GE Money Bank Complaint - A Credit Card Company Lowers Their Limit For What Reason?
I've been a loyal paying customer of PayPal/GE Money Bank credit card going on 6 years. Not once have I ever asked for a credit increase. My limit was $700. It's always been my emergency credit card (Ok, so I really like EBAY) and have rarely carried anything close to the limit. I just got a letter telling me that they had lowered my limit to $280. It was based on AVG CREDIT UTILIZATION ON REVOLVING/OPEN ENDED TRADES. LMAO - What does that mean? I charge something and then pay it? I called and of course the person in India couldn't tell me what that means but she did say that perhaps in the next year my credit limit will be raised. If anyone here can tell me what that means, I'd appreciate it.
I'm thinking it's just another way of saving them money and irritating customers.