Is this normal or quite low?
This is the first time I have had a credit card.
2007-08-21 02:57:22 · 8 answers · asked by abluebobcat 4 in Business & Finance ➔ Credit
It means that you can only spend up to 400 pounds on that credit card and then the card company will block it. This amount can vary according to how much you pay off each month. If you pay all of the amount you have spent at the end of the month then your 400 starts again. But if you have spent 400 and then only pay off 100 then you have only 100 on your card for the next month. All this is to make sure you don't get into trouble with owing the bank loads of money that you haven't got.
2007-08-21 03:09:22 · answer #1 · answered by focus 6 · 0⤊ 0⤋
It means that you cannot borrow more than 400 pounds.At any point in time, you cannot be over this amount.
If it is your first credit card then this limit is good because my first credit card company gave me limit of only upto 250 pounds but it has now been increased to 500 pounds.
2007-08-22 02:40:23 · answer #2 · answered by M.A.W. 3 · 0⤊ 0⤋
It means you can't run up more than £400 credit on your card. I would say that's a normal amount for your first card. It will relate to your current income.
2007-08-21 03:04:42 · answer #3 · answered by Anonymous · 1⤊ 0⤋
it means exactly that your limit is £400 it is not to low or even normal it is the amount the card company have given you taking in account the details they know about you
2007-08-21 03:18:11 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Its low but its just to assess how you cope with it. My bank reviews credit limits every six months and raises, lowers or keeps my credit limit for the next 6 months. If you fail to make repayments on this they will not raise it in the future.
2007-08-21 03:10:42 · answer #5 · answered by Emma B 3 · 0⤊ 0⤋
this means you will not be able to spend over £400 on that card.so once you have maxed that untill you start paying it the card will get rejected
2007-08-21 03:06:56 · answer #6 · answered by jo2 5 · 0⤊ 0⤋
Its quite low - but unless you really need it I'd keep it low!
You can't spend over that amount or you will get charged.
2007-08-21 03:04:58 · answer #7 · answered by Anonymous · 0⤊ 0⤋
it means you can use the card as long as the balance does not go over £400.00.
Just to be on the safe side, you do not have £400.00 to spend on the card, you have to allow for interest and the protection insurance to go on the balance as well.
2007-08-25 02:27:29 · answer #8 · answered by Rebz 5 · 0⤊ 0⤋