cash transfer from credit card to pay loan

Nasqueron

molerat said:

MrFrugalFever said:

One further note of caution, if Barclaycard decide to suddenly reduce their CC limit or demand payment in full at any time have you got a backup plan to account for this. They are notorious for significant slashes in CC limits even without any real reason known to the individual for doing so - there's a whole thread on here about it, admittingly amidst the start of the pandemic but still its not unheard of at least.

A bit of scaremongering there.  Immediate repayment can only be required in exceptional circumstances, they can not just decide to do it on a whim.  Reducing the limit below the outstanding balance would also be considered improper and the FOS would most certainly rule against them.

Agreed, they may well keep reducing the card limit to stop OP spending more but nothing else. My Barclays now has about 2k on it (BT) and 11k limit and they've not touched it but also don't give me any new offers at the moment while they used to do it monthly as they increased the limit. I'm just paying it down to 0 unless they give me anything useful but it's a shame as they tended to give good offers (length and fee)

MrFrugalFever

molerat said:

MrFrugalFever said:

One further note of caution, if Barclaycard decide to suddenly reduce their CC limit or demand payment in full at any time have you got a backup plan to account for this. They are notorious for significant slashes in CC limits even without any real reason known to the individual for doing so - there's a whole thread on here about it, admittingly amidst the start of the pandemic but still its not unheard of at least.

A bit of scaremongering there.  Immediate repayment can only be required in exceptional circumstances, they can not just decide to do it on a whim.  Reducing the limit below the outstanding balance would also be considered improper and the FOS would most certainly rule against them.

It is not my intention to 'scaremonger' but rather point out the additional possibility. I have first hand experience of BC cutting my limit from £6500 down to £850 with a balance of £1800 on it in-month last year due to an issue with their internal credit reporting data (which has now been resolved). So, yes they can and DO slash credit limits beyond what is currently owed on the card.

I was fortunate enough to be able to pay the sum down well below the new limit prior to it coming in to force (I was sent an email to alert me of a new document available in the app) and therefore not putting anything negative on my credit report such as 'over limit' or incurring any over limit charges they may see fit to impose.

MrFrugalFever

A while later they did the same thing again but from £800 to £550 as below...


This turned in to quite the dispute with them which has been partially resolved now. But you can quite clearly see that once I had picked up the document telling me this which was only provided a matter of days before 7th July, I had to make a swift payment on the 6th to bring the account UNDER the £550 credit limit......

Superhoopza

Nasqueron said:

molerat said:

MrFrugalFever said:

One further note of caution, if Barclaycard decide to suddenly reduce their CC limit or demand payment in full at any time have you got a backup plan to account for this. They are notorious for significant slashes in CC limits even without any real reason known to the individual for doing so - there's a whole thread on here about it, admittingly amidst the start of the pandemic but still its not unheard of at least.

A bit of scaremongering there.  Immediate repayment can only be required in exceptional circumstances, they can not just decide to do it on a whim.  Reducing the limit below the outstanding balance would also be considered improper and the FOS would most certainly rule against them.

Agreed, they may well keep reducing the card limit to stop OP spending more but nothing else. My Barclays now has about 2k on it (BT) and 11k limit and they've not touched it but also don't give me any new offers at the moment while they used to do it monthly as they increased the limit. I'm just paying it down to 0 unless they give me anything useful but it's a shame as they tended to give good offers (length and fee)

That's a shame as I was hoping to get some more 0% offers on my Barclaycard as I reduce down the limit. My last BT I used with them was in May 2023.