Tesco Credit Card - Credit limit

StinkyMonkey

I am thinking of getting a Tesco CC with a 15-month interest-free period as I am planning some heavy expenditure in the next 7-8 months.

Before I apply for one I would be very interested to know what credit limits are typically offered. If it is simply £2-3K, I would not be keen, I need more.

Anyone has got one and can give some advice? Also, what parameters affect the credit limit companies offer?

izools

Depends on your income, your current debt levels, your current levels of available credit, and the robustness of your credit history.

Might be £250, might be £10,000. People have reported getting both ends of the spectrum from Tesco, just as any other lender.

Limits are about you, not about the lender

jen245

StinkyMonkey wrote: »

I am thinking of getting a Tesco CC with a 15-month interest-free period as I am planning some heavy expenditure in the next 7-8 months.

Before I apply for one I would be very interested to know what credit limits are typically offered. If it is simply £2-3K, I would not be keen, I need more.

Anyone has got one and can give some advice? Also, what parameters affect the credit limit companies offer?

There is no such thing as a typical credit limit. They could give you as low as £500 or as high as £10000. It depends on a lot of different factors including income, existing credit commitments, employment status, time at address etc.

StinkyMonkey

Thanks for the responses. Is the limit negotiable? Can I call them after receiving the card ad bargain for something higher?

If I decide to cancel, will it adversely affect my record?

Gromitt

They say you can request a limit increase 6 months after using the card, not before. You can cancel without penalty.

I applied for a Tesco card and got a credit limit of £400.
Applied for the Halifax Clarity card and got declined
I then applied to the AA the next day and got a credit limit of £6000

That doesn't seem logical to me!

A friend applied to Tesco and got a 10K limit.

boogiemaster

Your already dropping your credit score with a search and with a new agreement being added its going to drop even more until you've had it 12-18 months.

They will look at your level of debt and adjust accordingly but if you have quite a bit of debt then your not going to get a decent limit.

If you have a decent wage then you could get a decent limit by it depends on various factors like credit score amount of debt already wage etc ect.

Someone might have a low wage and get a decent limit and someone with a high wage gets a low limit.

Credit card companies are unpredictable

StinkyMonkey

My wage is above average and my debts is currently £1.4K on a £6K card (will soon pay a significant chunk of it). Another credit card with £4K limit I have just cleared it. In the majority of times, I repay outstanding balances at the end of the month

BoGoF

StinkyMonkey wrote: »

My wage is above average and my debts is currently £1.4K on a £6K card (will soon pay a significant chunk of it). Another credit card with £4K limit I have just cleared it. In the majority of times, I repay outstanding balances at the end of the month

But that means you have a potential £8.6k available on other cards......that is a factor.

chattychappy

Doubt it helps much, but Tesco gave me a low limit compared with what I was getting elsewhere. I got £6600 on Tesco. MBNA, Natwest, Barclaycard all around 10K to start. Only Post Office gave me less (£6000).

After a couple of years, they increased it to £8800 even though it was relatively unused.

StinkyMonkey

BoGoF wrote: »

But that means you have a potential £8.6k available on other cards......that is a factor.

Not sure I follow. A factor that would push towards a higher or a lower credit limit?

Evidently, the other cards come with interest rates (one ca. 16% and the other ca.18%) and the point in the Tesco CC is to spend for 15 months without interest accruing

StinkyMonkey

chattychappy wrote: »

Doubt it helps much, but Tesco gave me a low limit compared with what I was getting elsewhere. I got £6600 on Tesco. MBNA, Natwest, Barclaycard all around 10K to start. Only Post Office gave me less (£6000).

After a couple of years, they increased it to £8800 even though it was relatively unused.

May I ask what credit limits, debt and salary status you had at the time? Apologies for being intrusive