Santander 0%

llanwrst2

We are planning to do a balance transfer from our well used and loved Tesco CC to an as yet unapplied for Santander 0% CC as we need a 2 month gap to cover extra costs over the summer (about £4K).

We looked at overdrafts and loans but not so good. We have a lump sum due in early next year to pay it off.

I see 2 problems - one...we may not get the £4k credit limit. Our history is that we always pay off CC each month and have no outstanding loans except a small mortgage. Does anyone have any idea what credit limits are based on?

2nd point - the advertising bumff keeps saying 'There is no balance transfer fee to pay when carrying out a balance transfer during the introductory period on this card.' but it does not state how long this is - we need it to be long enough to make 2 transfers in from the Tesco CC. Does anyone know?

Thank you for your help

Nasqueron

A rough guide (not guaranteed) for credit limit is to have no more than 50% of salary available as credit - there will be cases of people with loads of credit and people who earn lots and have limited credit but it's a rough idea. Even something is better than nothing.

A good credit behaviour (such as paying off in full and no loans) may mean you are more likely to be accepted but no guarantee you will get the limit you want.

For my Barclays one we had 60 days I think to do the initial BTs

A you could put your lump sum in a savings account and pay off the BT at the end - just pay off more than the minimum

Candyapple

llanwrst2 wrote: »

2nd point - the advertising bumff keeps saying 'There is no balance transfer fee to pay when carrying out a balance transfer during the introductory period on this card.' but it does not state how long this is - we need it to be long enough to make 2 transfers in from the Tesco CC. Does anyone know?

The introductory period is for the full 23 months, as in you don't have to do it within 60 or 90 days you can do it anytime within the 23 months period. I had the same query.

SuzieSue

llanwrst2 wrote: »

I see 2 problems - one...we may not get the £4k credit limit. Our history is that we always pay off CC each month and have no outstanding loans except a small mortgage. Does anyone have any idea what credit limits are based on?

I've just done exactly this and my history is very similar to yours. I got a credit limit of £3,700 which I considered to be too low (Halifax have given me £18,000 in the past). When I rang them they said that I could appeal but it might effect my credit rating. I then saw that there was another Santander 0% BT card with no BT fee for 15 months, so I applied for that too and they gave me the same credit limit. I was expecting to be rejected so was surprised to be given the same credit limit. I have been a Santander customer for over 10 years so I don't know if that made a difference.