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How can I set my own credit limit? I have good credit and I only want a card with about a $2000... |
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Date:
September 11, 2008, 2:30 am |
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How can I set my own credit limit? I have good credit and I only want a card with about a $2000 limit. |
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Answer:
Almost all major card issuers allow their customers to have a self-imposed credit limit, in other words - set a monthly spending cap. It means that if you have a $5,000 limit credit card but set a $250 monthly spending cap, you cannot actually spend more that the $250. Self-imposed credit limits come in handy in case the consumer is a big spender or the card is lost or stolen.If you're currently shopping for good credit offers which allow setting a spending cap, check the cards we've selected. Consider Capital One Platinum Prestige, an excellent/good credit card with a low interest on purchases and balance transfers. Blue from American Express is a lowest purchase APR card for excellent and good credit customers, which offers a profitable point rewards program. You can actually ask for a monthly spending cap, but make sure the company does not suspect that you do it out of insolvency. Discover More Card would also be a great deal as it allows saving on purchases and balance transfers with the 0% intro APRs. Its generous cash back rewards program is a nice addition to the competitive rates and fee. Remember, when setting a monthly spending cap on your credit limit, you actually lose the opportunity to take full advantage of the rewards programs. Also, a higher limit is always better than the lower. Your spending cap will be reflected as your credit limit actually, so you'll be treated as a low credit limit customer. Maybe, it's simply better to preserve the high limit and be more disciplined managing a credit card? You are welcome to apply for one of the good credit cards online. |
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