WANTED: Credit card provider - 0% purchases + high credit limit?

Ravendarksky

Hi,

I'm looking for a credit card provider which does a decent length of time on 0% purchases AND has a high credit limit. (I have a perfect credit score)

Basically I've got an offset mortgage account and I want to dump as much money as possible into the account.

My plan would be to buy everything on a credit card and just make the minimum payments each month and then pay it all off in one go a week before the 0% purchase rate runs out.

Any suggestions/Comments welcome

Note: I've read: moneysavingexpert.com/cards/best-0-credit-cards but it doesn't really give much information on credit limits. Ideally I want a nice and HIGH one. I've already filled up my £3k Allowance on my capital one card.

ellesbellesxxx

I think the Credit limits tend to be personal to each person so depending on what they wantto give you is what you will get!

YorkshireBoy

Ravendarksky wrote: »

I've got an offset mortgage

What's the interest rate? (there may be better/faster ways to build up an offset savings account balance than you're proposing)

Ravendarksky

The rate is currently 2.7%.

I've already maxed out my ISA, got all my direct debits coming off at the end of each month (although I've now noticed that you can get the direct debit discount rate for certain utility companies AND pay your balance off early with a credit card! win, win)

pheonixrising21

Ravendarksky wrote: »

Hi,

I'm looking for a credit card provider which does a decent length of time on 0% purchases AND has a high credit limit. (I have a perfect credit score)

Basically I've got an offset mortgage account and I want to dump as much money as possible into the account.

My plan would be to buy everything on a credit card and just make the minimum payments each month and then pay it all off in one go a week before the 0% purchase rate runs out.

Any suggestions/Comments welcome

Note: I've read: moneysavingexpert.com/cards/best-0-credit-cards but it doesn't really give much information on credit limits. Ideally I want a nice and HIGH one. I've already filled up my £3k Allowance on my capital one card.

Firstly, no such thing as a perfect credit score (unless you have managed to find out the "score" each individual lender uses and these are all perfect). While the "perfect" score you got from Experian/Equifax may be indicative, each lender uses their own system and therefore this figure is pretty meaningless.

To offer my opinion on your question, credit limits are individual and based on affordability factors such as salary, outstanding debt, monthly out-goings, etc.

Also, some banks may give a lower limit if they have never dealt with you before.

In short, the only real way to find out what credit limit you would get is to apply and see what happens. Choose the card with the longest purchase 0% rate and apply for it

InsideInsurance

If you only have a £3k from Capital One then your overall score evidently isnt perfect and by maxing out the card you will have reduced your score further as over utilisation is a concern to lenders.

There is no set "who will give higher" as different lenders have different preferences. MBNA for whatever reason wont touch me and yet later that same day Capital One gave a £7.5k limit new card. Others here have lower Capital One limits but have successfully gotten an MBNA underwritten card.

blacksta

New limit = Income - existing credit debt

but if ( bad credit exists ) then limit = little or rejection.

Ravendarksky

I was judging my "perfect" credit score based on capital one giving me a card they claim is only for people with "perfect" credit history.

I guess I'll get my partner to apply for some 0% cards... her salary is higher than mine, unless anyone thinks we would have more luck getting a higher credit limit if I applied for a joint credit card?

Tixy

No such thing as a joint credit card - a card account is always in one person's name only (even if another person is a second card holder).

Anecdotally it has been suggested that cards backed by the MBNA group tend to have higher credit limits than some other providers - my Virgin one is certainly the highest limit I've ever had from any provider. Others have posted that barclaycard are relatively generous with their limits.

Ravendarksky

Alright,

Thanks everyone for your information, It's all been very helpful to me!