Please note that if you have made purchases or written checks that result in your balance being greater than thisnew credit line, you will have 45 days from the date of this letter to make payments to bring your balance below your credit line. If your account is overlimit, after this 45-day period, your account may be assessed an overlimit fee and the overlimit status could result in your receiving notice of an APR change on your account.
Which is complete crap.
I was under the new limit, but still, a bank can just half your credit limit, regardless of what your balance is, and tell you you’ve got to pay off the excess within 45 days or be charged an overlimit fee?
I sent them a note letting them know how bogus I think that is. And, even though, essentially, I’m glad to not have that much credit, the point is that they reduced it for no reason, didn’t inform me in advance, still send out those little checks saying “please use these convenience checks”, showing my former credit limit to entice me, and they’d expect me to repay money in 45 days if I just happened to be over the limit.
A nice way to cost people who are over the limit lots of fees, if you ask me.
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