0% Balance transfer limit? Advice. .

Tony_Montana_2

Hello people. .
I have just read the credit card section / balance transfer guide on here but I can't seem to find any information on a maximum transfer value for each card.

My situation is as follows; I currently have a vehicle on finance via the dealer (blackhorse) and pay around 8.4%apr from memory. I have only recently started it and think the value was around £14.5K but now is £12.5K ish from memory. My main objective is to save money and potentially pay the loan off faster.
I have not used credit cards for around 12 years, however some of the current long 0% transfer balance are very attractive but I am unsure of the maximum value of the balance transfer?

I have good equity within the vehicle, good income, good credit history and no other borrowings - is there a lender out there that I can potentially do a 10K isn transfer from a loan to a 0% credit card?
Failing that can anyone else point me in the direction of a lender that can save me money on the above?

Thank you in advanced to any replays
Regards

maas

I think each card is different, but they are typically 90-95% of the cards limit for the BT.

To use it to pay off a loan I think a money transfer might be what you're looking for.

In terms of limits, you wont really know until you apply. They take into account your salary, existing credit/debt, credit file.

MadProf

You'll need to do a money transfer to pay off the finance.

Even if you don't get the full 10k limit to transfer the entire loan over to a 0% deal you can partially transfer (typically up to 95% of the new card's balance) and shift that to 0%.

The majority of cards that offer money transfers are provided through MBNA although they charge a fee but I'm sure this will still be cheaper than the cost of the interest you're paying on the finance.

Paully232000

I think you may struggle to get a CC with as high a limit as you want, given your limited CC use over the years, and that , from your post, your only credit is recently acquired and therefore not showing a prolonged ability to manage credit successfully. Car loans are, in my experience, easy to get and do not for a high amount with not a lot of checking of the person taking out the card, unlike a loan, CC for instance.

It would also depend on your income, especially given you already have a 12K debt. For example if you earned £20K/annum it would be harder to get anything like the CC limit you want than if you earned 100K/year.

CCs I have had, with the exception of barclaycard, who started with a 12.5K limit, have given low £1000s in a limit and then increase it over the years. But I suppose getting any amount, if possible, over to 0% could save you money in the long-run.

1DayAAT

As another poster has stated it will usually be around 90% of your credit limit.
I had a 0% BT transfer Barclaycard which was given to me with a £9100 limit and was allowed to use £8000 of it in BT's.

jamesperrett

Paully232000 wrote: »

CCs I have had, with the exception of barclaycard, who started with a 12.5K limit, have given low £1000s in a limit and then increase it over the years. But I suppose getting any amount, if possible, over to 0% could save you money in the long-run.

I've found that MBNA give similarly high limits to Barclaycard so the OP may be in luck.