| I took MBNA offer. [message #382890] |
Do, 20 April 2006 23:11 |
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Got a call yesterday from MBNA rep.
They offered me my credit limit as a cash advance interest free until
October.
But with a one time £75 arrangement fee. I accepted a rounded figure of
£12,000.
I have £750 to pay on another card so I'll clear that and put the rest into
the offset savings account. I have an interest only mtg of 52K. So for 5
months
or so, the mtg will be reduced to £41K.
Good call?
Thanks.
Arthur
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| Re: I took MBNA offer. [message #382891 ] |
Do, 20 April 2006 23:32 |
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"Davao" <pangga [at] btinternet.com> wrote in message
news:K9mdnesDFr2TZNrZRVnygw [at] bt.com...
> Got a call yesterday from MBNA rep.
> They offered me my credit limit as a cash advance interest free until
> October.
> But with a one time £75 arrangement fee. I accepted a rounded figure of
> £12,000.
> I have £750 to pay on another card so I'll clear that and put the rest
> into
> the offset savings account. I have an interest only mtg of 52K. So for 5
> months
> or so, the mtg will be reduced to £41K.
>
> Good call?
>
> Thanks.
>
> Arthur
I think so, I make that roughly 1% interest, presumably you are offsetting a
mortgage at about 5 or 6%?
--
Tumbleweed
email replies not necessary but to contact use;
tumbleweednews at hotmail dot com
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| Re: I took MBNA offer. [message #382896 ] |
Fr, 21 April 2006 00:37 |
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"Tumbleweed" <thisaccountneverread [at] yahoo.com> wrote in message
news:4aqcnrFtofmpU1 [at] individual.net...
>
> "Davao" <pangga [at] btinternet.com> wrote in message
> news:K9mdnesDFr2TZNrZRVnygw [at] bt.com...
>> Got a call yesterday from MBNA rep.
>> They offered me my credit limit as a cash advance interest free until
>> October.
>> But with a one time £75 arrangement fee. I accepted a rounded figure of
>> £12,000.
>> I have £750 to pay on another card so I'll clear that and put the rest
>> into
>> the offset savings account. I have an interest only mtg of 52K. So for
>> 5 months
>> or so, the mtg will be reduced to £41K.
>>
>> Good call?
>>
>> Thanks.
>>
>> Arthur
>
> I think so, I make that roughly 1% interest, presumably you are offsetting
> a mortgage at about 5 or 6%?
>
> --
> Tumbleweed
>
Yes, I think I'm paying on 5.5%
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| Re: I took MBNA offer. [message #382912 ] |
Fr, 21 April 2006 11:12 |
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"Davao" <pangga [at] btinternet.com> wrote in message
news:K9mdnesDFr2TZNrZRVnygw [at] bt.com...
> Got a call yesterday from MBNA rep.
> They offered me my credit limit as a cash advance interest free until
> October.
> But with a one time £75 arrangement fee. I accepted a rounded figure of
> £12,000.
> I have £750 to pay on another card so I'll clear that and put the rest
> into
> the offset savings account. I have an interest only mtg of 52K. So for 5
> months
> or so, the mtg will be reduced to £41K.
>
> Good call?
Sounds like a good move to me. Not what the credit card companies are
expecting - intelligent investment :)
---
Sam
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| Re: I took MBNA offer. [message #382913 ] |
Fr, 21 April 2006 11:39 |
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"Sam Smith" <nospam [at] nospam.com> wrote in message
news:e2a7m1$7n3$1$830fa7b3 [at] news.demon.co.uk...
> "Davao" <pangga [at] btinternet.com> wrote in message
> news:K9mdnesDFr2TZNrZRVnygw [at] bt.com...
>> Got a call yesterday from MBNA rep.
>> They offered me my credit limit as a cash advance interest free until
>> October.
>> But with a one time £75 arrangement fee. I accepted a rounded figure of
>> £12,000.
>> I have £750 to pay on another card so I'll clear that and put the rest
>> into
>> the offset savings account. I have an interest only mtg of 52K. So for
>> 5 months
>> or so, the mtg will be reduced to £41K.
>>
>> Good call?
>
> Sounds like a good move to me. Not what the credit card companies are
> expecting - intelligent investment :)
>
> ---
> Sam
this is called stoozing. I have earnt 250 pounds since Christmas using
interest free loans, the fees were about 100 total. A most refreshing turn
around. Even if you only transfer it to a high interest (on credit) credit
card , such as an egg money account, then it will be profitable.
mrcheerful
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| Re: I took MBNA offer. [message #382954 ] |
Fr, 21 April 2006 18:59 |
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"mrcheerful ." <nbkm57 [at] hotmail.com> wrote in message news:jL12g.56891
<
> this is called stoozing. I have earnt 250 pounds since Christmas using
> interest free loans, the fees were about 100 total. A most refreshing
> turn around. Even if you only transfer it to a high interest (on credit)
> credit card , such as an egg money account, then it will be profitable.
A more brave or foolish (or both) man would have dropped it into gold, meep!
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| Re: I took MBNA offer. [message #382977 ] |
Sa, 22 April 2006 00:43 |
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"Virgils Ghost" <no [at] spam.com> wrote in message
news:ec82g.43592$4P2.35997 [at] fe03.news.easynews.com...
> "mrcheerful ." <nbkm57 [at] hotmail.com> wrote in message news:jL12g.56891
> <
>> this is called stoozing. I have earnt 250 pounds since Christmas using
>> interest free loans, the fees were about 100 total. A most refreshing
>> turn around. Even if you only transfer it to a high interest (on credit)
>> credit card , such as an egg money account, then it will be profitable.
>
> A more brave or foolish (or both) man would have dropped it into gold,
> meep!
I did, I bought 2000 of gold before Christmas and resold for almost 200
profit, I see it is still going up though!!
mrcheerful
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| Re: I took MBNA offer. [message #382999 ] |
Sa, 22 April 2006 14:52 |
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Davao wrote:
> Got a call yesterday from MBNA rep.
> They offered me my credit limit as a cash advance interest free until
> October.
> But with a one time £75 arrangement fee. I accepted a rounded figure of
> £12,000.
> I have £750 to pay on another card so I'll clear that and put the rest into
> the offset savings account. I have an interest only mtg of 52K. So for 5
> months
> or so, the mtg will be reduced to £41K.
>
> Good call?
Assuming no charges for overpaying your mortgage and that you pay off
the MBNA card before they start charging interest, yes.
Although there is no interest, you will probably still have to pay off
some of the balance each month. This is typically 2 or 3 percent. 3
percent of 12000 is 360 quid. Make sure you pay it on time or they will
probably terminate the 0 percent offer.
Don't forget to allow time for the money transfered back to the MBNA
card to clear, and if you cannot transfer directly from your mortgage to
the credit card you will need to allow extra time. Work out when you
need to start transferring money and write it in your diary/calendar now.
Gareth.
--
------------------------------------------------------------ -----------
To reply to me directly:
Replace privacy.net with: totalise DOT co DOT uk and replace me with
gareth.harris
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| Re: I took MBNA offer. [message #383000 ] |
Sa, 22 April 2006 14:54 |
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Virgils Ghost wrote:
> "mrcheerful ." <nbkm57 [at] hotmail.com> wrote in message news:jL12g.56891
> <
>> this is called stoozing. I have earnt 250 pounds since Christmas using
>> interest free loans, the fees were about 100 total. A most refreshing
>> turn around. Even if you only transfer it to a high interest (on credit)
>> credit card , such as an egg money account, then it will be profitable.
>
> A more brave or foolish (or both) man would have dropped it into gold, meep!
"Commodity prices have dropped on Friday, halting the recent powerful
surge that set new records for the price of crude oil, gold and silver."
http://news.bbc.co.uk/1/hi/business/4929926.stm
--
------------------------------------------------------------ -----------
To reply to me directly:
Replace privacy.net with: totalise DOT co DOT uk and replace me with
gareth.harris
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| Re: I took MBNA offer. [message #383001 ] |
Sa, 22 April 2006 15:33 |
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"Gareth" <me [at] privacy.net> wrote in message
news:hcqdnZS3va5lu9fZnZ2dnUVZ8sydnZ2d [at] brightview.com...
> Davao wrote:
>> Got a call yesterday from MBNA rep.
>> They offered me my credit limit as a cash advance interest free until
>> October.
>> But with a one time £75 arrangement fee. I accepted a rounded figure of
>> £12,000.
>> I have £750 to pay on another card so I'll clear that and put the rest
>> into
>> the offset savings account. I have an interest only mtg of 52K. So for
>> 5
>> months
>> or so, the mtg will be reduced to £41K.
>>
>> Good call?
>
> Assuming no charges for overpaying your mortgage and that you pay off
> the MBNA card before they start charging interest, yes.
>
> Although there is no interest, you will probably still have to pay off
> some of the balance each month. This is typically 2 or 3 percent. 3
> percent of 12000 is 360 quid. Make sure you pay it on time or they will
> probably terminate the 0 percent offer.
>
> Don't forget to allow time for the money transfered back to the MBNA
> card to clear, and if you cannot transfer directly from your mortgage to
> the credit card you will need to allow extra time. Work out when you
> need to start transferring money and write it in your diary/calendar now.
>
> Gareth.
>
Yep. Already wary of this aspect.
Thanks.
Arthur
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| Re: I took MBNA offer. [message #383004 ] |
Sa, 22 April 2006 17:18 |
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"Davao" <pangga [at] btinternet.com> wrote:
>Good call?
You got a bloody good deal !
I take advantage of every deal offered by Egg and MBNA which is 1 a
year each. Last time I got 9 months at 1.9% with a 2% fee. Although
after they failed to implement the direct debit change from paying the
full balance to paying the minimum amount each month leading to failed
DD fees (which I must challenge under the 6 year OFT rule) and they
failed to implement the discount rate, they changed it to 0% for 12
months saving me £600.
Coupled with the £200 saving from my Egg anniversary offer I saved
£800 in total last year.
It's great news for those of us intelligent enough to take advantage
:-)
Daytona
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| Re: I took MBNA offer. [message #383007 ] |
Sa, 22 April 2006 18:25 |
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Daytona wrote:
> "Davao" <pangga [at] btinternet.com> wrote:
>
>>Good call?
>
> You got a bloody good deal !
>
> I take advantage of every deal offered by Egg and MBNA which is 1 a
> year each. Last time I got 9 months at 1.9% with a 2% fee.
That sounds pretty naff. I make the APR over 5.3%, which is more
expensive than a typical mortgage.
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| Re: I took MBNA offer. [message #383009 ] |
Sa, 22 April 2006 18:36 |
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> Davao wrote:
> > ... I'll ... put the rest into the offset savings account...
>
"Gareth" wrote
> Assuming no charges for overpaying your mortgage...
He's not overpaying his mortgage, he's using an offset savings a/c!
"Gareth" wrote
> Although there is no interest, you will probably still have
> to pay off some of the balance each month. This is
> typically 2 or 3 percent. 3 percent of 12000 is 360 quid...
This is where MBNA is better than other cards.
MBNA's minimum is just £5 plus any interest added that
month (plus any payment protection insurance premium).
As the interest is 0%, then assuming he doesn't accept
the rip-off insurance, then the minimum payment is
only £5 per month - regardless of balance. He'll
only need thirty quid between now & October!
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| Re: I took MBNA offer. [message #383011 ] |
Sa, 22 April 2006 18:59 |
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> Daytona wrote:
> > Last time I got 9 months at 1.9% with a 2% fee.
>
"Ronald Raygun" wrote
> That sounds pretty naff. I make the APR over 5.3%,
> which is more expensive than a typical mortgage.
I make it more like (just under) 4.7% APR.
Not fantastic perhaps, but you should still
be able to make a little money out of it!
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| Re: I took MBNA offer. [message #383014 ] |
Sa, 22 April 2006 21:45 |
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Tim wrote:
>> Daytona wrote:
>> > Last time I got 9 months at 1.9% with a 2% fee.
>>
> "Ronald Raygun" wrote
>> That sounds pretty naff. I make the APR over 5.3%,
>> which is more expensive than a typical mortgage.
>
> I make it more like (just under) 4.7% APR.
>
> Not fantastic perhaps, but you should still
> be able to make a little money out of it!
OK, I was being a bit brutal in taking that to mean
that you would borrow £100, paying a 2% up front fee
(in effect borrowing £98), and that then after 9
months you would owe £101.90, i.e. that the rate for
the 9 months would be 1.9%. If it's only three
quarters of that, I get 4.687%, or 4.699% if you pay
15.83p interest each month and repay the £100 together
with the ninth interest payment.
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| Re: I took MBNA offer. [message #383026 ] |
So, 23 April 2006 10:54 |
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> >> Daytona wrote:
> >> > Last time I got 9 months at 1.9% with a 2% fee.
> >>
> > "Ronald Raygun" wrote
> >> That sounds pretty naff. I make the APR over 5.3%,
> >> which is more expensive than a typical mortgage.
> >
> "Tim" wrote:
> > I make it more like (just under) 4.7% APR.
> >
> > Not fantastic perhaps, but you should still
> > be able to make a little money out of it!
>
"Ronald Raygun" wrote
> OK, I was being a bit brutal in taking that to
> mean that you would borrow £100, paying
> a 2% up front fee (in effect borrowing £98),
> and that then after 9 months you would owe
> £101.90, i.e. that the rate for the 9 months would
> be 1.9%. If it's only three quarters of that, ...
Probably more like 0.77 of it ...
"Ronald Raygun" wrote
> ... I get 4.687%, or 4.699% if you pay
> 15.83p interest each month and repay the
> £100 together with the ninth interest payment.
Actually, with MBNA it would be:-
Borrow (say) £10,000 at time 0 months.
Pay £205 at time 1 month.
Pay £5 at time 2, 3, 4, 5, 6, 7 and 8 months.
Pay remainder (£9,960 plus all the interest) at time 9 months.
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