Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • halogen
    • By halogen 9th Apr 18, 1:02 PM
    • 90Posts
    • 115Thanks
    halogen
    balance transfer card
    • #1
    • 9th Apr 18, 1:02 PM
    balance transfer card 9th Apr 18 at 1:02 PM
    Is there a way of finding out what credit limit I would be offered on a credit card without going through the whole application process?
    I have approx 8000 on a Barclaycard that I was hoping to transfer to a 0% card but I would need to transfer the whole amonut to make it practical. Sainsbury's offered me a 2000 limit and my own bank (HBOS) offered 6650.
    Any ideas to avoid paying Barclaycard mountains of interest every month?- I pay 300 a month towards it but obvs I would like that to go to the debt not the interest.
Page 1
    • Gary_Dexter
    • By Gary_Dexter 9th Apr 18, 1:06 PM
    • 902 Posts
    • 495 Thanks
    Gary_Dexter
    • #2
    • 9th Apr 18, 1:06 PM
    • #2
    • 9th Apr 18, 1:06 PM
    No you will only get told your limit once accepted
    • Nasqueron
    • By Nasqueron 9th Apr 18, 2:53 PM
    • 4,272 Posts
    • 2,501 Thanks
    Nasqueron
    • #3
    • 9th Apr 18, 2:53 PM
    • #3
    • 9th Apr 18, 2:53 PM
    Take the 6650 limit, BT, pay the minimum and smash the older card, then deal with BT one
    • blitzboy
    • By blitzboy 9th Apr 18, 3:48 PM
    • 449 Posts
    • 248 Thanks
    blitzboy
    • #4
    • 9th Apr 18, 3:48 PM
    • #4
    • 9th Apr 18, 3:48 PM
    When you say they 'offered' you 2,000 and 6,650, does this mean you've already applied for them? If so, you might as well take them both as they will have already marked your credit file.


    2,000 + 6,650 = 8,650. You're looking for 8,000 so this should work out about right as you can usually transfer up to 90-95% of your available credit limit. It doesn't all have to be on the same card.
    • halogen
    • By halogen 10th Apr 18, 11:54 AM
    • 90 Posts
    • 115 Thanks
    halogen
    • #5
    • 10th Apr 18, 11:54 AM
    • #5
    • 10th Apr 18, 11:54 AM
    I've done the online aplication for Sainsbury but cancelled as soon as they said 2000 they have sent me paperwork to sign but I binned it
    HBOS give me the figure before the application process was complete.
    I couldn't cope with paying off 3 different cards all at the same time.
    • Weybridge78
    • By Weybridge78 10th Apr 18, 12:08 PM
    • 140 Posts
    • 36 Thanks
    Weybridge78
    • #6
    • 10th Apr 18, 12:08 PM
    • #6
    • 10th Apr 18, 12:08 PM
    What were the balance transfer fees of the SB and Halifax/BOS cards please (if any)?
    • blitzboy
    • By blitzboy 10th Apr 18, 1:48 PM
    • 449 Posts
    • 248 Thanks
    blitzboy
    • #7
    • 10th Apr 18, 1:48 PM
    • #7
    • 10th Apr 18, 1:48 PM
    I couldn't cope with paying off 3 different cards all at the same time.
    Originally posted by halogen


    In what way? If you mean financially then 2% of 8,000 (for example) is 160 whichever way you look at it. You'd pay that whether over 1, 2 or 3 cards. Obviously minimum payment terms would vary slightly.


    If you mean just keeping track of it, all you need are direct debits set up to avoid missing payments and then a simple spreadsheet to track them (deal expiry dates etc). Sometimes it's worth that extra little bit of effort, it can save you a lot of money. Particularly if you've already applied for the card as this will probably show on your history and may affect you being accepted for another one for a while anyway.
    Last edited by blitzboy; 10-04-2018 at 1:53 PM.
    • halogen
    • By halogen 10th Apr 18, 2:31 PM
    • 90 Posts
    • 115 Thanks
    halogen
    • #8
    • 10th Apr 18, 2:31 PM
    • #8
    • 10th Apr 18, 2:31 PM
    What were the balance transfer fees of the SB and Halifax/BOS cards please (if any)?
    Originally posted by Weybridge78
    pretty low I think but I'd have to go and check. Also I have a stupidly good credit rating, not sure why.

    As to the paying 3 cards a month thing - just logistically. Im a very disorganised person.
    • zx81
    • By zx81 10th Apr 18, 3:07 PM
    • 16,363 Posts
    • 17,395 Thanks
    zx81
    • #9
    • 10th Apr 18, 3:07 PM
    • #9
    • 10th Apr 18, 3:07 PM
    p
    Also I have a stupidly good credit rating, not sure why.
    Originally posted by halogen
    Because it's pretend
    • halogen
    • By halogen 10th Apr 18, 3:12 PM
    • 90 Posts
    • 115 Thanks
    halogen
    Because it's pretend
    Originally posted by zx81
    In so much as all credit rating are then yes.
    • Superscrooge
    • By Superscrooge 10th Apr 18, 3:14 PM
    • 1,065 Posts
    • 763 Thanks
    Superscrooge
    pretty low I think but I'd have to go and check. Also I have a stupidly good credit rating, not sure why.

    As to the paying 3 cards a month thing - just logistically. Im a very disorganised person.
    Originally posted by halogen
    Once you have set up the direct debits, the payments will be automatic. There is nothing else to organise until the end of the promo periods.

    If you desperately don't want to take out a 2nd card then transfer the 6,000+ which leaves less than 2000 debt with Barclaycard. Then divert as much cash as you can to paying this off.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

98Posts Today

1,872Users online

Martin's Twitter
  • I've decided my weekend starts here while the sun's glow is still baskable. So I'm signing off. Have a great weeke? https://t.co/9FxNEpDs6p

  • No not correct. The big six do, but you can get fixed tariffs guaranteed not to rise and about 25% cheaper. Just tr? https://t.co/B2ft5OS3Ig

  • Baaaa! Scottish Power has bleated and followed the herd, today announcing it's putting up energy prices by 5.5%. R? https://t.co/vi3hBxo4Hn

  • Follow Martin