The Lemon Fool

Who gives high credit limits on 0% purchase cards? No, I'm not in financial difficulty - I just want to get some cashflow for house purchase costs while my savings are in ISAs and Fixed Term Bonds .

Ta

Clariman wrote:Who gives high credit limits on 0% purchase cards? No, I'm not in financial difficulty - I just want to get some cashflow for house purchase costs while my savings are in ISAs and Fixed Term Bonds .

Ta

Not sure that's the right question, but I bought a car in Mar '22 on an MBNA card (£30K limit), interest free for 23 months, if that helps.
MayLix

Clariman wrote:Who gives high credit limits on 0% purchase cards?

I have always been disappointed with the credit limits I have been given with UK credit cards. It baffles me as my credit score is high and, at least in some cases, I have large cash amounts on deposit with the same bank. And yet the limits are dismal and I end up using 4 or 5 cards each month just to spread my spend around to stay under the limits. Sometimes I even pay off my credit balance half way through the month to avoid breaching the limit. Beyond annoying.

There seems to be little or no logic to it. For example HSBC, with whom I currently have £60,000 in cash, gave me a lousy £1,500 limit. After 2 years of use they magnanimously increased that to £3,000. Useless.

NatWest actually halved my credit limit a couple of years ago claiming that I was not using all of my existing limit, and that is my day-to-day bank so they see my income coming in.

On the other hand Lloyds gave me a £10,000 credit limit and I have no other relationship with them.

Now maybe it is because of my age and/or the fact that I haven't worked for years. But given the assets and income at my disposable the risk of default is trivial. So I am afraid I am not any help to you but I am interested in any responses you get. The only card issuer that doesn't seem to care about limits is Amex who have cheerfully let me run up balances of up to £20,000 monthly, usually when travelling. But that's not really a credit card.

Lootman wrote:

Clariman wrote:Who gives high credit limits on 0% purchase cards?

I have always been disappointed with the credit limits I have been given with UK credit cards. It baffles me as my credit score is high and, at least in some cases, I have large cash amounts on deposit with the same bank.

That does seem strange. Do you ever miss any monthly payments because you maybe see them as trivial and catch up the following month? Or perhaps you don't have a long history of borrowing that they use as part of their risk calculation?

FWIW, my Amex credit limit is £25K and way more than I need generally.

Thanks to Maylix (above) reminding me that MBNA give decent limits, I have just been approved with a £11,900 limit by MBNA which gives 0% for 22 months on purchases in the first 60 days. So that should do me for paying up front for the new build extras

Clariman wrote:

Lootman wrote:

Clariman wrote:Who gives high credit limits on 0% purchase cards?

I have always been disappointed with the credit limits I have been given with UK credit cards. It baffles me as my credit score is high and, at least in some cases, I have large cash amounts on deposit with the same bank.

That does seem strange. Do you ever miss any monthly payments because you maybe see them as trivial and catch up the following month? Or perhaps you don't have a long history of borrowing that they use as part of their risk calculation?

All my cards are paid off in full each month automatically by direct debit, so that cannot be the problem.

But yes, I haven't borrowed any money in years. I had paid off my mortgage by 1998 and have no use for loans. So perhaps that is the problem - I am too solvent and financially sensible!

I will also give MBNA a try.

I've decided to go for a Virgin Money one too and they gave me exactly the same credit limit

Maylix wrote:

Clariman wrote:Who gives high credit limits on 0% purchase cards? No, I'm not in financial difficulty - I just want to get some cashflow for house purchase costs while my savings are in ISAs and Fixed Term Bonds .

Ta

Not sure that's the right question, but I bought a car in Mar '22 on an MBNA card (£30K limit), interest free for 23 months, if that helps.
MayLix

In what period do purchases have to be made in order to qualify for 0%? 23 months or some shorter period?

bluedonkey wrote:

Maylix wrote:

Clariman wrote:Who gives high credit limits on 0% purchase cards? No, I'm not in financial difficulty - I just want to get some cashflow for house purchase costs while my savings are in ISAs and Fixed Term Bonds .

Ta

Not sure that's the right question, but I bought a car in Mar '22 on an MBNA card (£30K limit), interest free for 23 months, if that helps.
MayLix

In what period do purchases have to be made in order to qualify for 0%? 23 months or some shorter period?

Hi BlueDonkey,
in my case it was 60 days from account opening.
Maylix