Barclaycard Credit Limit Discussion Area

peawack · 11 July 2004 at 11:40PM

Barclaycard have given me a high credit limit but they will not let me do a balance transfer because of my credit score !
I suppose I'm OK to use it to run up a large debt with purchases at a high rate of interest ?

pioneer31 · 11 July 2004 at 11:42PM

I have received my Barclaycard but have not activated it yet. I don't really want to bother with it as the credit limit is £1200 and Im going to apply to MBNA anyway.

The question is > where do I stand? Has the fact that I've already received it affect my credit score? can I cancel? send it back?

Debbie_Hobdell · 12 July 2004 at 12:18AM

I'm not the person to answer whether it'll affect your credit score, though I suspect the answer is no.**

As for sending it back, you have an automatic 14-day cooling-off period anyway, and you can cancel your credit card at any point regardless.

I would suggest you hang onto it for now though, until MBNA definitely give you a card, even if you leave it as a zero balance.

** I've sometimes put down on previous applications that I've had less CCs than I actually possess, because until recently I've only used 1 or 2 on a regular basis. The others I've kept for large expenses only (eg huge car repairs!), but it didn't stop my applications being granted, and I know I've only got a "reasonable" rating at best, rather than "brilliant".

Galstonian · 12 July 2004 at 7:31PM

The answer is a definite "maybe". You will have a search recorded against you and even if the end result is that you changed your mind it will stay there. Too many searches in too short a period is seen as a "bad thing" by some lenders. If you apply to MBNA and are refused then it is worth appealing because they will not be able to see what the search was for until you tell them.

DiggingOut · 12 July 2004 at 9:50PM

One thing maybe being overlooked if you receive a low limit. You can call back after the three months and get your limit increased, then do all your purchases on your barclaycard and that money will be at 0% for 9 months. That is worth more than cashback.

So even if your limit is very low initially, it may be worthwhile to hang in there for three months and try for an increase.

Galstonian · 13 July 2004 at 12:17PM

Perhaps, though I'd suspect that if the rationale behind low limits is to stop people taking advantage of 0% finance then any increases might also be small.

If anyone tries this can they post how they get on?

Thanks.

DiggingOut · 13 July 2004 at 3:48PM

Yes, it will be interesting to see what happens on that. My suspicion is that they don't make money on balance transfers, but they do on purchases, even at 0%.

So I suspect that, once the BT deadline passes, they will be much more generous with the credit limits. But I could be wrong, it happened once before.

grovej · 29 July 2004 at 10:02PM

I recieved my card recently July 20th and have been given a credit limit of £6700. Transfered £5k onto a card then moved it to my Cahoot account 1 year at 5.5% thats what I like to see money for nothing.

;D

John

System · 30 July 2004 at 4:02AM

I've just received my Barclay card and the accompanying paperwork which shows my credit limit to be £1950. Having transfered in just short of the £5000 limit for a 0% account I now find that £3000 of this amount would be attracting 13.9% interest. I've been in touch with Customer Services to ask for the credit limit to be increased but they state that as I don't have a Barclays bank account I'm stuck with that amount and cannot request an increase for 6 months.

So if you don't have Barclays account -

[glow=red,2,300]beware![/glow]

I knew I shouldn't have trusted Barclays, they've always seemed to charge way over the odds on interest rates etc [when other company are reducing theirs] they're just a bunch of money grabbers. Having found the catch in the 'too good to be true offer' I have cancelled my account with immediate effect. >:(

System · 30 July 2004 at 10:32AM

having read what people were saying about credit limits i didnt ask to transfer until i had the card then was given£5500 limit so was then able to transfer 90%.maybe they gauge your limit on what you want to transfer so dont ask first
john

Barclaycard Credit Limit Discussion Area

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