Money transfer max limit

DreamEater

Hi,

Got a lloyds loan with £7700 left to pay at about 12% interest, due to clear September 2019.

I want to get a 0% money transfer card, I've been pre approved for a few, but no where I can find tells me what's the max opening balance.

I already have a 0% balance transfer from MBNA that has £5700 at 0% and the money transfer card is also from them.

Can anyone advise on what I could actually get? A few grand at 0% would obviously help, but I'm really aiming for the full £8000 so I can clear it interest free.

Nebulous2

When you are applying it asks how much you want to transfer. From memory the top request I had to choose from on MBNA was £10,000, which I asked for. On Virgin the options went up to £15,000.

You get an indication with both, based on a soft check whether you will get it. That is then subject to a full check. Virgin are struggling under the weight of applications - expect a considerable wait for a decision from them.

What you will get depends on how they rate you. What's the highest limit you currently have? MBNA have a reputation for generous limits, but that may not be the case if you already have a card with them. My highest ever limit was over £20k with MBNA, but I closed it over a year ago. My new limit is £11,500 which matches my limit on another card.

DreamEater

Nebulous2 wrote: »

When you are applying it asks how much you want to transfer. From memory the top request I had to choose from on MBNA was £10,000, which I asked for. On Virgin the options went up to £15,000.

You get an indication with both, based on a soft check whether you will get it. That is then subject to a full check. Virgin are struggling under the weight of applications - expect a considerable wait for a decision from them.

What you will get depends on how they rate you. What's the highest limit you currently have? MBNA have a reputation for generous limits, but that may not be the case if you already have a card with them. My highest ever limit was over £20k with MBNA, but I closed it over a year ago. My new limit is £11,500 which matches my limit on another card.

Got a loan of 10k (£7700 left to pay)
Capital One credit card £2750 limit (all settled couple months ago)
MBNA balance transfer £6000 (£5700 left to pay)
No defaults, missed payments or anything bad in last 6 years.
Pre approved for the MBNA cards and 95% for the virgin ones.

[Deleted User]

So you owe £13,200 ? Unless you earn over £26k its unlikely you will get anything. Pre approved means very little TBH.

Ebe_Scrooge

DreamEater wrote: »

Can anyone advise on what I could actually get? .

In a word, "No". No-one can tell you what limit you'll be offered. Your income and current debt will have a bearing, but every lender has their own criteria - which are not made public. All you can do is apply, and see what they offer. If the fee outweighs the interest you'd otherwise be paying, then go for it - even if it's not enough to pay off the full amount, then it's still worth it, so long as there are no early repayment fees on your current loan.

cooltt

DreamEater wrote: »

Got a loan of 10k (£7700 left to pay)
Capital One credit card £2750 limit (all settled couple months ago)
MBNA balance transfer £6000 (£5700 left to pay)
No defaults, missed payments or anything bad in last 6 years.
Pre approved for the MBNA cards and 95% for the virgin ones.

You're up to your eyes in debt! I'm betting you won't get any.
Some free advice>>>Stop living beyond your means.

DreamEater

venison wrote: »

So you owe £13,200 ? Unless you earn over £26k its unlikely you will get anything. Pre approved means very little TBH.

I do earn nearly 10k more than £26K, wouldn't change much?

Ebe_Scrooge wrote: »

In a word, "No". No-one can tell you what limit you'll be offered. Your income and current debt will have a bearing, but every lender has their own criteria - which are not made public. All you can do is apply, and see what they offer. If the fee outweighs the interest you'd otherwise be paying, then go for it - even if it's not enough to pay off the full amount, then it's still worth it, so long as there are no early repayment fees on your current loan.

Cheers, no early repayment fees, the fee iirc is around £170, which is less than the interest owed.

cooltt wrote: »

You're up to your eyes in debt! I'm betting you won't get any.
Some free advice>>>Stop living beyond your means.

Kind of, the £7700 I'm looking to switch to an interest free money transfer, not create another pile of debt. The original loan consolidated a few credit cards that were on 30% down to 1 payment with 12%, got it all under control before it took control of me, I think I've only wasted about £500 in interest payments, so not too shabby considering how bad it can get for some people.

Gunther_Golf

OP i've just been accepted for a Tesco credit card - Credit Limit £8500 if that helps.

I've no idea however what percentage cap there is in terms of transferring cash to bank A/C