Is there a difference between "Credit limit" and the "balance transfer" amount?

aryoodz

Hi everyone,

I got a letter today from Capital One, and I've been accepted for their credit card! :T:T:T

I have to sign and return the form, obviously before I get it.

On the letter it says: "minimum credit of £500".

Obviously my limit may or may not be higher. But I'm wondering: is whatever my credit limit is, also the maximum amount that I can do a balance transfer?

I have about £4000 spread over 3 different cards, that I was hoping to transfer to this new capital one card.

bethanyrayne

aryoodz wrote: »

Hi everyone,

I got a letter today from Capital One, and I've been accepted for their credit card! :T:T:T

I have to sign and return the form, obviously before I get it.

On the letter it says: "minimum credit of £500".

Obviously my limit may or may not be higher. But I'm wondering: is whatever my credit limit is, also the maximum amount that I can do a balance transfer?

I have about £4000 spread over 3 different cards, that I was hoping to transfer to this new capital one card.

Normally you can use upto 95% of your credit limit for BTs

aryoodz

Ok, I have one more question!

On my credit agreement form they have sent me, there is a section for 'Balance Transfer Requests'. Basically asking me to enter the card details of my other cards, so that they can transfer it over to them.

My question is, if I fill this area out with details of ALL of my other cards, will it affect my credit rating if Captial One don't allow it? If they say it's too much, will this be a black mark on my credit rating? i dunno

bethanyrayne

aryoodz wrote: »

Ok, I have one more question!

On my credit agreement form they have sent me, there is a section for 'Balance Transfer Requests'. Basically asking me to enter the card details of my other cards, so that they can transfer it over to them.

My question is, if I fill this area out with details of ALL of my other cards, will it affect my credit rating if Captial One don't allow it? If they say it's too much, will this be a black mark on my credit rating? i dunno

No, not at all. It's their decision based on their criteria how much credit they give you and does not concern anyone else other than your credit limit will be reported to CRAs as is normal.