Massive cut in credit limit

[Nigelinoz]

Cancelling cards in good standing.

I spent 2008 in the UK and Citibank cancelled thousands of "Egg' branded cards ,it was the middle of the GFC and Egg claimed it was only cancelling cards that were high risk
but there were reports of people who pay off the balance every month having their cards cancelled with little notice.
Cheers
N'oz

 

[simongr]

I have certainly noticed Amex being tougher - might be just me though - been an expensive and busy few months so have forgotten a few payments or paid at the last minute and big red flags have appeared on the account.

 

[JohnK]

I noticed a funny thing on the Amex webpage today. "Request a credit limit increase". I do not believe I am the only one seeing it but it is contradictory to what is mentioned in this thread.

Don't need one right now as Amex Gold is >$15,000 and Amex Qantas Premium (on it's last legs unless they offer another waiver of annual fee next January) us $7,500....

 

[Nigelinoz]

I got an email (Actually two) emails from GE today advising that they can no longer automatically send out invitations to increase the
limit on my Coles Mastercard and Myer Visa card,I have to 'Opt in' to receive them now.
Cheers
N'oz

 

[oz_mark]

I got an email (Actually two) emails from GE today advising that they can no longer automatically send out invitations to increase the
limit on my Coles Mastercard and Myer Visa card,I have to 'Opt in' to receive them now.
Cheers
N'oz

Yep, part of the upcoming July 1 round of credit reform.

See Australian Banking Reforms - What Reforms are Next?

 

[greenfrog86]

Cancelling cards in good standing.

Are you referring to the person on here who had their card cancelled for massive business spend which is against the T&Cs or are there other circumstances where they have been closing accounts?

 

[markis10]

Are you referring to the person on here who had their card cancelled for massive business spend which is against the T&Cs or are there other circumstances where they have been closing accounts?

There has been a couple who have reported it from memory, the reasons why are not always clear, just like there are quite a few reporting their shock in failing to be approved for a new JQ card.

 

[Mal]

Hadn't used my ge card for a while. They deactivated it without telling me. Sent a small amount of money to the account and had a sms sent to me asking for me to call.

Card inactive. Now active. New card coming in the mail.

Sent from my GT-I9100 using AustFreqFly

 

[cove]

Even though it doesn't make perfect sense I use each of my credit cards a little bit based on that notion "use it or lose it".
That means I put some amount of ATO bills on some Amex cards and a few pounds or dollars on 28 degrees so none get suspended or cancelled.
What that means is that if one opportunity shuts off there are alternatives immediately ready to replace that particular card.

 

[drron]

Well i only have a fee free gold Amex but this year my experience is exactly the opposite of those in this thread.I was contacted by an Amex manager by phone,email and snail mail who is now my go to contact if problems.All my taxes and travel go on my amex.

 

[tim374]

I got an email (Actually two) emails from GE today advising that they can no longer automatically send out invitations to increase the
limit on my Coles Mastercard and Myer Visa card,I have to 'Opt in' to receive them now.
Cheers
N'oz

28 Degrees should hurry up and do that. One more limit increase and I'll be happy with the limit. They can only do it every 6 months and my last one was in January. I'd think GE would be jumping to get people to opt in.

 

[Nigelinoz]

28 Degrees should hurry up and do that. One more limit increase and I'll be happy with the limit. They can only do it every 6 months and my last one was in January. I'd think GE would be jumping to get people to opt in.

I haven't had anything from GE about my 28 Degrees card either,I guess they will get around to it sooner or later,strange though that I should get emails about two
GE cards I have on the sameday telling me about opting in for invitations of limit increases.
Cheers
N'oz

 

[greenfrog86]

I haven't had anything from GE about my 28 Degrees card either,I guess they will get around to it sooner or later,strange though that I should get emails about two
GE cards I have on the sameday telling me about opting in for invitations of limit increases.
Cheers
N'oz

Everyone seems to be getting in on this action...

I had the opportunity to opt-in for Bankwest through online banking, 28 Degrees asked me somewhere (I think it was when I last got an increase offer) and then when talking to Citibank the other day they also asked if I'd like to receive future offers...

Expect them to flow through for the next little while! Don't however expect the actual increase offers to necessarily flood in though...

 

[Nigelinoz]

Don't however expect the actual increase offers to necessarily flood in though...

Yep,since I have had the old source mastercard and other GE products credit limit increases have always been granted almost automatically however
I expect that under the new rules companies like GE will probably examine payment history and balances a bit more closely before granting increases in fact
it may become harder to get an increase than to get the card in the first place :!:.
Cheers
N'oz

 

[skywalkerLAX]

I'm with the get rid of it group (at 5 months 29 days).

Amex? What card do you have from them?

For what it's worth: I received the full 900$ for my Platinum Card back after my 3 Months of card use. Lady was nice but didn't really seem to have a clue outside of their script. Thankfully this issue for me came up 1 day after my last statement closed so I wired them exactly 900$ less.

First they wanted me to pay off everything and then send me a check for the 900$ but I said 'forget it, credit it and it will balance itself out. I will not bring a check to the bank, it's an inconvenience to me.' This morning now everything is zero.

One of the best CC deals ever. I collected the 80k Welcome Bonus and another 30 AX Points during these 3 Months.

 

[Daggs01]

CBA have moved to asking people to apply for a credit increase as opposed to giving one automatically every 6 months.

I think this comes under the governments credit card reforms and responsible lending legislation.

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[nate89]

Got a letter from Amex the other day offering a credit limit increase of $3000 on my BMW card. Don't know how much leeway I have, but was also told I can request more too. Don't know if I will though. Don't actually earn that much and I may want to apply for another CC if they have nice sign-ons!

I saw my Veda file recently. Amex check my rating once a month give or take a few days as do Westpac. On the other hand, ANZ have not checked since two years ago when I originally signed up.

 

[Foreigner]

I got an email (Actually two) emails from GE today advising that they can no longer automatically send out invitations to increase the
limit on my Coles Mastercard and Myer Visa card,I have to 'Opt in' to receive them now.
Cheers
N'oz

I've got the Myer Visa card and there was option to increase limit from $6k to $8.5k. Took it and when I check available credit, I had $2.5k extra. All in less than 5 min. and online.

 

[Mal]

I have a friend who had his Amex cc limit cut from around 20k to 1k. From what I've been told, they changed address, amex didn't update all of the accounts on file and an annual fee was charged. Statement sent to incorrect address.

Apparently they offered to restore it if a full credit application was done.

They really are a bit jittery.

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[djchuckles]

Well after 4 weeks and loads of escalation with managers they agreed to look into it. And have come back saying it's because of the amount of searches on my credit file - yet the only one would have been the Citi Vrirgin

Anyway they've now finally agreed to put it back up!