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rluey29
06-22-2009, 01:12 PM
I really hate credit cards. I have been paying this card off monthly even though I charge large amounts onto it for the rewards. There was a $4000 limit and I charged the remaining amount of my trip as well as some other large bills before we left in June. There was about $3500 charged on the card then. I paid it off right before we left on May 30 and we get back from our trip to find out that they've decreased our credit limit to $600!!! I was furious. I'm fed up with them and I will not use this card again. The rewards are not worth it.

SandrA9810
06-22-2009, 01:22 PM
How do they expect you to charge a disney vacation with 600$??

The whole thing with CC like that, is they give you high limits to get you to charge more. Our Home depot and Goodyear card have high limits because home improvements and car repairs can get very costly, but our other limits are as low as 300$.

We should all say good ridance to CC... if only it was that easy. I know some people are really good with dealing with cash, i'm better at seeing the numbers on paper on my bank account.

BigMama
06-22-2009, 01:25 PM
did you call and get an explanation for this ?

bigdisneygroup
06-22-2009, 01:28 PM
I would call and see what they say. We just opened a disney visa and I was shocked that they started us with a limit of $12,000!!!

Aristomommy
06-22-2009, 01:39 PM
It seems that Disney Visa gets nervous when you charge close to the limit even if you pay it off right away. Many banks are lowering credit limits across the board and a quick change in spending habits will trigger an automatic reduction of available credit.

FarmDisney
06-22-2009, 02:10 PM
We paid off our Disney Visa and ordered new computers. They lowered our credit limit from $5,000 to $1,700 and socked me with a $29 overlimit fee. Everything happened on the 16th - lowered limit, overlimit fee, and computer purchase went through. Paid off the dumb card and took me three calls to get them to credit the $29 back to the account. What a headache!

Lexxiefern
06-22-2009, 02:32 PM
That is terrible!! I can't believe they can do that if you always pay on time. I better keep an eye on my bill.

DISdreamin'
06-22-2009, 02:55 PM
I've been hearing lots of stories about this - haven't seen it yet personally, but I'm definitely watching for it! I just can't believe they lowered your limit on the very day your big purchases went through...that is just infuriating!! Good riddance to that card. I am considering chopping ours up too. I just find we spend more when we use it...this is the first month we have gone over to cash only (with a couple small exceptions) and we have spent lots less!

Good luck, and glad to hear that you got the overage fee back at least!

DonnaBelle06
06-22-2009, 03:09 PM
I have known several of my friends/coworkers that had their CC's limits lowered (one is my BF Jen).

It was explained to her that because of all the "risks" with banking right now - and less people charging - that was one reason. Another was that those that pay off CC's "early" are not helping out (so to speak) for those that pay the interest. I guess a lot of these CC companies WANT the interest...

Sorry it happened to you all!

Piecey
06-22-2009, 03:10 PM
My goodness that is a heck of a change!

I'd call. (And I'm now running over to chase.com to check both my and DH's limits!)

wall*e2008
06-22-2009, 03:23 PM
How do they expect you to charge a disney vacation with 600$??

The whole thing with CC like that, is they give you high limits to get you to charge more. Our Home depot and Goodyear card have high limits because home improvements and car repairs can get very costly, but our other limits are as low as 300$.

We should all say good ridance to CC... if only it was that easy. I know some people are really good with dealing with cash, i'm better at seeing the numbers on paper on my bank account.

:confused3

When I was in collect back in the stone ages I had a Visa with a $500 limit.

A $300 CC would be all but useless. A trip to the grocery store and it is maxed out.

secretpantssam
06-22-2009, 03:45 PM
That stinks. I'm going to keep an eye on my account to make sure they don't lower my limit to something ridiculously low before I charge my trip.

LISAVWL
06-22-2009, 03:46 PM
We were pretty close to our credit limit but wanted to charge the deposit for our DVC add-on for the no interest incentive and to rack up points. We made a payment just over the amount of the DVC deposit -- even called to make sure the payment had been received and on the day DVC charged our account they dropped our credit limit from over $9000 to $5000! HALF! :confused3 We have never had a late payment, over credit limit fee or anything of the sort! DH was furious and spent over an hour arguing with them on the phone. They would not budge. We went back and forth about just paying out of our checking account or charging for the incentives and stupidly went for the incentives. Well, now they have our deposit $ as a payment but will not reapply our credit limit so we are out that $$$ and had to put more up for the DVC! :headache: Needless to say, we have closed that account.
I know it's happening all over but what a rotten way to do business with good customers! :mad::mad::mad:

Microcell
06-22-2009, 03:52 PM
You all may want to feel honored...

I am trying to get out of debt but still have quite a bit of a balance on my cards, and they keep raising the limits for me. I think it will be a badge of honor to have them lowered!

I just found out a card I have a balance of maybe 1000 on has a limit of 17,500 now (just got raised), and trust me, we do not in any way make enough to justify that. I think other posters are correct, and my limits get raised in the hopes I will use them and wind up in debt far more than my DH makes in a year! They want that 18% for the next 30 years and they won't get it from me!

taylor3297
06-22-2009, 03:55 PM
Because of what the banks are doing without warning is why the bill was passed. So next year, I think, cc companies will have to give you a 90 notice before changing terms on the customers. We had one of our card limit to drop from $30,000 to $20,000. This was okay with me because it is a card we don't use often. The only thing is, it changes the debt to credit ratio. So until FICO changes their way of figuring your credit score, this practice will hurt consumers scores.

rluey29
06-22-2009, 04:29 PM
The debt to credit ratio is exactly why I was so furious about it.

Disneyliscious
06-22-2009, 06:00 PM
I have not had a single charge card - of ANY kind - in over 8 years now. If I can't pay cash for it, I don' get it. I a a single mother of 2 boys who was laid off twice last year and gets very little (if any) child support.

Its HARD not having a credit card sometimes........but it would be even harder to have to deal with what some of you are dealing with.

I have a house payment, car payment, and electric bill. No charge cards, no cable, no cell phone (my son does but he pays for it), no water bill (had well dug), and $10 a month dial up internet service.

This is how I take my kids to Disney. Its not easy......but I dont have the headaches I see on the news. YOu give, you take. You get good, you get bad.

My parents are dealing with some of what you all are too. They closed 2 Chase accounts totaling over $30,000 (had never even been late).

With all these closings......these CC companies are hurting themselves.

CathrynRose
06-22-2009, 06:12 PM
I really hate credit cards. I have been paying this card off monthly even though I charge large amounts onto it for the rewards. There was a $4000 limit and I charged the remaining amount of my trip as well as some other large bills before we left in June. There was about $3500 charged on the card then. I paid it off right before we left on May 30 and we get back from our trip to find out that they've decreased our credit limit to $600!!! I was furious. I'm fed up with them and I will not use this card again. The rewards are not worth it.

We paid off our Disney Visa and ordered new computers. They lowered our credit limit from $5,000 to $1,700 and socked me with a $29 overlimit fee. Everything happened on the 16th - lowered limit, overlimit fee, and computer purchase went through. Paid off the dumb card and took me three calls to get them to credit the $29 back to the account. What a headache!

You can add me to the list of disgusted with them, as well.

I made a few thousand dollar payment to them, to get the balance lower to charge my upcoming September Disney trip. I have intentionally not paid it off, because Ive been reading all the BBoard's horror stories, of what has happened (THIS!) I figured I'd weather out the storm, and still have a decent limit when everything is 'back to normal".

A few days after I made that payment I got a letter (dated the day after the payment went through) that lowered my limit. Lowered my limit to an amount that barely could squeak by a Disney Trip on it. I was fuming mad. Fuming.

Called them and it was useless. Because I've done help-desk/tech support before, I try my bestest not to be nasty to the one on the other end. She was incredibly nice and was honest with me "I have no idea why it was lowered, and I'm getting several of these calls a day" :sad2:

Absurd.



You all may want to feel honored...

I am trying to get out of debt but still have quite a bit of a balance on my cards, and they keep raising the limits for me. I think it will be a badge of honor to have them lowered!



I don't consider myself honored to have a CC that was paid, on time, more than the minimum payment, used every single year for several years for two Disney trips (airfare, room, souvenirs, food, everything!!!) per year - an HONOR to have them kick you in the *** , lowering your limit, after being a "loyal" user.

ESPECIALLY after sending them a few grand, to get it all prepped for a new trip. I see it as a big ...... up yours.

I had that card for trips, as most of us did. WTH are they thinking???

McKelly
06-22-2009, 06:26 PM
What relationship does Disney have with Chase, I wonder how they feel about Chase slashing everybody's credit limit, so people are literally unable to use the card for vacations.

Shelly F - Ohio
06-22-2009, 06:34 PM
What is wrong with this picture.... those of us who have good credit and excellent payment histories are the ones that banks and lenders are targeting. Rather than treating us with respect and good customer service they are treating us like we are dead beats. Yet we faithly pay our bills and support their companies by doing business with them. You would think that those of us that are excellent customers should get some respect. Hello we are the ones helping to keep your company in business so if you want to retain me as a customer don't treat me like ****..

Yet if we were behind in our mortgage and have not paid our credit card bills well that is another story. The banker would be there to help you out of the mess you have gotten yourself in with the numberous programs out there to help the poor who have no money and bad credit!

WHAT IS WRONG WITH LENDERS!

CathrynRose
06-22-2009, 06:48 PM
What is wrong with this picture.... those of us who have good credit and excellent payment histories are the ones that banks and lenders are targeting. Rather than treating us with respect and good customer service they are treating us like we are dead beats. Yet we faithly pay our bills and support their companies by doing business with them. You would think that those of us that are excellent customers should get some respect. Hello we are the ones helping to keep your company in business so if you want to retain me as a customer don't treat me like ****..

Yet if we were behind in our mortgage and have not paid our credit card bills well that is another story. The banker would be there to help you out of the mess you have gotten yourself in with the numberous programs out there to help the poor who have no money and bad credit!

WHAT IS WRONG WITH LENDERS!


No kidding. What would have happened if I (or the OP or anyone) had paid a big ol' chunk to them, and left for vacation, having planned on using it - and then you get there and your CC is declined, because they lowered your limit???

Ive been fuming about this for like 3 weeks. :lmao:

LovinPooh
06-22-2009, 06:58 PM
Knock on wood we havent had an issue with Chase yet. We had a huge issue with Citi, to the point where DH had to call them 4 times in one week and he was so infuritated that he told them to stick their 'diamond prefferred' card where the sun dont shine lol. We are the people that ALWAYS pay on time and never go over the limit. All of that over a $39 late fee when the payment wasnt late. They wouldnt take it off. If you ask me alot of these CC companies are like shooting themselves in the foot!! Appreciate and reward good customers, dont treat them like dirt!

I too wondered what Disney thought of Chase lowering the limits. :confused3

Boston Tea Party
06-22-2009, 07:47 PM
I am in the same boat. I am working on "firing" all of my creditors. Wal Mart got fired (paid in full) and then lowered my limit to $100. ONE HUNDRED DOLLARS!!! I called to close that sucker. I don't care about a "hit" to my FICO. It's not worth that. Dang card was worthless anyway.

DH called to close one of his cards after "firing" them and they just about bent over backwards to keep him. Nope, stuck to his guns - "You're FIRED."

:rotfl2:

So far this year we've paid off over $6500 worth of debt. Keep that snowball rolling! :yay:

parkers*momma
06-22-2009, 08:50 PM
I want to thank the OP and PP for the heads up. We were debit free but had a couple car/truck issues and put them on the Chase instead of tapping into the savings. We could pay a 1/3 of the balance each month for three months for very little interest.

Today, I decided to heck with it and wrote a check for the total amount...I hate paying interest. I figured I would pay that off now then I put our trip on it next month....it would be basically interest free for 6 months. Then I found this thread and tore up the check.

Who knows, I could have paid it off then possibly my limits lowered and then struggle to come up with our package balance and spending cash for our trip without dipping to much into our savings.

THANK YOU FOR THE HEADS UP. I'd rather pay interest for a couple months and have the cash for our trip than to pay it off in full, getting our limits slashed, and using our savings account to pay for the trip.

CathrynRose
06-22-2009, 08:56 PM
I want to thank the OP and PP for the heads up. We were debit free but had a couple car/truck issues and put them on the Chase instead of tapping into the savings. We could pay a 1/3 of the balance each month for three months for very little interest.

Today, I decided to heck with it and wrote a check for the total amount...I hate paying interest. I figured I would pay that off now then I put our trip on it next month....it would be basically interest free for 6 months. Then I found this thread and tore up the check.

Who knows, I could have paid it off then possibly my limits lowered and then struggle to come up with our package balance and spending cash for our trip without dipping to much into our savings.

THANK YOU FOR THE HEADS UP. I'd rather pay interest for a couple months and have the cash for our trip than to pay it off in full, getting our limits slashed, and using our savings account to pay for the trip.


You're welcome.

I thought I was close enough to my vacation window, plus the fact I had put the deposit for the trip and airline tickets on it... I thought I was safe. No late payments, nothing.

dsny1mom
06-22-2009, 09:00 PM
I feel I am a great CC customer. I pay off my balances every month, never go over limit and am never late.

I don't think the CC see me in the same light. They make their big bucks off of interest, over limit fees and late fees. They make none of that off of my accounts.

I really feel that the CC are cutting back on the limits of those that don't rack up interest and fees as somewhat of a punishment for not feeding into their greed.

The current line being given as to why good customers are having their limits cut is a load of malarky, IMHO. They are cutting the limit of those that don't generate interest and fees so they can open more accounts in hopes they can make more money off of new customers.

This thread has posts of great customers having their limits cut. I just got a Disney Chase a couple of weeks ago with a huge limit. If they are really cutting limits out of necessity they wouldn't be giving huge limits to new customers. They made a poor choice with me, however. I only opened the account to get the free $100 GC and to rack up points for my DL trips while paying everything off each month.

dsny1mom

DISdreamin'
06-22-2009, 09:02 PM
I just checked my credit limit and it was the same as ever. :confused3 I just don't get it!

Citi, OTOH, closed an account on me that I had had forever. I called and asked that it be reinstated so that I didn't lose my longest standing card. Now here I sit thinking I should call and just say "close it". LOL!

I have not had a single charge card - of ANY kind - in over 8 years now. If I can't pay cash for it, I don' get it.

Just to be clear, because someone uses a credit card doesn't mean they can't pay for the item in cash. Personally, up until recently I was using an AmEx card for airline mileage and just paying it off at the end of the month....until I did the math and realized that, although we DO always use the accrued mileage, we were probably not making anything off the deal - in fact, it was really costing us because we'd spend more with the cc than we would if we had to hand over the green paper stuff! ;)

Anyways, just wanted to point out that using credit cards does not necessarily equate to spending money you don't have! :)

dd50
06-22-2009, 09:09 PM
Most credit card companies are slashing limits. They are trying to protect themselves. If they aren't slashing limits they are raising the APR. My advise is don't carry a balance if you can help it and if you carry a balance keep it as low as possible. I always go online to check my limit before I make a purchase. I am a little apprehensive about paying my trip balance with my card. I do plan to pay it off next week tho and I love the 1 or 2% cash back.

DISdreamin'
06-22-2009, 09:10 PM
I feel I am a great CC customer. I pay off my balances every month, never go over limit and am never late.

I don't think the CC see me in the same light. They make their big bucks off of interest, over limit fees and late fees. They make none of that off of my accounts.


One additional source of revenue for CCs is that retailers pay a fee to accepts credit cards, I believe - I think I heard that it's 2.5% for MC or Visa and 4% for AmEx. Last year DH and I charged (GULP!) more than $25K on AmEx. We didn't pay a cent in finance charges, but AmEx made $1K from the *retailers* that took our card. So even with our not paying anything (well, except for the annual fee for the card), AmEx still made out!

parkers*momma
06-22-2009, 09:13 PM
See that's us. We are never anywhere near our limit, always pay it off that month or the month following if it was a major unforeseen purchase/repair (like when the car and truck died this month and we had $3500 going out to fix them), never been late, so when I read this thread, I'm not taking any chances.

It's sad that we have to worry about credit scores and credit/debit ratios just to be slapped in the face by CC companies. Dh and I worry about our credit score and yet our neighbor gets a CC, runs it up, walks away and brags to us about it being "no biggie" because they can't get anything because he doesn't own anything. Man I would love to slap him when he says that!

singnring
06-23-2009, 06:50 AM
See that's us. We are never anywhere near our limit, always pay it off that month or the month following if it was a major unforeseen purchase/repair (like when the car and truck died this month and we had $3500 going out to fix them), never been late, so when I read this thread, I'm not taking any chances.

It's sad that we have to worry about credit scores and credit/debit ratios just to be slapped in the face by CC companies. Dh and I worry about our credit score and yet our neighbor gets a CC, runs it up, walks away and brags to us about it being "no biggie" because they can't get anything because he doesn't own anything. Man I would love to slap him when he says that!

Oh, I can one-up that deadbeat!!

DD is in the process of divorce.

Back in April of 08 (they were already split) her ex decided he was going to file bankruptcy - didn't tell anyone but his scum lawyer.

Over the next 4 months, he ran up all existing cc to their limits and beyand, plus, took out more cc's and put over $10,000 on those ones.

Quit payments on the house (lived there for free for over a year!! $850/mo pmt ignored!!)

Meanwhile, DD is paying off her bills to save credit rating from three onths of damage he had done before the split.

Then told everyone he had to file Bankruptcy.

DD's name was on some of the bills, including 2 houses, so she was forced to file w/ him in spite of her bills being paid off. (agreement was for her to pay certain bills, and he was to pay certain ones)

We are now fighting in divorce hearings to try to recoup some of the $$ she had to pay while he got off w/out paying anything!! :headache:

I don't understand our system that allows deadbeats like this to run up debt and walk away from it, then those who pay their bills on time get shafted.

nunzia
06-23-2009, 07:40 AM
Wouldn't it be great if we could all just Ramsey all our CC and cut them up and never use them? I'd love to put the CC co of business (if you work for a CC sorry :) )

Dis_Yoda
06-23-2009, 07:46 AM
They lowered mine from 2,500 to 600. I called them that day (I check it online) and said excuse me?

Apparently I was risky because they saw my $200,000 mortage show up :rotfl2:

Nevermind that my income had also doubled from the time I originally got the card.

They gave me my limit back in that phone call though.

blaze1599
06-23-2009, 07:58 AM
I am sure I am in the minority here but I dont think that CC's are the problem so much as the user. This thought could probably be applied to many problems in our society along with the CC's.

I for one use my cc's for everything including about 10K a month in business expenses and pay the cards off at the end of the month. never paid a penny of interest either. The benefit for me is a free disney trip almost every year thanks to the Disney card and a few hundred dollars thanks to the Discover card for spending money or to use as Christmas money.

Just thought I would voice my opinion on the topic.

HeyIt'sMe
06-23-2009, 08:08 AM
I am sure I am in the minority here but I dont think that CC's are the problem so much as the user. This thought could probably be applied to many problems in our society along with the CC's.

I for one use my cc's for everything including about 10K a month in business expenses and pay the cards off at the end of the month. never paid a penny of interest either. The benefit for me is a free disney trip almost every year thanks to the Disney card and a few hundred dollars thanks to the Discover card for spending money or to use as Christmas money.

Just thought I would voice my opinion on the topic.

But what is upsetting is that the CC companies are treating 'Good Customer A' just like 'Bad Customer B'. It's like punishing the whole class because one child was misbehaving.

blaze1599
06-23-2009, 08:58 AM
I have heard of this happening. We called up a few weeks ago to get our credit limit increased because of a project and they added 6000 to the limit. Not sure what the avg is but our started at 15K and is now at 21K. Not that we needed that much but its nice to have when I occasionally land a large project. As far as cutting down limits I dont quite understand why they would do this but as long as your credit is ok I think you could call and have it increased.

wall*e2008
06-23-2009, 09:18 AM
I have heard of this happening. We called up a few weeks ago to get our credit limit increased because of a project and they added 6000 to the limit. Not sure what the avg is but our started at 15K and is now at 21K. Not that we needed that much but its nice to have when I occasionally land a large project. As far as cutting down limits I dont quite understand why they would do this but as long as your credit is ok I think you could call and have it increased.

Honestly it makes sense to me.

Customers A & B have a credit limit of $10K. A tends to carry about a $9K balance and pays the minimum plus $100. B charges $9K and each month pays it off.

A decides they want to buy a large item so they pay off $5K so they can recharge $5K. This is not a normal payment for A. The CC company worries that they will run the card back up and the new rules will hurt their bottom line, so they lower the CC to $5K as soon as they get the payment.

sanapunk
06-23-2009, 11:28 AM
They haven't lowered my limit yet, but they are raising my APR to over 13% starting in August. I was hoping to have that card to a zero balance by the first week of august. At this point, maybe I should just close it once the balance is paid off.

ccgirl
06-25-2009, 10:54 AM
They are raising my limit as well. Even though I am NEVER late. I actually have money automatically taken out of my ckg account by them so it's never late. I am pretty upset and was told I could cancel the card but that would actually decrease my FICO score. They said they raised the interest rate because they were taking such a loss from people that weren't paying their debts.

JeMarie6
06-25-2009, 11:54 AM
I am sure I am in the minority here but I dont think that CC's are the problem so much as the user. This thought could probably be applied to many problems in our society along with the CC's.

I for one use my cc's for everything including about 10K a month in business expenses and pay the cards off at the end of the month. never paid a penny of interest either. The benefit for me is a free disney trip almost every year thanks to the Disney card and a few hundred dollars thanks to the Discover card for spending money or to use as Christmas money.

Just thought I would voice my opinion on the topic.

We may be in the minority, but we're definitely not alone! I have a ton of different credit cards (I think 17 at one time, not sure if its more or less right now). I rarely carry a balance them, but I do have a home improvement project on one of them...Offer was for 2.99% for the life of the loan, much better than any home equity loan offer...I totally use my credit cards (mainly 5 right now) for the different rewards. I know the credit card companies make money from me from the fees, but otherwise I'm very careful with my spending. So far, not had any limits lowered and no interests rates raised yet, but neither one would be much of an issue for me at this point. I just hate it that us frugal spenders end up paying more for people who don't make wise choices. Even if a cc company gave a high limit to someone who didn't really have the income, the cc companies aren't forcing people to charges things to those cards or to those high limits. Its the [poor] choices being made by a number of people [cc users] that are affecting the rest of us

Tickla
06-25-2009, 11:59 AM
So are there any cardholders out there that DO carry a balance on the Disney Visa? If so, how bad are the minimum payments during all these changes? I was thinking of applying for the card, because we go do Disney about once a year, & the rewards would be great, as well as the discounts & stuff, but I can't be sure I would be able to pay it off every month. How screwed would I be if I did carry a balance (like a vacation package)?:confused:

wall*e2008
06-25-2009, 12:06 PM
So are there any cardholders out there that DO carry a balance on the Disney Visa? If so, how bad are the minimum payments during all these changes? I was thinking of applying for the card, because we go do Disney about once a year, & the rewards would be great, as well as the discounts & stuff, but I can't be sure I would be able to pay it off every month. How screwed would I be if I did carry a balance (like a vacation package)?:confused:

They are no different than any CC. To get one for the rewards and then not paying it off each month is a bad idea. Do you have other CCs? The only advantage to this one is the 6 months to pay for the vacation costs (not while there).

pixie921
06-25-2009, 12:11 PM
So are there any cardholders out there that DO carry a balance on the Disney Visa? If so, how bad are the minimum payments during all these changes?

I posted this on another thread yesterday ... many Chase Visa cardholders have received notices that their minimum payments are increasing from 2% to 5%. According to a poster on creditboards.com, the "first wave" of notifications went out on 6/19 and people have been receiving them for the last couple of days.

Green Tea
06-25-2009, 12:16 PM
I am sure I am in the minority here but I dont think that CC's are the problem so much as the user. This thought could probably be applied to many problems in our society along with the CC's.

I for one use my cc's for everything including about 10K a month in business expenses and pay the cards off at the end of the month. never paid a penny of interest either. The benefit for me is a free disney trip almost every year thanks to the Disney card and a few hundred dollars thanks to the Discover card for spending money or to use as Christmas money.

Just thought I would voice my opinion on the topic.

But what people are reporting here is a suddenly cut credit limit with no warning. Say you are charging 10K a month and paying it off. In the middle of the cycle, Chase cuts your limit to 5K, and suddenly you are 5K over your credit limit through no fault or problem of your own.

Tickla
06-25-2009, 12:17 PM
Yes, I do have other CC's, just liked all the benefits of the Disney Visa.
WOW--2% th 5%!! That's quite a jump. Ouch. :eek: Maybe the card isn't such a great idea.

JeMarie6
06-25-2009, 12:26 PM
:confused3

When I was in collect back in the stone ages I had a Visa with a $500 limit.

A $300 CC would be all but useless. A trip to the grocery store and it is maxed out.

Most credit cards let you make multiple payments now a days, so I tend to pay my credit card off weekly rather than monthly. So a low limit like this would still work fine for me for most things.

LoveTheEars
06-25-2009, 12:28 PM
:scared: after reading this post i am now afraid to pay my bill!!!!

I am paying about $3000 within a couple days so I can make final payment on our disney vacation.
If they lower my limit, we will not have cash to pay the vacation since this is how we were going to finance it... hmm

Maybe i should make a couple small payments..

SaraJayne
06-25-2009, 12:29 PM
I agree that credit cards are not the problems ~ users are. :)

DH and I have 2 credit cards between us and one has a very small balance (under $500) that will be paid off tomorrow. We typically don't carry a large balance.

We live within our means and if we can't pay it off at the end of the billing cycle, we wait until we have the $$ to pay for it.

I will never be without a credit card. I use it to make hotel/flight reservations, reserve rental cars, shop online and other things. No way do I want my debit card number floating around out there. If that number is stolen (which is linked directly to your checking account) and your bank account is drained, you have no recourse and can kiss that $$ goodbye.

With a credit card, you have multiple layers of protection that you don't have (not to mention you typically aren't responsible for the debt incurred if your card is stolen) with a debit card.

So, it comes down to the users, not the credit cards.

Green Tea
06-25-2009, 02:57 PM
We live within our means and if we can't pay it off at the end of the billing cycle, we wait until we have the $$ to pay for it.

I will never be without a credit card. I use it to make hotel/flight reservations, reserve rental cars, shop online and other things. No way do I want my debit card number floating around out there. If that number is stolen (which is linked directly to your checking account) and your bank account is drained, you have no recourse and can kiss that $$ goodbye.



So, it comes down to the users, not the credit cards.

So if you charge your airline tickets, and the bank cuts your credit limit to less than the cost of the tickets you charged yesterday and were planning to pay tomorrow, then it is your fault you are over your limit, paying fees and labelled a scofflaw. Okay, I get it.:)

And BTW, if your VISA or MC branded debit card is compromised, you do have protections.

CathrynRose
06-25-2009, 03:25 PM
:scared: after reading this post i am now afraid to pay my bill!!!!

I am paying about $3000 within a couple days so I can make final payment on our disney vacation.
If they lower my limit, we will not have cash to pay the vacation since this is how we were going to finance it... hmm

Maybe i should make a couple small payments..

Or be ridiculously quick. Check online as soon as it goes through, and then call and make that final payment.

That being said, I paid a big ol' chunk, and got a letter dated the day after the payment had been posted that my limit was decreased.

I dunno.... whole things irks me, especially when I read this:

They said they raised the interest rate because they were taking such a loss from people that weren't paying their debts.

Yeah - nice. So, let's sock it to the ones who were/are paying. I love it!! :rolleyes:

The minimum payment from 2% to 5% is news to me. How cool! More fun, fun, fun to look forward to.

What are these companies trying to do to everyone? For someone who already made 5% (or more) payments, now our payment will only be the minimum, or barely above it? Along with the raised interest rates?? Unreal. :mad:

I'm thrilled to pieces that so many people don't carry a balance, but lots of people do. I purposely did, with a huge amount of padding between balance and limit - and then they lowered my limit.

It's turning into a no-win for consumers, and it's (IMO) disgusting.

Tink_lover900
06-25-2009, 03:38 PM
The same thing happened to us...paid the card off, was going to use it for our upcoming trip, just a few days after paying it off got the letter in the mail that our limit had changed from $1500 to $900...we have never missed a payment or never went over our limit either...really upset me :mad:...we were lucky tho and will have enough money for our trip...really would have made me mad if it was our only money and we couldnt go....but on a good note we leave in 2 days:cheer2:

L*hd
06-25-2009, 03:45 PM
I a so glad I found this thread.... I using the visa just to get the rewards for our upcoming trip... and was thinking of paying it off to have a worry less.... mmm won't do it :rolleyes1

SaraJayne
06-25-2009, 04:07 PM
So if you charge your airline tickets, and the bank cuts your credit limit to less than the cost of the tickets you charged yesterday and were planning to pay tomorrow, then it is your fault you are over your limit, paying fees and labelled a scofflaw. Okay, I get it.:)

And BTW, if your VISA or MC branded debit card is compromised, you do have protections.

Well, I really don't think they'd lower our limit from $20,000 to less than $1,000, but I guess anything's possible. ;)

LovinPooh
06-25-2009, 04:23 PM
Is this just a way for CC companies to scare people into having bigger balances to get more $$ in interest or what?? "Pay it off and we will cut your limit":headache: Just cant win no matter what you do. I sincerely hope things go well for the people planning on using the card at Disney. As that is what I used mine for and could only imagine getting there and having no limit.

I currently carry a balance of $3400 on mine with a $70 minimum payment. I have gotten no letters as of yet. I feel fortunate enough that my rate has stayed at 9% right along. I unfortunately have no plans on paying it off right now :rolleyes: But I could only imagine going to make a purchase and being declined when you think/know you have plenty of credit. I called them back before we went on our trip in Feb wanting an additional $1500 in credit limit just for emergencies since we were driving down and they said no way. Didnt really surprise me I guess with the way things are. Just kinda ticked me off since we are the typical good customer.

NCRedding
06-25-2009, 07:28 PM
I posted this on another thread yesterday ... many Chase Visa cardholders have received notices that their minimum payments are increasing from 2% to 5%. According to a poster on creditboards.com, the "first wave" of notifications went out on 6/19 and people have been receiving them for the last couple of days.


I got this letter two days ago. We have two Chase cards that offered us 2.9% for the life of the loan on cash advances. I used the cash to cover some business expenses, and have been making minimal payments since the interest is minimal. Unfortunately, I had hoped to pay off some of the other debts I have with higher interest before I did these, but as I've discovered alot recently, my plans mean very little.

I also think it is foolish on the part of the banks. Their actions are making it harder for people to meet even their minimums, so the default rate will probably increase dramatically. Would they not prefer to receive all of their money over a period of time, instead of larger intial payments that end when people feel overwhelmed by the payback terms?

quentina
06-25-2009, 09:09 PM
We owed $5500 on Discover card....we paid in full.

Went to get gas and card was declined. Called and they said whenever you make a large payment, you need to go through security check....Ok, they suspend our account for 6 months :confused3

The rep told us that you should not make large payments otherwise, they are closing accounts. Not sure why...it makes no sense to me.

DisneyBill
06-25-2009, 10:12 PM
Just curious, do any of you have checking and/or savings accounts with Chase? We do by default, originally started with what was Liberty National, which became Bank 1, which became Chase. Haven't yet had any changes in Disney Visa credit limit. Never carried balance, etc. etc..

CathrynRose
06-25-2009, 10:53 PM
Just curious, do any of you have checking and/or savings accounts with Chase? .


We have 2 checking and one savings with (what was WaMu, now) Chase.

Jennabeth
06-26-2009, 08:52 AM
I got this letter two days ago. We have two Chase cards that offered us 2.9% for the life of the loan on cash advances. I used the cash to cover some business expenses, and have been making minimal payments since the interest is minimal. Unfortunately, I had hoped to pay off some of the other debts I have with higher interest before I did these, but as I've discovered alot recently, my plans mean very little.

I also think it is foolish on the part of the banks. Their actions are making it harder for people to meet even their minimums, so the default rate will probably increase dramatically. Would they not prefer to receive all of their money over a period of time, instead of larger intial payments that end when people feel overwhelmed by the payback terms?

According to credit boards, you are the type of customer who will get this letter. They are sending out to people who did a balance transfer and had a lower interest rate for the "life of the loan." They know that can't raise your interest rate, so they are raising the minimum you pay (probably trying to get some more of your $ in fees when you can't make your minimum payment). My understanding, as of now, is that those who have a balance from charging stuff, and not transferring a balace, will not have the minimum % go up. Of course, this may change......