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  • FIRST POST
    • moorems
    • By moorems 8th Jun 17, 1:12 PM
    • 1Posts
    • 0Thanks
    moorems
    Balance Transfer
    • #1
    • 8th Jun 17, 1:12 PM
    Balance Transfer 8th Jun 17 at 1:12 PM
    Hi All,

    Just wondering if anyone else had the same problem as me? I wanted to do a Balance transfer (I just didn’t want to pay the Interest fee’s back to my bank, so I was trying to be clever) I did the eligibility check and was offered the 0% spending 0% Balance transfer on a 38 month card with MBNA. Happy Days! I went and applied for it said I wanted to do the balance transfer of £1000 that next minute I got accepted with a £500 limit and the balance transfer wasn’t accepted as my limit was too low! My credit card I have with my bank is £2500 so I can’t see why this happened. I cancelled my application with in the 14 day period, as the only reason I got it was to do a balance transfer and help me to save money on interest fees.
    What went wrong?
Page 1
    • Ebe Scrooge
    • By Ebe Scrooge 8th Jun 17, 1:45 PM
    • 3,773 Posts
    • 3,136 Thanks
    Ebe Scrooge
    • #2
    • 8th Jun 17, 1:45 PM
    • #2
    • 8th Jun 17, 1:45 PM
    Each lender will have their own criteria, which influences the amount of credit they're willing to extend to you. Key factors tend to be income and credit history. The reason you were offered a relatively low limit could be anything, but if you have a relatively low income, or any negative markers on your credit file, or already have a reasonable level of debt, then this may well be it.


    However, no-one will ever know for sure - criteria will differ from one lender to another, and are confidential. You could try another application to a different lender - but don't attempt any more. Generally, 2 applications in a short space of time is OK, more than this and it starts to negatively affect your credit file.
    I may not know much about art, but I know what I like.
    • Candyapple
    • By Candyapple 8th Jun 17, 1:47 PM
    • 2,240 Posts
    • 1,700 Thanks
    Candyapple
    • #3
    • 8th Jun 17, 1:47 PM
    • #3
    • 8th Jun 17, 1:47 PM
    Read this:
    http://www.moneysavingexpert.com/credit-cards/bad-credit-rating

    My guess as to why you got such a low limit is any or all of the below:
    a) Your salary is too low
    b) You have a lot of debt elsewhere
    c) There's a history of late payments/defaults/CCJs on your credit history
    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
    • swallow123
    • By swallow123 9th Jun 17, 10:03 PM
    • 1 Posts
    • 0 Thanks
    swallow123
    • #4
    • 9th Jun 17, 10:03 PM
    • #4
    • 9th Jun 17, 10:03 PM
    Some banks have a nasty habit of doing this! Take a bow .... Clydesdale Bank! I filled out their online application for a 0% balance transfer card. In the box where I was asked to input the amount I wished to transfer I input £4000. Hey presto - all accepted and ticked the agreement box.

    A few days later the written agreement arrives in the post. I check the credit limit of the card and its £500 !! Basically, about as much use as a Chocolate Teapot!

    It's not Treating Customers Fairly and you are basically agreeing online on a form that is not Contract Certain.

    I felt totally 'led up the garden path'. I complained and the robots at the other end could only spout out their much practised platitudes. They just couldn't grasp the point that surely accepting a transfer request of £4000 means the customer will get an account with the card provider that has a £4000 limit (or more) to accommodate that £4000 transfer.

    Absolutely disgusting.
    • venison
    • By venison 9th Jun 17, 10:43 PM
    • 1,091 Posts
    • 1,144 Thanks
    venison
    • #5
    • 9th Jun 17, 10:43 PM
    • #5
    • 9th Jun 17, 10:43 PM
    Fraid its their business, their rules, their limits.
    #WeStandTogether
    • Ben8282
    • By Ben8282 10th Jun 17, 3:46 AM
    • 1,987 Posts
    • 863 Thanks
    Ben8282
    • #6
    • 10th Jun 17, 3:46 AM
    • #6
    • 10th Jun 17, 3:46 AM
    Some banks have a nasty habit of doing this! Take a bow .... Clydesdale Bank! I filled out their online application for a 0% balance transfer card. In the box where I was asked to input the amount I wished to transfer I input £4000. Hey presto - all accepted and ticked the agreement box.

    A few days later the written agreement arrives in the post. I check the credit limit of the card and its £500 !! Basically, about as much use as a Chocolate Teapot!

    It's not Treating Customers Fairly and you are basically agreeing online on a form that is not Contract Certain.

    I felt totally 'led up the garden path'. I complained and the robots at the other end could only spout out their much practised platitudes. They just couldn't grasp the point that surely accepting a transfer request of £4000 means the customer will get an account with the card provider that has a £4000 limit (or more) to accommodate that £4000 transfer.

    Absolutely disgusting.
    Originally posted by swallow123

    I think you will find that they did not actually agree to the balance transfer request at the time of application. You were merely asked to state the amount of the balance transfer that you wished to make as part of your application.
    As it turns out you were given what was probably their lowest possible limit, no doubt for reasons similar to the OP and as suggested by others above.
    • bigadaj
    • By bigadaj 10th Jun 17, 9:12 AM
    • 9,577 Posts
    • 6,095 Thanks
    bigadaj
    • #7
    • 10th Jun 17, 9:12 AM
    • #7
    • 10th Jun 17, 9:12 AM
    Some banks have a nasty habit of doing this! Take a bow .... Clydesdale Bank! I filled out their online application for a 0% balance transfer card. In the box where I was asked to input the amount I wished to transfer I input £4000. Hey presto - all accepted and ticked the agreement box.

    A few days later the written agreement arrives in the post. I check the credit limit of the card and its £500 !! Basically, about as much use as a Chocolate Teapot!

    It's not Treating Customers Fairly and you are basically agreeing online on a form that is not Contract Certain.

    I felt totally 'led up the garden path'. I complained and the robots at the other end could only spout out their much practised platitudes. They just couldn't grasp the point that surely accepting a transfer request of £4000 means the customer will get an account with the card provider that has a £4000 limit (or more) to accommodate that £4000 transfer.

    Absolutely disgusting.
    Originally posted by swallow123
    So you'd presumably prefer to have been declined?
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