Aquacard credit limit reduced for no good reason

philveller

I too had my limit reduce mid December 2019 right in the middle of a 3 week holiday abroad.

I was informed by text message with a note in the text that a letter would follow but the letter was not there when I returned.

Like others I have never carried a balance, always paid early in full, I've had the card for 2 years it's main attraction is the fee free FX purchase rate, my average spend has increased from about £600 a month in 2018 to over £700 a month in the last 12 months, but that's averages peak spending has been over 1500 some months.

It was only 8 months ago that they increased my limit to a bit over 4k and they've now reduced it to just a bit under 3k.

I phoned them regards another matter but also asked why they had reduced my limit the answer was change in your credit report or maybe that I don't use the card very much, my credit reports haven't changed with any of the CRA so I guess they don't think I use it enough.

Dandytf

Malkytheheed wrote: »

Even on sub-prime "bad" credit cards...?

I would be very suprised.

Thanks probably a few 100million yet to be paid from Credit Cards from Trillions owed by UK.
I'm one though not relying on day-day CC purchases, more home essentials/Emergancy a tech purchase.
I reiterate, I don't mind some interest for the privelage.

A4445

Natwest reduced my limit recently I didn’t use it much at all. I kept it for 0% forex. I have a Clarity and Nationwide Select Card. I politely told them to shove the card. The agent tried really hard to keep me as a customer clearly on retention targets. I again politely said if your going to mess me around I don’t want your services ������

No_6

I see the fun Ai chats are still running

missed it for a while

6

ric777

Same for me, 6400 down to 1500. Notified by email in November it would happen, phoned them and they agreed to maintain the full limit. Still reduced it at the end of December and another phone call was to no avail, just said new day can do what they want.


I originally took out the card for its then 3% cash back and free european use and built up from the ridiculously low starting limit. Always paid of
f, and almost exclusively european use.


Clearly I am not a valued customer as I never miss a payment and use it for the cash back abroad, i.e no extortionate profit for them. Nowt to do with responsible lending limits, just me not making enough for them imho

jonesMUFCforever

ric777 wrote: »

Same for me, 6400 down to 1500. Notified by email in November it would happen, phoned them and they agreed to maintain the full limit. Still reduced it at the end of December and another phone call was to no avail, just said new day can do what they want.


I originally took out the card for its then 3% cash back and free european use and built up from the ridiculously low starting limit. Always paid of
f, and almost exclusively european use.


Clearly I am not a valued customer as I never miss a payment and use it for the cash back abroad, i.e no extortionate profit for them. Nowt to do with responsible lending limits, just me not making enough for them imho

I disagree - if they let you have a facility/limit of £6400 then they have to keep monies available in their balance sheet to fund it (for you and all of their customers).
Do you use the reduced limit fully?
There is nothing stopping you applying elsewhere to see if you can get a new card to make up the difference if you need to.

Malkytheheed

Would Aqua (Newday) be foul of any law if you could be found to penalise those customers who show responsible borrowing? (I.e. pay off their CC in full)

[Deleted User]

No, none whatsoever.

JGUK

Just did the same thing to me today, lowered credit limit by half via SMS and was instant when I looked online.


Called up and cancelled card and took out another card from another provider.


Just to add for completeness, like others, always paid in full, never missed a payment but only maybe used 10-15% of available limit at any one time - was the reward card.

stehouk

I don't think they want our custom anymore, we are not making them enough profit, if they make the card less attractive to use overseas i would cancel it.