Credit LIMIT Transfer?

sonnymanou

Hello,

I'm really quite ignorant about credit cards, which is probably why my cc debt is on the rise.

In order to pay my credit card off more quickly, I've decided that I need a 0% interest balance transfer to another card. (I'm aware of the potential average 2% fee for this kind of thing.)

I don't want to have to transfer my (sizable) credit card debt to more than one card, which I would probably have to do. (Because of my new card's probable lower credit limit.)

Here's the question - finally!

Is it possible to transfer my credit card limit as well as the balance?

A while ago, I heard that it was possible to do this because some credit cards were related somehow? This is where my knowledge becomes even more shady.

I have a Halifax credit card. I've been trying to Google this: is it underwritten MBNA? I'm not sure if "underwritten" is the right word. Is "affinity" better? Is the Halifax Credit Card in actual fact an MBNA credit card in disguise?

If this is the case, would I be able to apply for an MBNA card, or an MBNA affinity card and transfer my credit LIMIT to it?

Thanks in advance.

Sonny

stephane_2

Halifax is not related in any way to MBNA. You can only transfer the outstanding balance and not the limit of your actual card as long as the other one give you enough credit. Remember that most lenders will only allow you to transfer up to 90% to 95% to the new card.
What is the balance on your card?
What is your income?
Getting a new card and the limit you want will depends a lot on your ratio debt to income

sonnymanou

Hi Stephane,

Wow! Thanks for the quick reply.

Stephane, I'll have to come back to you with the figures as I don't have them to hand. Sorry.

Thanks for the info about MBNA. Thanks also for the information about:

stephane wrote: »

Remember that most lenders will only allow you to transfer up to 90% to 95% to the new card.

(I had no idea!) I've a lot to learn.

I'll catch you tomorrow with your requested information.

Cheers!

Regards,
Sonny

sonnymanou

Hi Stephanie,

Please forgive the tardiness of my delivery to you of the information that you have requested.

I'm expecting a statement from my credit card company any day now, so I'm waiting so that I can supply you with the current balance.

Speak soon.

Regards,
Sonny

sonnymanou

I don't have an overall income, Stephanie, I have a monthly allowance of £500 from a trust fund. From this, my only set expense, apart from the credit card, is my car. There are other miscellaneous expenses.

The current balance is £7,234.

Regards,
Sonny

Eydon

You will only normally be allowed to transfer a credit limit between cards if both cards are issued by the same bank. For example, on a recent MBNA application I made I was able to ask for a higher initial credit limit by agreeing to have my limit on another MBNA card lowered by the same amount.

However, all this won't help you, because you can't transfer a balance between two cards issued by the same bank. The only way would be to use cards that offer super balance transfers (i.e. transfer money to your current account and then use that to pay off your other card), but these tend to have higher charges for the transfer (around 4 or 5%).

sonnymanou

Thank you for your information, guys.

S

redpete

sonnymanou wrote: »

I don't have an overall income, Stephanie, I have a monthly allowance of £500 from a trust fund.
<snip>
The current balance is £7,234.

With current debt more than the amount you get in a year I think you will struggle to get an additional CC account.