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Old 06-27-2011, 12:43 AM   #1
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Default Bank/CC credit limit question

I just noticed today that my credit limit was raised by my bank by 50% w/o notifying me. Is this normal?

I intentionally requested the lower limit and have been paying off my monthly balance for years now so I am not paying any interest. I am actually collecting cash back from them $34.26 monthly (actual average). I am wondering if this is a "trap" for me to spend more than I can actually pay.

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Old 06-27-2011, 12:48 AM   #2
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Yes and no. The banks see you are paying your bills regularly and as a "reward" they increase your card limit. It's not a direct ploy to get you spend more but it's there in case you do.

You can call the bank and have them return to the limit is was if you want.

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Old 06-27-2011, 01:31 AM   #3
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its normal sop. they dont want you to go over limit but they DO want you to make ongoing payments for the massive interest charge. the bigger the limit the more liekly someone is to use it and start making that monthly payment instead of paying it off each month. they take a guess based on your credit score what you can afford and raise limits accordingly as a "reward"

i like a 500-1000$ limit on my one CC if they increase it i past 1000$ i call and complain. if they dont lock it down i cancel the card and get a new one. but my personal credit and assets are good enough that i really dont care if i get a small ding for lowering a limit.

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Old 06-27-2011, 02:56 AM   #4
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I just got done paying off $8,7xx.xx in credit cards...at $138.25 a month for 3 years and 10 months....thought a company called clearpoint...they get the interest down to 0....F#CK Those credit cards...I have one and one home-depot...that's all I'll ever have again.......

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Old 06-27-2011, 03:02 AM   #5
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Longhair, I won't defend the CC company but likewise, I won't blame them for whomever they "victimized". We should be responsible for our purchases and at one point in my life, I bit the bullet and used them to stay alive...it is not pretty but they served the purpose and I am glad I had that option.

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Old 06-27-2011, 03:11 AM   #6
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I think you have to have a cc to rent a car or sometimes to get a hotel room....There's something else you have to have on for but I can't think of it...???.......

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Old 06-27-2011, 03:19 AM   #7
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The main reason I use a credit card is to pay at the pump.

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Old 06-27-2011, 03:19 AM   #8
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If they gave it to you take it. Nobody is saying you have to use it.

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Old 06-27-2011, 05:34 AM   #9
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Just the banks subtle way of saying......................buy more guns!

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Old 06-27-2011, 07:58 AM   #10
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Quote:
Originally Posted by Poink88 View Post
Longhair, I won't defend the CC company but likewise, I won't blame them for whomever they "victimized". We should be responsible for our purchases and at one point in my life, I bit the bullet and used them to stay alive...it is not pretty but they served the purpose and I am glad I had that option.
There was a point in my life where I had to live off credit cards, too. It was terrible.

Quote:
Originally Posted by LONGHAIR View Post
I think you have to have a cc to rent a car or sometimes to get a hotel room....There's something else you have to have on for but I can't think of it...???.......
I don't have a credit card but I do have a VISA bank debit card that I can use just the same as a credit card. I have used it to reserve a hotel room. The only difference is you have to have the money in your bank account to cover the purchase. I've been without a credit card for several years now and have used my debit card in place of a credit card.
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