Credit card companies... don't they learn??

lazy&indebt

Hey everyone!

So I managed to get on top of my debt and started saving with my boyfriend to go travelling... we saved and saved and went around the word this year - it was amazing!

We got back and had ran up a credit card bill of about £2.5k. Nothing to worry about per se but the interest was astronomical. I received my weekly MSE email and saw the offer that Barclaycard was offering (22 months interest free on balance transfers and a free £50 amazon voucher if you transfer over £2k) great! I thought. I applied, kind of thinking I wouldn't be accepted because I thought that the banks were still being cautious.

I got accepted! Brilliant, I thought. All I need now is to hope that my credit limit is high enough to transfer my credit card debt.

So my card comes in the post and I eagerly tear open the envelope and read that I've been offered a credit limit of £9,400!!!

RIDICULOUS! How can they be right back to giving people such stupid credit limits?? Why on earth would someone need a limit that high! THIS is one of the reasons why people can end up in such a mess with their finances!

I'm staying strong though... I transfered the balance and PIN will go in the bin when it arrives and the card will be handed to my fiance to hide.

Just wanted to rant really... will they never learn??

binnie

My husband got accepted for one the other day for £8,500. A few months ago, he got declined.
All we are using it for is to transfer a balance over from card to another and cutting the card up.

InsertWittyName

Barclaycard always seem to give a very large limit.

When I first got mine it was at least 2-3x times the limit of what I had on other cards.

binnie

I've just applied for a Barclaycard to transfer a balance from Lloyds TSb. My husband got the Virgin one at £8,500

tking

I'm in Australia but I've been offered a card with a limit that is 95% of my ANNUAL take-home! I earn ok - but could never afford to pay that amount back especially as the interest rate is 20%.

They like people being in debt!

I have reduced it to a much more reasonable amount.

Westminster

Obviously if you are worried that you may get carried away, then you can have you CC company reduce your limit (there is no detrimental impact on your credit file for doing this)