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Old 08-31-2020, 09:43 AM   #21
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^ Gotcha beat: US Bank offered a no annual fee card with a $500 bonus for spending $4500 in 150 days. It was a huge PITA getting the card, with lots of calling and mailing and sending pictures of my driver's license and such, but the more difficult things are the more stubborn I get, so I persevered. First card was lost in the mail and the 150 days was ticking down, causing me to miss a group of autopay utility bills for about $1000 that I was planning to use as part of the spend. Finally got the physical card and they gave me a - drum roll -$1000 credit limit. The next four months I was making two payments/month on the card, with extra difficulty, because the amount due wouldn't show online and allow me to pay for a period of time. It was almost like US Bank didn't want me to be able to get that $500 bonus.. Heh. they don't know me so well, do they?
Did meet the required spend in the required time, from 12/6 to 4/17, but it was a struggle. Was pleased to take the bonus and cancel the card.
I remember card limits being cut last recession and it being a real shock to those who were counting on their cards and home equity lines of credit as being just like available money. So far no limit cuts here - think the last card we got was a CapOne Spark card with a $20k limit back in March. Waiting for PenFed to cut our $40k limit card that we hadn't used since 2017, then put a few charges on in the middle of this year.

Edit: ^ kinda in response to Grasshopper's post on the $3000 limit card.
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Old 08-31-2020, 02:10 PM   #22
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Heh. they don't know me so well, do they?


I wonder if this clamping down on credit is a reliable leading indicator of the economy, or just lumbering financial firms not wanting to be called out for not seeing it coming.
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Old 08-31-2020, 02:30 PM   #23
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I wonder if this clamping down on credit is a reliable leading indicator of the economy, or just lumbering financial firms not wanting to be called out for not seeing it coming.
we have three cards and so far only one, the Cap1 card, has lowered our credit limit.
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Old 08-31-2020, 02:50 PM   #24
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Target just lowered our credit. We do not use the card much but I thought it odd.
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Old 08-31-2020, 06:04 PM   #25
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None of ours have been lowered.
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Old 08-31-2020, 06:15 PM   #26
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None of ours have been lowered.
Same here. So far anyway.
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Old 08-31-2020, 07:31 PM   #27
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This happened to me as well, about 2 months ago. Limit was cut in half. No reason given. As all of you, I *always* pay on time (in fact, I pay in advance, multiple times a month), never carried a balance, never missed a payment, etc., etc. The card is the Chase Amazon Visa. Been with them for almost 2 decades. I called them, gave them an earful, and they immediately reverted the limit to were it was before.

A quick Google search revealed that I was not alone. Still, their algorithm should know better. They should be treating us punctual and responsible users better now, and the other way around.
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Old 08-31-2020, 10:37 PM   #28
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Pfft. Buncha deadbeats.

https://www.investopedia.com/terms/d...eir%20accounts.

Me too.
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Old 08-31-2020, 11:02 PM   #29
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well, i guess that makes my wife and i proud deadbeats!

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Old 09-01-2020, 07:46 AM   #30
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I have one card and I have no idea what the credit limit is. I have not received any notices.
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Old 09-01-2020, 07:58 AM   #31
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I'm not surprised more credit limits are not lowered due to non-use. Financial institutions have to keep funds in reserve in case advances are required.

I use my credit card for reoccurring expenses like insurance payments on my 2 houses and 4 cars. In a year's time, I always end up with a free round trip flight to Europe or more every year. Too bad this is an off year.
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Old 09-01-2020, 08:47 AM   #32
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I had one card closed after many years of inactivity. Another warmed it would not be renewed unless i used it. I wonder how they decide the limits for new applicants. They donít ask and the last couple I got were huge.
Many years ago I got a Sears MasterCard (from Citi), probably for some 20% discount on a big purchase. I don't think I've used it since. Over the last few years I've gotten an occasional letter that they will be closing my account for inactivity. It's yet to happen.
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Old 09-01-2020, 11:20 AM   #33
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Banks are also cancelled credit cards. I had two sitting in my drawer (rarely used, no balance) that the banks cancelled in recent months. Combined they had $175k of credit, so no small thing. With the one with a much larger credit line, I did not even receive notice from the bank they were cancelling it. I only discovered it when I checked my credit. And my credit score is near perfect and Iíd had both these cards for well over a decade.
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Old 09-01-2020, 11:38 AM   #34
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I'm not surprised more credit limits are not lowered due to non-use. Financial institutions have to keep funds in reserve in case advances are required.

Sounds like this may be the case. Folks with excellent credit, but backup CC without much regular churn.


I keep 2 CC's, one for important stuff (insurance and utilities) and one for "riskier" transactions like the gas pump, restaurants (remember those!), grocery stores, and random internet sites (non Amazon, non paypal). This hopefully keeps enough churn (frequency and $$ value) to keep the banks playing. Both CC's are cash back, limits of round 20K and 7K. DW has a similar card for her spending, except gets reward miles.
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Old 09-01-2020, 01:20 PM   #35
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Another proud deadbeat here too.

And while some merchants may bitch, whine, moan and complain about the cc fees they pay the credit card companies, if they have any brains they also know that the average consumer spends 20% more when using a cc vs. using cash. That's the reason so few of them refuse to take credit cards and the rest know doggone well that 3% fee is a bargain to get the increased sales.
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Old 09-01-2020, 01:45 PM   #36
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Many years ago I got a Sears MasterCard (from Citi), probably for some 20% discount on a big purchase. I don't think I've used it since. Over the last few years I've gotten an occasional letter that they will be closing my account for inactivity. It's yet to happen.


The one that closed on me was Sears/citi MasterCard. Havenít used it in 15 yrs. They screwed up and offered me 0% balance transfer for life. I loaded it up and rode that 0% until it was a nuisance to make minimum payments. They baited me several times with inferior promotions that wouldíve preempted my 0 for life deal but I never bit. The old Sears charge card was the first card I got when I got my first job after college in Ď79.
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