95% limit on balance transfers

beefturnmail

Most credit cards limit balance transfers to 95% of available credit limit - is this all balance transfers, of for each balance transfer made?

Say I had a credit limit of £10k and made a BT of £9.5k.  Could I then make a second BT of £475 (95% of the £500 credit limit remaining)? 

There is no BT fee

Hoenir

You need to allow for the BT fee. i.e. 4%. 

beefturnmail

There is no BT fee

Nasqueron

beefturnmail said:

Most credit cards limit balance transfers to 95% of available credit limit - is this all balance transfers, of for each balance transfer made?

Say I had a credit limit of £10k and made a BT of £9.5k.  Could I then make a second BT of £475 (95% of the £500 credit limit remaining)? 

It's the total on the card - so if you did 95% balance, even if it includes the fee, you can't then use up the 5% with another 95% transfer

More than likely though the 5% will be used up by the fee anyway

Not to stop you paying off some of the BT though and freeing up space for a second transfer - depends how long they let you do BT after the card is opened

daivid

It may vary by card provider. Ulster bank seems to be 95% of remaining credit so theoretically one could keep making smaller and smaller BTs until the minimum amount cannot be met. I say seems to be as it was the explanation given when putting through a second BT by phone, and being told I had more space to transfer than the amount I'd calculated to get to the 95% of limit.

Fingerbobs

daivid said:

It may vary by card provider. Ulster bank seems to be 95% of remaining credit so theoretically one could keep making smaller and smaller BTs until the minimum amount cannot be met. I say seems to be as it was the explanation given when putting through a second BT by phone, and being told I had more space to transfer than the amount I'd calculated to get to the 95% of limit.

Yes, some cards are like this - you can keep repeatedly doing smaller and smaller transfers but never quite reaching 100%. 
I had a Virgin card that allowed up to 95% of the total credit limit, but when you went to make the actual transfer it allowed for a 1% fee which then wasn't charged and reduced the maximum amount you could request by 1%, so you could keep doing smaller and smaller transfers to approach 95% of the credit limit, but never quite get there. Weird.