More than one money transfer card?

in Credit Cards
15 replies 1.5K views
Hello everyone
I am new on here :-)

I'm a little confused regarding a money transfer application.
I have applied for a Tesco card after using the eligibility checker.
Mbna came up first as 90% success rate and Tesco one second however it has a longer 0% free period.
I was looking to borrow 5k and then do the money transfer straight away. However when I started my application
For the Tesco one at the end it said we may be able to give u card but need to do more checks and get back to you in 5 days.
Also it' said credit limit 1400.
I was surprised by this as my credit rating has been good as I have been approved for a mortgage only last year.

I wanted to ask would Tesco increase my credit limit ?

Also am
I allowed to apply for the mbna one now?
Or is there a limit

Many thanks any help much appreciated

Thanks
«1

Replies

  • edited 8 August 2018 at 5:16AM
    Willing2LearnWilling2Learn Forumite
    6.3K Posts
    Seventh Anniversary 1,000 Posts Name Dropper Photogenic
    edited 8 August 2018 at 5:16AM
    Hello A1387 and welcome to the forum.
    A1387 wrote: »
    ...credit limit 1400...

    ...I wanted to ask would Tesco increase my credit limit?...
    ...Also am
    I allowed to apply for the mbna one now?
    Or is there a limit...
    Tesco may offer an increased credit limit after six months of responsible use of the card. I doubt they will increase now, even if you asked...

    You are free to apply for as many cards as you want. Just be careful though. Too many searches for credit, in a short time, can look bad to a potential lender. They show up on your credit report and it could look like you are desperate.

    Good luck :)
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • Nebulous2Nebulous2 Forumite
    4.1K Posts
    Eighth Anniversary 1,000 Posts Name Dropper
    Forumite
    You can certainly have more than one. I applied for 2 on the same day. Tesco have a reputation for scaling back what you get.

    MBNA and Virgin have good reputations for offering high limits - Virgin have currently suspended some applications due to high demand however.

    Are you intending applying for any more credit any time soon? More than two hard searches will limit your likelihood of acceptance for 6 months or so. I'd try one more, possibly MBNA and then leave it for a few months.
  • Craig1981Craig1981 Forumite
    769 Posts
    Third Anniversary
    good morning

    you say you want to transfer £5k. is that the limit on your current credit cards in total? or do you have available credit on the cards. in other words are all your cards maxed out, meaning utilisation is 100%, or do you have credit limits at £15k, meaning 33% utilisation?

    Tesco card (which i have) you can request limit increases every 6 months via the app, but not before.

    you could apply for the MBNA one as well, but granted just applied for Tesco as well, you may not get the offer that has been advertised (instead of 30 months 0%, you may only get 20 months)

    let us know how you get on
  • sparkey1sparkey1 Forumite
    444 Posts
    MBNA famous for generous limits. If they offer you a money transfer you can go online and complete it. It arrives in the account the next day provided you put it through before about 2pm. (Check that when you get a card).

    Just be aware they have a habit of racking up the APRs of cards when the offers end. If they do that to you, call them up and negotiate a better rate.
  • AnthornAnthorn Forumite
    4.4K Posts
    A1387 wrote: »
    Hello everyone
    I am new on here :-)

    I'm a little confused regarding a money transfer application.
    I have applied for a Tesco card after using the eligibility checker.
    Mbna came up first as 90% success rate and Tesco one second however it has a longer 0% free period.
    I was looking to borrow 5k and then do the money transfer straight away. However when I started my application
    For the Tesco one at the end it said we may be able to give u card but need to do more checks and get back to you in 5 days.
    Also it' said credit limit 1400.
    I was surprised by this as my credit rating has been good as I have been approved for a mortgage only last year.

    I wanted to ask would Tesco increase my credit limit ?

    Also am
    I allowed to apply for the mbna one now?
    Or is there a limit

    Many thanks any help much appreciated

    Thanks

    If we are referring to cards with a money transfer function as opposed to dedicated money transfer cards then I have three, Lloyds Bank, Tesco Bank and Virgin Money. My experience of Tesco Bank is that they gave me a credit limit which is a lot more than I was expecting but their APR after the initial 0% period is also a lot more than I was expecting.

    btw your post is organised along the lines of verses in the Bible. You might like to consider that in future posts.
  • A1387A1387 Forumite
    6 Posts
    Apologies - don't think my post very clear.
    Basically it's around 5 k credit limit I'm hoping to get offered on one or more cards. However Tesco haven't got back to me yet and I wasn't sure whether I could apply for other money transfer cards at same time.
    Also mbna took me to their website and did a eligibility check before I could start my application and the check said I'm not eligible for the 36 months and offered me 28 months 0% instead
    Not sure why that may be ?
    I didn't apply for the card but I hope that check don't effect my credit rating? I had to go back and try a few times (the eligibility check)
    I'm thinking would it be a good idea to apply for virgin or wait for Tesco to get back to me to se now much thrive actually offered me? It said 1400 when I did the application but not sure

    Thanks for everyone's posts
  • A1387 wrote: »
    Also mbna took me to their website and did a eligibility check before I could start my application and the check said I'm not eligible for the 36 months and offered me 28 months 0% instead
    Not sure why that may be ?
    I didn't apply for the card but I hope that check don't effect my credit rating?
    HI,

    Firstly, ignore your credit rating. Tesco, MBNA and other lenders don't see it and don't use it. They have their own method of scoring you against the data held in your credit files plus any data you have supplied in your application. MBNA eligibility checker is only a 'soft' search on your file and is not recorded as a 'hard' credit search. It therefore does not impact negatively on how you are scored.

    Secondly, MBNA are known for being quite generous with their credit limits. I would personally be tempted to go with the 28 months.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • MallyGirlMallyGirl Forumite, Senior Ambassador
    5.8K Posts
    Ninth Anniversary 1,000 Posts Name Dropper Intrepid Forum Explorer
    Forumite
    Tesco have always offered me the lowest limit. MBNA and Virgin were much more generous with theirs and had good MT offers
    I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
    & Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected].
    All views are my own and not the official line of MoneySavingExpert.
  • A1387A1387 Forumite
    6 Posts
    Thanks fir the reassurance appreciated
    Sorry it wasn't 28 months it was only 12 months
    Typing error

    However not sure how much they will offer me for the 12 months could be a low amount
    Maybe I should wait and see what Tesco come back with
    I am surprised at mbna - having been told they are generous but won't give me longer than 12 months so I am thinking what are they holding against me
    What are virgin like ?
    Any suggestions

    Thanks x
  • Craig1981Craig1981 Forumite
    769 Posts
    Third Anniversary
    i doubt they holding anything against you - just scored low on their lending criteria

    as per my previous post, what are your limits on current cards and are you maxed out? if so, this would be one of many reasons the lower offers are being made, as your limit/utilisation ratio is too high
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