I recently made some charges to my Citicards account after checking by phone that I had enough credit in my account. I had around $600 of credit left on the card, and I charged around $150. That was June 27th. On July 11th I got a call from Citicards informing me that my account was over the limit and that if I didn't pay $125.00 immediately I would be in default.
I had just paid my bill the week before, and there was no problem. I checked my account and found out that they had lowered my credit limit by $650.00. This was just done, as the credit limit was not lowered when I made the charges. Also, this was after they OK'd and paid the charges made to my credit card. Now I am over the limit. I wouldn't have made the charges if I had known they were going to lower my credit limit! How can they legally do this?
I made the transactions in good faith, and they pulled the rug out from under me! Are there no rules to protect consumers from rip-off companies like Citicards? I paid the $125.00 they demanded over the phone. They could lower my credit limit in the future and say I'm over the limit every month if they want. Is this legal? If anyone knows what to do or has any advice, please help me. I feel like cornered prey about to be consumed by a big, crooked, rip-off Citicards monster!
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