Tesco CC

Katie789

I've had my Tesco Clubcard CC for 6 months now with a £4000 credit limit. It has around £1200 of BT debt left on it at a rate of 0% until November. However in January I broke the golden rule and due to personal circumstances spent around £2500 on the card (I know it's a stupid move but genuinely couldn't be helped).

I've now been approved for a virgin CC with a limit of £5000 with 15 months of BT at 0%. Does it make sense to BT the debt from the tesco card as i'm paying 16.9% for the majority of it?

If I clear the tesco account would they be likely to raise the credit limit on the account? I've had it for 6 months with no missed payments etc I'd like to transfer a £5000 debt of DP's onto it to make use of the remaining 6 months 0%. He has a poor(ish) credit history so cannot get a 0% card himself. Do I need to wait longer for them to consider raising the limit?

Finally does anyone know of any existing customer deals from tesco cc? I've checked the post on this but there's no mention of tesco.

Thanks!

dhassen

Sounds like a good idea to transfer away from your tesco card, as you say, you're paying 16.9 on most of it.

Not got any experience of tesco myself though, so don't know about raising limits etc.

YorkshireBoy

Ask Virgin for a little bit more credit limit during the activation call...say £1K.

Shift the Tesco's debt to Virgin...that's a no-brainer!

Ask for a limit increase on Tesco once it's clear.

Check your Tesco card's T&C's to make sure there's no time limit (ie first 3 months only)...then BT DP's debt to there.

Move any remaining DP debt to Virgin (should be able to get to around 99% used with 2 x 95% BT's).

A word of warning...you alone are now responsible for DP's debt.

Katie789

YorkshireBoy wrote: »

Ask Virgin for a little bit more credit limit during the activation call...say £1K.

Move any remaining DP debt to Virgin (should be able to get to around 99% used with 2 x 95% BT's).

Thanks for the advice YB. Is it usual for virgin to be able to authorise a limit increase at the activation stage? I presume this wouldn't mean another credit check?

Also could you clarify what you mean by getting to 99% with 2 95% transfers. Sorry being a bit thick this morning I thought you could only BT up to 95% of your credit limit.

exel1966

Katie789 wrote: »

Thanks for the advice YB. Is it usual for virgin to be able to authorise a limit increase at the activation stage? I presume this wouldn't mean another credit check?

Also could you clarify what you mean by getting to 99% with 2 95% transfers. Sorry being a bit thick this morning I thought you could only BT up to 95% of your credit limit.

Many c/s agents can authorise increases of 10-20% at the activation stage or they'll transfer you to someone who can. I'm sure they like to hear a good story too . Some though will just give the increase regardless.
More than that usually has to be referred to a higher level and evidence supplied OR an even better story

You will/should not be credit checked again as it's an instant decision there and then.

I believe YB is referring to 99% of the limit available once you have taken into account the BT fee to be added to the 95% transfer. Could be wrong about that though.

I'm sure he'll be back soon to answer directly.

YorkshireBoy

I believe MBNA allow you to BT 95% of your available credit limit.

So, and disregarding fees for a moment, you can carry out a subsequent BT for 95% of the remaining 5% to take you to around 99% overall.

However, because the fee is added to the 95%, you may finish up with the second BT being 95% of the remaining 2% available credit.

For example, assume you get an initial credit limit of £5K on Virgin.

BT your £3.7K Tesco debt...+ fee = £3,810.26

You then have room for 95% of [£5,000 - £3,810.26] = £1,130.25

The BT fee on £1,130.25 is £33.68

Total debt now £3,810.26 + £1,130.25 + £33.68 = £4,974.19...which is 99.48% of your credit limit.

dhassen

clever that YB...... never thought / knew you could do that.

vwman_3

dhassen wrote: »

clever that YB...... never thought / knew you could do that.

YB is a font of knowledge when it comes to matters of credit cards, and only a fool would disregard his (or her, well it takes all sort's) wise words of advice............

dhassen

lol indeed.......