Balance transfer help

tom246289

I currently have a credit card with Vanquis with a £3000 debt on it, I've just applied for a balance transfer card with MBNA and been accepted but it says I have a credit limit of £600. So does that mean the whole balance has been transferred and left with £600 extra limit or only £600 of the balance has been transferred ?

grumbler

£600 is the limit.
Normally you can transfer up to ~90% of the limit, i.e. ~£540 in this case.
I guess nothing was transferred yet and you have to call them or, possibly, request a transfer online.

Candyapple

MBNA have given you a credit limit of £600. You may have requested a higher limit to cover the £3,000 debt, however they only decided to give you a limit of £600, taking into account your salary, affordability, other debts etc.

You are allowed to transfer up to 95% of your limit (in your case, £570) so if you owe £3,000 on Vanquis, you would do a balance transfer of £570 over to MBNA and would be left with £2,430 balance on your Vanquis card which you would have to clear by other means.

Read this:
http://www.moneysavingexpert.com/credit-cards/bad-credit-rating

Consumerist

You may have to do this in stages. If you wait a few months and then try a credit-card eligibility checker again, you might be able to transfer more, though not necessarily all, of the Vanquis debt to another card.