Balance transfer - Did I make a mistake?

edited 30 November -1 at 1:00AM in Credit Cards
5 replies 1K views
MildmanneredmanMildmanneredman Forumite
39 Posts
Seventh Anniversary 10 Posts Combo Breaker
edited 30 November -1 at 1:00AM in Credit Cards
Hello guys


Aqua Classic:
£2250 limit
£1301 balance
Paying £300 onto it tomorrow.



Saw on MSE Credit club an 80% chance of getting a virgin balance transfer card with 0% for 24 months, so went through to the virgin site and did soft check on which i got declined...They reccomended Capital one, so I went through the soft check and got aproved, carried onto the application, Put in a request for a £1000 balance transfer during the application, then got told I have got the card but with a limit of £500..


As this isn't even enough for the transfer have I made a mistake?
I guess I can transfer £500 so at least theres no interest on that for 6 months...downside being utliation on that card will then be 100%.



The idea was to have the aqua cleared and have a better card with a longer introductory rate, clearly this isnt going to happen right now.


Instead I am going to have two sub prime cards one with pathetic fully utlized limit..


Somehow this seems worse than not bothering? Question is how best to get from here to the desired scenario..

Replies

  • zx81zx81 Forumite
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    You'll only make a mistake if you don't transfer £500.

    Saving some money isn't worse than saving no money. It's better.

    Now you can focus on clearing the aqua debt, even if you can't get a further card to BT it to.
  • edited 30 June 2019 at 4:58PM
    MildmanneredmanMildmanneredman Forumite
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    Seventh Anniversary 10 Posts Combo Breaker
    edited 30 June 2019 at 4:58PM
    So as I aksed for a £1000 balance transfer, I take it no transfer at all will take place until I initiate it after reciving the card, clearly a £1000 transfer cant take place if the limit is £500?
  • zx81zx81 Forumite
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    You normally need to do the transfer yourself.
  • Willing2LearnWilling2Learn Forumite
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    So as I aksed for a £1000 balance transfer, I take it no transfer at all will take place until I initiate it after reciving the card, clearly a £1000 transfer cant take place if the limit is £500?
    Just transfer what you can. You won't be able to BT the full £500 as that will take over your limit when you include the BT fee. With CapitalOne, if I remember correctly, you have to complete the BT over the phone... :)
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

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  • MildmanneredmanMildmanneredman Forumite
    39 Posts
    Seventh Anniversary 10 Posts Combo Breaker
    Yes, I just spoke to them. Confirmed I shouldnt really do more than a £400 transfer, its 0% for 6 months..Bit rubbish all in all but still..
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