Credit card limits

[kenny1234]

Just had a call from "someone", informing me that if any increase on my borrowing limits had been given without an agreement being signed ; it was illegal, and I was due compensation!! Is this correct??

[dzug2]

No - it's a scam

[Postdog]

Dunno, but my credit card tells me and gives me notice before they increase AND the option of not increasing. I've always assumed it was just up to me to opt out if I didn't want it.

BTW I don't want it, but I simply don't use it.

[Buenchico]

When credit card companies intend to increase your borrowing limit they must now advise you in advance of doing so, and permit you to decline the increase.
http://www.bis.gov.uk...ards-joint-commitment
However, since all credit card companies follow the rules and do exactly that, I can't see that anyone could be entitled to compensation for their failure to do so.

Chris

[spudqueen]

I had a similar telephone call a couple of months ago. For a start my credit card company have never increased my limit without informing me, but I did want to know why I should claim compensation if this had happened as they hadn't actually hurt me or injured me in anyway. The person on the other end of the line didn't know where I was coming from.