opening credit card limits - transfers

tigerbalm

How can I transfer a credit card debit to a better deal when I can't get a credit card company to give me a card with enough of a limit to transfer the whole amount? I need to transfer about £3000, does anyone have good ideas?

YorkshireBoy

At the risk of stating the obvious you apply for more than one card.

thenudeone

1) Transfer as much as you can off ExpensiveCard on to NiceCard
2) Reduce the credit limit on ExpensiveCard
3) Wait at least a month, then check your £2 statutory credit report to make sure that the balance on ExpensiveCard shows as the reduced figure. Keep checking weekly until it does. Otherwise, because of timing differences, the same balance may appear on the credit reference agencies lists as outstanding twice - once on each card.
4) Apply for another card with a lower rate of interest on Balance Transfers than ExpensiveCard.
5) Repeat process until all your balances are at a lower rate

Bingo!

tigerbalm

Thank you folks. The only thing I would need to check is that I could meet the minimum payments for each card but that should be easily done, cheers!