0% cards most likely to accept an £8k transfer?

Hi.

I would like to transfer around £8k onto a 0%, no fee card. Is this realistic? I've read that the average transfer is £1200. Also, could you let me know roughly how long applications usually take?

Thanks,
Sharon
«1

Comments

  • [Deleted User]
    [Deleted User] Posts: 35,242
    First Anniversary Photogenic Name Dropper First Post
    Forumite
    The average transfer isn't £1200. That's the representative credit limit.

    Your limit will depend on your credit history, debts and income.

    If you're not referred, it's usually around 10 days to get the card and PIN.
  • Thanks for your reply. Could anyone suggest credit cards which are more likely to have a higher credit limit or doesn't it work like that??
  • [Deleted User]
    [Deleted User] Posts: 35,242
    First Anniversary Photogenic Name Dropper First Post
    Forumite
    There are some. Eg MBNA. But you may not fit their profile. Try a soft search.
  • I'm in the same situation, I've got nearly £9000 on my Nationwide credit card (0% for 12mths) and its up at end of the month. I applied for the Virgin Money card at 0% balance transfer for 18mths (I think), but they only gave me £500 credit limit and which they already transferred £450 from the Nationwide, leaving me with £50 left on the card! I ended up phoning them and just paying the £450 off and cancelling the card as I thought there was no point in keeping it as I wasn't any better off!!
  • [Deleted User]
    [Deleted User] Posts: 35,242
    First Anniversary Photogenic Name Dropper First Post
    Forumite
    I ended up phoning them and just paying the £450 off and cancelling the card as I thought there was no point in keeping it as I wasn't any better off!!

    That was a poor financial decision.
  • Could you explain to me why that would be please?
    I'll probably kick myself after you tell me...!!
  • [Deleted User]
    [Deleted User] Posts: 35,242
    First Anniversary Photogenic Name Dropper First Post
    Forumite
    Because you had put yourself in a position where you were going to save money by not paying interest on part of your debt, while you tackled the rest.

    If you had £450 available to pay off debts you should have cleared part of the debt that was about to incur interest, not the part that wasn't costing you anything.

    Hopefully you didn't also pay a fee for the BT.
  • vacheron
    vacheron Posts: 1,590
    Name Dropper First Anniversary First Post Photogenic
    Forumite
    Hi.

    I would like to transfer around £8k onto a 0%, no fee card. Is this realistic? I've read that the average transfer is £1200. Also, could you let me know roughly how long applications usually take?

    Thanks,
    Sharon

    I have received 0% Balance Transfer cards with 8K+ limits from Tesco, Barclaycard and Virgin Money with Sainsburys and MBNA giving the highest limits of my 0% purchase cards.

    Conversely, Halifax and Bank of Scotland (Same parent company) have historically offered me pathetic limits despite me being a current / savings account customer with them for years.

    However as our financial situations could are most likely completely different, we will probably fit the target profile of different companies so this info is probably meaningless.

    Also the order in which the cards were applied for will have also had an impact on the limits offered.

    So there are no guarantees at all I'm afraid. :(
    • The rich buy assets.
    • The poor only have expenses.
    • The middle class buy liabilities they think are assets.
    Robert T. Kiyosaki
  • nic_c
    nic_c Posts: 2,928
    Name Dropper First Post First Anniversary
    Forumite
    Peoples experiences will vary, so I won't suggest ones, though try to see which offer soft searches to as whether you would get accepted and then see if they will give a likely limit.

    You also have to factor in different policies to BT promotions. Some will always opffer full length if accepted, others will accept you but may offer a shorter BT period.
  • Try for the creation card
    I have a deep burning indifference
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 341.8K Banking & Borrowing
  • 249.7K Reduce Debt & Boost Income
  • 449.2K Spending & Discounts
  • 233.9K Work, Benefits & Business
  • 606.1K Mortgages, Homes & Bills
  • 172.5K Life & Family
  • 246.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards