couple of balance transfer questions

longwalks1

i've got a balance of £10k on an interest free credit card coming to the end of 0% period so am going to be looking around for a new 0% interest deal to switch to. When I apply to the company should I tell them i have a balance to transfer to them? Or wait til its approved then switch the balance over to them? Wasnt sure if they knew I was going to 'play the 0% balance transfer game' so to speak they may refuse, or offer a lower credit limit?
The card I'm on at present gave me a limit of 15k so i only need an offer of 10k from the new company.
And when applying should i tell them about the existing 10k I have on my current card?

many thanks in advance

sicker

They will see your existing £10k when they do a credit search. On the card you are about to apply for there will probably be a question 'do you wish to do a balance transfer' where you would put the amount you want to transfer to your new card. In todays climate I think a £10k credit limit may be a bit high so be prepared. They may give you a lower limit which you can use to off-set your current cards debt.
Good luck,

John

longwalks1

cheers, how long before my 0% offer ends should I apply for a new card? If it expires in Feb 08 whens best to apply? And does it make any difference if I do it on line, or over the phone?

Thanks again

Moggles_2

It normally takes a minimum of 14 days to process a credit card application and balance transfer request. That's if you're lucky. The best 0% deals attract a flood of applications, which tends to slow things up. To avoid a last minute rush, it's best to allow 5 weeks

Moggles_2

When I apply to the company should I tell them i have a balance to transfer to them?

Until you've been accepted for a credit card and told your credit limit, it's best to keep your options open, IMO, and leave the balance transfer section of your application blank or, if asked, state you may be interested.

Of course, you might want to commit yourself to a BT if you believe it could influence the credit limit eventually offered.

Personally, I feel the possible advantage gained is outweighed by the disadvantages. An horrendous story involving LTSB and Capital One was posted to this forum last year. Incompetence on this scale is fortunately rare but, for peace of mind and to avoid any aggravation, I would wait until safe receipt of your card & credit limit. Then request your BT(s) by phone when you call to activate your new card. There's usually a Freefone number for this