CapitalOne reduced my Credit Limit without warning

mrabz

Hi,

I was looking for some advice as I have recieved an email stating I am over my credit limit!

I have a CapitalOne card with around £460 on it. The card was used for small purchases and paid in full each month up until an unexpected car bill before Christmas. The limit according to my statement in January was £700.

When I check the app now, it says my credit limit is £450...

Am I now on the hook for over limit fees and reduced credit worthiness? Thanks for looking.

eskbanker

If they wish to reduce your credit limit, especially below your current balance, they need to notify you of this, not just expect you to notice it within an app!

mrabz

eskbanker said:

If they wish to reduce your credit limit, especially below your current balance, they need to notify you of this, not just expect you to notice it within an app!

I spoke to a CS rep who said the credit limit adjustment was made yesterday and a letter was on its way.

She forwarded me to their complaints rep who said that there was refunds and a goodwill payment made prior to the credit limit adjustment.

However, they didn't factor in the new statement interest which was what took me over the limit.

They were more than understanding and added another refund to cover the interest payment and to get in touch if an over-credit fee is applied.