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  • FIRST POST
    • SharonIsabel
    • By SharonIsabel 4th Jan 18, 7:33 PM
    • 5Posts
    • 2Thanks
    SharonIsabel
    0% cards most likely to accept an 8k transfer?
    • #1
    • 4th Jan 18, 7:33 PM
    0% cards most likely to accept an 8k transfer? 4th Jan 18 at 7:33 PM
    Hi.

    I would like to transfer around 8k onto a 0%, no fee card. Is this realistic? I've read that the average transfer is 1200. Also, could you let me know roughly how long applications usually take?

    Thanks,
    Sharon
Page 1
    • zx81
    • By zx81 4th Jan 18, 7:39 PM
    • 17,273 Posts
    • 18,380 Thanks
    zx81
    • #2
    • 4th Jan 18, 7:39 PM
    • #2
    • 4th Jan 18, 7:39 PM
    The average transfer isn't 1200. That's the representative credit limit.

    Your limit will depend on your credit history, debts and income.

    If you're not referred, it's usually around 10 days to get the card and PIN.
    • SharonIsabel
    • By SharonIsabel 4th Jan 18, 7:44 PM
    • 5 Posts
    • 2 Thanks
    SharonIsabel
    • #3
    • 4th Jan 18, 7:44 PM
    • #3
    • 4th Jan 18, 7:44 PM
    Thanks for your reply. Could anyone suggest credit cards which are more likely to have a higher credit limit or doesn't it work like that??
    • zx81
    • By zx81 4th Jan 18, 7:47 PM
    • 17,273 Posts
    • 18,380 Thanks
    zx81
    • #4
    • 4th Jan 18, 7:47 PM
    • #4
    • 4th Jan 18, 7:47 PM
    There are some. Eg MBNA. But you may not fit their profile. Try a soft search.
    • Tractorman123
    • By Tractorman123 7th Jan 18, 10:00 PM
    • 26 Posts
    • 2 Thanks
    Tractorman123
    • #5
    • 7th Jan 18, 10:00 PM
    • #5
    • 7th Jan 18, 10:00 PM
    I'm in the same situation, I've got nearly 9000 on my Nationwide credit card (0% for 12mths) and its up at end of the month. I applied for the Virgin Money card at 0% balance transfer for 18mths (I think), but they only gave me 500 credit limit and which they already transferred 450 from the Nationwide, leaving me with 50 left on the card! I ended up phoning them and just paying the 450 off and cancelling the card as I thought there was no point in keeping it as I wasn't any better off!!
    • zx81
    • By zx81 8th Jan 18, 6:31 AM
    • 17,273 Posts
    • 18,380 Thanks
    zx81
    • #6
    • 8th Jan 18, 6:31 AM
    • #6
    • 8th Jan 18, 6:31 AM
    I ended up phoning them and just paying the 450 off and cancelling the card as I thought there was no point in keeping it as I wasn't any better off!!
    Originally posted by Tractorman123
    That was a poor financial decision.
    • Tractorman123
    • By Tractorman123 8th Jan 18, 11:25 PM
    • 26 Posts
    • 2 Thanks
    Tractorman123
    • #7
    • 8th Jan 18, 11:25 PM
    • #7
    • 8th Jan 18, 11:25 PM
    Could you explain to me why that would be please?
    I'll probably kick myself after you tell me...!!
    • zx81
    • By zx81 9th Jan 18, 5:41 AM
    • 17,273 Posts
    • 18,380 Thanks
    zx81
    • #8
    • 9th Jan 18, 5:41 AM
    • #8
    • 9th Jan 18, 5:41 AM
    Because you had put yourself in a position where you were going to save money by not paying interest on part of your debt, while you tackled the rest.

    If you had 450 available to pay off debts you should have cleared part of the debt that was about to incur interest, not the part that wasn't costing you anything.

    Hopefully you didn't also pay a fee for the BT.
    • vacheron
    • By vacheron 9th Jan 18, 7:42 AM
    • 831 Posts
    • 764 Thanks
    vacheron
    • #9
    • 9th Jan 18, 7:42 AM
    • #9
    • 9th Jan 18, 7:42 AM
    Hi.

    I would like to transfer around 8k onto a 0%, no fee card. Is this realistic? I've read that the average transfer is 1200. Also, could you let me know roughly how long applications usually take?

    Thanks,
    Sharon
    Originally posted by SharonIsabel
    I have received 0% Balance Transfer cards with 8K+ limits from Tesco, Barclaycard and Virgin Money with Sainsburys and MBNA giving the highest limits of my 0% purchase cards.

    Conversely, Halifax and Bank of Scotland (Same parent company) have historically offered me pathetic limits despite me being a current / savings account customer with them for years.

    However as our financial situations could are most likely completely different, we will probably fit the target profile of different companies so this info is probably meaningless.

    Also the order in which the cards were applied for will have also had an impact on the limits offered.

    So there are no guarantees at all I'm afraid.
    The rich buy assets.
    The poor only have expenses.
    The middle class buy liabilities they think are assets.
    Robert T. Kiyosaki
    • nic_c
    • By nic_c 9th Jan 18, 8:58 AM
    • 1,524 Posts
    • 834 Thanks
    nic_c
    Peoples experiences will vary, so I won't suggest ones, though try to see which offer soft searches to as whether you would get accepted and then see if they will give a likely limit.

    You also have to factor in different policies to BT promotions. Some will always opffer full length if accepted, others will accept you but may offer a shorter BT period.
    • scott_lithgows
    • By scott_lithgows 12th Jan 18, 10:41 PM
    • 1,359 Posts
    • 711 Thanks
    scott_lithgows
    Try for the creation card
    I have a deep burning indifference
    • lckydb
    • By lckydb 25th Jan 18, 12:32 PM
    • 1 Posts
    • 0 Thanks
    lckydb
    How do you do a soft search ? and will it show up on my credit file if I get turned down ?
    • Candyapple
    • By Candyapple 25th Jan 18, 1:17 PM
    • 2,909 Posts
    • 2,244 Thanks
    Candyapple
    How do you do a soft search ? and will it show up on my credit file if I get turned down ?
    Originally posted by lckydb
    Use the eligibility checker here:
    https://www.moneysavingexpert.com/eligibility/credit-cards/

    A soft search will show on your files but is only visible to you and not seen by any lenders. There is no decline with a soft search, it just tells you what chances you have of obtaining a card.

    Once you've chosen a card you want to apply for, that is when the hard search is performed. If you get declined at this stage yes it still shows on your files as a hard search, there won't be any info saying you were declined, but if a lender was to search your files it would be pretty obvious if after a month no new account was showing on your files that you were declined.
    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
    • Dibbler
    • By Dibbler 25th Jan 18, 2:20 PM
    • 7 Posts
    • 7 Thanks
    Dibbler
    Use the eligibility checker here:
    MSE Link was here - had to remove as I'm a new poster!

    A soft search will show on your files but is only visible to you and not seen by any lenders. There is no decline with a soft search, it just tells you what chances you have of obtaining a card.

    Once you've chosen a card you want to apply for, that is when the hard search is performed. If you get declined at this stage yes it still shows on your files as a hard search, there won't be any info saying you were declined, but if a lender was to search your files it would be pretty obvious if after a month no new account was showing on your files that you were declined.
    Originally posted by Candyapple

    It might be worth going direct to the provider and doing their own eligibility search as well. On the MSE checker I only had 50% likelyhood with Halifax which I thought was odd, given my circumstances at the time. I eventually went and did the check on the Halifax soft search and it came back with a 95% likelyhood of acceptance. Lots of providers are joining the 'soft search' availability now and it seems to be more accurate than the MSE checker (which is still a good starting point!)
    • savingholmes
    • By savingholmes 22nd Feb 18, 9:08 PM
    • 8,955 Posts
    • 17,015 Thanks
    savingholmes
    Most new cards haven't offered us a high credit limit. Mine tended to average 500-2K for a new card where existing cards were happy to let us transfer up to our limits which range between 8 and 14K. It can therefore be worth keeping long term cards even if you have to transfer more regularly.

    Remember too that you can split the balance of your card over several cards - doesn't all have to go to one. My DH and I have joint accounts - and a high level of trust - so we flip our CC transfers between our cards in each others names depending on who gets the best offer... Don't do this if you think separation is likely or if it leaves all the debt in one person's financial pocket... We still try to be reasonably balanced beween the two of us...
    Today is a new day 93/310 10 a day Mar Challenge DFD August 2021
    • seatbeltnoob
    • By seatbeltnoob 26th Feb 18, 6:43 PM
    • 450 Posts
    • 107 Thanks
    seatbeltnoob
    Barclaycard allowed me to do 4800 balance transfer and gave me a limit of 7300.

    They allow you to do balance transfers up to 85-90% of the limit.

    The balance transfer went through without issue.

    Another time I had a card with 3500 limit, I think it was MBNA. I did the balance transfer over the phone and asked to do a 3000 transfer. The idiot operator on the phone responded with whaaat?!? Almost like he owns the bank and doesn't like me doing such a large interest free BT. The operator put the card and amount through and the BT was successful.

    I think the operator didn't experience anyone else doing such a large BT in relation to the account limit. I am guessing that majority of credit card account holders do not use balance transfers to their fullest potential.
    • adindas
    • By adindas 10th Mar 18, 9:31 AM
    • 3,559 Posts
    • 2,207 Thanks
    adindas
    Thanks for your reply. Could anyone suggest credit cards which are more likely to have a higher credit limit or doesn't it work like that??
    Originally posted by SharonIsabel
    Generally speaking :
    1. Major / Prime credit card providers from the high street banks such as Barclay, Lloyds, MBNA, HSBC will be more likely to give you a higher credit limit. But what limit you will get will depend on your personal circumstances and potluck.

    2. Credit builder/subprime credit cards like Aqua, Capital one, ASDA cashback, Vanquis tend to give you a very low limit.

    But (1) is more difficult to get than the (2).
    Last edited by adindas; 10-03-2018 at 10:39 AM.
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