Which 0% credit card has highest limit?

Individual00

Me and my fiance are planning on paying for our honeymoon in 2013 on credit card so that we have longer to continue saving to pay it off. We want to get a credit card that is interest free for purchases for approx 12 months, however we do not know which one would be best to apply for. The honeymoon we want is £4500 and the assumed credit limit for the RBS credit card (MSE top 0% credit card) is only £1200. I cannot find any info for credit limits for any other 0% cards.

I earn £21176 pa before tax and would be able to pay off the balance within 12 months. I don't know if I have a credit history, I've never had a credit card or loan before and I rent my house. Am I likely to get a 0% card with a high enough credit limit and which one would be best to apply for?

Fruit_and_Nut_Case

Individual00 wrote: »

Me and my fiance are planning on paying for our honeymoon in 2013 on credit card so that we have longer to continue saving to pay it off. We want to get a credit card that is interest free for purchases for approx 12 months, however we do not know which one would be best to apply for. The honeymoon we want is £4500 and the assumed credit limit for the RBS credit card (MSE top 0% credit card) is only £1200. I cannot find any info for credit limits for any other 0% cards.

I earn £21176 pa before tax and would be able to pay off the balance within 12 months. I don't know if I have a credit history, I've never had a credit card or loan before and I rent my house. Am I likely to get a 0% card with a high enough credit limit and which one would be best to apply for?

Anecdotally you will struggle to get a 0% card if you've never had any credit card before.

The £1200 you mention is an industry-standard amount for illustrative purposes, not an indication of probable limit.

Individual00

Would it be worth getting a credit card now which we can pay off in full each month to build up a credit history? How long would I likely need to do this before my credit score will be good enough to get a high credit limit on an interest free card?

The other option we have is just asking our parents for an interest free loan, which I'm sure they would be willing to provide but I really want to prove that I can stand on my own two feet. Especially as we're getting married, I don't want my parents to feel like even though I'm living on my own and married I'm still sponging off them!!

CLAPTON

I'm afraid getting a loan to pay for a honeymoon isn't standing on your own two feet; it's spending money you don't have and getting into debt.

However, getting a CC asap is a good idea as it will build up your credit rating should you want a mortgage one day.
Maybe try your own bank first as they will already have a relationship with your.

Individual00

I understand that it's a debt, but it's a controlled debt that we've budgeted for. We really should have thought about this before we set a date for our wedding, but now we've set it (and paid the deposit for the venue) we realise we need another year to continue saving. We're saving approx £500 a month at the moment, and can continue to do so following the wedding which will enable us to pay off £4500 in approx 9 months.

I currently have a joint account with my fiance and they declined us for an overdraft (we didn't ask for it, just were told we wouldn't get one when we opened the account) because my fiance was unemployed at the time. He now has a full time job but it is only on a temporary contract. Would I be better off applying for a credit card in just my name so I don't run the risk of being declined again which would hurt my credit score?

Tixy

Making an application and being declined won't hurt your credit score, or rather it won't affect your ability to get credit.

A rejection doesn't appear on your credit file - and a single application isn't an issue - its only if you make a lot of applications close together that its likely to start causing problems.

Credit cards don't come in joint names - they always are only in 1 person's name - so yes just apply yourself.

Cell

CLAPTON wrote: »

I'm afraid getting a loan to pay for a honeymoon isn't standing on your own two feet; it's spending money you don't have and getting into debt.

.

Properly managed it's actually a sign of financial maturity.

Despite what some people would have you believe debt is not bad. Bad debt is bad.

CLAPTON

Cell wrote: »

Properly managed it's actually a sign of financial maturity.

Despite what some people would have you believe debt is not bad. Bad debt is bad.

In this context we must disagree; in a mature way of course.

Cell

As I read it the OP wants to book the honeymoon now on a 0% card and then pay it off before the 0% offer ends.

If it was possible (and I too doubt it is) then that's a win win. Get the honeymoon you want and pay for it before the event without paying interest.

It's if things go wrong that the trouble starts, and it's essential to allow some wriggle room.