Balance transfer question - right up to the limit?

Watson

I've searched for the answer to this, but can't find it. My apologies if it has already been asked and answered.

When making a balance transfer to a newly-acquired card, it is OK to transfer funds right up to the credit limit on the new card? (Assuming that the terms and conditions permit this, of course.)

In my case, the new card will be a low-interest one (rather than zero) - doesn't that mean that if the transfer is for the full credit limit, the first month's interest on the transfer will take the card over that limit?

Or am I misunderstanding something fundamental here?

Thanks in advance.

Watson

mountainofdebt

It all depends on the card.

For example egg allows you to transfer 95% of your limit while barclaycard allows you to transfer 90% of your limit.


Personally I wouldn't transfer 100% of my limit for the very reason you have stated, even if you could./

klondyke

You really need to look at the T&Cs, or ring the card issuer, as each card varies, eg Egg up to 95% of credit limit; Capitalone must leave £100 available.

Watson

Many thanks to Klondyke and Mountainofdebt for the replies. They're pretty much what I was expecting, but it's good to have confirmation.

Edited on 22nd October to add:

Just for general interest, it turns out that my new BA Amex card allows transfers up to 95% of the credit limit, and my Barclaycard, as mountainofdebt stated, up to 90%.

Watson