Transfer What You Can Even With Low Limit

Transfer Credit Card Balance

If you have applied for a new credit card intending to carry out a reasonably large balance transfer, then you may well find yourself pleased to have been accepted for the new credit card, but disappointed with the initial credit limit that you have been given.

In these circumstances, we have heard of people who have been given a credit limit, that is lower than the amount that they wish to transfer, so have immediately cancelled the new credit card and proceeded to look for different balance transfer credit cards.

In the current climate, credit limits are quite often, not as generous as in the days of easy credit before the credit crunch. Offering lower credit limits are often now the default credit card company behaviour, even for customers with very good credit histories.

Transfer What You Can Even With Low Limit

We would recommend that if you have been given a lower credit limit than you need to transfer the whole balance, that instead of cancelling the card, that you do actually transfer what you can within the credit limit that you have been given.

There is no guarantee that you will be accepted for another balance transfer credit card and even if you are, there is again, no guarantee that the credit limit on that new card will be any higher.

In some cases, having just been accepted for a new credit card, this may actually reduce your chances of being accepted for another card, within such a short space of time.

The credit card companies generally do not like to see repeated applications for new credit in close proximity. They may often judge that you are desperate for credit and may therefore judge you to be a higher risk.

Any amount that you can transfer will save you money over the length of the transfer. For example, paying 0% interest for 24 months on £2,000 out of a £3,000 outstanding balance is still a far better deal than having to pay 18.9% interest on the whole £3,000 balance.

If you cannot get accepted for another balance transfer credit card, then you will be left with all of the debt on the original card, at a high rate of interest.

Read more of the latest balance transfer tips from Balance Transfer Expert.


Related Content From Balance Transfer Expert:-

Today Balance Transfer Expert has:-

104 UK 0% balance transfer credit cards offering:-

  • 0% balance transfers for up to 40 months with a 2.69% fee
  • 0% balance transfers for up to 33 months with a 0.57% fee
  • 0% balance transfers for up to 29 months with no fee