Issuers Lowering Credit Card Limits

Posted on March 17, 2008
Filed Under Credit Card News | Leave a Comment

March 19 (Bloomberg) — Credit card companies including HSBC, MBNA. and Capital One. are lowering borrowing limits for thousands of customers amid the current financial squeeze, the Daily Telegraph said, citing unidentified industry sources.

MBNA and Capital One are rejecting more credit card applications and have “aggressively” cut credit limits, the Telegraph reported. On average, credit limits are being reduced by about 10 percent, said Steve Willey, head of cards at Moneysupermarket.com Group Plc, the newspaper reported.

As many as 500,000 card applications are rejected every month, according to the price comparison Web site MoneyExpert, the Telegraph said.

By Kari Lundgren

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