Typical Credit Limit on new 0% cards?

MoneyPengiun

Thinking of getting a 0% on purchases credit card but was wondering what amount of credit they might give. OK each application will be different but it's of limited use if I only get £1000 limit.

I have a very good credit rating.

Thanks

fozmcfc

Yes it is on individual circumstances. Just because you think you have a good credit rating, doesn't automatically guarantee you will get a card with a high limit or indeed a card at all.

A lot of people think, ok I've a loan, a credit card, phone contract always paid ontime, so I have a great credit rating. But if the amount of credit used and/or available to you, is 50% or more of your annual salary/income, then you could still well be refused.

If you've never had any credit card/loans before, then companies have little to go on so you might be refused.

If your not on the electoral role, you could well be refused.

You'll need to give out info on current debt & previous credit history (cards, loans etc) and how much you earn, to give people a better idea as to whether you are likely to be accepted and if you are likely to get a large limit.

This year when I applied for my Halifax card, I had no bad marks on my credit history, on electoral role, income £33,000 a year, loan outstanding of £5000, credit card balance outstanding £1,200 and further £11,700 available to me on cards not being used. Halifax gave me a £4800 limit.

izools

Yes exactly it could be anything from £300 to £12,000 or more depending on how they assess your individual circumstances and affordability. What's your annual salary? How much do you owe? What's the limit on all your existing credit cards added up together?

MoneyPengiun

OK Thanks to both of you for replying - I think I'll look at individual cards and choose one.

King_Nothing

I got accepted for an ASDA card and they gave me a £1k limit, I wanted more like as I wanted to 0% BT about £3k, but I spose it will do to help me out.

danothy

I was given the lowest limit of £250 by Tesco when I applied. I'm on the electoral roll, have a phone line and a mobile contract, no missed payments on my file, have an (equivalent) income of about 17k, but the only commercial credit I've had before is a student overdraft which is outstanding by about 1k, so there's very little to go on.

You could look at it as a good way to build a history and get a better limit in the future if you don't get the limit you want this time.

lisyloo

I got £7K with MBNA.
I have £46K salary, £9K available credit on other cards, have a mortgage and good credit history (no late payments).
I mention the mortgage as anecdotally I've heard this is a good thing to have.
It also helps to have not moved recently, so stabillityis important.

As you can see there are many factos, but income will be a big one.

MoneyPengiun

Once again thanks to all who took the time to reply