News2 mins ago
Bank slashed credit limit
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I had a credit limit on my creditcard of �11500 and an outstanding balance of �5000. I noticed today, the bank seem to have slashed my credit limit to �5300. Can they do this, they haven't even informed me?
Answers
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For more on marking an answer as the "Best Answer", please visit our FAQ.The Credit Card provider can set your credit limit to whatever they like based on their assessment of the risk in lending to you (the Agreement you signed up to should have a clause to this effect) however they should inform you ahead of time (e.g. 30 days) of any such change which would disadvantage you.