0% expiring - new card lower limit

Tilly81

My 0% rate on my Virgin card expires in a month, with £3,500 still on it. The interest will then be 29.9%.
So I applied for the RBS CC yesterday with 0% balance transfer and filled in an immediate balance transfer online for the £3,500. But they only gave me a credit limit of £2000.
Does anyone know if the remaining £1,500 will stay on my virgin card with high interest or will it all be transferred the RBS card even though that would take me way over the limit they gave me? If it all transfers over to the RBS card, could it mean i lose my 0% immediately and they could start charging me for being over the lower limit they gave me?

anyone done the same thing and can tell me? thank you

thumshie

Its the opposite. RBS will NOT transfer anything. You'll have to wait till you receive the card and then request a new transfer for the amount you wish (they now insist on you quote the card number) - atleast this is what happened to me....

and i think they only allow 90% (maybe 95%) so will only transfer £1900, as they have to take into account the BT fee..

funky1471

RBS shoudln't let you transfer the full amount over if it will put you over your credit limit. You need to transfer as much as you can to RBS from your Virgin CC but keep 10% of your available credit (which will be £200) free on your RBS CC.

You should always make sure you still have 10% of your credit limit still available after a balance transfer to any card as a rule.

DeepSporran

funky1471 wrote: »

You should always make sure you still have 10% of your credit limit still available after a balance transfer to any card as a rule.

Why would you do this ? Assuming that you won't be using the new card for any purchases (unless the 0% period for BTs is matched by an equivalent 0% period for purchases), why not max out the new card ? The issuer will in general take into account any BT fee when deciding how much he'll allow you to BT, so you don't need to allow a further buffer as well.

Tilly81

Thanks guys!
I hope i can transfer at least most of it off the card in time before the interest rate goes up, have left it a bit late.

GeorgeUK

If possible, try to get another 0% card
(as long as you haven't applied to too many recently)

That's what i did to spread my debt over 2 cards.
You can usually transfer 90%-95% of the credit limit so watch out for that too.

realaledrinker

funky1471 wrote: »

You should always make sure you still have 10% of your credit limit still available after a balance transfer to any card as a rule.

Why?

0% BT fees are 3% or less.

wannabedebtfree_2

I would be careful here, I applied last year for a A&L credit card and current account, I got a £350 overdraft with the current account and a £3000 limit on the credit card, anyway in some sort of mental confusion moment I thought I had £3500 for the CC and transferred some balances accordingly, but one night I was sat sorting my papers and saw the letter stating £3000, and phoned immediately in an absolute panic, to be greeted with an absolutely FANTASTIC customer service person, who could obvisouly hear how upset I was that I had done this, he told me that yes the transfers had gone through, and yes it had taken me over my credit limit for which they were charging me £25........at this point I could have cried........I explained what a donkey I had been, and had got my figures mixed up, and he said no problem, I will reverse the transaction, remove the charge and pay the same company £X to take you up to your £3000 limit.......BLESS HIM........I told him how amazing he was, and that he was the nicest kindest CS person I had ever dealt with!

So beware, not all people are as nice!