Has any of your credit cards lowered your limits yet? I just got a letter yesterday from Discover that said my limit was going for $25,000 to $5,000. WTF.
by 
tractorgirl
ANSWERS: 11
-
I don't have a limit except for what is in my joint bank account,and I have my own Visa card.:D *+++++*
-
I heard Bank of america has been doing this across the board, putting some people over their limits so they can raise the interest rates. You can always count on the credit card holders to help put the extra crunch on people when the economy is down. Horrible business practice.
-
Credit cards are plastic suicide. Check out the bankruptcy courts and you will see why. The average is $500,000 a day in credit card debt. Credit card companies have a legal hold over you with their credit card. they can do pretty much as they see fit, within the law. Read the fine print in your contract. Lowering your limit is just another way of saying " I gotcha". No credit cards here. all paid and the cards are cut in two. "If it ain't paid in cash, it ain't happening".
-
They are hoping to bump you into default so thay can charge 49% interest plus over limit fees, late fees, "being a chump" fees, "we need money to bribe your Congressman" fees, "CEO $100 million bunus fund" fees, "we're going to buy your house for $10,000 when you go bankrupt" fees. etc. . (This would be funny if it weren't true.)
-
I haven't had that but I had one try to increase my interest to like 25%. I hadn't missed or been late on a payment, so I called and complained. They changed it back to the original 6%, said it was a mistake. You gotta watch those guys...+4
-
naw but there were times when i wished they would have. ;D
-
The same exact thing happened to me with Capital One.
-
If you are like me, that would be a blessing in disguise.
-
Yep. My walmart card had a limit of 3000 and when I called to check my balance because I wanted to go get a tv I only had 100 of credit. I was shocked I never got a letter, at least you were warned. Im glad i called or I would of looked like an ass at walmart..."ma'am your card is declined"
-
yeah, in these times of too many defaulters, credit card companies are lowering the overall or only cash limits. both my cards' cash limit has been lowered even though I am a bid spender and on time payment.
-
none of mine have been lowered, at least, not that I have seen. I haven't check my rates lately.
RELATED QUESTIONS
Copyright 2023, Wired Ivy, LLC