Credit card firms cut spending for those with spotless credit files

| February 24, 2008 | 0 Comments

Credit card customers with unblemished repayment records are seeing their spending limits cut.

Those affected have said that they were unaware they were having their spending limits slashed.

The move has angered many people with one individual saying he was ‘furious’ after being left red faced when trying to purchase a rail ticket. Another was ‘embarrassed and humiliated’ when his card was rejected. Another individual said they had the spending limit on their Sainsbury’s credit card reduced from £4,950 to £700 without warning.

Sainsbury’s said it was cutting customers’ card limits as part of a ‘limit reduction initiative’.

Last month, internet bank Egg withdrew the credit cards belonging to 161,000 customers who had spotless credit files.

The move provides additional evidence that customers who do not generate revenue for credit card companies are having their credit cards withdrawn.

Comments (0)

Trackback URL | Comments RSS Feed

There are no comments yet. Why not be the first to speak your mind.

Leave a Reply

Visited 2690 times, 1 so far today