Credit card 0% transfer

Ayjay321

Hi,

I have a credit card that is due to run out of the promotional period of the 0% interest on 17/05/25. I normally apply for a new credit card and have no issues transferring the balance. A few days ago I applied for a Barclay Card credit card requesting a transfer of £4k balance. This was pre-approved and as it was the top suggestion on MSE I went ahead and applied. However they then authorised at £1500 credit limit. This obviously won’t cover as I required it to.

Can you advise what to do now? I’m aware that it can impact my credit rating to apply for 2 credit cards so quickly but I’m not sure that I have another option at this point?

Also since applying to Barclay Card I’ve read about this happening to others, is this likely to be for all providers or are there some who would be willing to allow for that transfer amount? I appreciate that each person's credit is different. I currently have a good credit score for what it's worth. 

I ask this as I would prefer to apply to one more provider and not impact my credit score any more than necessary

Any suggestion/advice would be greatly appreciated, thanks in advance

grumpy_codger

Ayjay321 said:

I have a credit card that is due to run out of the promotional period of the 0% interest on 17/05/25. I normally apply for a new credit card and have no issues transferring the balance.

A few days ago I applied for a Barclay Card credit card requesting a transfer of £4k balance. This was pre-approved and as it was the top suggestion on MSE I went ahead and applied. However they then authorised at £1500 credit limit. This obviously won’t cover as I required it to.

Do you normally close the old cards after transferring the balance? If not, it's hardly a surprise that you start getting lower limits and, finally, rejections. And if you keep some cards, check them for offers for an existing customer.

Can you advise what to do now? I’m aware that it can impact my credit rating to apply for 2 credit cards so quickly but I’m not sure that I have another option at this point?

Transfer as much as you can and apply for another card. 1 credit check and even 2 in in a row isn't too many and you have nothing to lose, but it's difficult to predict the outcome and the limit(s).

Ayjay321

Thank you - yes all previous cards have been closed. This is currently the only card I have and aside from a mortgage I have no other debt

Nasqueron

You should transfer as much as possible to this card and either try another card application (2 together is the most you should do) or pay off the remaining balance using the money you put aside for this.

vacheron

Try another card application as soon as possible. use a balance transfer card comparison site and apply for the 2 which show the highest chance of approval.

I was stiffed in the same way by Barclays with my last card, where despite me owning 3 previous barclaycards with 5 figure balances (and being a Barclays premier customer). They decided on my last application to accept me, and then give me a pitiful £1500 credit limit which I only discovered when they posted out the contract days later. 

I moved all I could to it regardless, but closed it as soon a possible when I was accepted for a different providers  card with a substantally higher limit.