Credit Card limits

Seanscott90

I have recently been looking at transferring my credit card balance, looking at the best 0% interest deals etc. I took Barclaycard 18 months at 0%. However, I now see that my card will only have a limit of £400, but i need more so if can transfer balance. I contacted barclays to see if they can increase it but they say they can only make a decision when I call to activate it. All seems a bit pointless if my limit is less than the balance I want to transfer, can anyone give me information on this? Thanks

Ebe_Scrooge

Accept the card, transfer as much as you can. Then apply for another card - MBNA tend to have a reputation for giving fairly high limits. But don't go applying for any more - more than a couple of applications within a short space of time begins to negatively affect your credit file.

Candyapple

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

If you only received a low limit of £400, this suggests you have a poor credit history, in which case definitely don't cancel the Barclaycard - transfer as much as you can and any remaining balance you will need to make more payments towards by either:
a) increasing your income
b) reducing your outgoings

Or a combination of both. It doesn't sound like you'd be eligible for any other cards other subprime cards which often don't have any offers on them. However, check to be sure:

https://www.moneysavingexpert.com/eligibility/credit-cards/

By the way, no card provider is going to increase your credit limit from the moment you have opened your account - you need to wait minimum 6 months after opening and running the account so the lender so can see some history. Some lenders won't even allow any limit increases until 12 months have passed.

SuzieSue

My husband applied for several cards a couple of weeks ago and Barclaycard gave him by far the lowest credit limit (less than a quarter of the highest lender).

He got the highest from Tesco then Virgin then Lloyds then TSB then Sainsburys and then Barclaycard.

He took it personally until he got the other limits and then realised that Barclaycard are probably not looking to increase market share at the moment.

stuart30

SuzieSue wrote: »

My husband applied for several cards a couple of weeks ago and Barclaycard gave him by far the lowest credit limit (less than a quarter of the highest lender).

He got the highest from Tesco then Virgin then Lloyds then TSB then Sainsburys and then Barclaycard.

He took it personally until he got the other limits and then realised that Barclaycard are probably not looking to increase market share at the moment.

Well i'm the opposite..Tesco offers £1500 limit and Barclaycard who i applied to after offered £3500 and that's coming from having sub prime cards.

No logic at all how they reach there decisions..:D

Lith

Limits are a weird one...


Capital one gave me a £200 Limit... (disgusting)
Barclays? £700....

^-- Don't use them at all.

But Halifax & Lloyd's both gave me £3000

HSBC £5000


And my biggest one is MBNA £18000 :O