Watch out if you're applying for a credit card with HBOS

pb8770

I wanted to do a balance transfer from my current card, so I searched the cards with the long 0% balance transfer term, so I applied with The Bank of Scotland. I have £6500 to transfer so I'm filling in the application and at the end after waiting for about 5 seconds I was accepted. Great I hear you say but all is not as it seems. I have been given a credit limit of £1500. I have contacted the bank and they have said because I was a new customer my limit is restricted and I would have to wait 6 months to get an increase and the 0% balance transfer ends after 90 days.
So if you are applying for a HBOS card, be very careful if you are looking for a long 0% balance transfer and you have a large amount even though during the application it asks you how much you are wanting to transfer.

adindas

pb8770 wrote: »

I wanted to do a balance transfer from my current card, so I searched the cards with the long 0% balance transfer term, so I applied with The Bank of Scotland. I have £6500 to transfer so I'm filling in the application and at the end after waiting for about 5 seconds I was accepted. Great I hear you say but all is not as it seems. I have been given a credit limit of £1500. I have contacted the bank and they have said because I was a new customer my limit is restricted and I would have to wait 6 months to get an increase and the 0% balance transfer ends after 90 days.
So if you are applying for a HBOS card, be very careful if you are looking for a long 0% balance transfer and you have a large amount even though during the application it asks you how much you are wanting to transfer.

This is not something new or not known. Any credit card provider is using the same principle really.

They will give you the credit limit based on their own assessment they believe suitable to the costumers. It will never be based on the amount of the balance you want to transfer.

grumbler

As the credit search is done anyway, it's better for you to get £1500 than to get rejected. Transfer as much as you can and then apply for another card if you wish.

gunsandbanjos

Try HSBC, I have no relationship with them and just got offered £7,500 on a 0% balance transfer card.

shortcrust

You never know what limit you're going to get, but I think these things vary by borrower more than lender. I got £9,000 from HBOS as a new customer when I wanted to transfer £8,500.