Nationwide credit limit reduced

Ruthibee

I've just received a letter from Nationwide stating that my credit card limit has been reduced to £500 (was previously £4000 so this is a big drop).

As far as I can see there is no reason whatsoever for this - I've always paid off the card in full every month and all my other finances are in order. All this considered, they also had the cheek to put in a paragraph about debt helplines!

I don't use the credit card a lot (one or two purchases a month) so perhaps this has a bearing.

Has anyone else had this recently? Will I get anywhere by complaining or is it just a case of they can do what they want?
Thanks.

[Deleted User]

one of my cc was closed this year because i wasnt using it

RichL74

Well I guess if you don't use it, is it really a problem?

Better_Off_1983

I think it may have been reduced because you are not using the full credit available. They are not making any money from you.

opinions4u

They have to set aside capital for every bit of potential lending they have.

Lower limit means less capital which means more profit.

moatmeister

They did this to meafter I had used the card for a 0% balance transfer and paid it off ie generating no profit for them. Tried to discuss it, they wernt interested. Also cut my overdraft drastically. I know my credit history was good and the account had run fine. Someone in "lending control" eventually admitted it was because I had not been paying in the required £750/month into current account.