Halifax CC limits

dgtazzman

Wanted to have a stab at finding out what kind of limits Halifax is giving it's new CC customers. I ask as I have just been approved for one. I have had a Capital One card for 9 months with a 200 pounds limit. As Capital One has never offered me an increase, I figured I'd risk an application with Halifax on a whim.

To my surprise I got accepted, with an APR of nearly 25%, which I think is the highest APR. Based on this I was expecting a limit of 1000, but they have set my limit to 6k.

I feel this is trying to hook people into spending money they can't afford. Thought the banks were going to be more responsible.

Is this normal for Halifax? Thought they were supposed to be prime...

opinions4u

I feel this is trying to hook people into spending money they can't afford

Don't be so damned stupid as to spend it if you can't afford it.

Adult + credit limit does not have to equal stupid.

If you really don't want such a big limit you could:

1) ring up and reduce it or
2) cancel the card

Venusflytrap

dgtazzman wrote: »

Is this normal for Halifax? Thought they were supposed to be prime...

Don't think there is a "normal" answer to give. I have a clarity at 17.9% but with a £600.00 limit. Is this a display of responsible lending?

dgtazzman

Of course I'm not so stupid as to spend it, it's an emergency card for me when abroad for work, nothing more than that, I just find it a tad hard to swing my head round the 'we think you're such a risk we are giving you a high APR, but here, have 6 grand anyway'.

And yes, I will be reducing the limit as I'll never use anywhere near 6k.

Venusflytrap

Wise, very wise!

Curr946

Rates ate only part of the bigger picture. For example someone with lots of credit, run well may get a low limit but also a low rate. Someone with little history but that history is good may get a higher limit, but a higher rate to reflect the higjy risk