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What does this mean exactly?

meridian4
Posts: 24 Forumite

in Credit cards
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.
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.
0
Comments
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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.0
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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?0 -
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.0 -
Cheers - thanks for that.0
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