Credit limit on balance transfer card?

Bert85

Hi everyone

I am thinking to apply for a 0% balance transfer card.

My current outstanding balance on the credit card is around £5k.

If I apply and a card is approved, will I be able to transfer all those £5k or there will be a limit, like in the new cards issued (which is normally around £1.2k?

Many thanks 

TadleyBaggie

All credit cards have limits, obviously based on your personal circumstances. Generally you won't know the limit until after you have applied and been accepted (there may be exceptions). With balance transfer you can normally only transfer a maximum of 90-95% of the credit limit.

grumbler

Bert85 said:

Hi everyone

I am thinking to apply for a 0% balance transfer card.

My current outstanding balance on the credit card is around £5k.

If I apply and a card is approved, will I be able to transfer all those £5k or there will be a limit, like in the new cards issued (which is normally around £1.2k?

The latter, although it's not "normally around £1.2k". However, every little helps. Transfer as much as possible then, possibly, apply for another 0% card.

TakeittotheLimit.

Getting a new credit card depemds on your credit worthiness and income etc, so you `might` get offered over 5k for a card or you `might` get offered say £2000. I think your getting mixed up with the £1.2K on new cards you will see in any eligibilty calculator that are there as a guide that the comapnies have to put to show you how much a card with £1.2K will cost in APR.

You can go on some banks sites and use their own calculator thing and some will give you a rough guide on how much they are willing to offer you before actually doing an application and a `hard` search going on your credit file.