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A pointless balance transfer card from Santander
DaveCarson
Posts: 5 Forumite
in Credit cards
As an existing Santander customer I recently applied for their 'Long Term Balance Transfer' card (29 months @0%) and was pleased to find that my application was successful .... until I noticed that the credit limit was a mere £500!
What use is a balance transfer card with such a small limit - I'd rather they'd rejected my application altogether.
I will be contacting them in due course to see if this can be increased to something more useful but I was wondering if anyone else has had a similar experience.
Frankly, if they won't increase the limit they may as well have it back.
What use is a balance transfer card with such a small limit - I'd rather they'd rejected my application altogether.
I will be contacting them in due course to see if this can be increased to something more useful but I was wondering if anyone else has had a similar experience.
Frankly, if they won't increase the limit they may as well have it back.
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Comments
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You have the option of rejecting it if you want. The credit search has been done, either way.0
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Obviously they are a bunch of idiots. I'd cut it up and send it back to them without a covering letter, then look elsewhere.0
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How useless it is, depends on the APR of the debt you are BTing.
If it's an insane APR, then even moving £500 will make a worthwhile difference.0 -
I guess each lender has their own criteria, but that does seem to be an absurd limit they've set for one. Best of luck on finding a better one!0
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Do you have an existing card with them?
If so you can move the credit limit between each card, you need to phone them up and ask but they will do them.0 -
bengal-stripe wrote: »Neither you nor I know about the OP's level of indebtedness.
Maybe the bank was very wise not wanting to take on a significant chunk of the total debt.
True (although I'm not looking to move tens of thousands and have a good credit rating according to Experian) but the limit makes the card unfit for purpose and a bit of a joke really. Like I said, I'd rather they'd said 'No'.0 -
DaveCarson wrote: »True (although I'm not looking to move tens of thousands and have a good credit rating according to Experian) but the limit makes the card unfit for purpose and a bit of a joke really. Like I said, I'd rather they'd said 'No'.
Unfortunately that doesn't mean anything in the context of Santander's own internal credit scoring process.
One other factor to bear in mind is that you're applying for a BT card with a view to transferring a balance but Santander (as with any other lender) will treat it as incremental extra credit, rather than replacing an existing one, and set limits accordingly.0 -
Under data protection laws, you can request that a human reviews your application and you can try to explain your reasoning for wanting a higher credit limit. This is rather than just having the computer spit out a number.Credit 'Score' - Don't buy the credit 'score' that Experian, Equifax and Noddle want to sell you. It's an arbitrary number that means nothing when it comes to applying for credit.
ALWAYS HAVE A DIRECT DEBIT SET UP FOR THE MINIMUM PAYMENT ON YOUR CREDIT CARDS, REGARDLESS OF WHETHER YOU PLAN TO LOGIN AND PAY EACH MONTH.0 -
thebritishbloke wrote: »Under data protection laws, you can request that a human reviews your application and you can try to explain your reasoning for wanting a higher credit limit. This is rather than just having the computer spit out a number.
What does a credit card application review process have to do with data protection laws (usually the Data Protection Act 1998)?0
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