Only Finance.com® - card companies credit visa

Compare Credit Cards | Credit Card Providers | Credit Card Types

Credit Cards - Card companies cut their limits - 06/03/2008

Credit card companies are cutting back on spending limits in a bid to curb customer borrowing following a recent report.

"This is Money" an online finance community have recieved complaints from many customers, dismayed at the drastic drop in their credit limits. This is despite in many cases having very good credit ratings.

The cuts are often so drastic that they have been cut to £100 of their existing balance. This has upset many customers who feel that the actions of their creditors goes against their contractual obligations, while leaving them with fewer payment options.

One solicitor informed the community that his limit had been slashed from nearly £5000 to £700 overnight. He had not been informed prior to the change.

He said: "I had to endure the humilation of having it declined twice out shopping. There was a long queue behind, I was embarrassed but luckily had other cards to pay with it."

The complaints add addtional concern to reports last month that card company Egg withdrew cards from customers who had sound credit histories. It was often after transactions had been completed that the company's position became clear.

Related News

11/11/2008 - Removal of credit card fees in Philippines. In the Philippines, a lawmaker has prompted a stop on credit card companies which...

13/10/2008 - Fraudsters don’t need your card to commit fraud. Apacs, the UK payments association has announced that as of October 20th a campaign...

26/06/2008 - Mastercard pays American Express. The card company American Express has announced that they are to accept a payment...

Related Guides

Finding the best credit card. When it comes to choosing a credit card there seems to be a bewildering...

Quick Credit Card Guide. Were living in a cashless society, and instead of our purses and wallets being unburdened...

21/06/2008 - Debit vs credit cards. Though most people refer to the shiny pieces of plastic in their wallets as...

13/06/2008 - Credit card fraud worsening. p>Credit cards continue to be an easy target for fraudsters across the world and...

12/06/2008 - Credit Card Fraud. New reports suggest that consumers are increasingly at risk of having their card details...

Credit Card Guides

Finding the best credit card
Quick Credit Card Guide

Best Buy Credit Card

0% Balance Transfer	Buy Now
Cash Back Cards	Buy Now
Gold/Silver Cards	Buy Now
Platinum Cards	Buy Now

Credit Card News

18/11/2008 - American citizens in credit card debt. It is not only property bills that Americans can...

17/11/2008 - Can you afford the turkey. All the great intentions of the countrys leaders in...

14/11/2008 - Parents to be “vigilant with their bank card details”. Parents are being urged to be vigilant with their...

More News >>

Only Finance Ltd is authorised and regulated by the Financial Services Authority, FSA registration number: 466941. Our registered offices are 1 Kings Avenue, Winchmore Hill, London N21 3NA, company number: 05640662. Telephone 0207 377 1805.