credit card transfer approved but credit is less than the balance transfer?

birdy007

Morning,
So I applied for a 0% transfer credit card, in the application it asked for the credit card details and the amount owing (£1250)
After the checks, I had a screen pop up and say balance transfer approved but under that is stated credit limit is £200, does this mean I can only transfer £200 or does this mean I've been approved for the full credit card transfer amount plus 200 credit?
Doesn't seem worth the hassle of an extra card for 200 pounds tbh, but then I think why would they only give me 200 on a balance transfer??
:beer:

[Deleted User]

It means your limit is €200, so you can transfer around 90% of that. They've given you that limit based on the risk you represent.

Accept it, transfer what you can and apply for another card if needed.

birdy007

Thank you,

I'm fairly new to credit cards, is it worth having more than one card? It just sounds stressful paying out more than one card.

[Deleted User]

It's simple. Just set up a direct debit, or pay directly from your account.

You could pay half a dozen cards in under 5 minutes a month.

You should always have back up cards.

Candyapple

What credit card has the £1250 balance?

Which lender did you apply with who gave you the £200 limit?

Did you use an eligibility checker before applying?

birdy007

Lloyds has the £1250 on, I applied for capital one as the eligibility checker said I was pre-approved.

Candyapple

Capital One are subprime lenders and no way your initial limit would have been higher than say £500-1k.

Try the eligibility checker again and go with another lender such as MBNA or Virgin who usually give high limits.

A4445

I’ve got a CapitalOne card that started with £6k.

[Deleted User]

Did you apply for the “classic” card or the better APR “balance transfer” card?

A4445

It wasn’t the classic card. It’s not available anymore it was a low rate balance transfer card. As many transfers as you like no fee and 6.9% APR. Standard APR is 19.9% I think.

The current balance transfer card isn’t much good in my opinion.

I’d forgotten I had this card better use it before they cancel it.