How much can you loan on a first 0% credit card

joolsbfd

thinking of buying a campervan and wondering about a zero percent credit card for part of the purchase. What i can't work out is how much you are likely to be loaned. Can anyone advise how much is likely to be loaned, if i have to request at application stage, or how the max loan is worked out so i can work out before actually applying if that makes sense. thanks for the advice - i can't see it on the FAQ.

Browntoa

The lender will make their own decision on your credit limit depending on your circumstances.

Nobody else knows the lender criteria

joolsbfd

thanks browntoa.. bit useless trying to work it out then .. i'm a good bet and decent wage, but it's a bit wierd trying to work out whether and how to do something .. i don't wanna apply for card pointlessly. Does the zero percent start after your first purchase or from the moment of gettng the card.. and once appproved can you actually request the amount to be increased or not.. do you know? 

cymruchris

You think you're a good bet - they might not - it depends on your credit history. The terms and conditions of each offer can vary by issuer, and even by card from an issuer, so you need to look at the terms and conditions of whichever card you're going to try for. I would imagine that unless your salary is very high, and you have cards with existing high limits, you won't get a high enough credit limit to buy a camper van. If you HAVE to buy it - then you might try an eligibility checker for a low rate loan, or you could save a bit for a year and then borrow less. 

bengal-stripe

joolsbfd said:

Does the zero percent start after your first purchase or from the moment of gettng the card.. and once appproved can you actually request the amount to be increased or not.. do you know? 

The promotional rate (0 %) will usually start from the day the card has been issued, which is a few days before you actually have received the card.

You can request a higher limit, but your not likely to get an increase straight away. The bank wants to see (for 6 or 12 months) how well you handle the card before they increase the limit. Don't forget, in the current pandemic, banks have become more careful with limits than they were a couple of years ago.

Nebulous2

Credit is tighter than usual at the moment, which means they are more careful with their lending. You might find you can't buy a camper van with a credit card, so you would need a money transfer card, where they transfer the money to your bank account. MT cards may have higher fees or a shorter 0% period than others. There is nothing to stop you applying for two cards in quick succession if the limit you are given isn't high enough. 

The card will limit how much you can transfer to allow the fees within your overall limit, often to 95% so a £10k limit with a 4% fee would give you £9500 cash and £380 in fees, leaving you with a balance of £9880. 

You need to ensure you make at least the minimum payment each month to keep the 0% rate. These have risen, so make sure you know what it is and pay it every month.