Balance Transfer Credit Cards not offered enough credit!

BengalTilly

Hi,

I currently have a Barclaycard which I had with 0% promotions on balance transfer and money transfers which I used to get rid of my Capital One card. My limit was increased and used it for my recent wedding. I knew my 0% period came to an end in March and May 2016 so was always planning to do another transfer to a 0% balance transfer to attempt to finally pay the debt off.

Now the debt stands at £9,000 and after comparing credit cards etc I find out after going through the approval process that my full £9,000 will not be transferred! The best and only one I was offered was a Fluid card with a 20 month 0% balance transfer but it was only at the end of the process that they inform me my approved credit is just £2,300

So I'm now lumbered with two credit cards!! Is there no way a provider will give me the full £9,000 on a 0% BT for a period?? Despite me saying I want to transfer £9000 on all the comparisons calculators when you go through the process you end up with considerable less credit on offer!

I try and follow the advice (about switching) and end up with two credit cards!!!

glentoran99

No-one is going to give you an additional £9000 credit, I know you are planning on transferring, however nothing forces you to and you then have £18000 credit available

BengalTilly

Thanks that makes sense! Never thought of it like that ...

So is it wise / possible to apply for different 0% BT cards at once to try and make up the near as I can to £9,000??

rolls99

You can compare as many other cards as you like, but remember multiple applications aren't something you really want to be making as they're recorded on your Credit report.


In the meantime if you are paying interest you can transfer what you can and save on that.

andyfromotley

Plenty of lenders will give you that dependant upon your personal situation.

Anecdotally on this forum, MBNA, Barclaycard and Virgin tend to be the most generous with credit limits.

grumbler

BengalTilly wrote: »

I try and follow the advice (about switching) and end up with two credit cards!!!

Why "!!!"? What's wrong with having two (three, four, ..) cards if you pay less in interest as a result?
Every little helps.

was always planning to do another transfer to a 0% balance transfer to attempt to finally pay the debt off...

This doesn't sound very convincing.
You plan to transfer it to 0%, but only to attempt to pay it off.

BengalTilly

andyfromotley wrote: »

Plenty of lenders will give you that dependant upon your personal situation.

Anecdotally on this forum, MBNA, Barclaycard and Virgin tend to be the most generous with credit limits.

Thanks ... currently with Barclaycard. Got approval on Fluid (which is MBNA) for £2,300.

BengalTilly

grumbler wrote: »

Why "!!!"? What's wrong with having two (three, four, ..) cards if you pay less in interest as a result?
Every little helps.
This doesn't sound very convincing.
You plan to transfer it to 0%, but only to attempt to pay it off.

Thanks for your response ... I just assumed one credit card was enough but as you say every little helps!!

And my wording obviously wasn't convincing but I was only looking at switching to balance transfer only (i.e. a plan of action) and by "attempt" I think I meant more that it would be a fix but not a quick fix rather than "I'll try not to spend". Any new credit card will go in my drawer at home not my wallet (like my current one has been since the wedding was over with!!). But really appreciate your comments thank you.

smigger80

FYI I was in a similar situation ie large balance on credit card A.......so i made application with mbna for balance transfer but limit they offered was way below amount required to clear credit card A.
When the mbna card arrived I put in a drawer and forgot about this, this must have been about six months ago. Last week I logged in to the mbna account for the first time and it asked me if I wanted to increase limit so I entered the amount required which was a few grand more (no chance i thought as I'd never used the thing) and to my surprise it was accepted. Maybe wait a few months and try increase the limit?

grumbler

smigger80 wrote: »

... Maybe wait a few months and try increase the limit?

"Transfer terms
0% on money transfers for up to XX months from account opening made within the first 60 days"

smigger80

Yes but the chances are that when this offer expires, they'll offer a similar deal..mine did.