Post Office 0% - initial credit limit too low for my needs

Johntea

I successfully just applied for one of the Post Office Platinum cards with the 28 months 0%, but they have set my initial credit limit at £1,600.

The main reason I was hoping to use this card is to purchase an annual rail season ticket next year at a cost of £1,957.70 rather than a monthly £188.10, as that would save me just under £300 over the course of the year and the thinking was with the 0% card I could essentially be paying it off monthly anyway.

So a few options in my head :
-Ask them for a credit increase straight off the bat - what are the consequences of them telling me to !!!!!! off?

-Try and get the ticket office to split the payment so I can stick £1,600 of it on this card and then just pay the remainder using my debit card

-Apply for another 0% card and see if they offer me either a higher limit or do similar to the above split option but over the 2 0% cards but I suspect the chances of getting accepted so soon after getting accepted would be fairly low?

My annual income is £28,050, living with parents (on the electoral roll), I do have a Barclaycard with a £1,900 limit but I pay it off in full each month and generally stick around £200 or so a month on it just to keep it active and boosting my credit score

[Deleted User]

You could ask, but they will almost certainly say no. There would be no consequences to you asking.

It would be worth applying for another card. If you don't get a higher limit, then see if they will split the transaction, though I doubt it.

It might also be worth checking your three credit files (not the scores as they don't mean anything) just to make sure everything is in order, as you have low limits on both your cards.

torchie

A rather low credit limit, I agree. I have always found Post Office to be “generous” with their CLs so maybe worth a gamble to ask for an immediate but not outrageous CL increase.

bd10

Any chance you could get a season ticket loan? Many companies offer those at zero percent. Then instead of using zero percent/purchase card, use a rewards/cash back card instead.

Johntea

Thanks, I might just try and push them up a bit and if not never mind...are you supposed to get an email confirmation of your application though or does it just turn up in the post? It all said successful on the website but nothing received by email since!

Not sure why they're a bit tight with the limits, I understand Barclaycard to an extent as I applied for that back in 2009 or so when I did have a poorer credit rating, less income and wasn't on the electoral register etc. I think that may have been £2500 at one point actually but they chopped it down to £1900 because I was never using it, hence why I stick a couple of hundred quid a month on these days and just pay off in full each month! (plus earns me reward points for Amazon vouchers etc), everything looks in order as I'm signed up to my credit report(s) via MSE Credit Club and check it each month.

[Deleted User]

Johntea wrote: »

everything looks in order as I'm signed up to my credit report(s) via MSE Credit Club and check it each month.

You're only checking one report by the sounds of it.

Make sure you check the other two.

mab3000

Johntea wrote: »

Thanks, I might just try and push them up a bit and if not never mind...are you supposed to get an email confirmation of your application though or does it just turn up in the post? It all said successful on the website but nothing received by email since!

Not sure why they're a bit tight with the limits, I understand Barclaycard to an extent as I applied for that back in 2009 or so when I did have a poorer credit rating, less income and wasn't on the electoral register etc. I think that may have been £2500 at one point actually but they chopped it down to £1900 because I was never using it, hence why I stick a couple of hundred quid a month on these days and just pay off in full each month! (plus earns me reward points for Amazon vouchers etc), everything looks in order as I'm signed up to my credit report(s) via MSE Credit Club and check it each month.

Hmmm good luck with sorting anything out with the Post Office Money credit card. Terrible company to deal with. If you do receive the card in the post, don't expect it to actually mean that everything has been ok with your credit card application... (I have made a recent post on here called Post Card credit card shambles).

squawkbox

You can split the payment using multiple payment methods at the station.

Just tell them you want £x on one card and the remaining on another, or via cash/vouchers etc.

Chrysalis

Ask and see what they say, the worst that can happen is they say no.

On my first 2 months of my barclaycard I was auto approved for a limit increase I asked for.

The reason is probably not going to help tho no matter how good it is, it will be down to what the computer is willing to do.

Dettol

Can you not max out the 0% card and simply pay the remainder by debit card or put that smaller amount on another card and clear that before interest is paid.

Johntea

I asked for the increase, which they declined unsurprisingly but didn't harm to ask!

My season ticket came to £1,897 so I stuck £1,300 on the Post Office card (left £100 clear as I was a bit paranoid of totally maxing out the balance!) and £597 on my Barclaycard which certainly isn't 0% so I pay it off in full every month but no problems with that as the payment won't be due until early February by which point I'll have my January pay.

From a credit rating/chances of them increasing my limit in the future within the 28 month 0% period point of view and considering the 0% does it make a big difference if I just do the minimum payment every month vs. say pay off £110 a month?