When will the interest rate carnage end?

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
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When will the interest rate carnage end?

Postby Cucumber » Tue Oct 20, 2009 9:08 pm

I received yet another notices today from Amex cutting my credit limit by about 70%. Is there anything in the credit card reform that protects us from CL decreases? I have a feeling that once they can't raise interest rates right away then they instead will start cutting limits instead.

I mean what's in place to stop them from cutting a limit to near or below an outstanding balance? There's no protection.
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Postby DoingHomework » Wed Oct 21, 2009 1:30 pm

Is there a reason for this? Have you been a bad boy or taken out a car loan or something lately?

I thought AMEX had no credit limit anyway. Or is this a blue card or something like that?

I guess teh other question is whether you need the higher limit. If you don't then it is probably better that they lowered it.

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Postby Mogul of Pineapples » Fri Nov 06, 2009 6:36 pm

I think the reason we are seeing all these aggressive changes is because they know it will be harder to get away with after the reform takes place.
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