They just reduced it the same way that they used to increase it when you never used it?
Well, I gather that the banks are trying to reduce their liabilities and the easiest way to do that is to reduce the credit limit on our credit cards without telling us.
When I telephoned customer services I was initially told it was due to me being overdrawn on another account or defaulting on my mortgage!
After some frantic checking (in these days of identity theft) it turned out that I wasn’t overdrawn, had never been overdrawn and hadn’t defaulted on my mortgage (which is with another bank anyway). When I rang back to find out what the problem was I was told something to the effect that…
“…I hadn’t ever used more than 30% of my available credit limit!”
True, but I had never asked for my credit limit to be raised to this level in the first place…..and now the bank had decided to reduce my available credit to a point where I was using 95% of it…..effectively cancelling my card in the process! 😡
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