Barclays 0% - Poor credit limit?

KILOCHARLIE

Hi,

I applied for 2 credit cards with 0% deals on them over the last few weeks. The Barclay card 0% for 14 months (2.5% BT fee) and the Capital One 0% until April 2008 (no fee).

Received both of my cards the other day. Capital One has a whopping £8300 limit on it, the Barclays a p*ss poor £1050.

I rang barclays who said they wouldn't increase my limit until after I had been a customer for 3 months, by which time I can't make any 0% BT as you have to make these by Jan 08 to get the )% rate.

There seems no point on Bting a £1000 from the card as after paying the fee (£25) and sticking it in a savings account (5% - 7% interest) as it will only make around £40 for the whole year. Seems not worth the effort!

What are my options? Shall I just tell barclay card to cancel it and forget all about it or is there anything else I can do??

nataliejane1981

I would ring up & threaten to cancel it - this may motivate them to increase your limit. The customer retentions team always have more power to do this than other departments after all! If they don't you haven't really lost out on anything have you.

YorkshireBoy

I wouldn't waste my time appealing the limit with this particular provider, mainly because that may result in another credit search (and they may see your £8K+ Cap One limit).

I would consider only the following two options...

1. Slow-stooz the card for 3 months, or

2. Cancel the card

...and to be honest, I'd go for the second of these.

KILOCHARLIE

thanks guys. Will ring them tomorrow and see if i can get a credit limit increase, if not a cancel is in order!

I think they may have already seen the cap one limit as I applied for the barclaycard a few days after the cap one. Maybe this is the reason the limit is so low. Shame really as I would have preferred a large limit on the barclay rather than the cap one.

Thanks though.

YorkshireBoy

KILOCHARLIE wrote: »

I think they may have already seen the cap one limit as I applied for the barclaycard a few days after the cap one. Maybe this is the reason the limit is so low.

Doubtful. Accounts generally take at least a month, and usually two, to appear on your credit files. They will have seen the search, but that should have much less of negative effect (unless you have had several others as well?).

inmypocketnottheirs

KILOCHARLIE wrote: »

thanks guys. Will ring them tomorrow and see if i can get a credit limit increase, if not a cancel is in order!

I think they may have already seen the cap one limit as I applied for the barclaycard a few days after the cap one. Maybe this is the reason the limit is so low. Shame really as I would have preferred a large limit on the barclay rather than the cap one.

Thanks though.

Let us know how you get on. I told bc to stuff their account recently.

nosmoneysaver

I would drop Barclaycard as well. Just got my Barclaycard today to be told that my credit limit is £260 and the amount would be reviewed in 6 months but the window for balance transfer is 60 days so I would transfer at whatever their regular rate was at that time.

I didn't even bother to activate the card.

KILOCHARLIE

yeah rang them up today. asked for a limit increase again. not until 3 months which is after the 0% deal is up.

Told em i wanted to cancel. No retentions team, he just did it there and then. Like the last person I spoke to he seemed really unfriendly.

Barclaycard have lost my business and my family's for life. I won't even bother applying for anything with them again.

MABLE

KILOCHARLIE wrote: »

yeah rang them up today. asked for a limit increase again. not until 3 months which is after the 0% deal is up.

Told em i wanted to cancel. No retentions team, he just did it there and then. Like the last person I spoke to he seemed really unfriendly.

Barclaycard have lost my business and my family's for life. I won't even bother applying for anything with them again.

The only person suffering is yourself. You have a wasted credit search and said good bye to virtually free money. Oh well if it makes you feel better.

KILOCHARLIE

didn't you read everyone else's post before you commented on mine? lol

mable = sponsored by barclays

MABLE

KILOCHARLIE wrote: »

didn't you read everyone else's post before you commented on mine? lol

mable = sponsored by barclays

No doubt you had attitude when you phoned Barclaycard and got everthing you deserved. Will people like you never learn.