Credit card and balance increase by bank

liam8282

anonymoose wrote: »

My Barclaycard credit has been increased I only found out yesterday when I rang to check my balance. Not really an issue to me as it's the balance is being transferred shortly and the account being closed, but I haven't had any correspondence from them about it.

I guess the https://www.lendingstandardsboard.org.uk are just a bunch of liars and the lending code is just made up for the fun of it.

I also guess that the British Bankers Association, Building Socities Association The UK Cards Association, just use the standards for a laugh and don't do what they say.

RobertoMoir

liam8282 wrote: »

I guess the www.lendingstandardsboard.org.uk are just a bunch of liars and the lending code is just made up for the fun of it.

I also guess that the British Bankers Association, Building Socities Association The UK Cards Association, just use the standards for a laugh and don't do what they say.

I've had the limit increased on all my 3 credit cards without asking for it or being warned/asked in advance. They notified me at the next statement... which might well be too late to stop someone with bad budgeting skills making a mistake. And when I say "notified", I mean that I actually tend to read my statements, so noticed the number printed for the limit was higher than last month's.

I've Never Ever had an actual letter (or seperate enclosure with the statement) along the lines of 'Dear RobertoMoir, as part of our program of increasing credit limits to people we find to be amusingly sarcastic, we are adding an extra couple of grand to your account limit in recognition of some especially biting comments about one of our rivals being "as much use as a roof rack on a helicopter" on that money saving expert forum. Keep up the good work, there's a fine chap. Love, AMEX'

BadgerFace_2

Just to add to this- Admittedly not for a couple of years, but my limits were going up all the time, the only way I knew was the available balance on the statements, I guess they class this as the notification?

liam8282

Well as I said Mint do send the letters out, for both interest changes and credit limit changes.

The credit limit change goes along the lines of, "good news, your credit limit has been increased to xxxxx." goes on to say you can do nothing and accept the increase or contact them to stop the increase.

The actual lending standards cleary state you have to be notified about any increase and how to reject it if you wish to do so.

Maybe you haven't noticed any letter you received regarding this, they do just look like junk letters.

Maybe you haven't read any extra notice that has been added to your statement, hsbc usually put stuff at the bottom of the statements. If you are only checking the balance it could be easily missed.

Perhaps there is more information on the back of your statement telling you how to reject increases etc.

Still, the company offering to wipe out a credit card debt because of an unnotified credit limit increase is wrong.

How they notify you could be different for different companies, but it still doesn't change that you have been notified and have the option to accept or reject the increase, and as I originally said if you do not reject it, by definition you are accepting it.

Furthermore if you go on to spend the increased limit, where exactly did you think this extra cash came from?

the_insider

I got a letter offering me an increase on my limit, I rejected it by not spending above the old limit. No-one makes you use your card and there's no reason that you should get off without paying back what you've spent.