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/biz/ - Business & Finance

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16560889 No.16560889 [Reply] [Original]

My credit card is offering me a 3,000 dollar limit increase.

Do I have to pay for this? Whats the catch

>> No.16560900

>>16560889
The catch is they want you to spend more and start accruing interest more easily.

>> No.16560907

>>16560889
Pretty sure you just get credit limit increases over time, provided you don't rack up debt that you can't pay.

>> No.16560912

>>16560889
Literally the only thing credit card companies give a shit about is you not being able to pay for what you buy and ending up a debt slave.

Ever notice how after a few years your credit limit is higher than anything you could possibly pay if you ever used your entire credit line?

>> No.16560945

>>16560900
>>16560912
But I only use credit card when I know I can pay it off as in for groceries

>> No.16560950

>>16560889
NO you usually do not have to pay for a CREDIT INCREASE. It just means they (Bank) is willing to LEND you $3000 more than your current limit. This most likely reflects a better credit rating -> Which is a "Good thing". Use credit/debt wisely Anon, Pay your ENTIRE BALANCE every month. NEVER pay the minimum. Average interest rates are 25%. Use your card like CASH...only buy what you can afford to payout in full. Good luck!

>> No.16560986
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16560986

>>16560889
There is no catch. You pay your bills and have income, so the creditors have no problem giving you a large credit line. You should accept it, as your monthly utilization rate will decrease (assuming you don't increase spending) which will in turn help your credit score.