balance transfer card

halogen

Is there a way of finding out what credit limit I would be offered on a credit card without going through the whole application process?
I have approx £8000 on a Barclaycard that I was hoping to transfer to a 0% card but I would need to transfer the whole amonut to make it practical. Sainsbury's offered me a £2000 limit and my own bank (HBOS) offered 6650.
Any ideas to avoid paying Barclaycard mountains of interest every month?- I pay £300 a month towards it but obvs I would like that to go to the debt not the interest.

[Deleted User]

No you will only get told your limit once accepted

Nasqueron

Take the £6650 limit, BT, pay the minimum and smash the older card, then deal with BT one

blitzboy

When you say they 'offered' you £2,000 and £6,650, does this mean you've already applied for them? If so, you might as well take them both as they will have already marked your credit file.


£2,000 + £6,650 = £8,650. You're looking for £8,000 so this should work out about right as you can usually transfer up to 90-95% of your available credit limit. It doesn't all have to be on the same card.

halogen

I've done the online aplication for Sainsbury but cancelled as soon as they said £2000 they have sent me paperwork to sign but I binned it
HBOS give me the figure before the application process was complete.
I couldn't cope with paying off 3 different cards all at the same time.

Weybridge78

What were the balance transfer fees of the SB and Halifax/BOS cards please (if any)?

blitzboy

halogen wrote: »

I couldn't cope with paying off 3 different cards all at the same time.

In what way? If you mean financially then 2% of £8,000 (for example) is £160 whichever way you look at it. You'd pay that whether over 1, 2 or 3 cards. Obviously minimum payment terms would vary slightly.


If you mean just keeping track of it, all you need are direct debits set up to avoid missing payments and then a simple spreadsheet to track them (deal expiry dates etc). Sometimes it's worth that extra little bit of effort, it can save you a lot of money. Particularly if you've already applied for the card as this will probably show on your history and may affect you being accepted for another one for a while anyway.

halogen

Weybridge78 wrote: »

What were the balance transfer fees of the SB and Halifax/BOS cards please (if any)?

pretty low I think but I'd have to go and check. Also I have a stupidly good credit rating, not sure why.

As to the paying 3 cards a month thing - just logistically. Im a very disorganised person.

[Deleted User]

halogen wrote: »

p
Also I have a stupidly good credit rating, not sure why.

Because it's pretend

halogen

Deleted_User wrote: »

Because it's pretend

In so much as all credit rating are then yes.

Superscrooge

halogen wrote: »

pretty low I think but I'd have to go and check. Also I have a stupidly good credit rating, not sure why.

As to the paying 3 cards a month thing - just logistically. Im a very disorganised person.

Once you have set up the direct debits, the payments will be automatic. There is nothing else to organise until the end of the promo periods.

If you desperately don't want to take out a 2nd card then transfer the £6,000+ which leaves less than £2000 debt with Barclaycard. Then divert as much cash as you can to paying this off.