credit card limit offered a joke

Altior

kimwp said:

What's a mule card?

MBNA typically offer fee free money transfers. So this can be used as a 'mule' to take advantage of 0% BTs offered by other cards. For example, if Tesco offer 0% 24 months, I get a cash transfer on MBNA fee free, and immediately pay it off using the new deal on the BT Tesco card.  The balance is now with Tesco on 0% for 24 months. I put the money transfer funds into regular savers, cash bonds et al. 

MBNA don't seem to mind this type of activity at all, used the method off and on for over 10 years without using the card for purchases, and as outlined they've given me lots of credit increases. I usually leave a bit of trailing interest on purpose, no idea if it makes any difference. 

cymruchris

cypher007 said:

have an AMEX that has 14k limit and a Nationwide with £3.5k.

the amex doesnt work at an awful lot of places so wanted to get an MBNA visa card, computer has offered £5k. like !!!!!! i earn £25k aprox and have £40k savings no mortgage old fart etc. what gives?

As others have said that's a fair limit based on your circumstances.

Available total credit already high compared to salary.

Card providers don't see/don't care about your savings.

Old fart - depending on how old - but as you age - it's known that credit limits can drop.

No mortgage - as much as you're all fully paid off - credit providers actually like to see an active mortgage.

£5k is actually decent. But if you feel the need to rant and vent your system over it, you're free to go and try for another card somewhere else.

surreysaver

  very funny. I like a good joke 

kimwp

Altior said:

kimwp said:

What's a mule card?

MBNA typically offer fee free money transfers. So this can be used as a 'mule' to take advantage of 0% BTs offered by other cards. For example, if Tesco offer 0% 24 months, I get a cash transfer on MBNA fee free, and immediately pay it off using the new deal on the BT Tesco card.  The balance is now with Tesco on 0% for 24 months. I put the money transfer funds into regular savers, cash bonds et al. 

MBNA don't seem to mind this type of activity at all, used the method off and on for over 10 years without using the card for purchases, and as outlined they've given me lots of credit increases. I usually leave a bit of trailing interest on purpose, no idea if it makes any difference. 

Oh I see! Good to know - I used my Halifax clarity card to start stoozing last year, but think the cash transfer offer is only for two years.

Theleak250

It doesn’t matter how much you have saved. How much credit do you use currently?

Altior

kimwp said:

Altior said:

kimwp said:

What's a mule card?

MBNA typically offer fee free money transfers. So this can be used as a 'mule' to take advantage of 0% BTs offered by other cards. For example, if Tesco offer 0% 24 months, I get a cash transfer on MBNA fee free, and immediately pay it off using the new deal on the BT Tesco card.  The balance is now with Tesco on 0% for 24 months. I put the money transfer funds into regular savers, cash bonds et al. 

MBNA don't seem to mind this type of activity at all, used the method off and on for over 10 years without using the card for purchases, and as outlined they've given me lots of credit increases. I usually leave a bit of trailing interest on purpose, no idea if it makes any difference. 

Oh I see! Good to know - I used my Halifax clarity card to start stoozing last year, but think the cash transfer offer is only for two years.

Lots of fun to be had, appeals to my personality. Been up to over 100K liability at peak. I find the best strategy is to wind it down and go again in bursts. The MBNA mule card has been pivotal really in being able to access all the 0% BT deals. The fee free MT offer recently disappeared from my MBNA promo offerings briefly, but it's now back again. 

The money transfer is only needed for a couple of days, as it practically gets settled immediately. The official interest rate is something like 5.9% for 36 months, but not material as I won't be retaining the balance. The key is no fee.

retiredbanker1

The MBNA of old giving out high limits willy nilly is long gone - its back office is now the same as Halifax and Lloyds and a lot more conservative with its limits.

Perhaps try the bank where your salary goes into to see if they offer you more.

cypher007

ok i never asked Amex to hike my credit limit to £14k i dont use more than maybe £1k per month which i then pay off in full like my Nationwide card, and like ive done for about 24 years. i use the Amex to gain cashback but used to use a Capital one card for the same reason. then the EU decided to jump on Visa and Mastercard fees saying if they charged the retailer less the retailer would pass it on, yeah right. so after that Capital one dropped there cashback and i had to find another similar card.

kimwp

cypher007 said:

ok i never asked Amex to hike my credit limit to £14k i dont use more than maybe £1k per month which i then pay off in full like my Nationwide card, and like ive done for about 24 years. i use the Amex to gain cashback but used to use a Capital one card for the same reason. then the EU decided to jump on Visa and Mastercard fees saying if they charged the retailer less the retailer would pass it on, yeah right. so after that Capital one dropped there cashback and i had to find another similar card.

It doesn't matter whether you asked MBNA to raise your credit limit with them - any new provider will look at your total available credit compared to your earnings and there is a max total limit they will be willing for you to have. (But utilisation comes into it too)

flaneurs_lobster

cypher007 said:

ok i never asked Amex to hike my credit limit to £14k i dont use more than maybe £1k per month which i then pay off in full like my Nationwide card, and like ive done for about 24 years. i use the Amex to gain cashback but used to use a Capital one card for the same reason. then the EU decided to jump on Visa and Mastercard fees saying if they charged the retailer less the retailer would pass it on, yeah right. so after that Capital one dropped there cashback and i had to find another similar card.

I'm missing the point here, if you only need a couple of thousand pounds a month CC facility and it's all being settled at month-end then why is the offered £5k such a big deal?

Is it some kind of financial ego trip to have a big, swinging credit limit?