Balance Transfer query

chasing-rainbows_4

Applied for my first balance transfer card today however the credit limit on the new card is only about 25% of the balance I wish to transfer.  What happens in this case?  Will only 25% be transferred?  I used a quick eligibility checker on the cards website which said approved however did not specify the limit at that point - and if it had I wouldn't have went through with the application. This is all new to me so apologies if its been asked before.

[Deleted User]

Transfer what you can to the new card - it will only be 95% or less of the new limit. 

Then focus on the interest bearing part of your debt. You can always apply for another 0% card to try to move more.

Ebe_Scrooge

chasing-rainbows_4 said:

 however did not specify the limit at that point - and if it had I wouldn't have went through with the application.

As ZX81 says, transfer what you can, you'll still be making a saving.

When you apply for any card, you won't know what limit you'll be offered until your application has been processed and accepted.  You'll see the figure of £1200 quoted in adverts - this is the representative limit, and is used simply to allow you to compare like with like (the same goes for the representative APR that's advertised).  However, the individual limit and APR that you're offered will be calculated based on their internal scoring algorithm (which has nothing whatsoever to do with the "score" quoted by the credit reference agencies).  They take the data contained within your credit file, feed it into their algorithms, and the result will determine how much they're prepared to lend you, and at what rate.

As per the previous response, you can try applying for one more card.  But don't go applying for loads - lots of applications in a short space of time makes you look desperate for credit, and is a red flag for pretty much all lenders.