Nationwide slashed my credit limit :-(

scragend

Got a letter from Nationwide today telling me they are reducing my credit limit.

Better late than never!

philmcdonald

This is symptomatic of the air-heads that seem to run banks.
Whilst in the queue at Nationwide they employed staff to tug your sleeve offering credit cards ,switch your mortgage,take a loan.
They went from stuffing money into your pockets to picking them in a matter of a few months.
I got a letter from them informing me my overdraft had been cut from 2k to 1,250 and reminding me that the limit is at their discretion.
This translates to "You are going to have to manage on half your salary this month and don't bother to complain".
It's obvious what is happening: most banks are going through a "housekeeping" phase . They are hoovering up as much cash as they can , offering derisory rates to savers,lending as little as possible and when they feel comfy again they will begin to ease off.
The Government, despite their get tough with the banks bluster are mere spectators.

gazelle8760

scragend wrote: »

Got a letter from Nationwide today telling me they are reducing my credit limit.

Better late than never!

I assume The Credit Limit had already been reduced before you received the letter, otherwise, they are a bunch of hypocritical pigs. Why don't they just reduced all their customers limits and be done with it, they obviously don't care who they hack off, pathetic and shoddy service, well as they say, proud to be different.

pmhtuk

Nationwide dropped my credit card from £3700 to £500 in April. I had around 700 on it at the time as well, and only paid off the minimum + additional payments.

alessev1

Little confused !!
They are getting pretty well interest from us owing them amounts on the credit card, so at least they can give a reasonable cut (1K at least).

Paulgonnabedebtfree

philmcdonald wrote: »

This is symptomatic of the air-heads that seem to run banks.
Whilst in the queue at Nationwide they employed staff to tug your sleeve offering credit cards ,switch your mortgage,take a loan.
They went from stuffing money into your pockets to picking them in a matter of a few months.
I got a letter from them informing me my overdraft had been cut from 2k to 1,250 and reminding me that the limit is at their discretion.
This translates to "You are going to have to manage on half your salary this month and don't bother to complain".
It's obvious what is happening: most banks are going through a "housekeeping" phase . They are hoovering up as much cash as they can , offering derisory rates to savers,lending as little as possible and when they feel comfy again they will begin to ease off.
The Government, despite their get tough with the banks bluster are mere spectators.

Obviously banks are not obliged to supply overdrafts and loans. However, with overdraft reductions, I would like to see it being normal policy to phase in such reductions. If, say, they wanted to reduce an overdraft facility by £500, I would like to see the customer having the option of it being reduced perhaps By £100 a month until the new limit was reached. I'm pretty sure that many customers wouldn't activate this anyway if they rarely use their overdrafts.
Santander tend to give six weeks notice - better than some banks but still not necessarily enough time if they are reducing by a lot. Ironically, the last time they did this, I used a Santander credit card to take up some of the slack until I could adjust my finances to suit.

no.1swimmum

Nationwide reduced my limit recently 11 days after I had used the card to hire a care whilst in the US and then kept ringing me every day to tell me that I had gone over my limit. I could not get through to them that I had not gone over my limit when I hired the car I was well within my limit, but they lowered it by £1000 to £500 - I had the money to pay it of on my return but it really hacked me of.