Only 90% of the available credit can be transferred" WHAT!?
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christopherjk
Posts: 51 Forumite
in Credit cards
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?
Is this right? If it IS right, what's the point of getting a new card and balance transferring anyway?
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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?Are you for real? - Glass Half Empty??
:coffee:0 -
That does makes sense, and after chatting to the wonderfully confused Barclays woman I managed to find out myself. Thanks for replying.0
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Well we are now in the silly season.0
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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).
Thanks0 -
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....0
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