the other was a significant payment to my RBC LOC) so at least they can count my two transactions as being at the 1.99% rate?


might be worth the call to them....might be okay cause you gave it almost 5 business days....you'll probably see it by tomorrow.

[alanbrenton]

might be worth the call to them....might be okay cause you gave it almost 5 business days....you'll probably see it by tomorrow.

Thanks for your comment SO. I checked my MBNA online statement this morning and the MBNA cheque regular ABM deposit already went through. I'll give MBNA a call tomorrow if it the bigger payment remains unposted by tomorrow afternoon.

[Trooper8111]

Thanks for your comment SO. I checked my MBNA online statement this morning and the MBNA cheque regular ABM deposit already went through. I'll give MBNA a call tomorrow if it the bigger payment remains unposted by tomorrow afternoon.

Why did you wait til the last minute?

[alanbrenton]

Why did you wait til the last minute?

We had to pay down the 0% offer first (more than a week back), wait for it to reflect, call to have credit limit redistributed, and then do the balance transfer 1t 1.99%. It takes a few business days to complete each process. I think 5-6 business days should be enough, shouldn't it?

[hugewallet]

My 15 months MBNA 0% offer expires in Feb and I paid off the entire balance. As I logged into my account online just now, i found the following

AC,BT 0.008192%(DLY) 2.99% P $0.00

it seems MBNA automatically gave me this 2.99% offer without being asked. Don't know for how long, though.

[alanbrenton]

We had to pay down the 0% offer first (more than a week back), wait for it to reflect, call to have credit limit redistributed, and then do the balance transfer 1t 1.99%. It takes a few business days to complete each process. I think 5-6 business days should be enough, shouldn't it?

Spoke to a kind CSR who assured me that it will be okay even with the 5-day hold from RBC. Should have just deposited the cheque in the ABM as LOC payment but maybe even that would have taken longer.

Will have my wife call again tonight just to get some peace of mind that we had availed of the 1.99%. At least we can request to have the 1.99% apply if anything goes wrong down the road.

[eltonkk]

To those who've already took advantage of the 1.99% until balance paid off.

I'm wondering, for me, with a $14,xxx balance, they only want a minimum payment of $31 a month. Are they out of their mind? Is it same for all of you guys? It was $32 for the 2nd month and $31 for the 3rd month.

First month was $178 I think.

[nufan]

To those who've already took advantage of the 1.99% until balance paid off.

I'm wondering, for me, with a $14,xxx balance, they only want a minimum payment of $31 a month. Are they out of their mind? Is it same for all of you guys? It was $32 for the 2nd month and $31 for the 3rd month.

First month was $178 I think.

yes payments would be the same for everyone (of course scaled depending on their balance), $10 per month plus the interest for that month is all you have to pay. Your first month was more due to the 1% balance transfer fee you would have paid.

I have a $9000 balance and my minimum payment is about $23 per month (though I usually pay more than the minimum, would rather get rid of the debt :P)

[hugewallet]

yes payments would be the same for everyone (of course scaled depending on their balance), $10 per month plus the interest for that month is all you have to pay. Your first month was more due to the 1% balance transfer fee you would have paid.

I have a $9000 balance and my minimum payment is about $23 per month (though I usually pay more than the minimum, would rather get rid of the debt :P)

from the previous posts, it seems at this rate, it takes 30 years or more(?) to pay off the debt. Is MBNA insane? How does it make money? It is such a good amount of money to have long term investment.

[alanbrenton]

from the previous posts, it seems at this rate, it takes 30 years or more(?) to pay off the debt. Is MBNA insane? How does it make money? It is such a good amount of money to have long term investment.

Someone on this thread calculated it to be 100 or so years. You only pay interest each month plus the $10 minimum fee so $20k will not be paid off until after 83 years. Just make sure we all have a fall back plan just in case this deal blows up on existing cardholders.

Long live Bank of America!

[nufan]

well they are banking on people using the card for other transactions, or missing a minimum payment, or basically some how slipping up which puts their interest rate back to 19% or whatever it is I guess.

But yes it would take 75 years to pay off my $9000 balance if I just pay the minimum. The $10 is basically what you are paying off the principal each month since you are also paying off the accumulated interest. So 900 months (900/12 = 75 years) to pay off $9000. Mind you I plan to pay well over the minimum payment each month to try get rid of this debt as fast as possible :P

Also bear in mind the average consumer won't take advantage of this 1.99% offer. As members of RFD we were lucky to have to promotional code to take advantage of it.

[alanbrenton]

well they are banking on people using the card for other transactions, or missing a minimum payment, or basically some how slipping up which puts their interest rate back to 19% or whatever it is I guess.

But yes it would take 75 years to pay off my $9000 balance if I just pay the minimum. The $10 is basically what you are paying off the principal each month since you are also paying off the accumulated interest. So 900 months (900/12 = 75 years) to pay off $9000. Mind you I plan to pay well over the minimum payment each month to try get rid of this debt as fast as possible :P

Also bear in mind the average consumer won't take advantage of this 1.99% offer. As members of RFD we were lucky to have to promotional code to take advantage of it.

Nufan, why are you paying it down quickly? Do you have cheaper sources of funding that you can share with us on RFD? :lol:

[nufan]

Nufan, why are you paying it down quickly? Do you have cheaper sources of funding that you can share with us on RFD? :lol:

lol no I just hate to owe money. For me this was a great way to get rid of an existing student loan I had that was accumulating 7% interest. I don't want this debt hanging with me for the rest of my life. What i love about this deal aside from the interest I am saving (approx. $450 per year based on $9000 balance at 7% AIR vs 1.99% AIR) is the flexibility. I pay what I can each month but if I have other unexpected costs that come up I can just pay down the minimum and use my money elsewhere each month.

[Trooper8111]

well they are banking on people using the card for other transactions, or missing a minimum payment, or basically some how slipping up which puts their interest rate back to 19% or whatever it is I guess.

But yes it would take 75 years to pay off my $9000 balance if I just pay the minimum.

I'm sure there are some people that will slip up but I don't think they're counting on it. They are still doing credit checks. Also, as mentionned above, this deal is not extended to the general public. With a steady stream of minimum payments coming in, they have you paying interest for a very long time (75 years). If everyone paid off their debt, they'll be no interest payments.

If you die before the debt is paid off, they'll just make a claim on your estate. It's a risky maneuver but they're sure that you can pay off the interest payments at 1.99%. I suspect that they hope you don't slip up because you would pay off the debt with cash, LOC, or another lower interest CC.

[Jaremy T]

Wow my wife and I were just yelled at by Mbna for trying to use the CEAN code. Even though I just receieved my balance transfer yesterday after activating my card last week! The agent I spoke to then told me to get my wife to call in as they don't allow co-applications and I wanted to get a higher limit.

She tried to get herself a card today and after being transfered several times she had her ear blasted off by some rep! I spoke with her as well and she transfered me to a manager who got into a yelling match with me.

He threatened to have my account changed as obvioulsy I am just trying to cheat with codes over the internet! And then he mentioned a site named "red day deals". He then asked me my name (which is really strange as he has no reason for needing my info at all) and refused to give me his full name, stating only that his name is Darcy, and wouldn't give me any more info and when I pressed him he told me "I am terminating this call".

During the conversation he went on to tell me these codes aren't just for everyone, and that they were meant only for "certain" customers. They both told me these promo codes went out last summer, and no one has been approved for months. He also told me even if you talk your way past a sales person the accounting department will no longer honour them.

He got really pissed off when I asked him "why have a sale if you don't want to sell us anything".

I can't possibly understand why they would be so hostile about it. They have gained a new customer in me, and have already made a 1% fee, which is more than any of my other credit card companies ever get out of me. Hell the only thing I ever pay interest on is my mortgage.

[corollace]

Just heads up who got 1.99% for life: In case you forget pay minimum and then loose your 1.99% for all of balance, they do have an option: you could give them authorization to withdraw your money automatically with min. mount from your checking acount. anyway, you could pay more whatever you want based on that.

[Trooper8111]

Just heads up who got 1.99% for life: In case you forget pay minimum and then loose your 1.99% for all of balance, they do have an option: you could give them authorization to withdraw your money automatically with min. mount from your checking acount. anyway, you could pay more whatever you want based on that.

Already on the site...

http://mbna.ca/pdf_files/pads_eng.pdf

[Trooper8111]

Wow my wife and I were just yelled at by Mbna for trying to use the CEAN code. Even though I just receieved my balance transfer yesterday after activating my card last week! The agent I spoke to then told me to get my wife to call in as they don't allow co-applications and I wanted to get a higher limit.

She tried to get herself a card today and after being transfered several times she had her ear blasted off by some rep! I spoke with her as well and she transfered me to a manager who got into a yelling match with me.

He threatened to have my account changed as obvioulsy I am just trying to cheat with codes over the internet! And then he mentioned a site named "red day deals". He then asked me my name (which is really strange as he has no reason for needing my info at all) and refused to give me his full name, stating only that his name is Darcy, and wouldn't give me any more info and when I pressed him he told me "I am terminating this call".

During the conversation he went on to tell me these codes aren't just for everyone, and that they were meant only for "certain" customers. They both told me these promo codes went out last summer, and no one has been approved for months. He also told me even if you talk your way past a sales person the accounting department will no longer honour them.

He got really pissed off when I asked him "why have a sale if you don't want to sell us anything".

I can't possibly understand why they would be so hostile about it. They have gained a new customer in me, and have already made a 1% fee, which is more than any of my other credit card companies ever get out of me. Hell the only thing I ever pay interest on is my mortgage.

Hope you didn't ruin it for everyone else on "red day deals".

[alanbrenton]

Just heads up who got 1.99% for life: In case you forget pay minimum and then loose your 1.99% for all of balance, they do have an option: you could give them authorization to withdraw your money automatically with min. mount from your checking acount. anyway, you could pay more whatever you want based on that.

Can this payment come from a LOC?

[corollace]

Can this payment come from a LOC?

I don't know. But why? your LOC rate is better than this?

[Jaremy T]

Hope you didn't ruin it for everyone else on "red day deals".

LoL man this guy was pissed off over "all the losers on the internet sharing codes with their buddies". I never mentioned rfd at all, but even if I did they should be happy they have my business at all. They should have an agent on here signing us up and answering questions directly, not complaining about us.

[alanbrenton]

I don't know. But why? your LOC rate is better than this?

I don't usually keep money in my chequing account as it bears no interest. Drawing from my LOC rather than from my chequing account will preclude the possibility of NSF payments.

[slavka012]

I can confirm that the Call 1.877.862.7759 CEAN is, in fact, valid.

Tried it today. First time the rep said he can't find the code and gave another number, with automated French.

I called again in 30 min and another rep did find the code and processed my application. I had 26K on my previous 0%-15mth card which I canceled now, hope they'll give me as much :) Then I'll have enough for down payment on mortgage LOL

[Swilt]

If I don't have anything to transfer over, can I get this card (what is the limit) and write a check to my mortgage or to an online brokerage for investing and would that count? I read a few pages back so sorry if this was answered, it didn't seem to be.

Thanks

[tigger03]

lol no I just hate to owe money. For me this was a great way to get rid of an existing student loan I had that was accumulating 7% interest. I don't want this debt hanging with me for the rest of my life. What i love about this deal aside from the interest I am saving (approx. $450 per year based on $9000 balance at 7% AIR vs 1.99% AIR) is the flexibility. I pay what I can each month but if I have other unexpected costs that come up I can just pay down the minimum and use my money elsewhere each month.

+1 ... I have about 9k in student loans. My balance on my 15month 0% is 11k (which I can pay 6k right now -- or should I pay the full amount?). Should I apply for the 1.99, pay off the 15 month at 0%, and merge the two cards at the lower 1.99 rate?

[alanbrenton]

Hope this doesn't happen to our 1.99% cards since technically, we all do carry a balance:

http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=ACBJ&date=20090409&id=9775042

[dalman]

Hope this doesn't happen to our 1.99% cards since technically, we all do carry a balance:

http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=ACBJ&date=20090409&id=9775042

That is a concern for me too. I am planing to use this card to pay off my student loan and pay down my mortgage sooner. However, what if all of sudden, they increase the rate to 19.9%? I can not pay off 20k loan in a few months. I have not read the details of the card but I am pretty sure they can increase it if they want.

[djino]

That is a concern for me too. I am planing to use this card to pay off my student loan and pay down my mortgage sooner. However, what if all of sudden, they increase the rate to 19.9%? I can not pay off 20k loan in a few months. I have not read the details of the card but I am pretty sure they can increase it if they want.

um, that wouldnt happen. 1.99 on the life of the Balance. So as long as you are paying at least the monthly minimum and do not exceed the credit limit, you will continue to pay the 1.99% until the balance is paid in full.

Though I suppose they could change the monthly minimum payment terms from the current Interest + $10 to say 2.25% of Balance which means a higher monthly payment.

djino

[jmc0]

For those that successfully applied this month, did you call during business hours on a weekday or not? (Cause I haven't been able to get one yet…)

edit: Thanks, I didn't know that. No wonder even after multiple calls, the people at that certain number still cannot process that code... Just need the right phone number.

[LordHalcyon]

I got approved immediately by phoning 1-877-862-7759 and using CEAN. I was transferred to a credit analyst who combined my 2 existing MBNA accounts (with a zero balance) for $25,000.00 in credit for the new card.

They gave me a confirmation number and told me it would take 2-3 weeks before I would get my card.

PS Don't use 1-877-428-6060 from the online apllication site: https://wwwa.applyonlinenow.com/CACCapp/Ctl/entry?sc=cean&lc=en_CA
as they couldn't help me and gave me the FRENCH line 1-866-428-1655

1-877-862-7759 and using CEAN WORKS

[jabomb]

Does the link you provided work? Or does it have to be done by phone?

J

[tsgee]

Link is up and running again.

[sweetiegyal]

PS Don't use 1-877-428-6060 from the online apllication site: https://wwwa.applyonlinenow.com/CACCapp/Ctl/entry?sc=cean&lc=en_CA
as they couldn't help me and gave me the FRENCH line 1-866-428-1655

1-877-862-7759 and using CEAN WORKS

why didn't you just fill out the application online? does it not work or something?

[yayaya]

I used:

https://wwwa.applyonlinenow.com/CACCapp/Ctl/entry?sc=cean&lc=en_CA about 10 days ago and the card arrived today in the mail.

My MBNA 15 months at 0% is expiring in June, so this is a nice way to continue carrying that balance at a very good rate.

Thanks OP ! Thanks RFD !

[lorax1284]

... I had maxed it out moving other cards to this one... I got some of those 'echecks' in the mail, but there was little headroom on the card for moving other balances... so I called them, they reviewed the account and increased my limit by 33%... only 2-ish months after getting the card in the first place.

If you have maxed out your card and have other debt to move to the 1.99% forever rate, give MBNA a call and perhaps you can get your limit increased, too (especially with the recent BoC rate drops!)

Cheers

[starchoice]

I received an offer in the mail with cheques for 1.99% with no transaction fee! The promotional rate is valid until statement closing January 2010.

The offer clearly states "NO FEE" access cheques. The cheques themselves state NO FEE at the top above the date field. This offer is on my regular card, not the "life" card.

I thought that since they are offering the "no fee" on the 1.99% to January that they might extend this offer to the 1.99 for life.

I just called them up and they are actually denying the existence of the "no fee" on the 1.99% offer on which documents I have right in front of me.

I asked if I could give her the offer number and so she checks it and believe it or not confirms that there is a fee on this offer. She said it must have been an error! Well I actually got some cheques with my statement as well as a separate mailing with the same offer.

I would like to see them get away with this. Anyways, with this change of events, my plan was doomed to failure.

[engo]

um, that wouldnt happen.
djino

More information on this? Does it mention in the cardholder agreement? Thanks.

[jmc0]

WSJ: BofA to hike rates on cards with balances (USA for now)
Hope this doesn't happen to our 1.99% cards since technically, we all do carry a balance:

http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=ACBJ&date=20090409&id=9775042
It might be possible, depends what the law says; but I believe it's unlikely to happen for this 1.99% Canadian card. If they do, maybe they'll give lots of notice
More information on this? Does it mention in the cardholder agreement? Thanks.
https://wwwa.applyonlinenow.com/CACCapp/Ctl/display?pageid=appdisc
The Introductory AIR does not apply to Balance Transfers (including Cheque Cash Advances) that post to your Account more than 90 days after your Account opening (each, a "Non-Eligible Transaction"). The Standard (non-introductory) Rates will apply to all new and outstanding Non-Eligible Transactions unless they qualify for a separate promotional offer. If your payment is late or the Account balance is over the credit limit, the Standard (non-introductory) Rate(s) applicable to Balance Transfers (including Cheque Cash Advances) will be applied to all new and outstanding balances as of the first day of the billing cycle in which the payment was late or the balance exceeded the credit limit. We reserve the right to change the AIRs at our discretion in accordance with applicable law.

[starchoice]

You're not reading the contract properly. Of course, they have the right to change AIRs but not the 1.99% because the contract states that that's the introductory rate good for the life of the balance. They can only change the fluctuating ones, the ones where no actual rate is specified in the contract.

[slavka012]

Finally I got the 1.99% card! Took nearly a month.

I joined credit limit with my previous 0%/15mth card, so now I have 31K credit limit.

Also applied for Smart Cash card.

[jmc0]

You're not reading the contract properly. Of course, they have the right to change AIRs but not the 1.99% because the contract states that that's the introductory rate good for the life of the balance. They can only change the fluctuating ones, the ones where no actual rate is specified in the contract.
I am not a lawyer so I don't know and you might be right. But like I said whatever the law says. Btw all the rates are specified (taken from the Terms and Conditions link - Legal Disclosures) Again, I personally think no rate will change.

Annual Fee None
†Introductory Annual Interest Rate (AIR) Balance Transfers (including Cheque Cash Advances) The Introductory AIR of 1.99% for Balance Transfers (including Cheque Cash Advances), (each, an "Eligible Transaction"), will apply to Eligible Transactions posting to your Account within 90 days of your Account opening until such Eligible Transaction balances are paid in full. The Introductory AIR will end sooner if your payment is late or if the Account balance is over the credit limit.

See1 below for explanation.
Standard Rates Balance Transfers (including Cheque Cash Advances):
The Standard Rate is 19.99%.

Cash Advances:
The Standard Rate for all ATM Cash Advances, Bank Cash Advances, and Cash Equivalent Transactions2 is 19.99%.

Purchases:
The Standard Rate is 17.99%.
When Interest Rate Finance Charges Begin to Accrue Interest Rate Finance Charges for Balance Transfers begin to accrue on the transaction date of the Balance Transfer. The transaction date for Cheque Cash Advances is the date you or the person to whom the cheque is made payable first deposits or cashes the cheque. Interest Rate Finance Charges for Cash Advances begin to accrue on the transaction date of the Cash Advance. Interest Rate Finance Charges for Purchases begin to accrue on the later of: (1) the transaction date of the Purchase, or (2) the first day of the billing cycle in which the Purchase occurred. Interest Rate Finance Charges accrue daily and compound daily on Balance Transfer, Cash Advance and Purchase balances.
Grace Period There is no Grace Period for Balance Transfers (including Cheque Cash Advances) and Cash Advances. The Grace Period for Purchases will be at least 21 days from the statement Closing Date (provided you fully paid your New Balance Total from the previous statement by its Payment Due Date).

See3 below for an explanation.
Credit Balance Inactive Fees If, and for as long as your Account is inactive and has a credit balance, then a fee will be assessed to your Account on each anniversary date of the day on which your Account was last active as follows: After 1 year of inactivity with a credit balance, the fee will be the lesser of $5 or the credit balance; after 2 years the fee will be the lesser of $15 or the credit balance; after 5 years the fee will be the lesser of $25 or the credit balance; and after 9 years the fee will be the lesser of $30 or the credit balance.
Overlimit Fee Overlimit Fee: $35.00.
Other Fees $2.50 for each copy of a monthly statement or sales draft, except that the six most recent monthly statements and six sales drafts will be provided for free. Thereafter, on each request, the Copy Fee will be assessed to your Account as of the day of the billing cycle that you make the request.

Returned Payment Fee: $35 per occurrence; Returned Cheque Cash Advance Fee: $20.00 per occurrence.

Foreign currency transactions will incur a 2.5 % currency conversion charge. In the event that your Account is past due, and we agree, with your authority, to expedite a payment on your behalf, a fee not exceeding $7 will apply for each such payment agreement. Subject to certain conditions, we may also charge a rate adjustment fee of $35 per occurrence for Promotional Rate adjustments and/or reinstatements.
Transaction Fees You will be charged the greater of $7.50, or a fee equal to 1% of the total amount of the transaction for each of the following: Balance Transfers (including Cheque Cash Advances); Cash Advances; the purchase of Cash Equivalents; and if you make a Wire Transfer Purchase.


1The Introductory AIR does not apply to Balance Transfers (including Cheque Cash Advances) that post to your Account more than 90 days after your Account opening (each, a "Non-Eligible Transaction"). The Standard (non-introductory) Rates will apply to all new and outstanding Non-Eligible Transactions unless they qualify for a separate promotional offer. If your payment is late or the Account balance is over the credit limit, the Standard (non-introductory) Rate(s) applicable to Balance Transfers (including Cheque Cash Advances) will be applied to all new and outstanding balances as of the first day of the billing cycle in which the payment was late or the balance exceeded the credit limit. We reserve the right to change the AIRs at our discretion in accordance with applicable law.

2Cash Equivalent Transactions are foreign currency, money orders or travelers’ cheques from a non-financial institution, or person to person money transfers, bets, lottery tickets, casino gaming chips or bail bonds that you buy with your Card.

3The "Grace Period" is the number of days between your statement Closing Date and your Payment Due Date and may vary from one billing cycle to another.

Other Important Information

At a 1.99% AIR, a $100 balance would accrue a monthly interest charge of $0.17 . At a 17.99% AIR, a $100 balance would accrue a monthly interest charge of $1.53 .


*Balance Transfer Terms

Balance Transfers will be fulfilled in the order listed and are treated as Balance Transfers (including Cheque Cash Advances) in accordance with your Account Agreement. The total value of Balance Transfers (including Cheque Cash Advances) cannot exceed your authorized credit limit. If the value is greater, MBNA Canada may send a partial payment to the named creditor. Balance Transfers (including Cheque Cash Advances) may not be used to pay off or pay down any MBNA Canada account and, at our discretion, any account established or maintained by our affiliates.


TERMS AND CONDITIONS OF OFFER
Offer valid for Canadian residents only. I (the Primary Applicant) certify that the information stated in this application is true and correct. I am at least 18 years old (19 years for residents of provinces where 19 is the minimum adult age). I request that you (MBNA Canada Bank) establish an MBNA Canada Bank MasterCard Account opened in my name as the Primary Cardholder, or such other card account as you may approve ("Account"), and send me renewals, substitutes, or replacements issued at your discretion. I understand that if my application for an MBNA Platinum Plus or Gold Account is not approved, this request constitutes my application for a Preferred Account. I accept that you may, at your discretion, periodically consider any Account for an automatic upgrade. In the event that MBNA Canada is not able to fulfill this request by offering me a credit card account, I expressly authorize you to refer my application to a customer service representative who may contact me to discuss other consumer loan products that you may wish to make available to me.

I agree to comply with and be bound by the credit card agreement relating to my Account that you send, as amended or replaced from time to time ("Agreement"). I agree that if I sign, use or accept my Account, it will mean that I have requested and received the card, Account and Agreement, and that I understand and agree with you to everything written there and here. I, as the PRIMARY APPLICANT will be the PRIMARY CARDHOLDER and I agree I will be liable for all use of, and any interest, fees or other charges to, the Account, whether on the primary or any additional cards. An additional cardholder is an Authorized User of the card Account. The Authorized User authorizes and consents to the sending of the additional card, Agreement, and any future revisions and monthly statements to the Primary Cardholder. I also acknowledge that the Account, if approved, will not be used by any third party other than a third party specifically designated by me as an Authorized User, and then only in accordance with MBNA policies and procedures then in effect. I and any Authorized User consent to and authorize you, your affiliates, service providers and others you may designate to monitor and/or record our telephone conversations with any of your or their representatives to help ensure quality service.

[starchoice]

Point taken. I suppose that they need an out since they would never then be able to change interest rates. However, the 1.99 rate has an activation limitation and then they have agreed to that rate for the life of the balance. I suppose there could be some legal loophole but my guess is that they would be locked in for this rate until the balance is paid off.

[starchoice]

I received an offer in the mail with cheques for 1.99% with no transaction fee! The promotional rate is valid until statement closing January 2010.

The offer clearly states "NO FEE" access cheques. The cheques themselves state NO FEE at the top above the date field. This offer is on my regular card, not the "life" card.

I thought that since they are offering the "no fee" on the 1.99% to January that they might extend this offer to the 1.99 for life.

I just called them up and they are actually denying the existence of the "no fee" on the 1.99% offer on which documents I have right in front of me.

I asked if I could give her the offer number and so she checks it and believe it or not confirms that there is a fee on this offer. She said it must have been an error! Well I actually got some cheques with my statement as well as a separate mailing with the same offer.

I would like to see them get away with this. Anyways, with this change of events, my plan was doomed to failure.

I'm tired of getting talked down to by these MBNA reps and denying written offers they've sent to me in the mail. I've going to pursue this one to the executive level.

[alanbrenton]

Do you guys take advantage of the payment holidays and skip the monthly payment altogether or do you carry on paying the periodic financial charge + $10?

My current bill is showing:

TAKE A HOLIDAY FROM YOUR BILL FOR THIS MONTH. NO PAYMENT IS DUE. INTEREST CHARGES WILL CONTINUE TO ACCRUE.

[hugewallet]

the deadline to do the transfer for me is June 4th. But I just did not pull the trigger as i am not short of cash now.

[kleptodathief]

1-877-862-7759 and using CEAN WORKS

wats CEAN? i recently got that SDM opt MC card... can i transfer my ccs to this sdm card?

[dudebrah]

Guys I'm rocking a $13,000 balance ($18,000 limit) on my MBNA mastercard with a 7.96% interest rate.

I make around $100k/year and my only other debt is student loans (~$16k). I don't have a car or any other decent collateral.

Think I can do better than 7.96%? I've seen offers in the mail but haven't taken advantage because the fine print says that you can't transfer balances from other MBNA credit cards....

[max88]

Guys I'm rocking a $13,000 balance ($18,000 limit) on my MBNA mastercard with a 7.96% interest rate.

I make around $100k/year and my only other debt is student loans (~$16k). I don't have a car or any other decent collateral.

Think I can do better than 7.96%? I've seen offers in the mail but haven't taken advantage because the fine print says that you can't transfer balances from other MBNA credit cards....

A LOC at prime+3 (5.25% at the moment) should be easily obtainable from one of big 5. Transfer current MBNA balance to LOC, then get the 1.99% for life and transfer balance back to MBNA.

[hankscorpio]

Think I can do better than 7.96%? I've seen offers in the mail but haven't taken advantage because the fine print says that you can't transfer balances from other MBNA credit cards....

I believe that you can make a transfer right to your bank account and use that to pay the other card off, and they'll be none the wiser.

[max88]

Do you guys take advantage of the payment holidays and skip the monthly payment altogether or do you carry on paying the periodic financial charge + $10?

My current bill is showing:

TAKE A HOLIDAY FROM YOUR BILL FOR THIS MONTH. NO PAYMENT IS DUE. INTEREST CHARGES WILL CONTINUE TO ACCRUE.

I'd recommend paying minimum (financial charge + $10) over taking a holiday. Unless, of course, you get written confirmation that the holiday does NOT cause the low rate to end.

[Trooper8111]

1-877-862-7759 and using CEAN WORKS

wats CEAN? i recently got that SDM opt MC card... can i transfer my ccs to this sdm card?

It's the promo code for the 1.99% for life platinum plus MBNA card.

[Trooper8111]

Think I can do better than 7.96%? I've seen offers in the mail but haven't taken advantage because the fine print says that you can't transfer balances from other MBNA credit cards....

MBNA has a 6.99% MC and a 6.75% LOC (no balance transfer fee).

[dudebrah]

I believe that you can make a transfer right to your bank account and use that to pay the other card off, and they'll be none the wiser.

interesting idea. i like this better than the LOC option because of potential fees or transfer charges.

going to call MBNA this week with that promotional code - hopefully they'll agree to give me a card with at least the amount i need to pay off the other!

[BoogieMan]

Do you guys take advantage of the payment holidays and skip the monthly payment altogether or do you carry on paying the periodic financial charge + $10?

My current bill is showing:

TAKE A HOLIDAY FROM YOUR BILL FOR THIS MONTH. NO PAYMENT IS DUE. INTEREST CHARGES WILL CONTINUE TO ACCRUE.

I took advantage of this and did not make any payment when I got this offer and it did not affect my 0%/15mth promo rate mastercard.

The condition is that you make the minimum payment on each statement, and with this promo offer, the minimum payment was $0.00

[alanbrenton]

I took advantage of this and did not make any payment when I got this offer and it did not affect my 0%/15mth promo rate mastercard.

The condition is that you make the minimum payment on each statement, and with this promo offer, the minimum payment was $0.00

Thanks. What you said makes perfect sense.

[Trooper8111]

interesting idea. i like this better than the LOC option because of potential fees or transfer charges.

You will still incur BT fees of 1% of your transfer amount.

[jmc0]

Why is MBNA the only one offering this?
This is 'like' a one-time LONG TERM loan at 1.99% AIR...

[superdeals]

Why is MBNA the only one offering this?
This is 'like' a one-time LONG TERM loan at 1.99% AIR...

Current prime rates in all major banks is hovering around 2.00%, so MBNA is not losing anything by offering 1.99%. The point is 'the longer' the loan is the accrued interest will be bigger. Thus I think others who are not following MBNA is the 'losers'. Great marketing by MBNA.

[The Master]

1-877-862-7759 and using CEAN WORKS

wats CEAN? i recently got that SDM opt MC card... can i transfer my ccs to this sdm card?

used this number and code today. Got approved for 1.99 for life, getting card in the mail....ty OP and klepto

[andy9summer]

1.99% on BT until paid in full.. is this offer still available?
Please post promo code and number to call with any other detail for a successful approval.

I currently have MBNA platinum plus card, just paid off 15 months of 0% offer. Now looking for new deal.

Is this offer only available to new customers?

[jobeck]

1.99% on BT until paid in full.. is this offer still available?
Please post promo code and number to call with any other detail for a successful approval.

I currently have MBNA platinum plus card, just paid off 15 months of 0% offer. Now looking for new deal.

Is this offer only available to new customers?


The offer code is CEAN. The phone number is listed at mbna.ca.
You can also apply online: creditrsvp.com

This was the second or third MBNA MasterCard I have had; so, it is not only for new customers.

[Majoram]

The offer code is CEAN. The phone number is listed at mbna.ca.
You can also apply online: creditrsvp.com

This was the second or third MBNA MasterCard I have had; so, it is not only for new customers.

Has anyone tried getting the 1.99% for life on the MBNA Smart Cash Card?

[jchanq]

Has anyone tried getting the 1.99% for life on the MBNA Smart Cash Card?

Why would you want to do that?
It's better to get a seperate card for the 1.99% loan. Leave the Smart Cash card for the spending.

[coolblue24]

Just got approved for mine today. They transferred the credit from my 0% for 15 month card, which I recently paid off, to the new 1.99% card. They wouldn't increase my credit. Oh well, still good for $25K.

[Majoram]

Why would you want to do that?
It's better to get a seperate card for the 1.99% loan. Leave the Smart Cash card for the spending.

Just to have everything on one card. I have a few cards already.

Getting a house soon too, so maybe I'll just leave this until after closing. Hopefully it will still be around then.

[nyik]

So the AIR applies to ALL BTs within the promo time correct? Not just the first one? Lets say I get approved for 20k, and my initial BT was 10k. I can do another BT a few months later for 5k? And that will still get applied to 1.99 or 0%?

Thx.

[jobeck]

So the AIR applies to ALL BTs within the promo time correct? Not just the first one? Lets say I get approved for 20k, and my initial BT was 10k. I can do another BT a few months later for 5k? And that will still get applied to 1.99 or 0%?

Thx.

For the "1.99% for life" offer, you are right. The promotion applies to all balance transfers initiated within the first 90 days. So your example will work as long as "a few months later" is less than 90 days from activation.

One other item to consider is that MBNA charges a 1% transfer fee (min of $7). Other folks here have been able to talk the MBNA agent into reducing the fee to 1/2% and even nil; however, I wasn't able to. You also have the option of having the funds transfered directly into your bank account.

(I would suggest double-checking this information to ensure accuracy; but, this has been my experience.)

[Beeg]

I have an MBNA 1.9% for life card at 10k.

The window for the 1.9% finished a while ago.

Can I reapply for another card and open the window again with a larger credit limit?

[yayaya]

So the AIR applies to ALL BTs within the promo time correct? Not just the first one? Lets say I get approved for 20k, and my initial BT was 10k. I can do another BT a few months later for 5k? And that will still get applied to 1.99 or 0%?

Thx.

Yip, first 90 days.

It even mentions it on your statements.........they give you the "drop dead date" for balance transfers.

[alanbrenton]

I read on Bloomberg just this week that Bank of America (MBNA's parent) had begun to convert some fixed interest credit cards into variable rate cards in the US.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aEQPsYqUyYLE

Would there be any chance that MBNA Canada would pull the same stunt here? I've also read a couple of months back that the reason MBNA offers this 1.99% card is to get people with impeccable credit scores to apply for a MBNA card, which is then bundled with other less perfect accounts, and securitized and sold.

My wife and I have a substantial amount outstanding and this is beginning to cause some concern.

[Yelo]

I have a MBNA 0% for 15 months about to expire end of this year, and I want to switch over to the 1.99% for life. Does anyone know if I have to apply for a new card, or if I can just call them and see if I can just transfer my funds over? Thanks for the help~

[pharmacistgju]

Hi, Which card is this (0% for 15 months), i wanna apply for this one

thanx

[alanbrenton]

Quote:
Originally Posted by alanbrenton
Do you guys take advantage of the payment holidays and skip the monthly payment altogether or do you carry on paying the periodic financial charge + $10?

My current bill is showing:

TAKE A HOLIDAY FROM YOUR BILL FOR THIS MONTH. NO PAYMENT IS DUE. INTEREST CHARGES WILL CONTINUE TO ACCRUE.

Posted by max88
I'd recommend paying minimum (financial charge + $10) over taking a holiday. Unless, of course, you get written confirmation that the holiday does NOT cause the low rate to end.

So I did pay interest charges + $10 even when given the option for a payment holiday. I noticed, comparing my snapshot with my wife's, was that with her not being offered a payment holiday, her total balancing owing remained about same (starting to note of the changes/difference) while mine decreased. I would rather keep this loan for as long as I can but making payments during payment holidays seem to decrease the total balance owing (which is counter intuitive as the previous interest charges should have accrued suggesting that the balance owing should increase and not decrease).

Anybody on the 1.99% card who has taken advantage of the payment holiday? Does taking a payment holiday not screw the 1.99% promotion up?

[max88]

So I did pay interest charges + $10 even when given the option for a payment holiday. I noticed, comparing my snapshot with my wife's, was that with her not being offered a payment holiday, her total balancing owing remained about same (starting to note of the changes/difference) while mine decreased. I would rather keep this loan for as long as I can but making payments during payment holidays seem to decrease the total balance owing (which is counter intuitive as the previous interest charges should have accrued suggesting that the balance owing should increase and not decrease).

Anybody on the 1.99% card who has taken advantage of the payment holiday? Does taking a payment holiday not screw the 1.99% promotion up?

Assuming you are at the age of 20, will live to 100; also assuming your balance is $10,000, and you continue to pay interest charges + $10. Each month the balance/principle is reduced by $10, it takes 1000 months to pay off balance. You will be dead by then.

Seriously, how much extra interest are you saving by taking payment holidays? In the absence of written confirmation, is it really worthy to risk screwing the promo up? Not to forget that your balance has to be below credit limit, or promo rate ends once balance exceeds credit limit (when interest charge is added).

In the above example, monthly interest charge is less than $20 ($10,000 * 1.99% * 31 / 365 = $16.90137). I'd set up auto bill payment to pay $30 two weeks before due date, every month. That way you will not miss a payment, and you will save some brain cells by automation. (As you get older your brain cells are worth more that $20/month. Trust me on this;) ).

[max88]

I read on Bloomberg just this week that Bank of America (MBNA's parent) had begun to convert some fixed interest credit cards into variable rate cards in the US.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aEQPsYqUyYLE

Would there be any chance that MBNA Canada would pull the same stunt here? I've also read a couple of months back that the reason MBNA offers this 1.99% card is to get people with impeccable credit scores to apply for a MBNA card, which is then bundled with other less perfect accounts, and securitized and sold.

My wife and I have a substantial amount outstanding and this is beginning to cause some concern.

You didn't use the card to fund your luxury vacation, did you? If you put the funds in good use, i.e. pay off 20% rate credit card debt or prime+1 HELOC, then you should not be concerned. In the worst case MBNA's (potential) rate hike will only put you back to where you started.

[alanbrenton]

You didn't use the card to fund your luxury vacation, did you? If you put the funds in good use, i.e. pay off 20% rate credit card debt or prime+1 HELOC, then you should not be concerned. In the worst case MBNA's (potential) rate hike will only put you back to where you started.

Hi Maxx88, no I didn't. :) Hopefully, this promotional rate goes on for years. You are right, by the time the balancing owing is called (hopefully at least in a year's time), there wouldn't be a problem paying it back.

[max88]

I have a MBNA 0% for 15 months about to expire end of this year, and I want to switch over to the 1.99% for life. Does anyone know if I have to apply for a new card, or if I can just call them and see if I can just transfer my funds over? Thanks for the help~

Call them for a new card. My 0% for 15 months is expiring in Sept 2009, and I now have a new one at 1.99% for life. The application was a bit bumpy as I have a few MBNA MC's (my other 0% for 15 months expired in May 2009 and got coverted to Smart Cash).

[jetsfan08]

Has anyone been successful recently in applying for this card? Tried to apply online through the link posted on the other thread (https://wwwa.applyonlinenow.com/CACCapp/Ctl/entry?sc=cean&lc=en_CA) but got to the final questions where they confirm your credit bureau info and then was told online that the answers I provided did not match (but I of course know they should). I called MBNA a couple of times over the past 2 weeks and they saw no record of my app. Asked to apply over the phone and they said they no longer offer this promo and was offered 3.99 for life instead so I didn't proceed. On a side note, I checked my credit bureau this past weekend and no sign of an inquiry from MBNA.

[john29]

Has anyone been successful recently in applying for this card? Tried to apply online through the link posted on the other thread (https://wwwa.applyonlinenow.com/CACCapp/Ctl/entry?sc=cean&lc=en_CA) but got to the final questions where they confirm your credit bureau info and then was told online that the answers I provided did not match (but I of course know they should). I called MBNA a couple of times over the past 2 weeks and they saw no record of my app. Asked to apply over the phone and they said they no longer offer this promo and was offered 3.99 for life instead so I didn't proceed. On a side note, I checked my credit bureau this past weekend and no sign of an inquiry from MBNA.

I had the same thing happen to me. I've tried multiple times to apply online, but they are unable to verify my identity (even though I called Transunion, and all the info they had was the same as my answers). When I called MBNA to apply, they said they were no longer offering the 1.99% card (this was over a week ago).

[everylittlecent]

Call them for a new card. My 0% for 15 months is expiring in Sept 2009, and I now have a new one at 1.99% for life. The application was a bit bumpy as I have a few MBNA MC's (my other 0% for 15 months expired in May 2009 and got coverted to Smart Cash).

My card expires in Aug 09. Could someone be kind enough to post the number to call and if there is a code to be conveyed to the CSR. Is 1.99% for life card still available. I dont mind either that or the 0% card. Just need the number, code and any other details :razz: i might need to supply.

TIA

[engo]

My 0% for 15 months is going to expire in Nov. Do I have to pay off the balance before applying for another 0% or 1.99% for life?

My plan is to:
1. Apply a new card (0% or 1.99%), expect to be approved for $1k as I have large credit limit with my exisiting 0% card
2. Borrow from LOC to pay off the existing card balance
3. Call MBNA to transfer credit limit from old card to new card
4. BT from new card to pay off LOC

I'm trying to limit the time/interest incurred on LOC. Any comment is appreciated.

Thanks!

[max88]

My card expires in Aug 09. Could someone be kind enough to post the number to call and if there is a code to be conveyed to the CSR. Is 1.99% for life card still available. I dont mind either that or the 0% card. Just need the number, code and any other details :razz: i might need to supply.

TIA

My 0% for 15 months is going to expire in Nov. Do I have to pay off the balance before applying for another 0% or 1.99% for life?

My plan is to:
1. Apply a new card (0% or 1.99%), expect to be approved for $1k as I have large credit limit with my exisiting 0% card
2. Borrow from LOC to pay off the existing card balance
3. Call MBNA to transfer credit limit from old card to new card
4. BT from new card to pay off LOC

I'm trying to limit the time/interest incurred on LOC. Any comment is appreciated.

Thanks!

I already forgot how I first applied (by phone or online) the 1.99% for life card. When I called to follow up, I gave the code "CEAN", and told the CSR that I got it from RFD. At that time I had my 3rd card with 0% for 15 months expiring Sept 2009, and Smart Cash. I was hoping to split available credit from Smart Cash, but I was happy to find out the 1.99% for life card was approved with additional credit (equal to that of 3rd card with 0% for 15 months). Now the 3rd card with 0% for 15 months is suspended, and the CSR told me to "continue to make minimum payment to stay in good terms".

ADDED: mbna phone#: 1-888-876-6262

[everylittlecent]

I already forgot how I first applied (by phone or online) the 1.99% for life card. When I called to follow up, I gave the code "CEAN", and told the CSR that I got it from RFD. At that time I had my 3rd card with 0% for 15 months expiring Sept 2009, and Smart Cash. I was hoping to split available credit from Smart Cash, but I was happy to find out the 1.99% for life card was approved with additional credit (equal to that of 3rd card with 0% for 15 months). Now the 3rd card with 0% for 15 months is suspended, and the CSR told me to "continue to make minimum payment to stay in good terms".

ADDED: mbna phone#: 1-888-876-6262

I called the above number but it just asks for my present CC number and basically it deals with your balance, lost card etc.

so i called 1 877 862 7759 and gave the priority code "CEAN" and was told that this is the card for life code which is dead. The CSR wanted a Priority code for the 0% card and told me without the code she cant proceed.

so does anyone know the priority code.
Thank you.

[gazoo10]

I called in about a month ago and received a call two days ago stating that since i have 3 MBNA cards (22,000) they cannot give me the 1.99% for life card. I asked if i pay off the three cards can i have the balance ($22,500) applied to the new 1.99% card. They informed me that if they were paid off and cancelled (3 cards) then yes i would receive the 1.99% card with a credit limit of $22,500.

Paid the cards off waited two days and phoned this morning and now have the 1.99% card for life with a credit limit of $22,500. Can't wait to receive it and withdraw all funds exempt the 1% fee.

[Delerium777]

I called 1-888-876-6262 and pressed a bunch of random buttons until I got transferred to a call rep. She then transferred me to "an applications expert" who entered my application for the 1.99% b/t card for life (with code #CEAN). Absolutely no issues so far and I even confirmed that the min payment is $10 + interest. I also confirmed that I had been transferred to Ottawa and not a random call center half way across the planet.

Hope this helps anyone still trying to obtain this card!

[everylittlecent]

So i called 1 888 876 6262 and just waited without entering anything (I called previously and it went to india and they dont do these promotions) and then you get connected to an agent. I basically told him the uusual story and he said the best he can do is 3.99% for Life or 1.99% for 10 months. So i said well thats a shame since prime is only 2.25% and then he said well we have a 0% for 12 months. well Duh!! ok now we are talking. I applied right away and was told to call 1 877 793 6709 (credit dept) in a week or so to see if I get approved.

I think its basically hit and miss. Maybe if I had called again I might have got the lifetime @ 1.99% or then again maybe not. I am happy with the 0%.

[mrtvgame]

So i called 1 888 876 6262 and just waited without entering anything (I called previously and it went to india and they dont do these promotions) and then you get connected to an agent. I basically told him the uusual story and he said the best he can do is 3.99% for Life or 1.99% for 10 months. So i said well thats a shame since prime is only 2.25% and then he said well we have a 0% for 12 months. well Duh!! ok now we are talking. I applied right away and was told to call 1 877 793 6709 (credit dept) in a week or so to see if I get approved.

I think its basically hit and miss. Maybe if I had called again I might have got the lifetime @ 1.99% or then again maybe not. I am happy with the 0%.

What was your outcome?

[delsolo]

I just receive an offer by mail from MBNA:

0% for 15 months (until november 2010)

Apply Online : www.creditrsvp.com use code CG4I

or

By phone : 1-877-428-6060 use code 7355041CG4I

[mark_in_2k]

I just receive an offer by mail from MBNA:

0% for 15 months (until november 2010)

Apply Online : www.creditrsvp.com use code CG4I

or

By phone : 1-877-428-6060 use code 7355041CG4IThanks delsolo, I just applied over the phone and the rep confirmed 0% for 15 months. I'll call back in about a week to check the status of my app.

[everylittlecent]

What was your outcome?

I called last week and was approved. They wanted me to wait for the card and pay off the balance on the old one and then transfer the credit limit to the new card and then transfer the balance. it was for 12 months at 0%.

[spursbob]

So with this card and doing a balance transfer if it isn't all paid off you pay 19.99% on the outstanding balance rather than original transfer amount?

[tsgee]

So with this card and doing a balance transfer if it isn't all paid off you pay 19.99% on the outstanding balance rather than original transfer amount?

It only goes to 19.99% if you miss making the minimum payment. I presently have $32,000 on the card, paying about $65 a month (interest plus $10). Though I thought I read somewhere the minimum payment for new cards is now 1% of the balance.

[RiCHC3]

I just receive an offer by mail from MBNA:

0% for 15 months (until november 2010)

Apply Online : www.creditrsvp.com use code CG4I

or

By phone : 1-877-428-6060 use code 7355041CG4I

Very sexy, thanks.


A question to anyone out there signing up online. Clearly most of us don't want to do an actual balance transfer to a CREDIT card, but rather to a bank account. Do I assume we don't use the balance transfer feature on the sign up app -- but rather request a balance transfer cheque once approved, correct?

[mrtvgame]

Very sexy, thanks.


A question to anyone out there signing up online. Clearly most of us don't want to do an actual balance transfer to a CREDIT card, but rather to a bank account. Do I assume we don't use the balance transfer feature on the sign up app -- but rather request a balance transfer cheque once approved, correct?

Yeah, in the past I would just get approved and then call them and request the balance transfer directly to the bank account of your choice. They go through all the blah blah and tell you the charge for the transfer.

[mrtvgame]

I just receive an offer by mail from MBNA:

0% for 15 months (until november 2010)

Apply Online : www.creditrsvp.com use code CG4I

or

By phone : 1-877-428-6060 use code 7355041CG4I

Thanks for the heads up.

[RiCHC3]

Yeah, in the past I would just get approved and then call them and request the balance transfer directly to the bank account of your choice. They go through all the blah blah and tell you the charge for the transfer.

Perfect, thank you very much.

Also, nice 666 post count (which I assume will change quickly).

[skyrink]

I just receive an offer by mail from MBNA:

0% for 15 months (until november 2010)

Apply Online : www.creditrsvp.com use code CG4I

or

By phone : 1-877-428-6060 use code 7355041CG4I

Hi, I'm doing this for my parents so excuse my lack of knowledge on this stuff.

My parents have an MBNA card (I think it might be the 1.99% rate) with a credit limit and balance of over $50,000....it would be very beneficial to get a 0% interest on it.

So the first step would be to call in and quote the code, assuming we're approved...we have to first pay it all off and than activate the new card? What can we do to avoid any fees in the process?

Any help is appreciated, thanks.

[Keigotw]

Yeah, in the past I would just get approved and then call them and request the balance transfer directly to the bank account of your choice. They go through all the blah blah and tell you the charge for the transfer.

How much they charge for transfer??

[tigger03]

1%

how much they charge for transfer??

[saltypig]

Thanks delsolo, I just applied over the phone and the rep confirmed 0% for 15 months. I'll call back in about a week to check the status of my app.

I called last week and was approved. They wanted me to wait for the card and pay off the balance on the old one and then transfer the credit limit to the new card and then transfer the balance. it was for 12 months at 0%.

Do you know what the rate is after the 15 or 12 months is up on the 0% interest card? Thanks!

[Halifax55]

[QUOTE=saltypig;9232306]Do you know what the rate is after the 15 or 12 months is up on the 0% interest card? Thanks![/QUOTE

They should have told you the regular rates once the 0 percent is over or if you default on the 0 percent, meaning you miss a payment. I have 12.99 percent regular interest.

[mark_in_2k]

Do you know what the rate is after the 15 or 12 months is up on the 0% interest card? Thanks!She did mention it, but she was speaking fast and I didn't really take it in. I'm only using the card for the 15 months at 0% anyway. I'll be cancelling right after the promo period as I already have another card @ 5.9%.

[slavka012]

I got the card few months ago and now I want to program automatic bill payment for the next 20 years so as to not care about this debt. The first bill included 1% BT fee, so that's an exception. Second bill was for 54.00. The 3rd was for 56.00. If they keep changing it it's going to be hard to manage.

Is there any system to it???

[alanbrenton]

I got the card few months ago and now I want to program automatic bill payment for the next 20 years so as to not care about this debt. The first bill included 1% BT fee, so that's an exception. Second bill was for 54.00. The 3rd was for 56.00. If they keep changing it it's going to be hard to manage.

Is there any system to it???

Could very well be the number of days in a month/billing period that is not a constant. Minimum would be interest for the billing period +$10.

[sweetiegyal]

Could very well be the number of days in a month/billing period that is not a constant. Minimum would be interest for the billing period +$10.


Is that still how they are calculating it? I did a balance transfer not too long ago and at that time I heard (on RFD) that they changed it to 1% of the balance not interest+$10

[slavka012]

Could very well be the number of days in a month/billing period that is not a constant. Minimum would be interest for the billing period +$10.
Thanks... Hm... by this rate it will only take me 190 years to repay the debt.

[SweetGurl]

Looking into buying a used 2005 BMW for $20K and was wondering how I can use the 1.9% or the 0% offer. Confused on how to go about this.
Once approved, how do I pay the seller using the card. Not sure if the car dealer would be comfortable using credit card or if I am buying from an individual can I use the cheques? Also, how the cheques work and do they come with the card or is a special request ? Please advise on how you would use these offer to buy a car from dealer/individual who would most probably only accepts cheques.

[IceQue]

20 yrs to pay off a debt! Why would you want that hanging over you head for so long? And it'll affect you credit score. I got the card few months ago and now I want to program automatic bill payment for the next 20 years so as to not care about this debt. The first bill included 1% BT fee, so that's an exception. Second bill was for 54.00. The 3rd was for 56.00. If they keep changing it it's going to be hard to manage.

Is there any system to it???

[alanbrenton]

Is that still how they are calculating it? I did a balance transfer not too long ago and at that time I heard (on RFD) that they changed it to 1% of the balance not interest+$10

My monthly payments are still in the $70's and I have $38k loan in total. At least for me, it's still interest + $10. Had it been 1%, my monthly payments would have been $380 or so.

[alexei]

i was wondering would it be possible to do a balance transfer to an account with a different name cause i want to send the funds to my dads account. does it matter? or they just want an account number? does the name of the bank holder name show in their system?

thanks

[SkiLLz]

Has anyone been able to renew their 0% card for another 15 months recently (i.e. by getting a new card as described on page 1 of the thread)? Mine is expiring soon and I called in but the lowest they'd give me is 1.99%. I didn't think I could sign up for a new card and "merge" my accounts until I read this thread, but the post regarding it is from Aug 08.

[slavka012]

20 yrs to pay off a debt! Why would you want that hanging over you head for so long? And it'll affect you credit score.
It's actually longer than 20 years. I don't care about my credit score (and suggest you don't either). All I care is paying all bills on time. I have my mortgage 'hanging' for longer than that as well, at higher percentage, too. So it makes perfect sense.

[OnlyBestDeals]

Looking into buying a used 2005 BMW for $20K and was wondering how I can use the 1.9% or the 0% offer. Confused on how to go about this.
Once approved, how do I pay the seller using the card. Not sure if the car dealer would be comfortable using credit card or if I am buying from an individual can I use the cheques? Also, how the cheques work and do they come with the card or is a special request ? Please advise on how you would use these offer to buy a car from dealer/individual who would most probably only accepts cheques.

Basically Best way is to transfer the balance by calling either at time of activation or afterwards and transfer the money to your OWN BANK ACCOUNT. Once its in your own account do what ever you wanna do with it. :D You can use cheques of your account or transfer from your account to other peoples account or pay the bills.

[Crowbarfoot]

Looking into buying a used 2005 BMW for $20K and was wondering how I can use the 1.9% or the 0% offer. Confused on how to go about this.
Once approved, how do I pay the seller using the card. Not sure if the car dealer would be comfortable using credit card or if I am buying from an individual can I use the cheques? Also, how the cheques work and do they come with the card or is a special request ? Please advise on how you would use these offer to buy a car from dealer/individual who would most probably only accepts cheques.


Pick your card type, once you're approved and get the card call MBNA and provide your bank account information and request the funds be transferred to your bank account. Takes around 2 business days. Once in your bank account have your bank create a certified cheque or bank draft made out the to dealership/seller and take it to them.

They will send you cheques you can write out but dealerships usually want certified funds so you can take the car right away. If not they may make you wait until the chq clears ( 3-5 days ) or not accept it at all.

[sweetiegyal]

Looking into buying a used 2005 BMW for $20K and was wondering how I can use the 1.9% or the 0% offer. Confused on how to go about this.
Once approved, how do I pay the seller using the card. Not sure if the car dealer would be comfortable using credit card or if I am buying from an individual can I use the cheques? Also, how the cheques work and do they come with the card or is a special request ? Please advise on how you would use these offer to buy a car from dealer/individual who would most probably only accepts cheques.

just transfer the money into your account when you call to activate the card the rep can do it for you and pay cash at the dealership so you should get a great deal on the BMW. also they will send you cheques shortly after you receive your card so you can use those to transfer the money into your account by writing a cheque to yourself.

[sweetiegyal]

Is that still how they are calculating it? I did a balance transfer not too long ago and at that time I heard (on RFD) that they changed it to 1% of the balance not interest+$10


okay just recv'd my first statement today and it was BT fee+int+$10. Perfect, so I guess it is interest+$10 which gives me more flexibility when money is tight but definately want to pay it off asap!

[everylittlecent]

Has anyone been able to renew their 0% card for another 15 months recently (i.e. by getting a new card as described on page 1 of the thread)? Mine is expiring soon and I called in but the lowest they'd give me is 1.99%. I didn't think I could sign up for a new card and "merge" my accounts until I read this thread, but the post regarding it is from Aug 08.

you cant renew but can apply for a new one and merger the limits. I have done it once and will be doing it again sometime next week as i got my 3rd card this week.

[yayaya]

Is there a 1.99% for life "active link"?

The CEAN link seems to be down. I would appreciate if someone could post or PM me an active link.

Thanks in advance.

[fruzmatik]

is there a 1.99% for life "active link"?

The cean link seems to be down. I would appreciate if someone could post or pm me an active link.

Thanks in advance.

+1

[super_mario]

bump. anyone?

[cwinter]

I'm also interested in a link to the 1.99% for life...this seems more sensible then the 0% for 15 months.

Anyone agree or disagree?

[kcorscadden]

I'd be interested in this too

Thanks

[chenwaa123]

I have a MBNA smart cash card and called today about the 1.99%. They rep I spoke to said it doesn't exist anymore...but he also said the offer last year was for 3.99% not 1.99%...I think he was BSing me.

[iforgotmymeds]

I think he is lying because I just got offered it three weeks ago without asking for 1.99. I got my card last week.

[grisensko]

I called 2 day ago (8 sept), and ordered a card using the CEAN code without any problem.

The guy never mentionned anything about expired deal and told me that this code is 1.99% for life on initial balance.

It was the french call center in Bombai

[Kev84]

This is still alive, just called to apply for Smart Cash... gave them the CGLE code and then asked them if they can check CEAN code is still alive.

They said its there and I can apply for that too.

[Trym]

This is still alive, just called to apply for Smart Cash... gave them the CGLE code and then asked them if they can check CEAN code is still alive.

They said its there and I can apply for that too.

What number did you call to apply for Smart Cash?
Thanks

[alanbrenton]

I called 2 day ago (8 sept), and ordered a card using the CEAN code without any problem.

The guy never mentionned anything about expired deal and told me that this code is 1.99% for life on initial balance.

It was the french call center in Bombai

Indians can now even speak French? This definitely puts me to shame.

[Neil]

They seem to be seeking borrowers... I got a call this week out of the blue offering 0% for 15 mos.

[mimiandi]

Just bought a car and financed it at 2.99%.. 1.99% wouldve been so nice..

[dealfreak]

I called and used 'CEAN' for 1.99% for 15months, she told me that they no longer have this promotion, but they got a 2.99% for 10 months :(. So I asked can you help me find out if anything for 12 months? So she gave me a 0% for 12 months, :lol:. But she wouldn't waive the 1% balance transfer fee for me. But it's still good.

[chenwaa123]

:DAfter 4 different calls I was able to get the 1.99% for life of balance card today using the CEAN code.

They told me they don't really offer this card/rate any more since too many people applied for it. I doubt I'll even use it but he said the rate would be valid for at least 90 days.

[southpaw4golf]

Called for the elusive/supposed 1.99% lifetime with the CEAN code. CSR said the deal is dead.

[chenwaa123]

Called for the elusive/supposed 1.99% lifetime with the CEAN code. CSR said the deal is dead.

Call back. I had four declines before then said it was ok

[blairs1]

Has anyone had any success on moving from 0% to the 1.99%?

I'm hoping to get rid of at least one of my cards, and would kill for that 1.99% interest rate.

[Calvin]

I got through, but found out the minimum payment was 1% plus interest per month. So I declined.
Did anyone get the deal with interest+$10?
If so, I'm going to call back and try again.

[nufan]

I got through, but found out the minimum payment was 1% plus interest per month. So I declined.
Did anyone get the deal with interest+$10?
If so, I'm going to call back and try again.
That doesn't sound right, you're probably thinking of the 1% balance transfer fee.

So for the first bill you have that 1% BT fee on your bill, after that its just interest + $10 tho

[Calvin]

They said they stopped the interest plus $10 in July.
I'll call back and try again to make sure.

[TotalDistinction]

Folks, I had a wonderful experience with MBNA a few minutes ago. Thank you to everyone in this thread for making me aware of the 1.99% offer.

So I apply for the MBNA SmartCash card to take advantage of its benefits from a related thread on RFD here: http://www.redflagdeals.com/forums/showthread.php?t=722828

While I'm waiting for the SmartCash card to arrive, I read this thread and say to myself that I should have attempted to get the 1.99% promotional rate. I figure it's a lost opportunity.

I receive the SmartCash card today and call MBNA to activate it. I get a CSR on the phone, get my card activated, and ask if I could take advantage of the 1.99% on balance transfers without having to apply for another credit card since I just received this one. He says "I don't see why not" and puts me on hold to verify. He comes back and tells me that he could give me the 1.99% rate available to me until Jan. 2010. I smile to myself.

So, my original credit limit was $10K. I ask to transfer $9,850 into my chequing account taking into account the 1% transfer fee ($98.50) and the minimum payment (a ridiculous $27) so that I don't go over the $10K limit. Everything goes through fine.

The CSR asks if he can assist me further and I get this big idea to ask for a credit line increase to further take advantage of the 1.99% offer. He forwards me on to a credit specialist. I ask the credit specialist if there's a need to perform another credit check since one was done just a few weeks ago. She checks and says that another credit check is not necessary. She goes over some details with me and increases my limit to $20K!

I ask for another balance transfer to my same chequing acct. to bring the total up to $19,500 taking into account the 1% transfer fee and the minimum payment which should complete in the next few days. I now have $19,500 that I can invest in, hopefully, at better rates.

Outside of the transfer fees, I'm looking at a minimum payment of $54 approximately per month. You can bet that I will be setting up automatic withdrawals so that I don't inadvertently default and lose out on the 1.99% rate.

I kind of lose out on the benefits of using the SmartCash card but I'm at peace with that.

And all of this just for the asking.

Sorry for the long post. Thank you RFD!!!

[tsgee]

She goes over some details with me and increases my limit to $20K!

I ask for another balance transfer to my same chequing acct. to bring the total up to $19,500 taking into account the 1% transfer fee and the minimum payment which should complete in the next few days. I now have $19,500 that I can invest in, hopefully, at better rates.

Outside of the transfer fees, I'm looking at a minimum payment of $54 approximately per month. You can bet that I will be setting up automatic withdrawals so that I don't inadvertently default and lose out on the 1.99% rate.



Just a heads up, You might want to confirm the minimum payment requirements, it used to be interest plus $10. But some people have said the minimum payment is now 1% of the oustanding balance plus interest. If that's true you minimum payment will be around $200.

[TotalDistinction]

Just a heads up, You might want to confirm the minimum payment requirements, it used to be interest plus $10. But some people have said the minimum payment is now 1% of the oustanding balance plus interest. If that's true you minimum payment will be around $200.

Thanks for the advice. I went over that with the CSR, and it looks like it's supposed to be interest plus $10. He didn't quote my minimum payment to be anywhere near $200. I cited some of "his" figures in my original email above which is aligned with the $10 + interest figure.

I'll definitely keep an eye on it. If it changes, I'll call in to, hopefully, have it changed to interest plus $10. If that doesn't work, I'll determine what my next move may be.

[super_mario]

I just tried again to apply for this card but got denied. I dialed the 6262 customer service number and stated that I wanted to apply for a new card. They then transferred me to the applications department. There they stated (several times) that the promotion is no longer running and that there is absolutely nothing they can do.

I know that someone stated that they recently got this card but were talking to the call centre in Bombay (I think). The call centre that I was talking to was in Ottawa.

Any tips/advice/suggestions?

[sienna owner]

I just tried again to apply for this card but got denied. I dialed the 6262 customer service number and stated that I wanted to apply for a new card. They then transferred me to the applications department. There they stated (several times) that the promotion is no longer running and that there is absolutely nothing they can do.

I know that someone stated that they recently got this card but were talking to the call centre in Bombay (I think). The call centre that I was talking to was in Ottawa.

Any tips/advice/suggestions?

call @ 2 am???

[chenwaa123]

I just tried again to apply for this card but got denied. I dialed the 6262 customer service number and stated that I wanted to apply for a new card. They then transferred me to the applications department. There they stated (several times) that the promotion is no longer running and that there is absolutely nothing they can do.

I know that someone stated that they recently got this card but were talking to the call centre in Bombay (I think). The call centre that I was talking to was in Ottawa.

Any tips/advice/suggestions?

My only advice is to be persistent. I sell for a living so I have exceptional phone manner.

Basically I first talked to a guy in India who said he couldn't help me, but he didn't say it was impossible, he just said that I had to talk with the main call centre (CDN). I then spoke with a Canadian guy, made friends with him and said something like "hey I saw this code online for this great card you guys have at 1.99% APR" blah blah blah..."

I’d like to buy a car with that card, can you help me? He said “let me see if the code is still valid”; he looked up and said it was, he then asked me if I currently had a card (I have a smart cash card), I gave him the # and he said ok done!

Please note I spoke with three other CSR’s who said there was no such card available.

[belowzeros]

i got a letter in the mail today that my long standing 10.99% is increasing to 19.99%....WTF :confused:

absolutely killer on a 15,000 balance


...any advice *cries*

[IceQue]

How long did you have that balance for? Did you ever miss any payments?

[belowzeros]

How long did you have that balance for? Did you ever miss any payments?


no payments missed, balance is about 10 months old I believe. previously I hadn't really used the card much (over 8 or so years) but last 2 years I started using it more frequently. The balance went up because I used a 1.99% bal transfer offer and then after that expired my 10.99 kicked in.

it seems similar to the letters people got reducing their available credit

[EPcjay]

Folks, I had a wonderful experience with MBNA a few minutes ago. Thank you to everyone in this thread for making me aware of the 1.99% offer.

So I apply for the MBNA SmartCash card to take advantage of its benefits from a related thread on RFD here: http://www.redflagdeals.com/forums/showthread.php?t=722828

While I'm waiting for the SmartCash card to arrive, I read this thread and say to myself that I should have attempted to get the 1.99% promotional rate. I figure it's a lost opportunity.

I receive the SmartCash card today and call MBNA to activate it. I get a CSR on the phone, get my card activated, and ask if I could take advantage of the 1.99% on balance transfers without having to apply for another credit card since I just received this one. He says "I don't see why not" and puts me on hold to verify. He comes back and tells me that he could give me the 1.99% rate available to me until Jan. 2010. I smile to myself.

So, my original credit limit was $10K. I ask to transfer $9,850 into my chequing account taking into account the 1% transfer fee ($98.50) and the minimum payment (a ridiculous $27) so that I don't go over the $10K limit. Everything goes through fine.

The CSR asks if he can assist me further and I get this big idea to ask for a credit line increase to further take advantage of the 1.99% offer. He forwards me on to a credit specialist. I ask the credit specialist if there's a need to perform another credit check since one was done just a few weeks ago. She checks and says that another credit check is not necessary. She goes over some details with me and increases my limit to $20K!

I ask for another balance transfer to my same chequing acct. to bring the total up to $19,500 taking into account the 1% transfer fee and the minimum payment which should complete in the next few days. I now have $19,500 that I can invest in, hopefully, at better rates.

Outside of the transfer fees, I'm looking at a minimum payment of $54 approximately per month. You can bet that I will be setting up automatic withdrawals so that I don't inadvertently default and lose out on the 1.99% rate.

I kind of lose out on the benefits of using the SmartCash card but I'm at peace with that.

And all of this just for the asking.

Sorry for the long post. Thank you RFD!!!


I am in the same situation as you ... I am calling MBNA when I get home. Did you quote any promotional codes? Was it 1.99 for LIFE? I got my card (smartcash) in the mail and couple pamphlets came and indicated they have a balance transfer offer of 1.99% for 10 months if I take advantage of it before Jan 2010.

[CanuckFlyHigh]

Folks, I had a wonderful experience with MBNA a few minutes ago. Thank you to everyone in this thread for making me aware of the 1.99% offer.

So I apply for the MBNA SmartCash card to take advantage of its benefits from a related thread on RFD here: http://www.redflagdeals.com/forums/showthread.php?t=722828

While I'm waiting for the SmartCash card to arrive, I read this thread and say to myself that I should have attempted to get the 1.99% promotional rate. I figure it's a lost opportunity.

I receive the SmartCash card today and call MBNA to activate it. I get a CSR on the phone, get my card activated, and ask if I could take advantage of the 1.99% on balance transfers without having to apply for another credit card since I just received this one. He says "I don't see why not" and puts me on hold to verify. He comes back and tells me that he could give me the 1.99% rate available to me until Jan. 2010. I smile to myself.

So, my original credit limit was $10K. I ask to transfer $9,850 into my chequing account taking into account the 1% transfer fee ($98.50) and the minimum payment (a ridiculous $27) so that I don't go over the $10K limit. Everything goes through fine.

The CSR asks if he can assist me further and I get this big idea to ask for a credit line increase to further take advantage of the 1.99% offer. He forwards me on to a credit specialist. I ask the credit specialist if there's a need to perform another credit check since one was done just a few weeks ago. She checks and says that another credit check is not necessary. She goes over some details with me and increases my limit to $20K!

I ask for another balance transfer to my same chequing acct. to bring the total up to $19,500 taking into account the 1% transfer fee and the minimum payment which should complete in the next few days. I now have $19,500 that I can invest in, hopefully, at better rates.

Outside of the transfer fees, I'm looking at a minimum payment of $54 approximately per month. You can bet that I will be setting up automatic withdrawals so that I don't inadvertently default and lose out on the 1.99% rate.

I kind of lose out on the benefits of using the SmartCash card but I'm at peace with that.

And all of this just for the asking.

Sorry for the long post. Thank you RFD!!!


Wow. I know you think this is a good deal - but do the math, and you are getting hosed. You only have the 1.99% for FOUR months. And you just spent 195 dollars to transfer money. Therefore, you need to produce the following return to even break even:

Invest [[ $19,500 @ (X%) ] to profit $200 in four months.

X% = 1.023% annual return. Sounds easy. But wait, you need to profit 200 dollars in 4 months, not annually. Therefore, you need to TRIPLE that return to break even.

Thus, you require 3.069% return on your invested money to BREAK EVEN.

Considering the safe interest rates out there are not that high (except maybe ING which is right in that area), and you would be VERY stupid to be investing BORROWED money (with a 4 month time frame) in any risky investments... well, you got hosed.

Sometimes you need to do the math, before you rush into something.

[Jfriah]

Two postings today.

1. Read the fine print, read the fine print, read the fine print. Anyone concerned/cursing about them raising interest rates, etc.: you (and I...) signed a contract when signing up with card and as you (should) know: credit card companies, like any other company, are in the business of making money. NOT saving you (and I) money. They may, at any time, change the interest rates and you (and I) are hooped.

2. SIGN UP FOR PRE-AUTHORIZED CHEQUE-WITHDRAWAL FROM YOUR BANK to ensure your minimum monthly payments ARE MADE ON TIME. Two months into enjoying my nice promotional balance, I'm still one of the people who wait for the bills to come in every month and then pay them. Then I get a nice balance statement from MBNA charging me hundreds of dollars in interest charges because I missed my minimum payment of $17, was assessed a $35 over-limit fee, and the interest charges kicked in on top of all that.

Can you say furious? I did NOT receive my monthly billing statement the previous month and, therefore, did not make my payment. I did not catch on until it was obviously too late.

Nice tactic. So the phone rep was very helpful, saying that if I make a payment right away, they will 'as a one time courtesy' reinstate the promotional interest rate and credit the interest charges (but not the overlimit fee).


BEWARE. And be smart: I promptly faxed in a void cheque to ensure minimum payments come out (and promptly started a scheduled payment plan 10 business days before due date of a fixed amount from my own online banking).

Good luck to all.

[tsgee]

Wow. I know you think this is a good deal - but do the math, and you are getting hosed. You only have the 1.99% for FOUR months. And you just spent 195 dollars to transfer money.

I think he means any BT until Jan 2010 qualify for the 1.99%, not 1.99% for 4 months.

[watungga]

Upon reading some shocking news here about raising interest rate notice, is it correct to assume that the 1.99% forever rate promo is a SCAM?!!

[belowzeros]

Upon reading some shocking news here about raising interest rate notice, is it correct to assume that the 1.99% forever rate promo is a SCAM?!!


not so much a scam I don't think but they do reserve the right to raise the rate at any time.

i hadn't heard about any canadian cards raising rates on us but it's been going on in the USA since the credit crisis. I guess they are american though. I was holding my breathe on it but thought we were out of the woods with the recession dwindling.

[CanuckFlyHigh]

I think he means any BT until Jan 2010 qualify for the 1.99%, not 1.99% for 4 months.

"He comes back and tells me that he could give me the 1.99% rate available to me until Jan. 2010."

Sounds like he has that rate until January 2010 to me.

[Mr Snuff]

2. SIGN UP FOR PRE-AUTHORIZED CHEQUE-WITHDRAWAL FROM YOUR BANK to ensure your minimum monthly payments ARE MADE ON TIME. Two months into enjoying my nice promotional balance, I'm still one of the people who wait for the bills to come in every month and then pay them. Then I get a nice balance statement from MBNA charging me hundreds of dollars in interest charges because I missed my minimum payment of $17, was assessed a $35 over-limit fee, and the interest charges kicked in on top of all that.


Yup, I got hit by that too. except it was on the first statement. Unfortunately i didn't realized until much later what had happened as i thought i was simply paying the minimum every month. I called in to complain and they said nothing could be done about it.

As soon as you miss a payment you automatically forfeit your promotional rate. They don't give you any warning and your statement does not look any different except that they now charge full interest.

[tsgee]

Sounds like he has that rate until January 2010 to me.

If that is what he is getting, then it is a total rip.

[Trooper8111]

Yup, I got hit by that too. except it was on the first statement. Unfortunately i didn't realized until much later what had happened as i thought i was simply paying the minimum every month. I called in to complain and they said nothing could be done about it.

As soon as you miss a payment you automatically forfeit your promotional rate. They don't give you any warning and your statement does not look any different except that they now charge full interest.

With most banks you can set up automatic bill payments. Just make sure that you are diligent about paying the minimum because the rate is too important to let it lapse by missing payments.

[saltypig]

i got a letter in the mail today that my long standing 10.99% is increasing to 19.99%....WTF :confused:

absolutely killer on a 15,000 balance


...any advice *cries*

no payments missed, balance is about 10 months old I believe. previously I hadn't really used the card much (over 8 or so years) but last 2 years I started using it more frequently. The balance went up because I used a 1.99% bal transfer offer and then after that expired my 10.99 kicked in.

it seems similar to the letters people got reducing their available credit

19.99%? Ouch...

This is exactly the reason why they offer these 1.99% introductory rates so they can take advantage of those that can't pay off their debt and start raising rates like there is no tomorrow...:mad:

Here are some ideas - (Disclaimer...I'm not a professional debt manager so this is just my two cents).

Look around and apply for new credit cards with initial introductory interest rate on balance transfers. This should buy you some time (usually 6 months) but after it will probably go up to 20%. Therefore you'll be in the same boat if you can't pay off your debt by that time.

If you own a house with a mortgage - try to get a second mortgage and pay off debt using that.

Or try and get a personal line of credit from your local bank or ING. The rates will be pretty high compared to mortgage rates but should be less than 19.99%.

[jobeck]

not so much a scam I don't think but they do reserve the right to raise the rate at any time.

i hadn't heard about any canadian cards raising rates on us but it's been going on in the USA since the credit crisis. I guess they are american though. I was holding my breathe on it but thought we were out of the woods with the recession dwindling.

In an attempt to alleviate my concern that MBNA Canada could increase my promotional AIR of 1.99% for life (after some worrisome posts on RFD), I contacted MBNA to better understand this clause:

“We reserve the right to change the AIRs at our discretion in accordance with applicable law.”

I spoke with two different CSRs after calling twice to ensure I got the same answer.

The CSRs indicated that as long as all the terms/conditions are met (e.g. no missed payments), then the introductory AIR would never be changed. The clause refers only to the standard AIR, which can be changed at their discretion.

Of course, it would be nice if this was clearly written in the agreement because my phone conversations may not be enough support if this was ever challenged. In any case, I thought it might help some if I shared this information.

[alanbrenton]

In an attempt to alleviate my concern that MBNA Canada could increase my promotional AIR of 1.99% for life (after some worrisome posts on RFD), I contacted MBNA to better understand this clause:

“We reserve the right to change the AIRs at our discretion in accordance with applicable law.”

I spoke with two different CSRs after calling twice to ensure I got the same answer.

The CSRs indicated that as long as all the terms/conditions are met (e.g. no missed payments), then the introductory AIR would never be changed. The clause refers only to the standard AIR, which can be changed at their discretion.

Of course, it would be nice if this was clearly written in the agreement because my phone conversations may not be enough support if this was ever challenged. In any case, I thought it might help some if I shared this information.

Thanks for sharing this info Jobeck. My wife and I have a significant balance owing and are hoping that MBNA Canada will be kind to us.

In any case, the debt has to be repaid someday but I'm hoping this will be far out in the future.

[pureenergon]

i am near the end of my original 0% bal transfers for 15mths. i called mbna and they said they arent able to renew the original codes at all.

1) apply for a new mbna 0% for 15mths if its still available?

2)what do you think i should. go to captialone and apply their 0% for 1yr if its still up?

3) request to change my current mastercard at 0% to 1.99% life balance option?


thanks in advance!

[auto-m8]

Can someone explain what the 1.99 % life option is ?
Would really love to transfer my LOC from TD to something like that !!!

[cassmat]

They got me line, hook and sinker on one of those stupid promos and now I am only paying interest...19%!@!!

[TotalDistinction]

Wow. I know you think this is a good deal - but do the math, and you are getting hosed. You only have the 1.99% for FOUR months. And you just spent 195 dollars to transfer money. Therefore, you need to produce the following return to even break even:

Invest [[ $19,500 @ (X%) ] to profit $200 in four months.

X% = 1.023% annual return. Sounds easy. But wait, you need to profit 200 dollars in 4 months, not annually. Therefore, you need to TRIPLE that return to break even.

Thus, you require 3.069% return on your invested money to BREAK EVEN.

Considering the safe interest rates out there are not that high (except maybe ING which is right in that area), and you would be VERY stupid to be investing BORROWED money (with a 4 month time frame) in any risky investments... well, you got hosed.

Sometimes you need to do the math, before you rush into something.

Perhaps I didn't make my post clear. It's 1.99% for the life of the balance. I'm eligible to take advantage of the balance transfer offer @ 1.99% until January 2010.

So, no, I didn't get hosed with the balance transfer offer. What I did hose myself with is the ability to use the SmartCash card because if I do, those charges will be at the +19% rate assuming that I don't pay the whole +19K in full (which of course wasn't the plan). But I'm cool with that.

[TotalDistinction]

I am in the same situation as you ... I am calling MBNA when I get home. Did you quote any promotional codes? Was it 1.99 for LIFE? I got my card (smartcash) in the mail and couple pamphlets came and indicated they have a balance transfer offer of 1.99% for 10 months if I take advantage of it before Jan 2010.

No, I didn't quote any promotional codes. I simply asked the guy on the phone.

[watungga]

In an attempt to alleviate my concern that MBNA Canada could increase my promotional AIR of 1.99% for life (after some worrisome posts on RFD), I contacted MBNA to better understand this clause:

“We reserve the right to change the AIRs at our discretion in accordance with applicable law.”

I spoke with two different CSRs after calling twice to ensure I got the same answer.

The CSRs indicated that as long as all the terms/conditions are met (e.g. no missed payments), then the introductory AIR would never be changed. The clause refers only to the standard AIR, which can be changed at their discretion.

Of course, it would be nice if this was clearly written in the agreement because my phone conversations may not be enough support if this was ever challenged. In any case, I thought it might help some if I shared this information.

I figured out some interesting opinion from those MBNA's “We reserve the right to change the AIRs at our discretion in accordance with applicable law.”.

The 1.99% forever promo can be considered safe from increase only if allowed by laws. If nothing has been done to invalidate the promo, like having only 1 balance transfers done since the account was created, they cannot just change the rate. They can be charged with "systematically deceiving its customers" and you we all know what happened to Dell.

I have observed the attitude of MBNA after the 1.99% credit has started. Every month, they bombarded us with additional promos, and BT checks, just to get our balance total higher at a very enticing rate. If we dare touch any one of them, MBNA will have more reasons to activate those "applicable laws..."

[alanbrenton]

The 1.99% forever promo can be considered safe from increase only if allowed by laws. If nothing has been done to invalidate the promo, like having only 1 balance transfers done since the account was created, they cannot just change the rate. They can be charged with "systematically deceiving its customers" and you we all know what happened to Dell.


Hey Watungga, I read this paragraph of yours and sense some contradiction and bolded them. Why can't they do to the 1.99% for life of the balance the way they did for other MBNA card holders (i.e. jack up the rates)? What's stopping them? All I can think of is the blemish-free credit reports of those 1.99% for life of the balance card holders. I think Bank of America packages these accounts with other less stellar accounts to securitize. I'm not sure how that works though and why they would try to recall the loan when already securitized.

[watungga]

Hey Watungga, I read this paragraph of yours and sense some contradiction and bolded them. Why can't they do to the 1.99% for life of the balance what they did for other MBNA card holders (i.e. jack up the rates)? What's stopping them? All I can think of is the blemish-free credit reports of those 1.99% for life of the balance card holders. I think Bank of America packages these accounts with other less stellar accounts to securitize. I'm not sure how that works though and why they would try to recall the loan when already securitized.

"can be considered safe from increase only if allowed by laws" =

Laws will haunt us if we break the rules. MBNA will use it against us if we missed payments on due date and other such conditions stated in the promo. I know I made a very tight logic in those sentence, but still the outcome is reasonable, eh? :(


"they cannot just change the rate" =

They may face a possible class action suit against their "deceitful marketing strategy" as what did happened to Dell recently.


I don't think they are securitizing anything. They are putting lots of monthly promotion in your mail so that there's a bigger chance of you making the mistake. This means that they are infact gambling.

[tigger03]

1.99 is VERY enticing. For people interested in getting this rate, there is ONE BIG CATCH: payments have to be made on time!!!

Easy solution: make a little more than your minimum payments, and make it AUTOMATIC! For example, if I usually get my statements in the mail on the 27th of each month, and my payments are due on the 15th of each month, I would go to online banking (TD, RBC, CIBC, etc) and choose a monthly payment of around $50 to be debited from my account on the 30th of each month to pay the credit card bill.

This way, if your statement DOES NOT arrive on one particular month (as it happened with another rfd'er), your rates will not skyrocket because of that one missed payment. It's better to pay a little more than your minimum payment at the same time each month to ensure that your 1.99% rate remain intact! You can always add larger one-time payments.

[ricedion]

Need someone to shed some light on how they calculate interest ...

BT $16,300
so transfer fee is $163.

got the 1st statement, on the finance charge schedule section, Balance Subject to Finance Charge says $4990.01 is subject to 1.99% daily interest rate. (I have no idea how they come up with this 4990.01 figure)

anyway, Periodic Rate Finance Charges in the summary section says $8.98 finance charge. (again, don't know how they calculate this charge)

total = 163 + 8.98 = 171.98

my minimum payment due is 181

looks like I'm paying interest + transfer fee + $10. just don't know how they come up with those figures.

[chucktailor]

4990 is probably the pro-rated amount of your BT depending on when you did your BT so they can calculate interest accordingly

[djino]

Need someone to shed some light on how they calculate interest ...

BT $16,300
so transfer fee is $163.

got the 1st statement, on the finance charge schedule section, Balance Subject to Finance Charge says $4990.01 is subject to 1.99% daily interest rate. (I have no idea how they come up with this 4990.01 figure)

anyway, Periodic Rate Finance Charges in the summary section says $8.98 finance charge. (again, don't know how they calculate this charge)

total = 163 + 8.98 = 171.98

my minimum payment due is 181

looks like I'm paying interest + transfer fee + $10. just don't know how they come up with those figures.

I Do.

Now what you need to consider here (you have not provided the info on) is when your Billing Cycle began and when your Balance Transfer was posted to your account. Just because you received your card and activated on the same day DOES NOT mean your Billing cycle began that same day.

This is what most likely happened in your case:

Your Billing Cycle Began on Day 1 = $0 Balance
Your Balance Transfer/BT Fee was posted to your account on the 22nd Day = $16,463 (this is your $16,300 + $163)

Where does $4,990.01 come from?

MBNA uses average daily balance when calculating your interest charges.

Since for the first 21 Days of your billing cycle you had a $0 balance and for 10 Days you had a $16,463 Balance, the average for the entire month is $4,990.01 on each day.

How I knew your balance transfer was posted 21 days into your billing cycle

Simple calculations assuming 31 Days in this particular billing cycle (using Days as a variable which represents the number of days you had a $0 Balance)

[Days * $0.00 + (31 - Days) * $16,463] / 31 = $4,990.01
$510,353 - $16,463 * Days = $154,690.31
$355,662.69 = $16,463 * Days
Days is about 21 ....(21.6 to be more accurate)

Hence, you had 21 Days where your balance was $0.00 and 10 Days where your balance was $16,463 to give you the average daily balance of $4,990.01 .

djino
"Hope that makes sense"

[cmoibenlepro]

What is the promotional code for the balance transfers at 1.99% for life?

[jj14]

1.99 is VERY enticing. For people interested in getting this rate, there is ONE BIG CATCH: payments have to be made on time!!!

Easy solution: make a little more than your minimum payments, and make it AUTOMATIC! For example, if I usually get my statements in the mail on the 27th of each month, and my payments are due on the 15th of each month, I would go to online banking (TD, RBC, CIBC, etc) and choose a monthly payment of around $50 to be debited from my account on the 30th of each month to pay the credit card bill.
.

For even more security (after all, you are dealing with multiple computer systems that could screw up), you may want to set it up to auto debit twice a month Sure, I have to pay more than double the minimum each month, but the piece of mind of a double failsafe is worth it.

Added bonuses:
-it won't take me 20+ years to pay it back, and if/when they do change the terms, it won't hurt as much.
- While i think the 1.99 AIR is fairly safe from change, I'm not as certain they won't be changing the minimum you have to pay each month to clear us off their books. Depending on your balance, a sudden change to, for example, a 2.25% monthly repayment requirement, could sting.

[alanbrenton]

For even more security (after all, you are dealing with multiple computer systems that could screw up), you may want to set it up to auto debit twice a month Sure, I have to pay more than double the minimum each month, but the piece of mind of a double failsafe is worth it.

Added bonuses:
-it won't take me 20+ years to pay it back, and if/when they do change the terms, it won't hurt as much.
- While i think the 1.99 AIR is fairly safe from change, I'm not as certain they won't be changing the minimum you have to pay each month to clear us off their books. Depending on your balance, a sudden change to, for example, a 2.25% monthly repayment requirement, could sting.

Auto-payment is a great idea though I still check all my credit card accounts on a weekly basis since we have to use some of them for petty purchases just to keep them current and not run the risk of the banks closing them, which eventually will lower our credit scores.

[samsonmqc]

Who got a Line of credit with your house as collateral? MBNA has forced me to do so.
I started borrowing from them when they promised me 5.99% interest rate for the life of the loan about 4 years ago. A little bit over 1 year later, they changed my interest rate to 11.99%. I called them and they told me they had the right to do so. I had no choice but to accept that for almost 3 years now. (All of my money but the house was lost in the stock market).
I just received a letter from them to increase my interest rate to 20%. There is not a big problem with my credit rating but some debts. I am never late on payments and I am still paying 3.9%, 5.9% (I got it at the same time with the MBNA loan 4 years ago and I am still paying that rate), 9.3%, and the maximum 12% from the other credit card companies.
I will try my best not to let them to take advantage of my situation, they will not even get 12% from me. I hope that I don't have the house under my name so that I can rob them back. (The house is a gift from my mother).

[everylittlecent]

Who got a Line of credit with your house as collateral? MBNA has forced me to do so.
.

when we bought our house few years ago it was on a Line of credit type of deal. you have to put in 25% downpayment and then the balance could be on a Secure line of credit. that way when you pay it down, that amount becomes borrowable at a later date if you want to at prime. if We ever need to have a clean title then we have to unregister with the city but at the time we did this I didnt think banks could go bankrupt!!!

[john29]

What is the promotional code for the balance transfers at 1.99% for life?

I'd like to know this as well. I tried calling in June using the old code, but I was told they weren't offering it anymore.

[thedonald]

I'd like to know this as well. I tried calling in June using the old code, but I was told they weren't offering it anymore.

Does anyone have an updated code? Or can we use the old code to get the 1.99 for life?

--TheDonald

[MarliO]

This deal is dead. There is NO current code. Please stop posting on this thread so that it will fall off the leaderboard. *cues death march*