ccepted for first Credit Card but urgent question

sho_me_da_money

I just applied for the Barclays Credit Card 22 months BT

During the application, it asked what I would be using my card for. There were two options:

1. For cash withdrawals
2. Balance Transfer

So I chose option 2 and it was presented with additional optional fields to fill in. These fields requested the card/balance I am transferring. I left them blank and continued with the application. There was a small note to say - "If you do not have your card details handy, you can call up to arrange this".

Anyways, I completed the application but got a message saying they couldnt offer it me at the 17.9% APR but could at 23 or 20 something percent. So I accepted and completed the application and my card is on its way to me.

When logging into the console, it says my credit limit is £1000. Does this mean I can only transfer a balance of £1000 across? The wife and I were looking to purchase some stuff on her credit card, which has a limit of £3500. The idea was to transfer that balance to my card. Is that possible? or have I screwed up?

Thank you

sho_me_da_money

Ok I called up and got my answer. The advisor said I can only transfer £900 (90% of the total limit) and they cannot increase the limit as I am a new customer.

I have decided to cancel the card/application. The advisor explained once the card arrives, you can simply choose not to sign/return the T&C's and the card will be deemed cancelled. Is that true?

Eonel

If you do not sign the T&C the card will be cancelled- but I'm not sure how long that takes while they ring to remind you.

Alternatively sign the T&C & a couple of weeks later cancel the card. You then know when it has been cancelled + you may get a Settled credit account on your record, potentially boosting your credt score

sho_me_da_money

Eonel wrote: »

If you do not sign the T&C the card will be cancelled- but I'm not sure how long that takes while they ring to remind you.

Alternatively sign the T&C & a couple of weeks later cancel the card. You then know when it has been cancelled + you may get a Settled credit account on your record, potentially boosting your credt score

Good call. Might just do that.

Just tried to be a little sneaky by signing up for an RBS card in order to potentially increase the BT amount split across 2 cards. The result? FAIL! "Unfortunatly on this occasion sir, the credit application was declined".

I reckon, ive battered by credit score down with back-2-back applications.

DANG!

CLAPTON

you would be cutting off your nose to spit your face if you cancel the card.

for a first card 1,000 is a good limit.
accept it, do the 900 transfer (900 at 0% is better than 900 at some high rate), make the required payment on time (preferrably by DD) and then in 6 months or so apply for another one.

Hazzinho

I'd keep the card and transfer the maximum value,you can then get the balance down paying small amounts for the 22 months. It'll look good for future credit applications.You need to get credit to get better credit deals in the future. I transfer from one 0% card to another so my file is full of well managed accounts and all I'm paying is the initial BT fee.

bigadaj

Could the OP confirm whether the card has been issued with a zero per cent bt offer as it is unclear, sounds like you may just have got a card at twenty odd per cent. If you have a zero bt offer then do as the last two posters have suggested.

chanz4

is this Halifax?

sharpy2010

sho_me_da_money wrote: »

I just applied for the Barclays Credit Card 22 months BT

This would tend to suggest it was Barclaycard.

sho_me_da_money

Thank you my sexy MSE money grabbing filthy rich co-members!!! Only messing.

Yes, I have decided to use this Platinum as a stepping stone to get better Credit going forward. I think I'd be a fool to be accepted for such a tasty card and then hand it back without using it as a building block.

The stupidest thing I did was apply for the RBS/Natwest card straight after - a move of a genius or a fool. In this particular case, a fool since I was declined and suffered another blow to my credit score.

Thank you again fellas. Any computer probs, holla. I am the man with the plan.

sistafromanothermista

[QUOTE=sharpy2010;54158901]This would tend to suggest it was Barclaycard.[/QUOTE]

:rotfl: This made me :rotfl: