# 0% credit card with £20k limit?



## electric_cooper (Feb 28, 2008)

Can anyone point me in the direction of one of the above?

Ideally with at least 12 months interest free?

Never had a credit card so dont know whether the above exists so any advise would be welcome :thumb:


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## ikon66 (Jul 23, 2008)

I doubt you'd get anywhere near that to be honest. Based on chats with friends and colleagues your limit is based on your application, credit reference and salary as far as I can see


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## jonnyMercUK (Apr 19, 2012)

The problem you will have is the limit changes for each individual person. A company can advertise 20k limit however if you will have to have excellent credit to get the full limit.


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## Porkypig (Jun 20, 2012)

I know where you can get unicorn tears... but a first time applicant without a sustantial proven income or bank balance and impeccable credit rating (which you may well have) getting a 20k limit free for a year....


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## jonnyMercUK (Apr 19, 2012)

If you have a mortgage, there is a possibility you could borrow against that.


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## Rob_Quads (Jul 17, 2006)

The chances of you getting one straight off are probably very very slm unless you have a very good credit rating and wealthy. More people who do have them have gained them over time
With all the recent banking stuff they will also be more stringent and make sure you have the potential to be paint off that sort of monthly amountd


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## ikon66 (Jul 23, 2008)

I'd like to think I have a good credit ref and a good salary. I got £6k @ 18 months last year with MasterCard


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## Bero (Mar 9, 2008)

If you've never had a credit card there is virtually zero chance of getting a 20k limit.....especially on a 0% deal......unless you're Mario Balotelli et al.

I'm not asking why you need 20k on a card, but ensure you have a master plan with multiple fall backs, you're effectively giving them your ********.....make sure you can get them back!!!

Consider the worst case scenario of what could still be on the card when the 0% comes to an end, and how much it would cost (possibly >£350 a month just interest). Also if you're ,making a one off purchase with the card consider if the seller will add fees (like holiday and car sellers do). If you apply for £2-4k from 5-10 card companies I suspect they will see teh influx of applications and all this unused credit then start refusing further applications.

When interest rates were good and it was worth making money from ccard companies....and there were lots of CCard deals available I had nearly £50k in available credit at one point, but this was built up over some time and I was still not being approved for more than 8-12k per card.


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## ikon66 (Jul 23, 2008)

Also, and a total guess here!!! You'll have to pay fees if you want it to buy a car


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## Guitarjon (Jul 13, 2012)

Card companies are getting stringent matey. I got one with my HSBC current account at 16 when I applied for a student Loan. At that time I didn't want a credit card but they gave me one anyway. When I actually went to uni I started to use it and it kept getting bigger and bigger. Started at 350 and went to about 8k

My other half on the other hand wanted one last year to help pay for the wedding if we need it although maybe ok now. She had never had a loan or debt and was turned down by many to get a regular credit card. In the end she had to apply for a silly high interest card with a 500 pound limit. We have played the game and spent a hundred a month on and always paid it back and she has now been able to apply for a better card now with still only a 1k budget. So I very much doubt anybody will give you 20k even with silly apr. never mind 0% interest free.


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## PaulN (Jan 17, 2008)

electric_cooper said:


> Can anyone point me in the direction of one of the above?
> 
> Ideally with at least 12 months interest free?
> 
> Never had a credit card so dont know whether the above exists so any advise would be welcome :thumb:


Talk about uneducated question..... you sound perfected for a £20K credit card....

You should ring up wonga.com they can help you out mate.


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## electric_cooper (Feb 28, 2008)

PaulN said:


> Talk about uneducated question..... you sound perfected for a £20K credit card....
> 
> You should ring up wonga.com they can help you out mate.


Talk about a completely pointless response :thumb:

I have had car finance, mortgages, loans, leases but just never had a credit card because I have never looked in to one

For the record, my credit history is excellent and I am on a more than decent salary so thought I would be categorised as a low risk applicant but wanted to know the best places to look


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## Alzak (Aug 31, 2010)

Yes we all heard that before decent salary and whole life on credit ...

No chance to get card with this limit on...


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## Hasan1 (Jul 1, 2011)

electric_cooper said:


> Talk about a completely pointless response :thumb:
> 
> I have had car finance, mortgages, loans, leases but just never had a credit card because I have never looked in to one
> 
> For the record, my credit history is excellent and I am on a more than decent salary so thought I would be categorised as a low risk applicant but wanted to know the best places to look


Think your best bet is to call the bank you are with or who ever your mortgage is with and see if they offer a credit card your looking for


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## Avanti (Jan 17, 2006)

ikon66 said:


> I'd like to think I have a good credit ref and a good salary. I got £6k @ 18 months last year with MasterCard


When I applied for a halifax Clarity, they started me off on £8500  wtf I told them to drop it to £1500 (only going to use it for holidays or foreign purchases) it has not seen £50 usage yet, but with CCs I square the balance every month.


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## alan hanson (May 21, 2008)

if you have a plan to pay off the 20k in 18 months could you just not wait and save or half loan half save?


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## Derekh929 (Aug 28, 2011)

ikon66 said:


> Also, and a total guess here!!! You'll have to pay fees if you want it to buy a car


Yep max usually £2k or less or you pay the Fee's, new card holder would be lucky to get £10k for sure, most likely £3to£5k i keep telling them to take limit down on existing card.


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## A210 AMG (Nov 8, 2008)

Your best chance would be to talk to your bank or building society you are currently with, if you have been with them a while they may be the best option.

As other have siad though I doubt on a first card you will get anywhere near £20K, probably more likely £3k

I wouldn't want to do it but assuming you have equity in your house, you could remortgage it and 'ask' for £20k. This however would be anything but free and you would have to check when you have the £20K to pay back your able to do this in a lump sum.


The card route with one single card I think you will find almost impossible.


Maybe with half a dozen...


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## Fiesta-125 (Mar 18, 2012)

Im 18, never been overdraft always paying in plenty a month for nearly two years from work same account as cc and I have a 2,500 limit! 

Sent from my GT-I9300 using Tapatalk 2


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## Kerr (Mar 27, 2012)

After reading your previous thread I think this is a really bad idea. 

Even if you get a credit card with a £20k limit, which might not be too easy, you might be in a hole at the end of the year once the 0% ends. 

Your credit score will take a hit of you are using a large proportion of the credit available to you and you will struggle to transfer the debt to another card. 

You might end up paying massive interest on a lot of debt. 

A very dangerous game you are playing when you don't know what you are doing.


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## Will_G (Jan 23, 2012)

I had never had a CC but got my first a couple of years ago and initial limit was £12.5k and it went up to £14k. I think you'd be lucky getting £20k and as above you could end up in a whole load of trouble at the end of the interest free period


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## electric_cooper (Feb 28, 2008)

Kerr said:


> After reading your previous thread I think this is a really bad idea.
> 
> Even if you get a credit card with a £20k limit, which might not be too easy, you might be in a hole at the end of the year once the 0% ends.
> 
> ...


Which is why I was asking for advice on a public forum :thumb:

If I knew the answer, I would have decided by now


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## nyrB (Jun 15, 2012)

*One other thing you must take into account is that each time you are refused a card it goes on your record as a black mark & you don't want any of them before you have even got a card. As stated previously go to your own bank first off they will be in possession of your credit worthiness & can advise you.*


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## griffin1907 (Mar 4, 2006)

I have a good mate who earns easily in excess of a proven £150k a year. He asked his bank of long term for a card, they offered him £5k to start, he asked for an increase to £10k to cover works expenses, eventually it was approved, but only after fighting.


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## lofty (Jun 19, 2007)

nyrB said:


> *One other thing you must take into account is that each time you are refused a card it goes on your record as a black mark & you don't want any of them before you have even got a card. As stated previously go to your own bank first off they will be in possession of your credit worthiness & can advise you.*


No it doesn't .Credit searches go on our account but there is no such thing as a black mark.


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## SteveyG (Apr 1, 2007)

Definitely no chance now we've lost our AAA rating. Lending will probably be a lot more difficult now...


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## Rob_Quads (Jul 17, 2006)

The AAA rating IMO is not going to make much difference to personal lending. Its the upper end that its going be most affected.


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## robertdon777 (Nov 3, 2005)

I doubt there is such a product on the market, otherwise many loan companies would be doing much less business.

I think the best bet if you *really* had to have 20K would be a loan over the shortest term possible from one of the big lenders at about 5.2%

or a credit card at 0% for 5K and a 15K loan, but it's swings and roundabouts. You will still pay a fair amount of interest and not get a 0% figure for the whole sum.


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## SteveyG (Apr 1, 2007)

robertdon777 said:


> or a credit card at 0% for 5K and a 15K loan, but it's swings and roundabouts. You will still pay a fair amount of interest and not get a 0% figure for the whole sum.


If he can afford to pay 5k off the 0% card in 12 months (£416pm) and the repayments on the 15k loan, he'd probably be better off getting the full 20k loan with a shorter loan time with repayments increased by £416!

I think he was planning on getting a 0% card for 12 months with the full 20k on and then getting a loan after 12 months, but he'd be screwed if he couldn't get approved for a loan because of the outstanding balance on his CC!



Rob_Quads said:


> The AAA rating IMO is not going to make much difference to personal lending. Its the upper end that its going be most affected.


IMO they'll be more reluctant to hand out low finance rates, but we'll see


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## shine247 (Mar 1, 2010)

In the main it was the American banks that started to offer the big limits in the 90's and this has carried on to some extent but over recent years they have actively been reducing limits and closing dormant accounts.

Depending on who you bank with, you may stand the best chance of a good limit offered on the back of your account operation and agency data. Some banks credit score internally rather than just relying of CRA information and a few basic facts like time at address etc. 

If you run a good account with high turnover holding other products that mean you are a "valued" customer you could be in with a chance of a good limit for a purpose.


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## GJM (Jul 19, 2009)

Big limits have been slashed dramatically regardless of credit rating and salary.

I worked with a guy who rang up over 50k of debt on cards and just declared himself bankrupt, for a while it was common place.

You had foreign nationals doing it regularly to, buying lots of goods and shipping them back home before declaring bankrupt

The country and the banks left themselves wide open


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## GJM (Jul 19, 2009)

Idoits like this too : http://news.bbc.co.uk/1/hi/business/8365018.stm

You rang up the debt...just bloody pay it back!


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