Balance Transfer Credit Card

dduffie0902

Hi All,

First time posting so still getting used to things.

I am coming to the end of 0% on a purchasing card and have just over 8k spent on this. I am looking to get a balance transfer credit card that would allow this to be taken over and paid across a 0% period.

I applied for a card and they estimated my credit limit would be £500, which unfortunately is too low for what I require.

Just looking for advice on the best way to handle this, if possible?

Kind regards,

Willing2Learn

Hi dduffie0902 and welcome to the forum

Try other eligibility checkers with different card issuers.
https://www.moneysavingexpert.com/credit-cards/balance-transfer-credit-cards/

If it were me, and I could only get £500 balance transfer card, then I would accept the card and use it to reduce interest payments.

Who is offering the £500 BT card? The fact that you been potentially offered such a low credit limit, could indicate your are using a high percentage of your available credit and that this could indicate a higher risk.

vacheron

Hi and welcome dduffie0902.

As Willing2Learn mentioned above, it could be that since you took out the card with the >8K limit that the card issuers may now see you as a higher risk for some reason.

It could be the card itself which caused this (especially if if is the only card you have, or has a much higher limit than any other cards you may own), or if you missed any payments on this or any other cards?

Alternatively, it could be some other material change in your circumstances since you took out the original card?

Do any of these scenarios sound plausible?

foxy-stoat

Probably should of already had a second card to transfer the £8000 balance to.

Apply for others and get how you go. Assuming you still have the £8,000 cash in the bank though to clear the balance if you are unable to get a high enough limit.

dduffie0902

Hi Willing2Learn/vacheron,

Thank you both for coming back to me as quickly as you have!

The card was offered by MBNA. The card I currently have has a 9k limit. By the time the zero% ends, I could get the balance down to 7k I am sure.

My current credit card is my only credit card (first) at the moment.

I'm just very new to everything and looking to understand the best way to handle this situation. The other option I considered was taking a purchasing card (I may be wrong, but usually noticed these offer much higher credit limits) and use whatever balance transfer 0% it offers, at that stage the limit would be lower again and could be moved to another card if required.

Ben8282

We know nothing about the OP's circumstances beyond the fact that they have over £8000 debt on a 0% card that is coming to the end of the 0& period and a single application for a new card to transfer the balance has resulted in an estimated credit limit of £500.
Personally I don't see why they didn't just decline the application if all they are prepared to lend is £500
The only possibility that I can see is to make another application elsewhere and se what happens.

dduffie0902

Thanks Ben8282,

I will do another application and see what the result is.

Ben8282

Just read OP latest reply.
Firstly, how can you have noticed that purchase credit cards come with much higher limits than (presumably as you don't specify) balance transfer cards? Noticed where?
Your problem is clear. You have ONE credit card which was your first ever credit card. Somehow you were given a 0% purchase card with a £9000 credit limit as your first and only card. Lucky! You have spent over £8000 and clearly not made any substantial repayment during the 0% period.Your one and only card is now showing a utilisation % of 90% or perhaps more. You have given no indication of your ability to repay debt.
I am very sorry to say that your expectation of getting another card with a £9000 credit limit at this time is a totally unreasonable one/ You will NOT get such a card and are going to have no choice but to pay interest on this balance until it is substantially reduced.

Willing2Learn

dduffie0902 wrote: »

...The card was offered by MBNA. The card I currently have has a 9k limit. By the time the zero% ends, I could get the balance down to 7k I am sure.

My current credit card is my only credit card (first) at the moment.

I'm just very new to everything and looking to understand the best way to handle this situation...

If it were me, I would accept the MBNA £500 limit BT card as it allows you to save a little bit on interest. I don't think you are going to get a better offer, given that you have nearly maxed out the purchases card.