Financial Advise

Casdawer · 16 Jan 2012 at 15:53

OllyM said:
Where does it say that it's going to be £1200?

The assumed credit limit is £1,200 so I'm guessing that's what I'm going to get. If I do get more than great, but if I don't do you think getting another interest free credit card is a good idea?

OllyM · 16 Jan 2012 at 16:01

Casdawer said:
The assumed credit limit is £1,200 so I'm guessing that's what I'm going to get. If I do get more than great, but if I don't do you think getting another interest free credit card is a good idea?

No, the assumed credit limit is what card issuers have to use to calculate the APR, unless they have a lower maximum or higher minimum. It's new European legislation that came in to effect last year and worryingly seems to be confusing some people rather than helping them.

Basically, it's irrelevant - ignore it. Did they not tell you what your actual credit limit would be at the end of the application?

And yes, you have nothing to lose by getting a second card to transfer the rest of the balance if necessary. Your favourite bank has a 13 month 0% card with a 1% balance transfer fee at the moment which could be good if you can pay it off within 13 months.

Pate · 16 Jan 2012 at 16:08

This thread makes me want to pay far more attention to my financial situation!

Aside from student loan, I've got an overdraft of £1,600. Hmm. Need to get that paid of pronto!

Casdawer · 17 Jan 2012 at 23:04

OllyM said:
No, the assumed credit limit is what card issuers have to use to calculate the APR, unless they have a lower maximum or higher minimum. It's new European legislation that came in to effect last year and worryingly seems to be confusing some people rather than helping them.

Basically, it's irrelevant - ignore it. Did they not tell you what your actual credit limit would be at the end of the application?

And yes, you have nothing to lose by getting a second card to transfer the rest of the balance if necessary. Your favourite bank has a 13 month 0% card with a 1% balance transfer fee at the moment which could be good if you can pay it off within 13 months.

Well I got my email today from Barclays to say that my credit limit is going to be £4,100

Means I can cancel all my Santander accounts now!