Credit card rasied without permission

pma123

I am looking for some advise about my Barclaycard.
I have had the card for a few years now and I applied for the card online. When I applied for the credit card the limit was £1500 and then last year they raised it to £2,500 and I had received another letter saying they are going to raise it again!

I havent ever signed anything to give them permission to do this and I was wondering if they can legal do so? I have heard that they cant but want to know more about it.

I hope someone can help.

Thanks

themull1

Can you not just ring them and ask them to put the balance down again?

Trajal

Pretty certain that you can just call them and ask them to cap it at an agreed level.

Call customer services, job done. I understand how it can be frustrating, you don't always want to have tons of available credit because it can really mess up applications for other more important (and cheaper!) credit lines.

geekonthepc

A credit card company can raise or lower your credit limit at any time with a short period of notice. You will have signed/agreed to that - those Ts and Cs are there to be read before agreeing to them!

Barclaycard are well known for randomly increasing credit limits without consultation.

To be honest, an increased limit is no bad thing and will only really do justice. It only becomes an issue if you rarely use the card and want other forms of credit, as lenders may be concerned if your credit limits are high compared to your income level.

Either way, if you'd rather they didn't increase the limit, you should be able to call them and decline the credit limit increase.

Errata

All credit card companies do this. They want you to spend more, you don't have to.

dalesrider

pma123 wrote: »

I am looking for some advise about my Barclaycard.

they are going to raise it again!

I havent ever signed anything to give them permission to do this and I was wondering if they can legal do so? I have heard that they cant but want to know more about it.

I hope someone can help.

Thanks

Yes you did...
When you joined up you agree to them reviewing your limits. That can be up or down.
It is legal.. Not sure where you get the idea it is not.

Do not want it done then call them and say that you want it reducing.
In fact it should say on the letter that if you do not want it increasing. What you need to do.

Deadbeat

They can change your limit in either direction, by any amount, for any reason, as long as they give you notice. It's in the cardholder agreement you signed when you applied for the card. As others have pointed out, you can reject an increase in your spending limit by contacting the lender by phone or mail.

jonesMUFCforever

I think I see where this is going - Barclaycard puts up limit - OP spends this up to higher limit then blames Barclaycard for financial hardship - how am I doing so far?

guesswho2000

jonesMUFCforever wrote: »

I think I see where this is going - Barclaycard puts up limit - OP spends this up to higher limit then blames Barclaycard for financial hardship - how am I doing so far?

Indeed, find out more on the DFW board in six months!! :rotfl:

dld2s

Any time Baclaycard or any other CC company have increased my limit they have sent a letter informing me and also giving instructions what to do in the event I didn't want the increase, (also seem to remember it on a statement with someone, cant remember who it was)

In some ways it's a compliment, it means you have been running your account properly, so much so they think you are a good risk to give more credit to, but if you dont want the increase, call and tell them you dont want it, they wont force it upon you if you inform them that you are happy with your limit as it is.

Legally I dont think they are doing anything wrong, i'm curious, what were you going to do if it possibly was?

gb12345

dld2s wrote: »

Legally I dont think they are doing anything wrong, i'm curious, what were you going to do if it possibly was?

Compensation claim for the mental anguish of having all that extra credit available to them probably.