I am in shock

andys15

Rupert_Bear wrote: »

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:

i am treating it as no such thing. i am just shocked at the ease of getting it, and the amount in these financial times.

gizmo111

You can BT onto your virgin card and then straight into your bank account to pay loan off, virgin charge between 2.9 and 5 % for this. Bear in mind to make this cost effective you will need to have a plan to pay the balance when the 0% NW card runs out, else you could end up paying a hefty interest rate in 15 months on all or part of the balance.

JA1000

Why did you apply?

Good effort alway useful for a rainy day.

aylithuk

that kinda limit is normally reserved for clients earning high value wages. I mean the Black Card has a starting limit of 15,000 and those clients have to earn 75,000 per year with good credit history. I doubt te bank would give 18,000 to someone earning 10,000 per year?

cashbackproblems

It surely depends on your salary, as mentioned above, if you earning an average wage it could be a mistake as its online it wont be fully accurate.

Having said that, rbs offered me a mortgage recently at 90% of the property value and almost 5x my salary!

paulmcerlean

Rupert_Bear wrote: »

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:

I dont recall the OP claiming any such thing...

Any

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

You cannot pay off loan with credit card. They will not accept is as a payment.

You would have to get a card that allows you to transfer money to your bank account and that treats such a transfer like balance transfer (that is why it's Super Balance Transfer). There isn't many cards that do that, MBNA family and Post Office for example do, but Natwest certainly don't.

This would have to be cost effective as well, ie you would have to be able either to repay the money onto your card within the 0% period offer period or take a risk and rely on your ability to get another 0% balance transfer card at the end of the offer.

Otherwise you could end up paying more interest on the card then you would on the loan in the first place.

andys15

Well i now have said card.Not physically but it is a limit of £18100
I got it to transfer £500 onto from my virgin card. I am a quite high earner, £65000. I do pay alot of money towards debt each month as /i have not always been a high earner.

Grade_A_Reject

I recently got a similar high limit. It's not really a shock if your credit rating and income justify it.

It's only a limit (i.e you don't have to use all of it) and would only be a problem if you spent up to it without the ability to pay it back.

UnemployedAndEnjoyingIt

Max it out and then get a Debt Relief Order?