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  • FIRST POST
    • birdy007
    • By birdy007 25th May 19, 7:04 AM
    • 3Posts
    • 0Thanks
    birdy007
    credit card transfer approved but credit is less than the balance transfer?
    • #1
    • 25th May 19, 7:04 AM
    credit card transfer approved but credit is less than the balance transfer? 25th May 19 at 7:04 AM
    Morning,
    So I applied for a 0% transfer credit card, in the application it asked for the credit card details and the amount owing (£1250)
    After the checks, I had a screen pop up and say balance transfer approved but under that is stated credit limit is £200, does this mean I can only transfer £200 or does this mean I've been approved for the full credit card transfer amount plus 200 credit?
    Doesn't seem worth the hassle of an extra card for 200 pounds tbh, but then I think why would they only give me 200 on a balance transfer??
Page 1
    • zx81
    • By zx81 25th May 19, 7:06 AM
    • 23,842 Posts
    • 26,516 Thanks
    zx81
    • #2
    • 25th May 19, 7:06 AM
    • #2
    • 25th May 19, 7:06 AM
    It means your limit is €200, so you can transfer around 90% of that. They've given you that limit based on the risk you represent.

    Accept it, transfer what you can and apply for another card if needed.
    • birdy007
    • By birdy007 25th May 19, 7:12 AM
    • 3 Posts
    • 0 Thanks
    birdy007
    • #3
    • 25th May 19, 7:12 AM
    • #3
    • 25th May 19, 7:12 AM
    Thank you,

    I'm fairly new to credit cards, is it worth having more than one card? It just sounds stressful paying out more than one card.
    • zx81
    • By zx81 25th May 19, 7:24 AM
    • 23,842 Posts
    • 26,516 Thanks
    zx81
    • #4
    • 25th May 19, 7:24 AM
    • #4
    • 25th May 19, 7:24 AM
    It's simple. Just set up a direct debit, or pay directly from your account.

    You could pay half a dozen cards in under 5 minutes a month.

    You should always have back up cards.
    • Candyapple
    • By Candyapple 25th May 19, 7:26 AM
    • 3,332 Posts
    • 2,806 Thanks
    Candyapple
    • #5
    • 25th May 19, 7:26 AM
    • #5
    • 25th May 19, 7:26 AM
    What credit card has the £1250 balance?

    Which lender did you apply with who gave you the £200 limit?

    Did you use an eligibility checker before applying?
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
    • birdy007
    • By birdy007 25th May 19, 7:29 AM
    • 3 Posts
    • 0 Thanks
    birdy007
    • #6
    • 25th May 19, 7:29 AM
    • #6
    • 25th May 19, 7:29 AM
    Lloyds has the £1250 on, I applied for capital one as the eligibility checker said I was pre-approved.
    • Candyapple
    • By Candyapple 25th May 19, 7:55 AM
    • 3,332 Posts
    • 2,806 Thanks
    Candyapple
    • #7
    • 25th May 19, 7:55 AM
    • #7
    • 25th May 19, 7:55 AM
    Capital One are subprime lenders and no way your initial limit would have been higher than say £500-1k.

    Try the eligibility checker again and go with another lender such as MBNA or Virgin who usually give high limits.
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
    • A4445
    • By A4445 25th May 19, 9:34 AM
    • 1,073 Posts
    • 552 Thanks
    A4445
    • #8
    • 25th May 19, 9:34 AM
    • #8
    • 25th May 19, 9:34 AM
    Iíve got a CapitalOne card that started with £6k.
    • Gary_Dexter
    • By Gary_Dexter 25th May 19, 4:04 PM
    • 6,586 Posts
    • 4,417 Thanks
    Gary_Dexter
    • #9
    • 25th May 19, 4:04 PM
    • #9
    • 25th May 19, 4:04 PM
    Did you apply for the “classic” card or the better APR “balance transfer” card?
    • A4445
    • By A4445 25th May 19, 4:45 PM
    • 1,073 Posts
    • 552 Thanks
    A4445
    It wasn’t the classic card. It’s not available anymore it was a low rate balance transfer card. As many transfers as you like no fee and 6.9% APR. Standard APR is 19.9% I think.

    The current balance transfer card isn’t much good in my opinion.

    I’d forgotten I had this card better use it before they cancel it.
    Last edited by A4445; 25-05-2019 at 4:56 PM.
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