How can I set the limit of my credit card?

Question

I want to reduce the limit of my credit card down to like $100. Can the credit card company reset the limit that low?

Answer 1

I've asked my credit card company to reduce the limit on my card to reduce risk due to theft etc. The minimum limit allowed was $1500. Phone them to discuss and learn what the limit is. There should be a toll free number written on back of the card or on your monthly statement.

Answer 2

Wouldn't that make it easier to go over the limit? Best thing is to pay it off and close the account and save 18-24% on purchases by using a debit/credit card and if you keep your balance up high enough you can do the same thing as with a credit card and you won't have to pay interest or annual fees. A person who works and take their paycheck to pay credit card bills may as well have taken a 18-24% pay cut. Assume this...Weekly pay is $500.00. Minus 24% for the credit card and minus 33% for income tax and 8.25% for sales tax. $500.00 minus 65.25% leaves you with $173.75. You will gross $26000.00 all year but you will keep $9035.00 and that's a $16965.00 difference.

Answer 3

I'm not sure if they can lower it to an amount that low. But if you're doing it to curb your own spending, Try leaving it in a secure place at home so that you're not tempted to spend it while you're out. Get in a better disciplined habit of not spending with it.

But call your credit card company and ask them. Also ask if they can lower your percentage rate, sometimes they can. Never hurts to ask.

Answer 4

I'm not sure if they can, but that can be detrimental to your credit score because next time you buy something that is $50 and experian takes a "snapshot" for your credit disclosure your debt-to- credit limit ratio will be 50%, assuming that is your only credit card.