Fluid 0% Balance Transfer Refusing to Show Limit

HampshireH

As the title. My other half has applied for a 0% balance transfer card with Fluid

After completion of application they approve you and the say the limit will be determined after you accept and receive your card.

OH for good reason doesnt want to accept a card with a limit up to 2.5k if offered just £500 for example as won't be able to balance transfer all from the current card.

They are now writing with the same thing. Is there anyway to find out what limit they will offer without accepting the card?

Seems a bit backwards. Its a horrific interest rate amd would be cleared within the 9 months 0%BT period.

Ben8282

No way to find out in advance.
If your OH is reduced to applying for cards such as Fluid then their credit files must be in a pretty awful state so should consider themselves lucky whatever limit they get as presumably if they had any chance of getting anything better they would not have applied to Fluid in the first place - 9 months 0% with a 4% fee
Accept the card regardless of limit. At least you will save some interest even if you can't transfer the whole balance.

HampshireH

Yup fully aware the credit file is poor. Down to circumstances many years ago which we have spent 3 years rectifying slowly.

Frustratingly I am in a position to pay the balance off but being stubborn and proud, OH won't let me do it and wants to continue to take ownership. This is the 1st opportunity to BT after 3 years of building the file back up.

There is no rush to BT as I say it was the first opportunity.

Jeremy_Boden

View the whole process as being educational.

Terry_Towelling

Could you tell us the APR on OH's current card?

I ask, because a debt of £2500 plus a 4% fee (if the fee is applicable to OH's offer) would amount to £2600 and that would require a monthly payment of about £289 to clear in 9 months.

So, assuming OH is able to expend £289 per month for 9 months and does indeed have a debt of £2500 with an APR of 20%, the balance would still be paid off in just over 9 months if just left on their current card.

By far the best (and least costly) solution is for you to indeed clear the debt now, save the fee (or interest) and get OH to pay you back in 9 equal monthly instalments of approx £278. Taking 'ownership' is admirable but, in this instance, comes at a cost.

HampshireH

Its about 1800 (not the full 2.5k)

I know paying it off is the ideal solution. Im working on it but thats a mindset as I say OH wanting to achieve this themselves.

However thats not likely to happen otherwise it already would

I'd have to look into the capital 1 card interest that would be transfered from. Its a very old card & not a great rate. OH is also preapproved for a card with them but then doesnt fit the criteria as already a card holder.

Won't be taking a fluid card anyway due to not knowing the limit on it.

Not sure what treat this as an education means, doesnt sound very in the spirit of MSE's friendly forums. The total debt is this 1800 card debt.

Thankyou for answring the question.

Ben8282

HampshireH wrote: »

I'd have to look into the capital 1 card interest that would be transfered from. Its a very old card & not a great rate. .

It will be clearly shown on the statements.

HampshireH wrote: »

Won't be taking a fluid card anyway due to not knowing the limit on it.

.

Have you already applied or just checked her eligibility. If the former, it would be better to accept the card under these circumstances and transfer what can be transferred. You are making assumptions about the limit which may not be correct. Very few cards actually tell you the limit in advance of application.

Concerning OH's mindset. If you have the money then it makes sense for you to lend it to them. You could even charge the same rate of interest as Capital 1 then when the debt is paid off if you don't want to keep the interest buy them a nice present with the money saved.

HampshireH

I will pass all the advice above on.

OH applied and was accepted only to to be told they have to accept sign the credit agreement before being given the credit limit.

i have always received the credit limit on acceptance and before signing the agreement and accepting it. Never done a BT though

Ben8282

Agreed. Have always been told credit limit on acceptance.

HampshireH

Thanks Ben

That was the point of my post. To ask if there was a way of getting that info as thats how its always works when I have taken out a credit card.

Never been expected to sign and receive the card before being told how much would be on it.

Thankyou all.

Nebulous2

Getting anything at 0% is probably better than paying interest on the full amount. Accepting the card will show an open account on the credit file, without a balance, whereas your other half will already have a credit check showing. I'd take a punt at it anyway, move as much as posible across and make minimum payments while on 0%, throwing any spare money at the interest bearing debt.

Very briefly - any damage is already done, something is better than nothing.