Low credit limits on HSBC '0% for 15 months' deal

Steel_2

Just been advised by HSBC that I can have their credit card on the '0% for 15 months' deal but not for the £5,200 balance transfer I need, only for a maximum of £1,500.

How many of you out there that have been accepted by HSBC on this new 'fantastic' 0% deal have been given a low credit limit? Is it best to accept it at this low level or look elsewhere?

tom188

Accept it you will save money. How much smaller is it than your usual "new applicant" credit limit - they wont be as generous as cards youve had a long term relationship with.

vwman_3

Steel wrote:

Just been advised by HSBC that I can have their credit card on the '0% for 15 months' deal but not for the £5,200 balance transfer I need, only for a maximum of £1,500.

How many of you out there that have been accepted by HSBC on this new 'fantastic' 0% deal have been given a low credit limit? Is it best to accept it at this low level or look elsewhere?

I had my Hsbc card earlier this month and my limit is twice what I was hoping for, I was more than pleased.......

Steel_2

....so I've been offered less than 30% of the total amount I wanted to balance transfer.

I've been with Egg about 5 years I think and I only have their card. I remember being offered a credit limit of £3,500 when I first applied for the Egg card, and I didn't own my own home then and earned less than I do now.

If I accept the credit limit of £1,500 yes I'll save money in the short term on a small amount. But it might work out that a very low lifetime balance, like the one the M&S card is offerring, would be better than splitting the debt between two credit cards and trying to keep up with changing 0% deals.

I'm going to go and search the internet now and compare the two situations and see which one will save me the most money.

Steel_2

I worked out all my figures and have decided to turn down the HSBC card and cancel my application. I'm now considering the low lifetime balance cards instead as the next best option.

If I spilt the two cards, I've got to split my current payment and then increase it to make the minimum payment on the remaining Egg card balance. I'm just not in a position where I can do that right now. Every surplus penny I have coming in goes on overpayments on the double glazing we had fitted a few months ago. My husband pays the direct debit every month and I'm overpaying so we can be clear of it in one year instead of 10 years.

I needed the 0% on the whole balance to make it a viable option.

Oh well.....c'est la vie! Back to the drawing board...

udydudy

Same here got a 2000 limit have 3 times the limit and more on all cards

AceCobra

£1250 Transfer, was offered £5000k credit limit.

Similar to what I have on the previouds cards.

moneyuser

What you going to do if you don't get the full amount on the next card you apply for? The more applications you make the less likely you will be accepted for new cards. M&S is now also part of HSBC so not sure how that would go down if you do apply to M&S.

Have you closed down unused cards and reduced limits to required minimum on ones you have? If you earn 25k but have 30k in available credit it isn't going to make a blind bit of differene that you are now a homeowner and earn more than before.

girltuesday_2

I asked for a £2500 balance transfer when I applied for the HSBC card and they gave me a £2500 credit limit. That's a lot lower than my other cards, but I suppose as I only asked for that balance transfer they thought that was all they needed to give me...

Sarahpuggy

Hi all,

Can i just ask how long it took HSBC to get the card to you?

My OH applied about 4 weeks ago, got the acceptence letter through, we signed everything, sent it back about 3 weeks ago now. Still haven't got anything back.

Should we call them do you think? he requested a balance transfer of £1119.00.

Thanks

ferry

So far I've waited a week and a half ...still no card...

T.