£4500 cc limit on a student account

radioriot

I have a limit of £4500 on my student credit card which I am at for various reasons.

I phone HSBC to extend it and they said the limit really should only be £500 for this type of account. Is there any rules against irresponsible limits?

[Deleted User]

Presumably they think you can be trusted with it.

But if you disagree, best to let them know and they can reduce it for you.

YorkshireBoy

Deleted_User wrote: »

But if you disagree, best to let them know and they can reduce it for you.

OP is at the limit so they'll have to clear some debt first!

RichL74

Edit: Sorry, my advice wasn't very helpful so I deleted it.

Janie4Now

OP - if you are implying that the bank is somehow responsible for your debt then you are barking up the wrong tree. Whilst your credit limit should probably only have been £500, you are the one who ran up the debt. You are solely responsible.

I persuaded my daughter NOT to get a credit card with her student account for this very reason.

anon_ymous

Wait they gave you £4500 so you thought that you could use it for the full amount? - money you don't have?

The bank might have been wrong to give you such a limit, but they can't say "We're going to give you x amount but please don't spend it" Even if they gave you £500, you might still owe them a chunk of money

I'm a student and have a credit card (Not a student card), which gives me a £3000 limit, but the max I've ever gone to on that card was £1200, when I was told to buy about 2 iphones, on top of my normal spending

These days, Im using like £1-2 - mainly because Aqua and Capital one give me rewards, but at the end of the day, it's you who should simply not spend so much

Just because you get the limit, it doesn't mean that you HAVE to spend that much. It's a limit for a reason. It's not a target

jpb77

waqasahmed wrote: »

It's a limit for a reason.

Can you explain?

anon_ymous

jpb77 wrote: »

Can you explain?

Well what I was getting at the fact that you get a limit, not a target amount ie: the OP has a limit of £4500 and it's not something that they *have* to reach, but just that they have £4500 available credit

shortcrust

It's a bit rich to talk about irresponsible lending when you've just contacted them to ask for a limit increase! Ironically, if they had been irresponsible enough to raise the limit you would have been quite happy.

Anyway, back to your question. They haven't broken any 'rules' that I'm aware of.

T-b-P

Giving a student such a high limit is irresponsible and simply encouraging you to go out and spend. And it's probably against your human rights.

I'd definitely put in a claim for compo for the distress and inconvenience of dealing with debt collectors etc.

Starting

waqasahmed wrote: »

Wait they gave you £4500 so you thought that you could use it for the full amount? - money you don't have?

The bank might have been wrong to give you such a limit, but they can't say "We're going to give you x amount but please don't spend it" Even if they gave you £500, you might still owe them a chunk of money

I'm a student and have a credit card (Not a student card), which gives me a £3000 limit, but the max I've ever gone to on that card was £1200, when I was told to buy about 2 iphones, on top of my normal spending

These days, Im using like £1-2 - mainly because Aqua and Capital one give me rewards, but at the end of the day, it's you who should simply not spend so much

Just because you get the limit, it doesn't mean that you HAVE to spend that much. It's a limit for a reason. It's not a target

say what? You're hearing voices now instructing you to buy iPhones? That sounds serious