Barclaycard credit card

[Miss Zippy]

I received my Barclaycard credit card yesterday - the one that offers 0% until August 2005 - and was stunned to see that I was given a low credit limit of �480. I thought they must have missed a zero off the end, but when I called them they confirmed the figure was correct and that my limit couldn't be increased until I'd held the card for 3 months. A colleague has just told me that she had a similarly low credit limit for the same card and I just wondered what other peoples' experiences are? (p.s. I have no bad credit history or anything like that to explain the low limit.)

[TRINITY]

I also recieved a low (lower than you) limit for 1st three months, and if you don't pay on time or pay adequate amounts they won't raise the limit.

[Miss Zippy]

Thanks Trinity. If our experiences are typical, then they should warn you of their low credit limits before you go through the hassle of filling out all the forms!

[Oneeyedvic]

I have had some previous problems but sorted now. My wife also has a bcard which I am named on with a limit of over �7000. My other cards have limits of over �2000. I to applied for this card and got an acceptance for �280. I just tore it up and sent it back. Yes it was hassle to fill forms in but I will never deal with Barclays again

[Miss Zippy]

Thanks ansteyg. Can't confirm at the moment if what you have said is correct, but I've subsequently found out that there is a charge to transfer a balance from another card. This is the first time I've applied for anything like this without reading the small print first as I've never come across similar 'downsides' with other cards I've had, so serves me right I suppose.

[Oneeyedvic]

Miss Zippy - try Halifax who I went with - 0.5% cashback and an interest free period of 9 months and you can transfer balances after you receive the card

[Miss Zippy]

Thanks for that suggestion oneeyedvic, I'll look into the Halifax offer.

[OBonio]

It's not just your credit rating that is taken into account. If someone in your house has defaulted or has CCJ against them, that can count against you aswell.

[jiya83095]

It's not uncommon for credit card issuers to provide lower initial credit limits, even for cards with promotional 0% interest offers. The initial credit limit you receive can depend on various factors, including your credit history, income, and the issuer's risk assessment. In your case, the low credit limit may be due to the issuer's risk evaluation or their standard practice for this particular card.

Here are a few things you can consider:

1. **Credit History:** While you mentioned having no bad credit history, it's important to ensure that your credit report is accurate. Sometimes errors can affect your credit score. You can check your credit report to make sure there are no inaccuracies.

2. **Income Verification:** Credit card issuers often consider your income when determining your credit limit. Make sure that your income is accurately reflected on your credit card application.

3. **Credit Limit Increases:** As the issuer mentioned, you may be eligible for a credit limit increase after you've had the card for a few months. This can be a good opportunity to demonstrate responsible card use and potentially receive a higher limit.

4. **Contact the Issuer:** If you believe that your credit limit should be higher based on your financial situation, you can contact the issuer again after a few months to request a limit increase. Be prepared to provide additional financial information if requested.

Remember that credit limits can vary widely from person to person, even for the same card. The most important thing is to manage your credit responsibly by making timely payments and not using too much of your available credit, which can help improve your creditworthiness over time and potentially lead to higher credit limits in the future.

 

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