New balance transfer card not enough to transfer the full amount?

Steff1972

I've applied for a new credit card to transfer the balance of £5k from an existing card to this new one. During the application process they asked what I wanted to transfer over and I entered £5k. I was successful with the application and all my new paperwork has arrived...but the balance of the new card is £2k?
Is this right? Surely if they know what I was looking to transfer over, then accept my application but can't offer me a new balance of £5k I should be notified?

onlyfoolsandparking

Credit limits are always subject to a lenders assessment of you and in your case they have concluded 2k is your credit worth. A few choices open to you though, apply for another BT card and WAIT and see what limit they give you. If it's the 5k you need then job done, if not or your declined then BT over the 2k onto the card you've been given then attack the 3k remaining, any saving on interest is a saving.

Steff1972

Thanks for your advice. Really appreciate it

Willing2Learn

If you have only made the one credit application, then I would apply for another BT card from a different issuer, to see if you can get the extra 3K 

pogofish

Have you contacted them to discuss this?

When I did my last BT, they were more than willing to adjust the limit up to suit the actual sum I needed to transfer.  Which resulted in my finally clearing my debts a good 4-6 months early.

Steff1972

pogofish said:

Have you contacted them to discuss this?

When I did my last BT, they were more than willing to adjust the limit up to suit the actual sum I needed to transfer.  Which resulted in my finally clearing my debts a good 4-6 months early.

I did. Just called and they said this is what they're willing to lend.

SnowTiger

Steff1972 said:

pogofish said:

Have you contacted them to discuss this?

When I did my last BT, they were more than willing to adjust the limit up to suit the actual sum I needed to transfer.  Which resulted in my finally clearing my debts a good 4-6 months early.

I did. Just called and they said this is what they're willing to lend.

If I were you I'd keep the new card and transfer the most I could to it.  That may be less than its £2,000 limit.  Some cards only allow customers to balance transfer up to ~90% of the card's limit.

I would also apply for another balance transfer card elsewhere.

Fingerbobs

onlyfoolsandparking said:

Credit limits are always subject to a lenders assessment of you and in your case they have concluded 2k is your credit worth. A few choices open to you though, apply for another BT card and WAIT and see what limit they give you. If it's the 5k you need then job done, if not or your declined then BT over the 2k onto the card you've been given then attack the 3k remaining, any saving on interest is a saving.

Assuming the existing balance is accruing interest, I wouldn't wait - I would transfer as much as possible to the new card right now, to stop further interest accumulating on the original card. Then apply for another card. 

pogofish

Steff1972 said:I did. Just called and they said this is what they're willing to lend.

In that case, I'd probably be looking for someone else but you might want to try them again to see if they would be willing to take-on the rest after you have built-up a bit of history with them?

But otherwise, I agree with the above - you need to take the option that minimises the amount of interest you are paying.