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What does this mean exactly?

Hi,
this may be seen as a stupid question - but I'm not exactly sure what it means...

I was looking at the acceptance restrictions for a CC application to do a balance transfer, and it stated this in the Terms list before you apply:

Must have less than 10% debt on credit or store cards (excluding a mortgage)

Does that mean I must not have more than 10% of my Gross income as debt on another card? If so, makes a bit of a hash of me needing this new card to do a 0% Balance Transfer from my other card.

Thanks for any advice/clarification.

Comments

  • Anthorn
    Anthorn Posts: 4,362 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Never seen that before and I've ben round the block more than a few times. Since a mortgage is mentioned I take it to mean a percentage of income. Or it could mean a percentage of residual income. Or a percentage of what the company calculates as your maximum allowable credit. Or whatever. Could be something of a nightmare to calculate.
  • meridian4
    meridian4 Posts: 24 Forumite
    10 Posts
    So it wasn't just me then!
    I have never seen it before either - and thought I was being dim not knowing what it was about.
    It's a Barclaycard Platinum 28 month 0% offer.
    Does that help anyone to understand the terms more?
  • guesswho2000
    guesswho2000 Posts: 1,703 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Uniform Washer
    meridian4 wrote: »
    So it wasn't just me then!
    I have never seen it before either - and thought I was being dim not knowing what it was about.
    It's a Barclaycard Platinum 28 month 0% offer.
    Does that help anyone to understand the terms more?

    Barclaycard used to have that quote against quite a few of their cards a couple of years ago. It's not a hard and fast rule though, owing more than 10% doesn't mean you'll definitely be rejected.
  • meridian4
    meridian4 Posts: 24 Forumite
    10 Posts
    Cheers - thanks for that.
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