Do all credit card companies have a set credit limit for balance transfers?
I applied to barclaycard online to transfer several balances totalling £4,000, filled in all my details including how much i could pay each month (these are for 0% balance transfers for 12 months) and i get a letter with the new card saying they have set the credit limit to £950.so i cannot transfer the £4,000 over - they said they can increase the credit limit after 3 months but its not guaranteed! my question is, before i start looking for another card that will accommodate my needs, do all card companies set a specific limit? thanks
Answer
Yes, e credit card comes with a credit limit.the ideal way of using a credit card is to pay off the entire balance in full each month. otherwise, you end up going further and further into debt. get a card that has a limit around what you expect to be paying each month.
