Only 90% of the available credit can be transferred" WHAT!?

christopherjk

From my understanding it means if I have a credit card with a £2,000 limit and it's £1,900 in debt already, I could only transfer £90 to the new credit card?

Is this right? If it IS right, what's the point of getting a new card and balance transferring anyway?

Fruit_and_Nut_Case

christopherjk wrote: »

From my understanding it means if I have a credit card with a £2,000 limit and it's £1,900 in debt already, I could only transfer £90 to the new credit card?

Is this right? If it IS right, what's the point of getting a new card and balance transferring anyway?

Slight misunderstanding. They mean 90% of the availability on your NEW card.

christopherjk

That does makes sense, and after chatting to the wonderfully confused Barclays woman I managed to find out myself. Thanks for replying.

MABLE

Well we are now in the silly season.

madgagoo

Quick follow on question. Does the 90% of limit include the balance transfer fee or would this be added onto the balance transfer?

I.e. in the example above (with a £2000 limit) can you transfer £1747.57 (plus 3% fee = £1800) or can you transfer £1800 (plus 3% fee = £1854).

Thanks

StuC75

The 90% of balance is to ensure that once Balance transfer fee is also added that the credit limit isnt exceeded - also allows for if there was any trailing interest from previous months that were yet to be applied to the account..

That way should restrict chance of you going overlimit and being charged....