Balance Transfer Limits

thetonyshort

Hello

Hope everybody is well.

Just read this weeks email about balance transfers for credit card. I've currently got a credit card with 3k worth of debt used on the card. Before I use the Credit Club to check whether I'm eligible, is there a way of knowing whether I can get enough to do the balance transfer of the 3k before I apply? I recall historically when I've applied for new credit cards that I've only been offered about £1,500 worth of credit.

If I'm unable to get accepted for a full 3k new credit card, are there other things I can consider to get interest only credit card(s) to avoid paying the current interest that I am?

Many Thanks

Tony

eskbanker

No, you can't find out what credit limit you'll be offered in advance, but even if it's half of what you're looking for, it's still worth doing if it halves your interest bill.

No harm in checking your credit files (with all three agencies) ahead of any application, just in case there is anything inaccurate on them that could be corrected to improve how you'll be seen by prospective lenders....

thetonyshort

Hi, thanks for the prompt response and recommendation. If I applied for a new one and got accepted for £1,500 limit for a balance transfer, would I simply split my payments into two, one to repay off my current CC and the other half for my new one?

Thanks, Tony

eskbanker

thetonyshort wrote: »

If I applied for a new one and got accepted for £1,500 limit for a balance transfer, would I simply split my payments into two, one to repay off my current CC and the other half for my new one?

Yes, although make sure you familiarise yourself with the minimum repayments required by any cards you apply for....

radoslaff

You can apply for another 0% BT card in a couple of months so you can transfer the rest of the balance. I'm in a similar situation as you are and this is exactly what I intend to do.

Dobbibill

There is also normally a 95% limit that you can BT - remember to factor in the fee (this is why they have this rule).

To prevent lifes curve balls getting in the way of paying the minimum on time, consider setting up a DD.

Do you have any empty cards at the moment? Some providers offer existing customers promo rates occasionally.

AliceBanned

If you can't get a big enough credit limit to transfer the full balance pay off more on the card with the interest - what is the APR on the card you have now? Pay off the balance transfer card just above minimum payments if you can.


You may have to wait a few months before applying for a second BT card.