Have I done the right thing - Barclaycard?

Fay_elizabeth

Hi all,
I recently moved to London (from Norwich) with my boyfriend to start a new job. We moved in on the 12th April and I start my job on 16th May.
I have a graduate account with Barclays which used to have an OD limit of £3000 until I reduced it to £2100 six months ago.
Anyway, the usual moving house expenses have added up and I'm currently just £100 away from my OD limit. Worried, I went into barclays on 15th April and applied to extend my OD back to £3000 to tide me by until I start my job. To my horror, it was denied. It turns out once a graduate account has been active for 2 years the OD on it can only be reduced, not increased. I panicked, as I have to pay my half of the rent (£425) on 1st May. The bank clerk then suggested I get a credit card as a short term answer. She sent away my application and I'm expecting it to come on Friday, its a Barclaycard with 0% interest for 6 months.
However - she said its going to be limited depending on my credit rating. Does anyone have a ballpark idea of what the limit could be?

Did I do the right thing? Are there any other options?
Any suggestions or advice would be very much appreciated. I'm wrecked with worry

book12

They are correct about decreasing the overdraft when you are in your second year and so forth.

They are right in recommending a credit card for the short term.

According to the Barclaycard website, it says the minimum amount they can give is £250. Which credit card did they apply for you?

The option is to apply for a graduate loan.

Fay_elizabeth

Thankyou Book12. The fact that its minimum £250 is a weight off my mind. I can at least pay half of my rent. Luckily it comes out of my boyfriends account, but I'd hate to owe him so much money. I have been looking at graduate loans, considering applying as long as I can find my degree certificate...

Any

With brand new address and brand new job that hasn't even started yet I would be very surprised if you get it...
I don't want to be scare mongering, but to get credit card you have to have some stable environment, at least a little... Would you lend money to your new neighborough?

Fingers crossed, but I hope your BF can pay for both of you for the moment..

book12

Fay_elizabeth wrote: »

Thankyou Book12. The fact that its minimum £250 is a weight off my mind. I can at least pay half of my rent. Luckily it comes out of my boyfriends account, but I'd hate to owe him so much money. I have been looking at graduate loans, considering applying as long as I can find my degree certificate...

According to the Barclays website, it doesn't have to be a degree certificate. http://www.barclays.co.uk/Loans/Ourloans/GraduateLoan/P1242557963946

I hope you get a decent limit on the credit card. I'm suprised that they didn't open the Barclaycard Initial for you. Looks like they openend a mainstream card for you.

Fay_elizabeth

Any, I was very surprised to learn that I was pre-approved for the credit card. The bank clerk assured me I'd get a card in the post on Friday.

shieldfab

Is Royal Mail delivering on Friday - Bank Holiday in place?

meer53

Fay_elizabeth wrote: »

Any, I was very surprised to learn that I was pre-approved for the credit card. The bank clerk assured me I'd get a card in the post on Friday.

Did you sign an agreement whilst you were in the branch ? Friday is a bank holiday, so is Monday 2 May, think it's cutting it a bit fine to say you'll get the card this quickly.

Fay_elizabeth

I did sign an agreement in branch, yes.
Its true - Friday is a bank holiday. To be honest I'm in no real rush for it as long as I actually get it. I've been reading old threads on the forum about "pre-approved" credit cards and now I'm getting worried that all I'll get in the post is a declined letter. However the clerk made out like it was on its way.. and I have 4 pages of terms and conditions and I've signed an agreement. Does this mean anything?

Getting more and more worried by the minute.

BugsyBrowne

Fay_elizabeth wrote: »

I did sign an agreement in branch, yes.
Its true - Friday is a bank holiday. To be honest I'm in no real rush for it as long as I actually get it. I've been reading old threads on the forum about "pre-approved" credit cards and now I'm getting worried that all I'll get in the post is a declined letter. However the clerk made out like it was on its way.. and I have 4 pages of terms and conditions and I've signed an agreement. Does this mean anything?

Getting more and more worried by the minute.

Stop worrying you have been accepted by the sounds of it, and seems like they are giving you the pre-approved 6 months 0% classic card, which I think will come with a £1000-£1500 credit limit IMHO....

Hax

Just a quick point - be aware that if you use the credit card to withdraw cash it will likely be expensive (check your terms and conditions) as usually, there is no interest free period and high rate interest is charged from the moment you withdraw the money.