I recently acquired a Chase Freedom credit card with a 1500 limit. When I logged on to make a payment which I do every week; I noticed the bank upped my spending limit to 2500. Is this normal? Can the banks increase or decrease the limit without notifying the card holder?
Yes. They can increase or decrease your spending limit. You don’t have to accept the increase amount if that’s not what you want to do.
Yes. Some do a congratulatory email or letter, but its not something they let you know in a formal notification to you.
Yes, banks can do that-raise or lower-your credit card limit, but as previously stated, they usually send you notice of it to document the event. If they call to let you know, most people screen their calls and won’t answer figuring it is anothe rcredit card account scammer. Congratulations, in a way, it could be a gimick to get you to spend more and only you can decide if you want that option. Best to you.
@redcarcec - those ‘Congratulations’ are truly designed to get you to spend more money…