Need to balance transfer...a few questions :)

markus250

Hi all,

I currently have a natwest credit card which has a balance of approx £3400 left to pay off and my 0% interest period is due to come to an end. I have a great credit score etc so am looking for another card to shift the balance onto.

Just a question which concerns me. If i apply for a card to transfer my balance to, will they give me enough of a credit limit to cover that balance transfer?? Will i enter the amount i want to transfer in a box when applying etc??

Not done a transfer before so looking for as much info as possible before i apply.

Was looking at the Virgin Card which currently (on MSE website) offers 36months interest free on transfers with a one off 2.99% fee.

Help?!?!

Thanks loads!!
Markus

grumbler

markus250 wrote: »

Just a question which concerns me. If i apply for a card to transfer my balance to, will they give me enough of a credit limit to cover that balance transfer??

You will know the limit only after the application is accepted.

Will i enter the amount i want to transfer in a box when applying etc??

Often (always?) you will, but the limit they give you can be smaller than you want/ask.

Help?!?!

Just apply and see. You can transfer as much as possible, then try applying for another card to transfer the rest.

markus250

I thought thats how it would work...i just figured if i could get a card with a high enough limit it'd save having numerous cards. Will find out when i apply. Got a month yet of interest free on my current card so will be looking around more before i do apply.

Thanks for the reply.

markus250

Ok guys, i have a credit card coming thats 0% on balance transfers for 36months! However, the card limit is 2000 and my balance i want to transfer from my old card is 3500. I have a great credit rating but should i wait before applying for another card with another credit card company so i can transfer the rest of my balance? I hear applying for a lot of credit in a short time can be bad?

Just trying to not pay any interest at all if i can!

Obviously paying interest on 1500 is better than paying interest on 3500 but would be nice if i can shift the whole lot over onto a couple of cards giving 0% for a long time.

robrymond

markus250 wrote: »

Ok guys, i have a credit card coming thats 0% on balance transfers for 36months! However, the card limit is 2000 and my balance i want to transfer from my old card is 3500. I have a great credit rating but should i wait before applying for another card with another credit card company so i can transfer the rest of my balance? I hear applying for a lot of credit in a short time can be bad?

Just trying to not pay any interest at all if i can!

Obviously paying interest on 1500 is better than paying interest on 3500 but would be nice if i can shift the whole lot over onto a couple of cards giving 0% for a long time.

I'm in a similar position, my 0% is due to end and I have £4500 to pay off, but I'm scared a new card will get a lower limit. I've always had a great credit rating but don't want to damage it applying for too many credit cards, especially since I have about 2 dormant credit cards and 1 other active Santander 123 card for fuel purchases.

Kendall80

Its not quite true that you only know the limit after the application. For most maybe but a few do tell you during the process. TSB and Nationwide are 2 if I remember correctly. The latter also enables you to select a lower limit during the application should you so desire.

Jogreen74

Hi quick question can I use a fee free balance transfer card to transfer from my credit card to my boyfriends. Just tried tesco & been accepted but can't use if to transfer from my card to his. Any help appreciated.

Kendall80

Jogreen74 wrote: »

Hi quick question can I use a fee free balance transfer card to transfer from my credit card to my boyfriends. Just tried tesco & been accepted but can't use if to transfer from my card to his. Any help appreciated.

Most lenders permit this but i know some do not. Santander spring to mind. It would probably be best to check before applying.