Help with BTs please

GeCon

Hi,

I have currently got £3,700 debt on my CC.

Applied for M&S &more Card and was chuffed to get accepted. Paperwork came through and it says £138.44 charge for credit (which I think will give me a credit limit of £1,500. I was hoping for a higher limit, so I could transfer the whole lot over.

What options have I got now?

Is there any point in getting in touch with M&S once I have got my card and when I want to make my BT, ask them if they could put the limit up a bit? Has anyone done that before and if so, successful or not?

Should I after receiving my new card apply for another CC to transfer the remainder of my old card? What are the chances of being accepted again so shortly after getting another CC?

I don't really need any card to spend on. I simply want a lower interest rate than I have currently got.

Thanks for your help.

medman

Hi

when you applied for the M&S card did you request a balance transfer? if so did you tell them how much? The reason why I'm asking is that the £138.44 is about 3.7% of £3700 and it might be the balance transfer fee which is normally around 3%. If this is the case it sounds like they are going to accept the entire balance.

I would phone them and clarify what it means. Otherwise the charge for credit of £138.44 doesn't make any sense.

Hope that helps

MM