I am looking for suggestion to apply for a high credit limit card for balance transfers. Westpac is offering about 10k , would it change if I go to a different provider e.g coles or some other non big4 bank?
High Credit Limit Card for Balance Transfer
misguided on 16/09/2016 - 12:29
Comments
Citibank often accept high initial credit limits. I had an original limit of 25k which has gradually doubled from accepting their limit increase offers.
but if you are planning to get a mortgage and show bank you have $50k limit (25 then double) - they will be in big shock.
10k is big? hmm not really.
and dont go to coles 28degree etc etc.
you need to go to big banks. citi included.
but, can you convince them to give you "big" limit?
also, usually when you stick with one bank for 5-10 years they will just increase your limit each year so at the end i have like $45k limit with citibank hahaPlease note that there is often a percentage fee for Balance Transfers. Eg. 1.5% for Citibank.
depends on the duration, they charge that on the 24month. I just got a 6month BT with zero fee.
well I am owing 14k on one card , so need a card to balance transfer that amount off them before they revert back to full interest. What are my options?
I say pay it off would be the best option really. If you cover it up with a balance transfer now, you will have the same problem next month on the new card, won't you?
Citibank Classic Card - 0% 12month balance transfer (80% of credit limit) with no fees for the first year.
Don't use the card for anything else, be sure to make the minimum monthly payments and budget to pay off full balance then close the account within 12 months of application.
I would say generally the bank you use often will tend to give you the best limit. As mentioned earlier, they like to see a history and will gradually increase your limit. Every time i reapply with a prior bank, the limits offered always get that little bit higher. This is not including the increases offered every 6 months on exiting cards.
Also, if you have an existing credit card (say $14k), then you now have to service that $14k limit plus the limit on the new card. So don't be surprised westpac only offers you $10k (because you now need to be able to service $24k of credit card debt).
I use ING and they don't offer a credit card :(
What limit you looking for ?
I'm pretty sure credit limit depends on if the bank thinks you can manage it. Also, just because you applied for a high one, doesn't mean you'll get a high credit limit.