Halifax reduceing credit card limits..

ElkyElky

Paul_Herring wrote: »

I thought this one would come up, and almost pre-empted it in my last post...

Rubbish.

If you're in a position to not need the limit on and/or use the card, you're almost certainly in the position where you should have savings for 'emergencies.'

I don't know about you but I prefer to go about my days knowing I have several thousand pounds readily available to me should I come into a situation where I will desperately require it.

Plus, I prefer that my savings are saved, not spent.

udydudy

I agree with ElkyElky I have a card with high limit which i prefer to keep clean just so that I can use it for emergencies. I surely would not like to see the limit slashed down!!.

But only thing is i ensure i use it atleast once a quarter so that they do not feel it is a waste.

eschaton

ElkyElky wrote: »

I don't know about you but I prefer to go about my days knowing I have several thousand pounds readily available to me should I come into a situation where I will desperately require it.

Plus, I prefer that my savings are saved, not spent.

Surely the idea of savings mean that they can be used as required for emergencies.

Great idea - save savings and put £000's emergency bills on a credit card.

:T crackpot :T

Andy_Ches

SwissLe wrote: »

You will also find other threads with Barclaycard holders moaning about credit limit reductions. The way credit is issued is a complicated process and normally automated within most organisations.

It is another business where loyalty isn't rewarded, such as insurance.

Yes I'm aware, but I have nothing but praise for them from my end.

ElkyElky

eschaton wrote: »

Surely the idea of savings mean that they can be used as required for emergencies.

Great idea - save savings and put £000's emergency bills on a credit card.

:T crackpot :T

Wouldn't that defeat the purpose of savings if you were to dip into it as if it were a current account?

I'd rather leave my savings untouched so it can grow over the years. Perhaps you and I have a different definition of "savings". Each to their own I suppose.

eschaton

ElkyElky wrote: »

Wouldn't that defeat the purpose of savings if you were to dip into it as if it were a current account?

I'd rather leave my savings untouched so it can grow over the years. Perhaps you and I have a different definition of "savings". Each to their own I suppose.

Very much different.

You spend the money that makes you less. OP doesn't sound like their CC is 0% so why borrow when there is no need.

If you are paying CC interest then you're savings would actually be shrinking.

PNPSUKNET

Whats the rate of savings compared to credit card intrest lol

withnell

eschaton wrote: »

Great idea - save savings and put £000's emergency bills on a credit card.

:T crackpot :T

I have savings, but I couldn't suddenly access them in a few seconds notice if they were required - I'd have to log online, and move them over to my current account. The credit card would allow me instant access, then in the next 30 days or so I'd be able to push the required amount into my current account to pay it off - so no interest paid.... Still crackpot?

ElkyElky

Not to mention some savings accounts punishing you for withdrawing from it. Loss of 30 days interest??

Enfieldian

eschaton wrote: »

Surely the idea of savings mean that they can be used as required for emergencies.

Great idea - save savings and put £000's emergency bills on a credit card.

:T crackpot :T

If I was abroad and needed to pay for an emergency flight, car hire or similar I would rather be able to hand over a card there and then rather than having to fanny about contacting my bank or going online to make a transfer.

Then (at my leisure) I can pay off the extra expenditure in the interest free period from my savings account.

I thought that was one of the main ideas of credit cards, not just revising your limit to just above your OS balance, that makes it more of an overdraft or personal loan.