What Martin said on J Vine about cards

bridiej · 11 March 2005 at 6:43PM

I listened to most of the programme today - excellent as usual!!! :money:

BUT Martin was saying that if you had a big purchase that was going to cost, say, £5,000 that you should transfer the cost onto Texaco and get a lower interest rate for the life of the balance.

BUT I tried this myself with my outstanding car loan - transferred it over to Egg then applied for Texaco to transfer it over... thing is they only gave me a £2K credit limit and wouldnt increase it meaning £2K on the life of balance and £2K on Egg at enormous rate!

It's now paid off the Egg but my querie is how do you ensure you get sufficient credit limit to do this without getting stung?

miss_lisalou · 11 March 2005 at 7:56PM

I know, same here. I'm yet to speak to someone who has a decent credit limit on the Texaco card. Call me a cynic but I reckon it probably has something to do with the very fact that their BT rate is so low and that's why they give us all teeny limits :mad:

almahadeus · 11 March 2005 at 9:57PM

My mum recently got a £6000 limit- she applied online and before the limit was set she put that she wanted to balance transfer £5800, then the limit was set at £6000. I think they do sometimes give higher limits.

MSE_Martin · 12 March 2005 at 3:31AM

If you read the half price precision loans article which goes in detail about how to do this technique - it explains it. In a nutshell though - y ou apply for Texaco first to see the CC limit

Sofa_Sogood · 12 March 2005 at 4:21AM

Any chance of a step by step video of these programmes and advice I (and presumably others) keep missing? I'm sure I'm not the only one that doesn't watch that much tv due to being here?

Thanks

bridiej · 12 March 2005 at 9:59AM

almahadeus wrote:

My mum recently got a £6000 limit- she applied online and before the limit was set she put that she wanted to balance transfer £5800, then the limit was set at £6000. I think they do sometimes give higher limits.

Wonder how she managed that, I did the same but they still only gave me £2K.

Still, it's £2K at a better rate than Egg and the loan though....

pinkfluffybabe · 12 March 2005 at 2:30PM

I got a letter today saying they will not up mine from £1000. At least I got some of my debt at the life of balance interest rate.

Martinslovechild · 12 March 2005 at 3:18PM

Sofa_Sogood wrote:

Any chance of a step by step video of these programmes and advice I (and presumably others) keep missing? I'm sure I'm not the only one that doesn't watch that much tv due to being here?

Thanks

Sofa,

The Jeremy Vine show is on the radio, not the telly. You could always listen to it on https://www.bbc.co.uk/radio2

nh · 12 March 2005 at 4:23PM

pinkfluffybabe wrote:

I got a letter today saying they will not up mine from £1000. At least I got some of my debt at the life of balance interest rate.

My fella got £10k, I got £2.5K

Margaret_Millne · 12 March 2005 at 5:11PM

Mine is £3000, hubby's £5200

bridiej · 13 March 2005 at 11:06AM

How come?

I dont understand it......

What Martin said on J Vine about cards

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