Money transfer credit limits

Hi ppl

In your experience, when you are approved for a money transfer card, is the credit limit usually about the same as cards for other purposes? I've been given limits of 6-7k on spending & BT cards, so I'm thinking if I could get the same on, say, 2 money transfer cards then I could instantly have a pretty big stooze pot. I wouldn't want to have to apply for more than 2 cards to get a decent pot.
«1

Replies

  • YorkshireBoyYorkshireBoy Forumite
    31.5K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    Forumite
    In my experience it doesn't matter whether it's a money transfer card or a purchases card as to the limit offered. However, since MBNA are the main money transfer card provider it's fair to say they give some of the most generous limits.

    Why the reluctance for more than two cards? After all, reward is directly proportional to effort expended!
  • Strummer22Strummer22 Forumite
    283 Posts
    Sixth Anniversary 100 Posts Combo Breaker
    Forumite
    Why the reluctance for more than two cards? After all, reward is directly proportional to effort expended!

    I guess you're right! I suppose it's trickier to maintain a big stooze when you have a mortgage though, unless you earn loads (which I don't). I'll probably have a mortgage next year, so won't be applying for money transfers before that's in place. And then I'll probably have to clear the full balance before remortgaging...
  • Just Bumping this up...

    Anyone have any of these cards?

    Just wondering on limits. I can't seem to find much info online apart from their 1200 example.
  • SuperscroogeSuperscrooge Forumite
    1.2K Posts
    Part of the Furniture 1,000 Posts Name Dropper
    Forumite
    In my experience the credit limits for balance transfer cards and money transfer cards tends to be similar. But often the fee for money transfer cards is higher
  • Chrisubank wrote: »
    Just Bumping this up...

    Anyone have any of these cards?

    Just wondering on limits. I can't seem to find much info online apart from their 1200 example.

    More info here:
    http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs

    However the article fails to mention other providers that also do money transfer cards/offers for existing customers: Barclaycard, Tesco and Fluid.
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
  • I agree with the consensus that limits are about the same on all cards, regardless of whether they allow money transfers or not.

    The limit they give you is based on the risk they are prepared to take on you. I don't see how a money transfer affects that risk so no reason for the limits to be different.
  • nohnoh Forumite
    5.6K Posts
    Part of the Furniture 1,000 Posts Name Dropper
    Forumite
    Different cards will give different credit limits which will vary among individuals.
    My experience in applying for 8 credit cards in a short space of time last month was that the credit limits varied between £1200 and £7000.
    The MBNA zero money transfer fee card came with a limit of £4200. The other cards were 0% balance transfer cards with zero fees.
    I used the MBNA card as a "mule" to transfer the available balances from the balance transfer cards to my bank account.
    The result being around £27000 interest free and fee free.
    Don't try this if you will need credit in the near future for a serious purpose!
  • YorkshireBoyYorkshireBoy Forumite
    31.5K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    Forumite
    noh wrote: »
    Different cards will give different credit limits which will vary among individuals.
    My experience in applying for 8 credit cards in a short space of time last month was that the credit limits varied between £1200 and £7000.
    The MBNA zero money transfer fee card came with a limit of £4200. The other cards were 0% balance transfer cards with zero fees.
    I used the MBNA card as a "mule" to transfer the available balances from the balance transfer cards to my bank account.
    The result being around £27000 interest free and fee free.
    Don't try this if you will need credit in the near future for a serious purpose!
    Good to see you're still active noh. :)

    Could I ask, did you mule in ~£4K chunks or load the card up and transfer larger positive balances?

    I had some success in late 2014/early 2015 with 4 or 5 fee-free BT cards muled through my Virgin Atlantic card, keeping each transfer under £10K. This card has a £25K limit, and I regularly get 12-13 month 0% MT offers, but with the original 2% fee I can't make them pay as all my high interest current accounts are full.
  • WestminsterWestminster Forumite
    997 Posts
    Part of the Furniture 500 Posts Savvy Shopper! Debt-free and Proud!
    Forumite
    I got approved for 0% money transfer cards with headline fee/duration from MBNA (12k limit) and Virgin (8k limit).

    This was only a couple of weeks ago.
  • edited 17 February 2016 at 10:07PM
    nohnoh Forumite
    5.6K Posts
    Part of the Furniture 1,000 Posts Name Dropper
    Forumite
    edited 17 February 2016 at 10:07PM
    Good to see you're still active noh. :)

    Could I ask, did you mule in ~£4K chunks or load the card up and transfer larger positive balances?

    I had some success in late 2014/early 2015 with 4 or 5 fee-free BT cards muled through my Virgin Atlantic card, keeping each transfer under £10K. This card has a £25K limit, and I regularly get 12-13 month 0% MT offers, but with the original 2% fee I can't make them pay as all my high interest current accounts are full.

    It's a good few years since I have stoozed a significant amount but it seemed rude not to as this is totally "free" money.
    I found the easiest way was to money transfer amounts less than 95% of my credit limit of £4200 from the MBNA card after putting the account into positive balance.
    I found that if you put the MBNA card into a positive balance and then try and do a money transfer that is larger than 95% of your credit limit, the online system will allow the request, but the money transfer will be refused the next day.
    This happened on my first transfer when I put the MBNA card £5700 positive and then tried a money transfer of the same amount. I called them and got the positive balance refunded to my current account on that occasion. After that I just did multiple online money transfers with no problems.
This discussion has been closed.
Latest MSE News and Guides

Iceland's helping struggling pensioners

It's giving out free £30 food vouchers

MSE News

Who can suggest a top-notch bed?

This Forumite's mattress is in need of a base

MSE Forum