Advance Limit

paint

Hello folks,

I have a (probably very stupid!) query arising from my mint card terms and conditions.  One of the items says:-

"We will set your credit limit and advance limit, and we may change them at any time. The advance limit is 50% of the credit limit."

My question is, what is an advance limit?  I've phoned their customer services and they don't know!!!   ???

Hopefully one of you financial genius types out there will be able to tell me!

Cheers,
Paint

Ignore the above, just found the answer on their website, tucked away somewhere.  Looks like it's a sort of cash advance limit or money transfer limit. Was concerned it would apply to balance transfers but it appears not.

Sorry for the unncessary post!

Martinslovechild

Looks like it's a sort of cash advance limit or money transfer limit.  Was concerned it would apply to balance transfers but it appears not.

Correct - don't be tempted to use it - it's for cash advances from cash machines which will be charged at an astronomical rate!!

paint

Thanks for the confirmation MLC, my total debt (of 8200)is now all on 2.9 or 3.9 for life of balance and I have a schedule of payments to clear them completely within 18 months (throwing most at the higher rate one). I'll be a good girl and cut up the Mint card as soon as it arrives. Thanks again for confirming things - much appreciated.

Gotabiscuit

 I'll be a good girl and cut up the Mint card as soon as it arrives.

No need to do that. If it's a new Mint card, it should be 0% on purchases for a good number of months so why not use it for your regular spending?

paint

No need to do that. If it's a new Mint card, it should be 0% on purchases for a good number of months so why not use it for your regular spending?

Thanks Got a biscuit (or may I call you biscuit?), because I feel uncomfortable with my level of debt I'm moving my overdraft of 2000 on to Mint at 3.9 for life of balance.  

All other debts are at 2.9 for life of balance on capital one.  

I have set up direct debits so that over the next 12-18 months I will  reduce my debt from about 8,000 to about 0.  

I'm not sufficiently organised to fanny about with my cards every six months to change to a better deal of 0%.  If I were to use a separate card for my expenses I know that I am not sufficiently disciplined to use it solely for budgeted day to day expenses.  So I have cut up all my cards, and plan to live on cash drawn from my current account (in accodance with my budget) from week to week.

Back to basics for 2005 for paint!