I have 3 credit cards and I have noticed something funny about increases they apply to my accounts. The increases always happen around November or December. I'm thinking they do this because of the upcoming holidays and they expect certain account holders to use their increases to purchase goods. I'm not going to be using the increases, as usual, but I was wondering if anybody else gets these increases around the same time of the year as I do? Also, anybody with knowledge of the credit card industry, is this standard and is this the reason they do this (up account limits around holidays)?
I have gotten most of mine in the middle of the year. It probably has to do with when you open the account.
I just find it interesting they're giving out more credit, generally...are you getting these increases already, Lil Pun?? I've read a kabillion articles about how they're not giving anyone any increases...and instead are cutting back credit limits of already existing accounts.
Well, at some point push has to come to shove. The outlook for December/Christmas sales is so grim and depressing right now, and it looks like we've progressed from a situation of highly restricted credit to a situation where everyone (even those who do have lots of credit) is just holding on to their wallet tightly and refusing to spend. So it wouldn't surprise me if banks resorted to expanding people's credit card limits in an attempt to encourage them to spend more this holiday season -- after all, they still need/depend on the revenue from interest and other credit card fees.
I only have 1 card with a 2K limit. I’ve been turning down offers from them to increase my limit for years. I think they’ve finally gotten the message and are now sending me these cash advance checks every month. My shredder stays as busy as an Arthur Anderson shredder circa. 2001. I never put more than $100 on my card and always pay it in full every month. How do these cash advance checks work anyway? They are already made payable to me. If I write one for more than my limit, what happens? Do banks honor them if I deposit them?
Man...those things are evil. It's like daring you to spend the money -- (at 18% interest). I also like the 'hey...skip a payment if you want' specials....just in case you really felt the need to feed them more interest. My limit was raised again a couple of months ago. They seem to do it randomly. I suppose I could buy a pretty nice car on Mastercard if I wanted. My cards are almost always paid off at the end of the month. But earlier this year, I had a bunch of business expenses that put me over my limit. Their response: Raise the limit!!! It was like....oh ya! betcha can't spend $XXXXX!
Yes, for the past 2-3 years they have been giving them 1-2 times per year. Just got another one today and that's why I asked.
You mean you don't have to ask them for an increase? That's weird because I'm always on the line with customer support.
