This seems a large increase?

Terry_Towelling

!!! wrote: »

Agreed - maybe I need to tone down my expectations for the “lower class” on here?

:money:

I can only dream of such credit limits. There is Upper Class, Middle Class, Lower/Working Class, Pondlife and then 'Silt and Sediment' (where I live).

I have two Barclaycards with a combined limit of £10K (which I'd have viewed as about average). The only thing I would say about them is that they have been at that level for about 25 years, so inflation has eroded them and is steadily dragging them down to 'low'.

Does anyone have any experience of lenders offering inflationary increases each year?

ratechaser

Amex tend to hand out regular increases, even when they are totally unnecessary - not going to talk numbers for fear of Gary treating us to more of his Harry Enfield impersonations, but I never get within utilising 20% of my limit.

Do they think I'm going to use it to buy my next car or something

Credit_Struggle

Gary has his Coutts world silk card I’m sure, right next to another bunch of prestigious cards

eskbanker

!!! wrote: »

Agreed - maybe I need to tone down my expectations for the “lower class” on here?

:money:

Are you claiming to get Cleese-sized limits while others have to contend with sub-prime Corbett....?



http://www.epicure.demon.co.uk/3men.html

MisterBaxter

If you've held a particular account for a long time it is possible that it may have considerably higher limits than would get if you were to apply today.

Late 90s early 00s both MBNA and Goldfish gave me fairly hefty limits and certainly more than they offered me with more recent applications despite the fact that I now earn considerably more and my outgoings are a much smaller proportion of my income. Perhaps I would still have those high limits if I'd kept the accounts open.

System

My AMEX limit is more than half my annual salary. which, (considering my mortgage etc) I would say is pretty irresponsible of them. Alas I'm not complaining as it keeps my utilisation low.

eco_warrior

I think £16k is pretty high.

im sure many people have limits like that or more but it must be higher than average therefore considered "high"

GTBT123

They must be feeling generous. I had the same increase, mine is going up from £9200 to £14200. It does seem a big increase, but I'm in a good state of mind now & know I won't spend it, so just going to leave it as is for now & review all credit limits at the end of the year.

MisterBaxter

All the talk of Virgin Money giving increases, I had a letter today to inform me that interest rates are going up from September. The cynic in me can't help but think they were trying to encourage greater indebtedness before the rates go up.

Not to worry, never paid them a penny in interest and have no intention of starting but perhaps they weren't being as generous as some thought.

WaltD

MisterBaxter wrote: »

All the talk of Virgin Money giving increases, I had a letter today to inform me that interest rates are going up from September. The cynic in me can't help but think they were trying to encourage greater indebtedness before the rates go up.

Well, I'm glad to know it wasn't only me! I also had a letter from Virgin Money telling me that the annual interest rate on purchases is to be increased from 18.33% to 20.01% from September 2019.
I sent a "secure message" to them saying their interest rate was no longer competitive, as it will be considerably higher than most other providers' rates, and asking them if this is the best interest rate they can offer me.
I received a rather abrupt reply, saying that if I was not satisfied with the proposed interest rate they would close my account and I should cut up my card!
By way of comparison, First Direct Visa charges me 16.9% on purchases, and Tesco Visa charges only 12.9% on purchases.

BTW, my credit limit on Virgin Money is £4700 - and always has been. I have never paid them a penny in interest, and have no intention of ever doing so. :rotfl:


WaltD