Nationwide reduced my credit limit - advice please

marksoton

leveller2911 wrote: »

Its all very well saying "the customer has to take responsibility for their own spending" I don't have any problem with that, BUT when its on a credit card its NOT their money.
For years now people have been brainwashed into thinking credit cards make financial sense and to some they do, but for the majority they are a never ending debt.I pay mine off completely each month and only use it for purchasing via the internet.Credit card limits do encourage people to spend to a limit,its not like having to apply for a loan in person to a bank manager who use to grill you as to why you "need" the money.

At the end of the day for the vast majority of people if they havent got the money they shouldn't buy it.......

What is wrong with saving for something??? is it "so old fashioned"??? not hip or trendy.:rolleyes:

I take your point, and agree to an extent. However if someone can't understand that an APR figure is going to cost them money they probably shouldn't be issued with any credit at all !

There is nothing wrong with saving, thats how i was able to clear the £4500 balance the same month ! I must be an old fashioned 31 year old

PROLIANT

I can see people's frustration here, a credit limit should only ever increase or decrease on request of the customer or poor account conduct etc.
If card companies do not want risk then they are in the wrong business, if the !!!! too many of their clients off they will suffer loss of business, they are just cutting their noses off to spite their faces - fools. :rolleyes:

patwa_2

I take all the above points on board. On the one hand, banks are businesses and have to look out for their books, so have to take actions to prevent needless liabilities from impacting on their business. On the other hand, customers have choice of where to go and for most there are always competitors who will happily take them on board. There's a big argument and always has been about social responsibility, and whether business are really bound to protecting the customer against jams of their own making even if this means impacting on profits, which at the end of the day are often all that matters when it come round to the AGM.

In this case, I'm mainly not happy about not being given notice of the cut. The cut itself won't affect me in the short term, as I have other cards which I now use as my primary cards which (now thanks to Nationwide) have higher limits. The original reason for the increase was due to travel expenses which are reimbursed to me later, so I needed the credit to pay the bills now before I was refunded.

Like the member above, had I still been using Nationwide as my only card, I'd now be right up the preverbial creek without a paddle with literally no means of getting out of the jam.

noh

Yes mine was reduced to £500 from £5000 recently.
I haven't used it for some considerable time so wasn't surprised.
The credit card companies would rather give the credit to people who actually use it.
My Halifax Visa limit was also dropped from 8200 to 7000 immediately after I cleared the balance at the end of the 0% period.

Moggles_2

colinw wrote: »

Just out of interest, do the people who have had their limits cut have any other Nationwide accounts such as a flex account? I am just wondering as I have not had my limit cut, but I have a few other accounts with Nationwide.

I doubt whether this has any bearing on the matter, tbh.

The credit card arm of Nationwide has limited info' about a card holder's current account due to data protection regulations and savings accounts are irrelevant, since they don't involve credit facilities.

That said, if you were to go overdrawn, it would find out about that PDQ

NickX

leveller2911 wrote: »

I have 1 CC which is with Nationwide, have a limit of £7,700 and have never had more than £1,000 for more than a month.Why £7,700 limit,it just encourages people to rack up debt.....
It may not be easy but some should see it as a GOOD thing.......

Well why not ask Nationwide for a promotional offer and use their £7700 to earn you some interest on their funds ?

Sorry, but to me the higher the Credit Limit the better, the more potential and flexibility for manipulating my finances successfully.

People do not have to use the limit, but its nice to have the facility available as and when required. On the stoozing board there are people with Credit Limits in excess of £20,000. Luvly Jubbly :beer:

patwa_2

As a point of interest, an example to the contrary. Virgin raised my limit by £300 two-thirds of the way through my 16 month 0% interest on balance transfers period. I was only using the card to pay off a balance transfer at the minimum £25 a month. Other than that the card was never used but the entire balance (about £700) was cleared at the end of the 0% interest period. Since then, I've only ever used the card twice to buy airline tickets, with the balance cleared the next day on each occasion.