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BOI Credit Card

  • 25-01-2007 7:08pm
    #1
    Raekwon
    Registered Users, Registered Users 2 Posts: 4,535 ✭✭✭


    Two years ago I applied for a BOI credit card and started off with a €500 limit. Between then & now they increased my limit to €3,500 (without asking me, they just sent me a letter letting me know that they were increasing it). Anyway, I got to the limit (€3,500) and paid €2,500 back but now my card is being declined for a €200 purchase. I called them and they said that my limit is now down too €1,000 (which I still have to pay them).

    Is it common practice by credit card companies to increase then decrease credit card limits like this without even having the card holders authorization?


Comments

  • #2
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    Raekwon wrote:
    Two years ago I applied for a BOI credit card and started off with a €500 limit. Between then & now they increased my limit to €3,500 (without asking me, they just sent me a letter letting me know that they were increasing it). Anyway, I got to the limit (€3,500) and paid €2,500 back but now my card is being declined for a €200 purchase. I called them and they said that my limit is now down too €1,000 (which I still have to pay them).

    Is it common practice by credit card companies to increase then decrease credit card limits like this without even having the card holders authorization?

    When did you pay them 2.5k? today, yesterday? last week? Is there more to this? Did you make minimum repayments on time? They dont reduce a limit without good reason.


  • #3
    Raekwon
    Registered Users, Registered Users 2 Posts: 4,535 ✭✭✭Raekwon


    stepbar wrote:
    When did you pay them 2.5k? today, yesterday? last week? Is there more to this? Did you make minimum repayments on time? They dont reduce a limit without good reason.

    Keep your hair on...........I paid €2,500 on the 9th of January, the day after I got my cc statement. I was at my limit (€3,500) for two months leading up to Christmas but I always paid the minimum payment that was required (which was usually around the €100+ mark). I haven't touched the card since, but I wanted to purchase something online and the card was rejected. So my limit is now €1,000 and I cannot use it until I pay it back I presume, even though I paid €2,500 off my bill two weeks ago.

    Okay? Now are you going to answer my question?


  • #4
    BuffyBot
    Registered Users, Registered Users 2 Posts: 24,924 ✭✭✭✭BuffyBot


    I called them and they said that my limit is now down too €1,000 (which I still have to pay them).

    And did you ask them for a reason then? What did they say?
    Is it common practice by credit card companies to increase then decrease credit card limits like this without even having the card holders authorization?

    AFAIK credit card issuers reserve the right to re-set the limits as and when they see fit.


  • #5
    Raekwon
    Registered Users, Registered Users 2 Posts: 4,535 ✭✭✭Raekwon


    BottyBoff wrote:
    And did you ask them for a reason then? What did they say?

    I did ask them and they said basically what you said, that they reserve the right to reset limits as they see fit. They also said that they were in the process of notifying me about the my limit being lowered.

    I just wanted to know is this common practice for all credit card companies? I don't think I did anything out of the ordinary to warrant such a sharp drop in my credit limit.


  • #6
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    Im sorry but there is more then meets the eye on this one. I have an AIB credit card, for a period of time last year I was up to the limit (1700) and making minimum payments, however its practically clear now. However I still have the 1700 limit, actually they increased it to 2400 a few months ago. How about your bank account? how was that operating? other loans?


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