[wim]

I hadn't heard about the credit card rule changes. They sound like a good idea to me - and I'm kinda pleased the banks didn't seem to think the opt in necessary.

Quote

BANKS are offering to increase the credit card limits of some customers by more than 70 per cent, ahead of new federal laws making it tougher for lenders to push for higher card maximums.

ANZ Consumer Finance wrote to credit card customers last month inviting them to apply for limit increases. In one example, the new credit limit offer for a Frequent Flyer Platinum account was 77 per cent higher than the previous maximum.

The offers come just six months before such solicitations are banned. From July 1, only customers who have ''opted in'' by giving their bank written or phoned consent will continue to receive such invitations.


Read more: http://www.theage.co...l#ixzz1iZzqjBIA

[mattau]

Yeah I agree with these credit card changes. Gives credit card holders more in control of their limits, without pressure from banks.

I don't use a credit card anymore - prefer debit card. Got rid of mine a few years ago because my debt from it was getting out of control!

[Mr Medved]

Before the Panic of 2008 I was able to apply every six months over the phone for an increased CC limit. It always went up by around 2-3k. No questions asked. Since 2008 they have said I need to fill out paperwork to have a further increase. I'm too lazy to do that because I don't need a higher limit.

I may give them a call to see if they're a little more flexible now.

Credit cards are better than debit cards:

• Debit card - your asset at risk.
• Credit card - the bank's asset at risk.

Plus from what I understand consumer protection from fraud is stronger with CCs. I'd be happy with a six figure limit. I have the discipline to pay it off every month and would always have the option of doing a runner to Venezeula if I maxed it out...

[tom]

After the first 6-7 years of my working life being offered and taking credit card increases I did cut mine back to the minimum to retain gold status. I found they doubled the limit at each offer then pared it back to about 70% increases as per the OP as it got bigger.

Agree with you though that you can cancel a transaction on a credit card easily enough and then let them fight it.

The reason I reduced mine was twofold. 1. I have been known to lose control when on holidays or work trips abroad and spend more than I should and seeing 150,000HK dollars as your available limit endows me with a propensity to spend far more than I should, you start to see it as funny money... 2. Also using it OS you always wonder whether they will just extract more down the track. I know this can be corrected, but needs to be watched. Knowing the most they can gouge me for is 5k is somewhat comforting.

Any time I visit a brach I get offered an increase even the day I was applying for pre approval for a home loan 6 months back when she agreed with me 10 minutes before that it helps having a lower limit. got the approval and then was offered an increase in the cc limit! You would think they could program that out.