In the last few weeks, I opened a Discover Miles Card account, which was offering one of the free 0% APR balance transfer deals. I decided to take advantage, to earn some interest on the credit.
Everything went smoothly until today. My Wachovia Visa (operated by MBNA) received the $7,500 and posted it to my account, leaving me with the credit. I called MBNA today in order to have the credit sent to me in the form of a check or a transfer into my Wachovia bank account, but it’s a no go. The only place they can send the check is back to where it came from — Discover Card. Apparently they consider this money laundering, and the person I spoke to is under the impression that this is the first time anyone has ever done this type of balance transfer.
I suggest if you want to to earn interest on your 0% APR balance transfer offers, stay away from using MBNA.
Updated January 12, 2011 and originally published October 20, 2005. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.