Balance transfer - limits of card

Fluff15

Hi everybody

I am looking to get my first balance transfer card to help ease some costs during these uncertain times. I currently have a balance of £4000 on my AMEX which I can continue to pay off @ approx £500pcm but that costs me about £80 in interest each month. Do balance transfer cards automatically give you a high limit to enable you to transfer a higher balance all at once, or is the amount available on a balance transfer credit limited and then goes up like a standard credit card?

Thank you

[Deleted User]

Each lender will give you a limit that reflects the risk you pose.  There's no standard formula.

Sofee3

I've found Barclaycard offers more than others.

D3xt3r5L4b

Also check that the lender accepts BT’s from Amex as not all do...

Marcio45

Hi Fluff15,
The interest charge will come down every month if you keep paying £500 month. Roughly, if paying £500 a month and no longer spending on the card it would be paid in 9 months.
As some have said, some credit card companies cannot transfer from AMEX so this is something you have to check before applying. Or in alternative you could try to get a money transfer, the money would be sent to your bank account and you pay the balance on the AMEX.
I would give a try with MBNA cards as they give you an indication if you are accepted and the credit limit before applying. They do money transfer cards.

doraspenlow

Some will ask you how much credit limit you want as part of the application. Halifax did this for me recently. It allowed 93% of credit limit to be balance transferred iirc. 

maxximus75

Some credit card providers will give you an indication of credit limit and "likelyhood' of acceptace with just a soft search.

The ones that come to mind are MBNA, Nationwide (although I dont think their BT offers are that good), Santander, Halifax, Lloyds etc

Remember to factor in the BT fee.