Limit on balance transfer not high enough — MoneySavingExpert …

Q: What happens if a balance transfer card reaches a maximum credit limit?

If you open a balance transfer card with a credit limit of $10,000 and move that much of the original balance over, even though the new card is maxed, your total available credit has grown to $30,000. Therefore, you’ve lowered your overall utilization ratio to 50%.

Q: How much credit can a balance transfer card use?

For example: You had an original credit limit of $20,000 and a balance of $15,000, therefore utilizing 75% of your credit. If you open a balance transfer card with a credit limit of $10,000 and move that much of the original balance over, even though the new card is maxed, your total available credit has grown to $30,000.

Q: Should you use a 0% balance transfer credit card?

If you've run up a balance on your credit card that you can't afford to clear at the end of every month, then a 0% balance transfer credit card is almost a no-brainer. However, as with most financial products, there are some key things you need to know to make sure you use the card correctly. 1.

Q: What is a 0% balance transfer?

For most cards, the 0% period is only reserved for balance transfers that are made within the first 60 or 90 days – though always check your card for its time limit, as it does vary. After this has passed, any transfers would incur expensive interest at the card's normal rate, unless it's paid off in full.

Q: What if I don't use a balance transfer card?

If you decide not to use a balance transfer card, you may still be able to tackle your entire debt at a lower interest rate via a consolidation loan. Chances are you will be able to find a rate lower than the one on your current credit card (if you have a decent credit score).

Q: Can a credit card transfer a high-interest balance?

But if for some reason you really can’t get a big enough credit limit on the card to transfer your whole high-interest balance, there are other ways to bring down the rate on your debt. Your best bet is to apply for a personal loan to refinance the remainder of your balance.

6 days ago · I was looking to transfer a total of just under £10,000 but even though I was pre-approved to transfer this amount, only after successfully getting through the application process did it reveal that there was a balance transfer limit of just over £5,000. So I've gone ahead and …

CouponFollow Extension

£10000
OFF

Limit On Balance Transfer Not High Enough — MoneySavingExpert …

1 week from now

moneysavingexpert.com

95%
OFF

Balance Transfer - How Much? — MoneySavingExpert Forum

1 week from now

Nov 14, 2023 · Typical limit is 90-95% of the card limit so if you got £5k limit you would probably be able to shift £4.5k + fee. The 14 month card would be 14 months from opening, it is not …

moneysavingexpert.com

0%
OFF

Balance Transfers & Purchases: Up To 21 Months 0

1 week from now

5 days ago · Check eligibility (1) NatWest. Longest definite all-rounder card on the market – 19mths at 0% on both spending & transfers.Shorter 0% periods than the above cards, but all …

moneysavingexpert.com

0%
OFF

Best Card For Large Balance Transfer - MoneySavingExpert Forum

1 week from now

May 25, 2023 · Best card for large balance transfer. wasabi_project Posts: 12 Forumite. 25 May 2023 at 11:49AM. I am looking for a 0% balance transfer card so i can transfer around £7k …

moneysavingexpert.com

£10000
OFF

Balance Transfer — MoneySavingExpert Forum

1 week from now

Oct 20, 2023 · My wife has managed to accumulate £10000 on her M & S bank credit card. She hasn't worked for the last twenty years and is 75 yrs old. First thing how did she get a credit …

moneysavingexpert.com

0%
OFF

Balance Transfer Credit Cards: Up To 30 Months 0% - MSE

1 week from now

4 days ago · Longest 0% deal, but some could be offered a shorter time. You'll get the full 30 months at 0% if you're pre-approved in our eligibility calculator (provided you pass HSBC's ID …

moneysavingexpert.com

95%
OFF

What Is A Balance Transfer Credit Card? - MoneySavingExpert.com

1 week from now

You may not get a large enough credit limit to transfer all your card debt. The new card usually allows you to transfer up to 95% of its credit limit. So if the new card's limit was £1,000, you …

moneysavingexpert.com

0%
OFF

Martin Lewis: If You Can't Afford To Clear Your Credit Card In Full And ...

1 week from now

Feb 1, 2022 · If you're paying interest you should try for a 0% balance transfer, said MoneySavingExpert.com founder Martin Lewis in the latest episode of ITV's The Martin Lewis …

moneysavingexpert.com

£1000
OFF

Money Transfer Credit Cards: Compare The Best Cards - MSE

1 week from now

Nov 6, 2024 · With MoneySavingExpert’s guide find out how you can use a money transfer credit card to pay off debt and save £1,000s. ... you transfer the balance from a card with high …

moneysavingexpert.com

2%
OFF

8 Things You Need To Know About Balance Transfer Credit Cards

1 week from now

Feb 6, 2023 · Balance transfer fees on some credit cards have increased by 2% in the past quarter, according to research by Defaqto. The average fee for transferring a balance to a fee …

which.co.uk

£30
OFF

Getting A Good Credit Limit On A Balance Transfer Card, Can ... - Reddit

1 week from now

(For reference, my total credit limit is £30K–£35K, my disposable income is £1.5K–£2K per month, credit history is perfect (no defaults, missed payments, etc) but history is young (<6 years) and …

reddit.com

£1000000
OFF

Bigger Savers – Do You Really Need To Spread Your Savings?

1 week from now

Oct 20, 2015 · There is a new ‘temporary high balance’ protection of £1,000,000. ... If you’re lucky enough to have large permanent savings, or have kept the money from a life event longer than …

moneysavingexpert.com

£1000
OFF

Cut Overdraft Costs – 9 Ways To Save – MoneySavingExpert

1 week from now

Aug 13, 2018 · A £1,000 overdraft costing £20 a month in interest costs £240 a year, but the same in easy-access savings earns about £50 a year – at best. So pay off your overdraft with …

moneysavingexpert.com

0%
OFF

Balance Transfer Credit Cards: What To Do When Your Credit Limit …

1 week from now

Oct 16, 2014 · The takeaway: If you don’t initially get approved for the whole credit line you need on a 0% card to refinance all of your high-interest debt, place a call to your issuer. Asking for a …

nerdwallet.com

FAQs about Limit on balance transfer not high enough — MoneySavingExpert … Coupon?

What happens if a balance transfer card reaches a maximum credit limit?

If you open a balance transfer card with a credit limit of $10,000 and move that much of the original balance over, even though the new card is maxed, your total available credit has grown to $30,000. Therefore, you’ve lowered your overall utilization ratio to 50%. ...

How much credit can a balance transfer card use?

For example: You had an original credit limit of $20,000 and a balance of $15,000, therefore utilizing 75% of your credit. If you open a balance transfer card with a credit limit of $10,000 and move that much of the original balance over, even though the new card is maxed, your total available credit has grown to $30,000. ...

Should you use a 0% balance transfer credit card?

If you've run up a balance on your credit card that you can't afford to clear at the end of every month, then a 0% balance transfer credit card is almost a no-brainer. However, as with most financial products, there are some key things you need to know to make sure you use the card correctly. 1. ...

What is a 0% balance transfer?

For most cards, the 0% period is only reserved for balance transfers that are made within the first 60 or 90 days – though always check your card for its time limit, as it does vary. After this has passed, any transfers would incur expensive interest at the card's normal rate, unless it's paid off in full. ...

What if I don't use a balance transfer card?

If you decide not to use a balance transfer card, you may still be able to tackle your entire debt at a lower interest rate via a consolidation loan. Chances are you will be able to find a rate lower than the one on your current credit card (if you have a decent credit score). ...

Can a credit card transfer a high-interest balance?

But if for some reason you really can’t get a big enough credit limit on the card to transfer your whole high-interest balance, there are other ways to bring down the rate on your debt. Your best bet is to apply for a personal loan to refinance the remainder of your balance. ...