CreditCards Blog

Hello Savers,

I have a Barclaycard Credit Card on a balance transfer deal of 0% until September with a 5k limit. So far ive used 2.5k.

I also have an RBS Credit Card that I use for daily purchases (and clear every month). Its sitting on around zero, and has a 4.5k limit.

My question is - Can I transfer 2.5k from my RBS card to the Barclaycard, effectively maxing out my 0% on the Barclaycard at 5k and giving my RBS card available funds of -7k.

The theory would be to then use the 7k to purchase a used car, and have a month to get a loan to cover the credit card bill.

I can hear the question already - why not just get the loan first and then go for the car? Well, I haven't found the right car yet, and as it might take a while I don't want to have a loan that im not using.

Of course there is the risk then of spending on the credit card, and being denied a loan! Yikes! Thats the risk, and is exactly what im weighing up - point of this thread is determining the theory of the balance transfer of RBS credit card to put it in debt (if thats the right word!).

Thanks,
B Real

A 2K +ve balance could mean your card is blocked whilst they investigate your account for money laundering.

Many card providers limit single transactions to your credit limit, not available credit.

Others limit your total statement period spending to your credit limit.

Have you asked RBS to increase your credit limit?

There will likely be a 2-3% fee charged by the dealer. If there isn't, you didn't haggle enough!

Theres a point - I havent asked them to increase my limit. Ive had the RBS card for about 8 years with the same limit on it and plenty of spending / paying off. Never defaulted on it. If I asked for an increase and they accepted, then I would save the 3% balance transfer fee :)

Im thinking tho that in todays climate they might not increase it for me.