GE Money cuts some Credit Limits

[Mal]

According to this article:

Credit card giant 'out of money' - Business - BrisbaneTimes

A GE Money spokesman said the company had made credit limit reductions across the business in response to the ''challenging global credit environment that exists at present''.

''With the Coles Group card this has included reducing credit limits on a small number of customers who according to our general risk mitigation criteria we believe may be at increased risk of loss in these challenging times,'' he said.

I have a Coles Group card sitting in the back of my drawer. No Credit limit change, although in November GE did "take" a very small credit balance from my account (sub 20c) with the explanation: "REFUNDABLE CREDIT BALANCE ADJUSTMENT"

 

[kpc]

They haven't changed the credit limit of my Wizard MC yet....

 

[JohnK]

No changes for me. My Wizard card has the lowest credit limit of all my credit cards. I would not mind if GE reduced the credit limit on this card as I would not need to withdraw more than a couple of thousand dollars while on holidays overseas.

 

[canabear]

In November i was on holidays in US with my partner. Her Coles card suddenly started getting declined. After a 30 minute call back to australia they found the problem was that her card limit had been halved. Talk about inconvenient as her backup card only had a $1k limit. She received no notification of this event prior and received nothing after the fact either. Awful service and i insisited on her cancelling the card as soon as we returned.

 

[Diesellife]

Time to put some all my purchases on my GE card then, max it this month and pay it in full and continue the process...

I don't like my limit to be reduced...

I use credit wisely but still loving my limit!

 

[Evan]

Anybody even thinks about reducing my limit without first asking i would not be happy ! Very bad form.
E

 

[oz_mark]

Not GE - but I still get offers to increase my limts :shock:

 

[Evan]

Not GE - but I still get offers to increase my limts :shock:

Funny you should say that ANZ offered me an increase of 3k in Aug/Spet, then 4k in Nov/Dec. (By increase i mean on top of the rather large current limit... can book 2 x DONE4 without being worried about going over limit)
So even in these interesting times of tight credit i am still getting offers of increased credit... i dont need it so i never bothered to reply.

E

 

[vilemerchant]

Ouch. Anyone heard of any other providers doing this? I would be seriously annoyed if Citibank was to cut my limit.

 

[JohnK]

It was posted in another thread that Amex has also been reducing credit limits. Not sure what criteria is used to reduce the credit limit....

 

[Nigelinoz]

When I was in the UK for a few months last year the company that issues the "Egg" card,(Citibank from memory?) began sending out letters to thousands of cardholders advising them that in 365 days time their cards would be cancelled,many of the customers affected had been paying the balance due every month for some time but the card company decided that some of their customers credit profile had changed and decided to give notice of cancellation.
There was a lot of anger at the companies decision.
Full story here:Egg customer anger at credit card cancellations « The Bankwatch