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Question about Visa Credit Limit

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  • 08-09-2012 2:10am
    #1
    Calibos
    Registered Users Posts: 7,807 ✭✭✭


    Can Visa reduce your credit limit without consent?

    Thanks in advance.


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    #2
    RATM
    Closed Accounts Posts: 3,591 ✭✭✭RATM


    Depends what is written in the contract you signed up to.

    But I would suspect so. And I would say they can increase it if they want without your permission too.

    I got an MBNA credit card in 2002 with a limit of €1500. They kept increasing it by €500 every 3 months (without me asking) and eventually it topped out at a limit of €4500.

    Then when the sh1t hit the financial fan they rang me to say 'oh you've heard all about responsible lending, etc' and we are lowering it to €3300 with immediate effect. I presumed that the contract allowed for this and never actually checked. If it is a major issue then you should check yours with Visa.

    But my guess is that your contract says they can do both without your express permission.

    And these days they are more likely to lower it, especially if you miss a payment.


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    #3
    BuffyBot
    Registered Users Posts: 24,924 ✭✭✭✭BuffyBot


    Yes, you'll find that limits are pretty much at their discretion. Generally though they should contact you.

    BTW "Visa" have nothing to do with your limit - it's your card issuer (AIB/MBNA etc)


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    #4
    daithijjj
    Registered Users Posts: 7,588 ✭✭✭daithijjj


    My cc limit was 5k one day and 1k the next, i never followed it up because i always paid it off in full. But it would have been nice to get some correspondence before the fact, i would have had some harsh things to say if i got declined for a computer or holiday purchase or whatever. I got a letter after 3 months telling me it was reduced.


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