MBNA dramatic decrease in credit card limit

KellyGT

Hiya

Just abit of a rant really.

Had my virgin card for about 6years or so. I think the limit when first opened was around the £500 mark and over the years MBNA have upped the limit. I have never once asked myself for it to be raised. To the point where for the last 2years its had a credit limit of £3500 on the card.

I have always used my virgin card the most compared to any other credit card. Purely because they have always sent me good offers 0% balance transfers and cheques etc. Ive always used them. Never once faulted on a payment, never been late etc.

Today recieved a letter off them they reviewed my card and details etc and they decided my new limit on the card is £200. What cheek! lol just wondered what its in aid of?

The balance got paid off a few months ago.Infact its sitting £30 in credit at moment as i overpaid.

Also wondered if they can do this if there is a balance on the card?

For example my partner has his virgin card with £2000 on it on a 0% rate at moment until late next year. We transferred the balance few months ago dont want them sending him a letter saying his limit has been decreased too, or is it not possible with an existing balance?

mufc689908

They did the same to me and sent the apr through the roof.

KellyGT

tut i think i'm going to phone them and just cancel the card anyway. I only kept it incase of a major emergancy.

TBeckett100

I have the same problem. I did a £5k BT to virgin 18 months ago and then a month before the 0% expiry I repaid it from my salary. I applied online for a MBNA platinum (to compliment my nil balance Platinum collection) and was declined. I have received a letter from MBNA reducing my limit to £300 (i prob have £220 on there) citing an account review.

Since earning more money than I did this time last year and having less debt than when I took the card out, it seems MBNA are actually getting rid of the stronger customers and keeping on those who have the most debt. seems a funny way to run a business.

oki25

Hi there, I don't know if you're aware, but MBNA (Bank of America) run cards for a whole lot of companies, so your may not realise but have you more than one card, as they sometimes use credit from one to open another, also if you have had a drop then you will more than likely have had a credit check, worth having a look and see if you can tell what's put them off. I've included the list incase it helps.

MBNA-Bank of America-Virgin Money-Virgin Atlantic-BT-Amazon-Play.com-some Abbey-some A&L-and a load of charity/football/university/club cards and the list goes on.......

moneysavingmarrow

Mozette wrote: »

Ah but they don't like the 'strong' customers as they don't make them so much money!

Just ask the merchants, with whom those "strong" customers use their cards for purchases, how much mbna make out of them!

Mozette

moneysavingmarrow wrote: »

Just ask the merchants, with whom those "strong" customers use their cards for purchases, how much mbna make out of them!

Oh I know they do, but not so much as they make out of interest and charges on those who don't repay the full balance.

I've got a virgin card and all they've had from me is the BT fee. Peanuts really.

moneysavingmarrow

Mozette wrote: »

Oh I know they do, but not so much as they make out of interest and charges on those who don't repay the full balance.

I've got a virgin card and all they've had from me is the BT fee. Peanuts really.

Then I am afraid that they will probably look upon you as a stoozer and not a strong customer at the moment and will almost certainly treat you to their 34.9% special offer, eventually.:rotfl: