Not eligible for a 0% Credit Card?

Beaumont176

Good afternoon,

My current 0% Credit Card (Purchases) with Barclaycard is about to end within the next 6 months.

Im in a position where my balance is almost paid off. I thought i would take the opportunity to apply for another long term 0% Card as per the recommendations on MSE.

I have filled out the eligibility form on M&S, Tesco and Lloyds bank. All of which have come back as pre approved but there are zero 0% cards as options they are all standard credit cards with high interest rates......am I missing something? 

DullGreyGuy

Beaumont176 said:

My current 0% Credit Card (Purchases) with Barclaycard is about to end within the next 6 months.

Im in a position where my balance is almost paid off. I thought i would take the opportunity to apply for another long term 0% Card as per the recommendations on MSE.

I have filled out the eligibility form on M&S, Tesco and Lloyds bank. All of which have come back as pre approved but there are zero 0% cards as options they are all standard credit cards with high interest rates......am I missing something? 

What do you think you are missing? You've presumably done soft searches on 3 card issuers and they've said right now they arent prepared to lend to you. You could try other soft searches or check again a month after clearing your current outstanding balance.

CliveOfIndia

Beaumont176 said:

but there are zero 0% cards as options they are all standard credit cards with high interest rates......am I missing something? 

If you're not eligible for a 0% card for whatever reason, you may as well just see if you can get an ordinary interest-charging card that gives you rewards of some kind, and use that for your day-to-day spending.  So long as you always repay in full every month, the high interest rate is irrelevant.

If you're wanting a 0% card for stoozing purposes then, as suggested above, give it 6 months or so and try again.

As well as the fact that any application is assessed against your current financial situation and credit history, a lender's marketing strategy (and, to a lesser extent, their risk appetite/target customer base) can change over time in response to general market conditions.  So it may be that if you're not accepted for a particular card today, you may get accepted in a year's time or whatever - even if your financial circumstances have not changed all that much.

PRAISETHESUN

Beaumont176 said:

Good afternoon,

My current 0% Credit Card (Purchases) with Barclaycard is about to end within the next 6 months.

Im in a position where my balance is almost paid off. I thought i would take the opportunity to apply for another long term 0% Card as per the recommendations on MSE.

I have filled out the eligibility form on M&S, Tesco and Lloyds bank. All of which have come back as pre approved but there are zero 0% cards as options they are all standard credit cards with high interest rates......am I missing something? 

Why do you want another 0% card if your balance is almost paid off already? What MSE "recommendations" are you referring to? The mantra is always borrow as little as you need, and if the debt is almost paid off then do you still need to borrow?

Beaumont176

PRAISETHESUN said:

Beaumont176 said:

Good afternoon,

My current 0% Credit Card (Purchases) with Barclaycard is about to end within the next 6 months.

Im in a position where my balance is almost paid off. I thought i would take the opportunity to apply for another long term 0% Card as per the recommendations on MSE.

I have filled out the eligibility form on M&S, Tesco and Lloyds bank. All of which have come back as pre approved but there are zero 0% cards as options they are all standard credit cards with high interest rates......am I missing something? 

Why do you want another 0% card if your balance is almost paid off already? What MSE "recommendations" are you referring to? The mantra is always borrow as little as you need, and if the debt is almost paid off then do you still need to borrow?

Thanks for your concern. I always have a 0% Credit Card that I use for daily expenses have done for the last 10 years, house renovation, holidays, expensive resteraunts. I save / invest most of my salary. I just load it up and chip away at it every month. This is the first time I've had an issue trying to renew it. Has never been a problem before.

Wyndham

It would be worth checking your credit reports (if you haven't done so already). Either something may have changed that you are respoinsible for, or there is a mistake somewhere which you could then get corrected.

Beaumont176

Wyndham said:

It would be worth checking your credit reports (if you haven't done so already). Either something may have changed that you are respoinsible for, or there is a mistake somewhere which you could then get corrected.

Nothing untoward with my credit score and the credit limit available is very high it's just the 0% offer on purchases that i don't seem to eligible for which is annoying. 

CliveOfIndia

Beaumont176 said:

Wyndham said:

It would be worth checking your credit reports (if you haven't done so already). Either something may have changed that you are respoinsible for, or there is a mistake somewhere which you could then get corrected.

Nothing untoward with my credit score and the credit limit available is very high it's just the 0% offer on purchases that i don't seem to eligible for which is annoying. 

Ignore your score - it's just a marketing gimmick that's not even visible to lenders.  And since the CRAs have no visibility of each lender's lending criteria, how can they possibly know what limit you'll be offered?  It is, at best, an extremely crude guesstimate based upon averages.

What you need to be doing is checking that all the underlying data they have recorded for you are correct.  On all 3 CRAs, ideally, as different lenders use different CRAs.

QrizB

PRAISETHESUN said:

The mantra is always borrow as little as you need ...

Not if you're stoozing, it isn't.

If you're stoozing the mantra is more like "run up as much 0% debt as you possibly can but keep enough cash in instant access accounts that you can pay it off overnight if you need to".

Beaumont176

QrizB said:

PRAISETHESUN said:

The mantra is always borrow as little as you need ...

Not if you're stoozing, it isn't.

If you're stoozing the mantra is more like "run up as much 0% debt as you possibly can but keep enough cash in instant access accounts that you can pay it off overnight if you need to".

Exactly 👍

That run has come to an end for me 🤣

Hoenir

Beaumont176 said:

Thanks for your concern. I always have a 0% Credit Card that I use for daily expenses have done for the last 10 years, house renovation, holidays, expensive resteraunts.

Are you now reapplying to previous used finance houses? 

Very different world now to 10 years ago when money was literally being given away to borrowers.....