Just got a balance transfer card...

scattydove

Last night I was thinking about my finances. I recently successfully applied for a consolidation loan to get rid of the overdraft and cc I have with my bank (loan also with my bank). I've now closed both the overdraft and cc which is great.

However it genuinely slipped my mind at the time of applying for the loan that I had a second cc with around £2500 on it (because the bank were only focussed on the debt which I had with them), and by the time I went back to the bank to see if I could include that in the loan too, it was too late.

So....I applied for a 0% balance transfer with Barclaycard and was instantly accepted. However, rather naively, I thought that they would only allow a credit limit for the £2500 that I was transferring. The result? £7500 smackers!!!

The first thing i'm doing when the transfer goes through is tearing up the old card and closing the account. Then putting the new card deep in a drawer when it arrives (and ringing them to drastically reduce the limit). It just astounded me that I would be successful in my application and be granted such a large credit limit instantly. It's no wonder that people succumb to temptation when they're trying to consolidate and pay off debt. Also sickening to think of just how much cc companies and banks prey on people who are debt-ridden and wanting to help themselves.

[Deleted User]

Nothing wrong with a 7.5k limit. People need to learn a little self control or lower the limit if they can't handle it.

scattydove

I agree zx81, but was just trying to make the point that there are many people out there who haven't yet had the LBM or just want as much credit as possible...and this is like a pure fan to a flame.