Credit card limit less than balance transfer amount

Amblikai

Hi folks, the title is a bit rubbish i know!

I applied for a new CC for a balance transfer and during the application process was asked the amount i'd like to transfer.

I received an email saying i've been accepted, but the credit limit is less than the amount i said i'd like to transfer.

So my questions are:
Will my card basically arrive already loaded with the balance at 95% of the limit?

Also, i'm told the card will arrive in the usual 7-10 days, and i'll have to activate it as usual. So my next question is: Will the balance transfer amount come off my old card before i receive the new one, after i receive it,or after i activate it?

Thanks in advance for any help!

stclair

Depends who the card issuer is with, from experience with Tesco Bank the transfer will not begin until the card has been activated.

Candyapple

stclair wrote: »

Depends who the card issuer is with, from experience with Tesco Bank the transfer will not begin until the card has been activated.

Interestingly, when I applied for the Tesco cc I applied for a BT before being accepted, however once I received the card and activated it, the balance transfer didn't go through (waited a few days) so I rang Tesco who told me that if I wanted to do the BT I would have to initiate it from scratch over the phone or do it online as they had no record of it.

Amblikai

Thanks folks, good to know. I'll keep an eye on it.

I'd like the BT to happen as soon as possible. Probably not going to happen though!

stclair

Amblikai wrote: »

Thanks folks, good to know. I'll keep an eye on it.

I'd like the BT to happen as soon as possible. Probably not going to happen though!

The transfer will more than likely not go through as the BT you requested does not cover the amount of credit you have available.


If you speak to the lender they might increase your credit limit to cover the amount you require depending what the difference is.