Paying off your balance but reducing credit limit?

poh75

Hi

I have a new Barclaycard, the one with the Osyter card built in. I got a £2k limit when I started. i asked for an increase at the start but was told needed to wait for 6 months. I use my card for day to day stuff.

I was planning on paying off my card balance of £1900 with my salary this month and then living off what I can back on the card. So It looks like i am moving money though the card.

Is there any risk that they could cut my limit once I pay money onto the card. This is the first month I have had the card. I would be screwed if this happened. Just been reading the odd story about card companies reducing credit limits. Also read that they can reduce limits which technically makes you over blanace. Does that mean they can demand immedal payment of balances at any time without any recourse?

Thanks

NickX

poh75 wrote: »

Also read that they can reduce limits which technically makes you over blanace. Does that mean they can demand immedal payment of balances at any time without any recourse?

I have read reports of this on here, but I would seriously question the legality of them doing this and would challenge them if it happened to me.

However, there is nothing stopping them reducing the Credit Limit to equal the Current Balance and unfortunately, although it is fairly unlikely, you never know when they might decide to do this.

Merry Christmas :beer: