0% Balance transfers (help)

skint1961

Hi I am new to the forum and hoping for some help and advise with a credit card balance transfer.
I have a debt of £10000 on my Barclay card and am paying £140 a month interest on it so am trying to ease my pain with a 0% deal.
I applied on-line last night for a Tesco card with a 32 month 0% offer but when my application was accepted, I was disappointed with the £2300 transfer limit they offered me so declined their offer even though they warned me that it may affect my credit score.
I was wondering whether I went about the application wrong as when asked for my bank details etc I gave them my current account details which is not a Barclay's account, as this is the account I would set up a direct debit with. I have an overdraft limit on this account of £2300 which is the same as there offer, should I have entered my Barclay card details as my bank details, as my card limit is £13500. I read somewhere on-line that I should be able to achieve a transfer up to 90% of my credit limit, which would
cover a transfer of more than the £10000 I'm after. How to go about it is beyond me though, so any help offered would be greatly appreciated, if anybody on the forum has managed to do something similar then please help.
Thanks for reading.

[Deleted User]

You should have taken it. Each search can have a detrimental impact on the likelihood of being accepted next time. You could still have applied for another.

It's highly unlikely you will be offered a single card with the limit you want.

chattychappy

Oh yes. Should have taken it. The damage is done by the search. Perhaps if you phone them and say you made a mistake, they *might* let you change your mind?

It is likely you will have to split such a balance over more than one card.

Natwest and MBNA seem to give high limits, you could try them. Both gave me 10K limits when I first applied. I wouldn't worry of their offers are for a shorter period, the key thing is to get the balance off standard rates. The difference in value between 3% fee/12months and 3%/24 months is small in comparison.

Cycrow

You cant do a direct debit with a credit card, so you wouldn't have been able to use the Barclaycard for that anyways.

What is your currently salary ?

with over £15k credit, adding another £10-15k on top would mean you need to be earning £60k+

nobbysn*ts

I'd ring Tesco and see if they will re-instate the offer, Getting a quarter of your debt interest free is a lot better than nothing. Nothing to stop you putting it on several cards if you get enough offers.

skint1961

Thanks to all who replied to my post, think I will probably pay debt off with a bank loan and promise myself never to play with credit cards again. Lesson learned.
Cheers

thenudeone

skint1961 wrote: »

I applied on-line last night for a Tesco card with a 32 month 0% offer but when my application was accepted, I was disappointed with the £2300 transfer limit they offered me so declined their offer

Although this is repeating other posts - Why on earth did you do that?

Transferring £2300 to a 0% deal would have saved about £32 a month in interest, or nearly £400 a year, hardly an insignificant sum for someone with debts of £10k.

Caz3121

skint1961 wrote: »

Thanks to all who replied to my post, think I will probably pay debt off with a bank loan and promise myself never to play with credit cards again. Lesson learned.
Cheers

You may struggle with that as well unless you have a £50k+ salary. Best to try your own bank