Q: Recently in a store, when I tried to use my credit card, I was told that I’d reached my limit. I thought it was much higher. Don’t credit card companies have to tell you when they lower your credit card limit?
A: Most credit card companies reserve the right to change the terms of their cards whenever they wish, which means anything from your credit limit being reduced to fees getting increased. Usually they will send you a letter or include it in your monthly statement.
You might’ve received the news about your credit limit on your statement and not noticed it. If the new limit seems too low, don’t rush to close your account because that could lower your credit score
. Speak with the credit card company and tell them you might need to use a competitor’s card because of the change and see if that might persuade them to change your limit back.
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