Barclaycard lowering my credit limit...

PNPSUKNET

its barclaycard for you, get a sygma card

izools

book12 wrote: »

£2000 is still a lot. You are lucky that they haven't cancelled/closed your credit card.



I thought banks don't like customers making late payments/incurring interest? It is also bad for the credit report, etc...

I said customers who incur interest - not miss payments!

The whole point of a credit card is to spread repayments for an expensive purchase and pay a small amount of interest for the privilege.

Wise consumers like some of us don't ever pay interest on credit cards but the card providers don't like that. They want customers who make them money.

Ergo, if you have flawless repayment history but also a history of always paying the minimum when a credit card is in it's promotional period and closing it as soon as the promotional period ends, they can decline you for that reason. And yes, card providers record on your credit file whether you pay the minimum, and whether the card is in a 0% deal.

So in fact, paying in full on time can be detrimental to your chances with some 0% card issuers and paying less than the full amount when the card is not in a 0% offer period from time to time can make your application look more appealing.

If you've never earned the card company interest, they may reduce your limit and use that limit on another customers' account who has excellent repayment history, but a history of not paying in full so that they make money of that lend.

Simples

PNPSUKNET wrote: »

its barclaycard for you, get a sygma card

Yeah, your limit will more than double over the course of 11 months if you stick to the terms and call them requesting increases at the right intervals :beer: