It’s a new day for banks everywhere. You can’t just ask for a certain amount to be on your credit card these days, you now how to be approved for a certain amount and that is not always guaranteed.
When I had a credit card in college I remember having a $5oo limit. After two years I remember that the credit card company raised my credit card limit to $8oo without my knowledge. I thought that they appreciated me as a customer and that I was gaining wealth. I know, what little did I know.
Today, banks are doing the opposite. If you own a credit card, be sure to call in or go online and check your credit card limit because banks are starting to lower peoples credit limits. So if you are used to having a $2500 limit you may be shocked to realize that it is now a $1000 maximum limit.
This is perfectly legal, the company who issued you a card can very well change your credit card limit or even cancel your card at any time, its in the TOS (Terms of Service). So take some time and find out where you stand with the your bank. If you have a zero balance on your card and no longer need it, cancel your credit card.
To me, credit cards are like leagal loan sharking. Don’t pay them back for one month and not only is your credit marked up, by they can raise your interest rate to 29% or more, on EVERY card you own. Trust me, having a credit card limit under $1,000 is a blessing!