Just a quickie, but can someone tell me what is the maximum balance transfer you can take when applying for a new credit card? Is it written in the small print or can you put in any figure which is then considered when the application is processed?
nero120 said:Just a quickie, but can someone tell me what is the maximum balance transfer you can take when applying for a new credit card? Is it written in the small print or can you put in any figure which is then considered when the application is processed?
oneilldo said:I think It depends on the applicant and the credit limit they give you based on your circumstances.
McDaniel said:There is no specific maximum however they might not provide you with a credit limit high enough - depends on your credit rating
OoOverclockaoO said:Transfer up to the limit on your card
Watch out, some cards have a 2%-3% fee for balance transfers. I currently use M+S More card, 0% for 9 months and no fee!
Only other one I believe with no fee is Natwest...
starscream said:It's normally 95% the credit limit of the card.
Maximum positive balance: £99,999
nero120 said:
McDaniel said:The majority of Credit Cards max limits are around £15,000
There are the odd few who have 20k+ limits, but 15k is the stnadard max - depends on your financial status!
nero120 said:So what you're saying is I might as well write £20,000 into the application and see how much they give me based on my (fantastic!) credit rating?
nero120 said:Okay, I should elaborate a little. I plan to use the 0% interest on balance transfer period to put as much money I can get out of the card into a high interest savings account, thereby accuring interest on the balance and paying off the minimum each month to avoid paying interest, then finally paying off the total balance before the interest free period is up! Also known as Stoozing.
My question was related to doing a balance transfer to a card that has no debt on it and allows a no-charge withdrawal on positive balances to a savings account.
So, with respect of this, how much of a balance transfer should I ask for?
McDaniel said:Thats not a balance transfer - a balance transfer is something ONTO the new card from a current Card.
What you want to do is withdraw the maximum Credit available - stick it into a high interest account while having a 0% interest and paying just the minimum payment?
Yes?
McDaniel said:Thats not a balance transfer - a balance transfer is something ONTO the new card from a current Card.
What you want to do is withdraw the maximum Credit available - stick it into a high interest account while having a 0% interest and paying just the minimum payment?
Yes?