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I have a next card with £3600 limit owe very little on it, new statement was produced today with limit of £2200. Now i have no intention of maxing the card but feel really annoyed that they have reduced my limit, i have never missed a payment,always pay on time.
Lenders have to set capital aside based on their exposure to debt or potential debt. What they've effectively done is reduce their risk to you by 40% and as such it means they have to put less capital aside for your specific account.
This means they can use this money elsewhere ... and it makes their business look sounder.
Perhaps they've upset you, and if that's the case they need to improve their customer communications. But if you were never going to use the limit then what's the problem?
