CC limit increased?

Beautiful-Moose

Recently I had a letter from Barclaycard about them raising my CC limit to £12k on my card. I currently have £7100 on the card that I have reduced from £7500 a few months ago. Why have they raised my limit? I haven't asked for it? Also if my limit is raised will I end up making smaller minimum payments as I am nowhere near my limit?

I want to get out of debt asap and I am chipping away what I can. I know it is going to be a long slow road. I have another CC with Natwest that has £2.5k on it. I have shut down this account so I can no longer use this card. I am just repaying the balance on the card. Would I be better off moving the balance to my Barclaycard?

Any help/ideas to reduce my debt and fast would be appreciated.

Cycrow

they would usually inform you about an increase in limit and you have the option to reject it.

an increased limit would make no difference to your payment, as thats based on what you owe.

wether its better to move to another card would depend on the apr of each card

LeeSouthEast

They figure you're good for it, are an 'ideal customer' (carrying a large balance and always pay), and might earn them more money by letting you spend more.

The only (potential) benefit for you would be a slight reduction in your 'credit utilisation' on your credit report - but this would need to be tempered with a higher available credit.

In short, unless you have good reason, I'd let them do what they want and just keep pretending to yourself the limit is what it was unless anyone else can think of better circumstance-specific advice.

The transfer decision would be based on APR. Ring Barclaycard and see if they will offer up a 0% BT deal for you on your card. If they do, whack the Natwest balance into it. Watch out for the 3% (?) transfer charge though.

Beautiful-Moose

The APR on Bcard is 16.9%. The APR on Nwest is 20.9% So might be worth transfering it over then? Be easier for me to have it all in one place.

Thanks for the advice so far guys.

Probs not even worth me bothering to apply for a balance transfer to a card with 0% elsewhere or a loan as my balance is so big I probs won't get accepted will I?