M&S credit card....wont let me decrease my credit limit

BusinessStudent

Hello All.

I have the M&S credit card. I am have around £300 left on my credit card and then will be reaching the max limit allowed.

I emailed M&S money to decrease my credit limit by £100 and they sent me back an email saying that they could not allow this as I was to close to my reaching my credit limit?

I thought this was a bit strange! Can they do this?

dmg24

You want to decrease it by the available £300? If so, any interest charges may take you over your limit?

BusinessStudent

dmg24 wrote: »

You want to decrease it by the available £300? If so, any interest charges may take you over your limit?

Sorry, I should have put in the email I emailed them to request they decrease my credit limit by £100

dmg24

BusinessStudent wrote: »

Sorry, I should have put in the email I emailed them to request they decrease my credit limit by £100

How much is your interest each month?

BusinessStudent

dmg24 wrote: »

How much is your interest each month?

Around £35

dmg24

How long do you think it will take you to pay off your borrowing? If it is going to take more than six months, decreasing your credit limit could actually work against you, as (unless you are overpaying) the interest could take you over your limit and so make you incur charges. I would ask their reason for refusing your request, it may be that they think they are acting in your best interests?

Any

Decreasing your limit by £100 is pointless at best and dangerous at worst.
Available credit doesn't cost you anything and £100 is not going to make any difference in any imaginable circumstances.
I don't understand why is it such a big deal.