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Spending limit reduced from £3500 to £100
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eezyrider
Posts: 22 Forumite


in Credit cards
Barclaycard Platinum. Would this be because I rarely use the card? I have an Experian score of 999, only one other credit card (zero balance) and no debt or borrowing. Checking the app, it says I cannot increase my spending limit as it has been imposed or something like.
Experian updates at the end of the month so I'll have to wait and see if any fraud has happened in my name I guess or if this affects my credit rating. If it does I'll cancel the card.
Experian updates at the end of the month so I'll have to wait and see if any fraud has happened in my name I guess or if this affects my credit rating. If it does I'll cancel the card.
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Comments
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There are many reports of Barclaycard reducing credit limits, so you are not in an unusual position.2
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It will not effect your credit history. Which is the only thing that matters. Score/Rating is a pointless figure.
If you are not using the credit, then they will reduce it. As a card that is not being used is at increased risk of fraud not being picked up. As card holder stops checking the account, as they are not using it.
A simple case of use it or lose it. 🤷♀️Life in the slow lane1 -
I get a letter every couple of years from them about reducing my limit because I haven't used it. So I use it & limit is not reduced. Initial limit on mine is slightly lower £3k & threatening down to £100. Are you sure you are getting/checking your "mail". Mail = post, email, notes on your credit card account.0
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They reduced my limit from about £20k to £1400 a few years back. The reason being that they could not prove my income. Shall I let you guess who I worked for at the time?
Realistically though - I think they were tired of me complaining about the (lack of) customer service where I was given wrong information about my account every single time I did a 0% balance transfer.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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badmemory said:I get a letter every couple of years from them about reducing my limit because I haven't used it. So I use it & limit is not reduced. Initial limit on mine is slightly lower £3k & threatening down to £100. Are you sure you are getting/checking your "mail". Mail = post, email, notes on your credit card account.
Admittedly I rarely use the card. It's more for emergency when I used to travel a lot but I'm still surprised because there is more than double my old limit sitting in my Barclays current account, an amount which has been maintained for years.0 -
eezyrider said:badmemory said:I get a letter every couple of years from them about reducing my limit because I haven't used it. So I use it & limit is not reduced. Initial limit on mine is slightly lower £3k & threatening down to £100. Are you sure you are getting/checking your "mail". Mail = post, email, notes on your credit card account.
Admittedly I rarely use the card. It's more for emergency when I used to travel a lot but I'm still surprised because there is more than double my old limit sitting in my Barclays current account, an amount which has been maintained for years.Life in the slow lane0 -
Most banks will reduce your limit if you don't use the card much, anecdotally Barclaycard do seem to be rather more over-zealous in this respect than most others.There are many reasons, but one of the simplest is simply profit. Even if you always clear the card in full and never pay any fees or interest, the bank still makes a steady income from the fees they charge the retailer every time you make a purchase.There is a finite amount of credit they have available to distribute amongst their customers. Quite simply, if you're not using much of your credit, and thus not making much money for them, they'll cut your limit and offer it to someone else who will use it.That's perhaps a slight over-simplification, but that's the gist of it.0
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Might sound pedantic but it's not a spending limit, it's a credit limit. They are different. Just in case you're under the illusion that it's a monthly spending limit, as that could lead you to exceeding the credit limit (for instance if you spend £100 in month 1, then spend £100 in month 2 before the month 1 payment is made).0
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