Same here. So far anyway.
Banks put lower limits on new credit cards
- Thread starter rk911
- Start date
Same here. So far anyway.
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.
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.
calmloki
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Pfft. Buncha deadbeats.
https://www.investopedia.com/terms/...s a slang term,have accrued on their accounts.
Me too.
https://www.investopedia.com/terms/...s a slang term,have accrued on their accounts.
Me too.
OP
OP
rk911
Thinks s/he gets paid by the post
well, i guess that makes my wife and i proud deadbeats!
OldShooter
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
I have one card and I have no idea what the credit limit is. I have not received any notices.
Bamaman
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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.
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.
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.
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 I’d had both these cards for well over a decade.
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.
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.
jazz4cash
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
The one that closed on me was Sears/citi MasterCard. Haven’t 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 would’ve 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 ‘79.
