Credit Card - Balance Transfer

Mar 05, 2005 7 Replies
M

Hi I plan on getting a CC with 0% interest on BT's so I can pay it off over around 6 months



Do any cards limit the amount you can transfer a a % of your overall credit limit?



For example, i have applied for a RBS Classic card which allows 6 months int free BT's - but i cannot find anything that says how much of it you can make into BT's - i know most companies limit the amount you can take out in cash.



So is it generally possible to make the whole credit limit into a balance transfer card (so essentially an int free loan for 6 months in this case)


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A

The only one I seem to remember is citicard with allow (i think) either 80 or 90% of the credit limit to me made up of BTs. This was in the smallprint so it's just as well i noticed!

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M

so you reckon they allow a lot (% wise) or do you think most will allow

100%?
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T

CapitalOne will allow 100% minus 100.

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T

"mo" wrote

Some do, yes - eg maybe only 90% of credit limit allowed; or only 5,000 at

0% then the rest at a higher rate (these are real examples of credit cards available). But - many will allow the full credit limit. Check all the literature very carefully, and if there is no mention of a lower limit then it's quite possible they'll allow up to your full credit limit.
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M

If I do a BT - say 100 from my Barclaycard - will that count as a 100 payment to my BC account?

Thanks.

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A

Yes, it will show on your statement as "payment - thank you" most likely!

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T

I've got two of these, a MINT (aka RBS) card and an Abbey card (which is actually issued by MBNA). MINT appear to allow you to use the full credit limit for balance transfers, Abbey have told me (over the phone) that they could only transfer up to a certain amount (I think it was 90% or 85%). So I would say it's fairly random really, you'll just have to check beforehand!

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