Credit card providers slash limits without customers’ knowledge

Credit card customers have been left seething over recent weeks, as the result of a crafty move made by a number of credit card providers in a bid to cull credit card limits.

A number of credit card firms have slashed the credit limit on customers’ cards to just £100 over their existing outstanding balance, and they have done this without first informing the consumer, leaving many feeling embarrassed and humiliated after attempting to use their cards and being refused.

Some customers contacted their credit card providers after trying to make purchases and being refused, and were told that they were not informed prior to the credit limit cut in case they then went out on a spending spree in order to keep their credit limit as high as possible, as the limits have been cut to £100 over the existing balance.

One customer, a solicitor who had his credit limits slashed from £5000 to just £700, stated: ‘I had to endure the humiliation of having it declined twice in B&Q. There was a long queue behind, I was embarrassed, but luckily had other cards with which to pay it. I have had the card for 10 years and, surprise, surprise, I’ve never missed a payment and always paid off the balance at the end of the month. But what really made me angry was that after I asked them why they didn’t give me some notice, they said that if they did that, I could just rush out and spend wildly in an effort to keep my balance up. I found that incredibly insulting.’

Many of those that have seen their credit limits cut in this way have claimed that they have excellent credit and have never missed repayments.