Reply #5: I can beat that... [View All]

[lunatica]

I paid off a huge credit card balance in which the credit limit was $16,000.00 (I wasn't up to the limit) and then about a month later I got a credit card statement that showed my balance was zero, but it also had a credit limit of $1,000.00. It was Bank of America. I called and told them their limit was less than useless for me and canceled the card. I get tons of mail from them offering me all kinds of deals.

I also read someplace that their doing that out of panic that people will use their credit cards even more because no one can afford to pay their escalating 'minimums' and eat at the same time. But the truth probably lies in the fact that they can instantly say you're above the credit limit and charge some outreageous penalty percentage. Whatever it is, it ain't for our benefit!