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    • Lee73
    • By Lee73 17th May 17, 12:03 PM
    • 9Posts
    • 3Thanks
    Lee73
    Credit limit on 0% Balance Transfers
    • #1
    • 17th May 17, 12:03 PM
    Credit limit on 0% Balance Transfers 17th May 17 at 12:03 PM
    I have finally got around to going through the process of transferring my debt to a 0% balance transfer card.
    I used the MSE 'check eligibility' and chose the best deal for me, which was the MBNA 0% for 37 months with a 1.45% fee.
    I had been 100% pre approved using the MSE eligibility checker, great.... I thought... however when following the link to apply, I noted that my credit limit for the card was just £1200, when I need to transfer £3000 (£2k overdraft plus 1k credit card) to make it financially viable to do so (then checked all the other cards which i had been pre approved for - which were the same).
    Is there a way I can change this limit or speak to the card providers to make it worth my while transferring?

    I followed MSE advice and worked out what I would need to pay each month to clear it within the 37 months 0% and it's only approximately £20 a month more than I'm paying now just on the interest of them both.

    Any help or advice appreciated.
Page 1
    • Chrysalis
    • By Chrysalis 17th May 17, 12:49 PM
    • 1,875 Posts
    • 834 Thanks
    Chrysalis
    • #2
    • 17th May 17, 12:49 PM
    • #2
    • 17th May 17, 12:49 PM
    you can ring up and ask if you can have a higher limit or apply for a limit increase after you get the card.

    I was able to increase my limit by nearly 2k on my barclaycard within first year of getting it, I dont know if I could have got more as the amount I asked for got approved. However that was increased from 3k to 5k, going from 1k to 3k is much more in terms of percentage.

    I expect you will be told no for a 3k limit or yes but not with a 0% card.

    A 1.2k card should still be beneficial, you can transfer the existing cc balance and stop paying interest on that.
    • Candyapple
    • By Candyapple 17th May 17, 1:13 PM
    • 2,087 Posts
    • 1,609 Thanks
    Candyapple
    • #3
    • 17th May 17, 1:13 PM
    • #3
    • 17th May 17, 1:13 PM
    Are you sure your limit is £1200 or are you getting confused by the representative amounts/limits? (see grey box below) That is just an example only, it is not your credit limit.



    If you are 100% certain and have confirmed by a phone call that your limit is £1200, then you won't be able to increase your limit so soon, you would need to wait at least 6 months.

    Also, next time you should really ask on this forum before applying for cards and wasting your time and hard searches unnecessarily because you chose the wrong one. What you should have applied for was a 0% money transfer card, not a balance transfer one.

    As it stands, if you really do have £1200 limit, you can use the MBNA card to clear the £1k credit card debt.

    If you want to clear your overdraft you are going to need to apply for a 0% money transfer card, or wait 6 months until MBNA send you an offer.

    http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
    • Lee73
    • By Lee73 17th May 17, 1:54 PM
    • 9 Posts
    • 3 Thanks
    Lee73
    • #4
    • 17th May 17, 1:54 PM
    • #4
    • 17th May 17, 1:54 PM
    Ahhh, I think it was the representative amount as in the grey box you posted. I haven't actually applied yet, it's only when I clicked on the link from my previous approval email from MSE that I saw the limit. I will have a look at your link for a money transfer card. Thank you for taking the time to reply ��
    • EachPenny
    • By EachPenny 17th May 17, 3:15 PM
    • 1,188 Posts
    • 1,032 Thanks
    EachPenny
    • #5
    • 17th May 17, 3:15 PM
    • #5
    • 17th May 17, 3:15 PM
    you can ring up and ask if you can have a higher limit or apply for a limit increase after you get the card.
    Originally posted by Chrysalis
    Not all banks will let you do this though. One (the big red one) will not even consider a request to look at your credit limit unless you call them on the right day. And I mean not consider your request, let alone actually increasing the limit. It is worth checking the bank's policy on limit increases before applying for a card.
    "In the future, everyone will be rich for 15 minutes"
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