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I am in shock

andys15
andys15 Posts: 1,102 Forumite
Part of the Furniture 500 Posts Name Dropper Combo Breaker
I thought the banks were not giving credit away anymore. I have just been approved for a credit card in less than 1 minute and given an £18000 limit which I did not ask for. Granted I did it online with Natwest and I have a Natwest online account, but I am astounded. That is the first time I have applied for a CC that has told me the limit before I get the card. I did ask after seeing the limit, that I wanted to lower it, but they told me I had to wait till I get the card and then lower it.
Debt free. March 2020
Mortgage free-August 2021
Planned retirement date- 19/5/2026
£29500 saved. Target £420000(19/05/2026)
«134

Comments

  • izools
    izools Posts: 7,513 Forumite
    1,000 Posts Combo Breaker
    Well good on you! And from the RBS group, too.

    It would seem your account conduct with them is very much above par with a healthy turnover through your current account. Applying for credit with your current account holding bank goes a long way to getting the approval / limit / APR you're after.

    Well done! :beer:
    Cashback Earned ¦ Nectar Points £68 ¦ Natoinwide Select £62 ¦ Aqua Reward £100 ¦ Amex Platinum £48
  • DGJsaver
    DGJsaver Posts: 2,777 Forumite
    think (no offence op) this may be one of the problems of the banking system
  • andys15
    andys15 Posts: 1,102 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    thinking about it i have got a loan at 8.1% with 49 payments outstanding. Currently owe £11872, so I guess a settlement figure of £10500. How could I put that on my CC as a balance transfer. I do have another credit card with £5200 limit which I dont use. And a Credit card of £2500 limit again which I dont use. Would it be worth paying the 2.9 balance transfer fee and putting my loan on my Credit card
    Debt free. March 2020
    Mortgage free-August 2021
    Planned retirement date- 19/5/2026
    £29500 saved. Target £420000(19/05/2026)
  • stephane_2
    stephane_2 Posts: 3,076 Forumite
    andys15 wrote: »
    thinking about it i have got a loan at 8.1% with 49 payments outstanding. Currently owe £11872, so I guess a settlement figure of £10500. How could I put that on my CC as a balance transfer. I do have another credit card with £5200 limit which I dont use. And a Credit card of £2500 limit again which I dont use. Would it be worth paying the 2.9 balance transfer fee and putting my loan on my Credit card

    Unless its a card accepting SBT then you won't.
  • andys15
    andys15 Posts: 1,102 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    Sorry I am not sure what SBT is. Something balance transfer. I was thinking, and I have only had moments to think this. I pay my loan using my old credit cards this week(can you repay a loan using multiple credit cards, will I get charged a fee to pay with credit card), then I balance transfer the 2 cc onto the £18000 cc I have just been approved.(it says i can BT upto 3 cards). My 2 CC are with nationwide and virgin
    Debt free. March 2020
    Mortgage free-August 2021
    Planned retirement date- 19/5/2026
    £29500 saved. Target £420000(19/05/2026)
  • vaporate
    vaporate Posts: 1,955 Forumite
    edited 11 March 2010 at 4:28PM
    18k limit is crazy!

    I would only ever use a credit card because some companies only take visa ec and not maestro. Then clear it there and then. e.g flights.

    The banks are just carrying on the same before the 'crisis'.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • andys15
    andys15 Posts: 1,102 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    vaporate wrote: »
    18k limit is crazy!

    I would only ever use a credit card because some companies only take visa ec and not maestro. Then clear it there and then. e.g flights.

    The banks are just carrying on the same before the 'crisis'.


    I dont even use a credit card for that anymore. My current accounts are all visa debit cards. I dont use a credit card for anything other than balance transfer, and never pay interest except BT fees. Oh I do use my Tesco credit card but that gets paid in full each month but i get the clubcard vouvchers.
    Debt free. March 2020
    Mortgage free-August 2021
    Planned retirement date- 19/5/2026
    £29500 saved. Target £420000(19/05/2026)
  • DGJsaver
    DGJsaver Posts: 2,777 Forumite
    andys15 wrote: »
    Sorry I am not sure what SBT is. Something balance transfer. I was thinking, and I have only had moments to think this. I pay my loan using my old credit cards this week(can you repay a loan using multiple credit cards, will I get charged a fee to pay with credit card), then I balance transfer the 2 cc onto the £18000 cc I have just been approved.(it says i can BT upto 3 cards). My 2 CC are with nationwide and virgin


    Super Balance Transfer , EGG CC do it , not sure who else
  • £18,000 - that would get you one Hermes Birkin Handbag!
  • Rupert_Bear
    Rupert_Bear Posts: 1,303 Forumite
    I think of op is treating it as a lottery win. I hope we dont see the op on the debt board in a years time trying to claim compensation for being awarded a large credit limit and as such got into financial problems. :rotfl:
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