Credit Lmit / Cash Limit Question

sandybrag

I have recently been given a 0% new credit card which specifies I have a credit limit of £10000, which include a cash withdrawl limit of £2500?.

Sorry this is a newbie question I know, but Im not interested in withdrawing cash on this card I just want to use my full credit limit for balance transfers.

So does this wording mean I could use the full £10000 for balance transfers if I wanted to, or does it mean upto £7500 for balanace transfers, and the rest for cash withdrawals?.

Figures given arent accurate by the way, but illustrate the point hopefully a bit easier!.

Thanks in advance for any help,

Sandy

[Deleted User]

the £2500 is a max should you wish to use it,otherwise you have a £10,000 limit for purchases and or bt`s

jonesMUFCforever

Don't forget most cards will have a limit of 95% of available credit for Balance transfers.
The cash limit is normally worked on a rolling 12 month basis.

sharpy2010

I've always found that although each of my cards specifies a maximum cash limit, I've ALWAYS been able to withdraw the entire limit as cash, should I wish to do so.

And, before people lament me for doing this, I'm aware its an expensive way to use a card, and its my wish to do so and pay the charges, so for me this is not a problem, thanks.

bengalknights

You have upto £10000 available for anything you want to use for other than a withdrawal at atm/banks.

sandybrag

Thankyou for all your help.

Once final question, if I transfer a balance from another credit card to this one before the end of the year, do I have to make sure I make my minimum repayment before the end of the year too?.

How do repayments work, ie, when do I have to make a repayment by, I was assuming it was per calendar month?

jonesMUFCforever

sharpy2010 wrote: »

I've always found that although each of my cards specifies a maximum cash limit, I've ALWAYS been able to withdraw the entire limit as cash, should I wish to do so.

And, before people lament me for doing this, I'm aware its an expensive way to use a card, and its my wish to do so and pay the charges, so for me this is not a problem, thanks.

I would suggest your information is out of date.
Don't trust what I say on here just ask your card provider.

dzug1

sandybrag wrote: »

Thankyou for all your help.

Once final question, if I transfer a balance from another credit card to this one before the end of the year, do I have to make sure I make my minimum repayment before the end of the year too?.

How do repayments work, ie, when do I have to make a repayment by, I was assuming it was per calendar month?

Your statement will tell you when the payment is due - usually per calendar month but it can vary a few days. Do not leave it to the last minute - nor too early. Both can lead to disaster

Gromitt

If you intend transferring a large balance to it then best bet would be to setup a DD to pay the minimum each month until the month before the end of the 0% and then pay the rest off in full.

Make sure it says your DD on your statement before ignoring the statement however, otherwise you can be charged interest and late fees!