Credit Limits & Bank Transfers

danhenshy23

Hi,

I am looking to get a new credit card to help pay for some house renovation work.

Are there particular providers who offer up decent credit limits or is this all based on individual credit score? From experience of taking out cards previously, I recall only finding out the credit limit after the application process, so would be keen to know this up front.

The card will be predominantly used for purchasing materials at 0% interest, but as some of the labour will be carried out by a family friend, ideally I would like to use the credit card to transfer cash to a bank account to pay for this without paying interest.
Is there a card out there that would allow this or am I better off looking at other ways of doing it?

Thanks
Dan

[Deleted User]

You won't know upfront.

Anecdotally, MBNA and Bcard give decent limits, but it's based on your credit risk of each lender.

If you need cash, you will need a money transfer card.

Dobbibill

You won't be able to find out your limit before application I'm afraid.



I agree with zx81 - Bcard & MBNA have been known to be generous with their limits.

Maybe try an eligibility checker first to see the likelihood of acceptance and then work out the best MT card with the lesser MT fee.

eskbanker

It was mentioned on another thread recently that the Lloyds group eligibility checker indicates a provisional credit limit, presumably before a hard search is conducted:

https://forums.moneysavingexpert.com/showthread.php?p=75494178#post75494178

jester212 wrote: »

I would try either Halifax, BoS and Lloyds. Their eligibility checker gives you an indication of what your credit limit will be. I recently applied for a Lloyds BT card and they came back with a limit of £10k, Same with Halifax. At least then you will get an idea if you will get the limit on one card or if you will need several .:)

PRAISETHESUN

You will need a money transfer card to pay cash without getting charged cash transaction fees. As above, you won't know what your exact limit will be until you apply as the limit will depend on criteria that can only be determined through a hard credit application. I haven't used the eligibility calculator posted by eskbanker, but it might be worth looking into

jester212

You could also look at MBNA's new eligibility checker tomorrow. According to their new site they can now give you an estimated credit limit when doing the clever check...

Complete a short form to see MBNA credit cards you’re eligible to apply for, your estimated credit limit and likelihood of being accepted - all without affecting your credit rating.

Might be worth a look.

maxximus75

I think the Lloyds banking group, MBNA and Nationwide will give you an indication of credit limit on their eligibility checkers.

user1168934

I have had fairly high limits from BOS, Halifax, Tesco and Creation in the past but it does depend on a few factors such as credit history, available credit etc.