How/when to request credit limit increase?

stormCat99

Hi everyone,

My husband and I have always used a cashback card - we repay in full every month. However, now that we have an offset mortgage, it is more rewarding for us to use a 0% card; instead of paying off the card, we pay the amount into an offset savings account.

We both applied for Tesco 0% on purchases credit cards. My husband's credit limit was higher than mine, not sure why. I had around £3500 limit, my husband's is around £7000. We spend over £1000 per month on a normal month, more around holidays, Christmas etc, plus we have just moved house so lots of extra stuff being bought for the house. So this will soon get used up

When my £3500 was used up, we got me added as a 2nd cardholder to my husband's card, which still had some credit left. Obviously at some point soon this will also be used up.

Before we simply apply for a new 0% card elsewhere, I wanted to look into upping my credit limit. I've now had the card for almost 4 months, and have repaid the minimum payment each month. Does anyone know if I've had the card long enough to request a decent limit increase? Also if so, how much of an increase can I request? I mean, £1000 or so is hardly worth bothering with really as would soon run out again, I'd be wanting a substantial amount more. I've never requested an increase before so not sure how best to go about it, or if it's worth bothering.

Any advice?

Thanks.

Moggles_2

Although the Tesco card is no longer owned by Royal Bank of Scotland, it's operated by the bank and still seems to be run on the same lines as RBS cards.

That being the case, I think you would be lucky to get a credit limit increase during your introductory 0% period.

Of course there's no harm in asking, but if you decide to give it a go, be prepared for a credit check, if you request £500 or more.

stormCat99

Thanks Moggles. Sounds as though there may be little point then in trying to get it increased, I may just be better to get applying for the next 0% on my list. Shame.

Moggles_2

If you happen to bank with Halifax, I can vouch for the Extras card.
IME (and from feedback here), credit limits are generous and the minimum monthly payment is just 1% of the balance shifted

Otherwise, this table on the stoozing site (which is sponsored by Money Saving Expert) should help:

https://www.stoozing.com/purchases.php

Chrysalis

well it helps when you pay more than the minimum on a consistent basis, this shows you can handle the minimum on a larger limit.

stormCat99

Hmm, too late for that then, as I've only paid the minimum so that I can stash the rest in my offest savings account. I will remember that for future 0% cards though.

I bank with First Direct, so looks like I can't get the Halifax Extras card. Never mind - I am glad I posted on here as it has saved me from a potentially wasted credit check, as it sounds as though I would not have had much joy with getting a decent credit increase from Tesco.

I will move on, and apply for a new card instead. Thanks for all the help.