I have the HSBC Discover it has an option to order convenience checks for balance transfers. I hate this card they will not budge on a CLI had a $300 limit for almost a year, and payments and charges alike take forever to post.

What a mess. I just applied to get the JW DIscover card and transfer a balance, and got counter offered the Direct Rewards Discover through HSBC, keep in mind during the application online, I requested a balance transfer from my Macys Visa ($1100), yet when I checked the approval online for HSBC's discover card, it was a $500 credit limit. I wonder if they will send the card and honor the balance transfer "over" the limit or not even do the transfer at all. What a mess!!! Learn something new every day. Rockin35!

JW Discover? You mean the one with your initials? I always wondered who J L Webb was anyway LOL.

I didn't think the HSBC Direct Rewards had balance transfers? Do you think they will do a partial balance transfer and if there is a fee will they be sure to keep the bal xfer under $500 so you don't go over the CL? I would hope so. Let us know please, HSBC strikes again.

What a mess. I just applied to get the JW DIscover card and transfer a balance, and got counter offered the Direct Rewards Discover through HSBC, keep in mind during the application online, I requested a balance transfer from my Macys Visa ($1100), yet when I checked the approval online for HSBC's discover card, it was a $500 credit limit. I wonder if they will send the card and honor the balance transfer "over" the limit or not even do the transfer at all. What a mess!!! Learn something new every day. Rockin35!

Just saw this on "Smart Money" this morning, thought it was real interesting. People are struggling to pay balances that are way above the reduced credit line. Although such action is illegal, the real protection for consumers will not go into effect until July 2010. Of course HSBC and Amex is among the group of creditors doing this, yet they decline to comment on it. Please take a look at it, and comment as much as you want.
http://finance.yahoo.com/banking-budgeting/article/106716/How-to-Blow-Your-Credit-Limit-Without-Spending

some more good reading regarding the current subject]http://www.usatoday.com/money/perfi/credit/2009-03-05-economy-credit-scores_N.htm[/URL]

Thanks for the info smcc, that article really helped because I remember someone asking about their scores dropping if they decided to close some accounts. It also clarified a statement that I made in the past about having too much available credit, creditors will cut your limit and some will not approve you for new credit due to having too much available.

No problem dgon, that was a very nice (and valuable) thread you started. I am so happy that you made it over to this side:laugh:. This will make members think twice when they are about to travel outside the US with one or more of their credit cards. Thanks again!

SO you travel to US Territories, Well, Im form Guam how nice.

Anyways, thats how strange it is. For instance Guam is a US Territory, the residents pay taxes to Uncle Sam and follow most federal legislation. But when it comes to using credit on purchases made on Guam the companies usually refer to Guam as an "international" location. Who knows why, maybe because theres no sales tax, a way to extra money, excessive shipping charges, etc. Yet the local banks dont charge a fee other than transferring funds if done here in the US. So its no surprise that Total Visa doesnt allow you to charge in the territories, but for what reason????

Hello Meya. I almost caused my "secured" credit card to be affected, because I considered using my Total Visa Card outside the United States. Lucky me, I love to read the "extra tiny" print of the Cardholder's Agreement, and discovered that issue with the Total Visa Card.

Plains Commerce Bank confirmed that the Total Visa Card cannot be used outside the US, not even in US Territories like, Guam, Marshall Islands, Puerto Rico or the US Virgin Islands, and much less in foreign countries. Since my job requires me to travel frequently to the US Territories - and to quite a few foreign countries - I had no choice but to get a Visa Debit Card to use when traveling around the world.

I decided to check if other "secured" credit cards have the same limitation as the Total Visa Card. So far, all other secured cards seem to be excellent for use outside the USA.

Allow me to thank you for your review to my post regarding this subject ( https://www.financeglobe.com/Finance/review88-10146.php ), which I updated the a few minutes ago.

I followed your advise and opened a thread on the issue, which you can find here: https://www.financeglobe.com/SocialNet/forum/showthread.php?p=19272#post19272

Have a great day!

That's a great article regarding the CLD and account closing issues. What gets me is the comment about how not even banks understand how the FICO scoring system works. How can you be an underwriter issuing out loans and not know how to properly analyze the applicants file? It just goes to show you, that with banks its really a hit or miss with new applications.

some more good reading regarding the current subject:

http://www.usatoday.com/money/perfi/credit/2009-03-05-economy-credit-scores_N.htm

Me too

To Hjm331,.. your welcome I try to share things even when they embarass me!! LOL. As bad as I hate to get hit with CL decreases, I guess its just a sign of the times and more encouragement for me to become debt free.

And Colonative, I've read some of those articles, especially on the CNN.Money page, and even on NABE website (I'm a member there too). And your exactly right on what you stated on your last post. What it boils down to, is having the financial backings to secure these credit lines. So I guess AMEX is recouping for past, present, and future losses by making such decreases in the first place. This whole things a mess. Rockin35

Amen Sister! I hope it gets better soon

To Hjm331,.. your welcome I try to share things even when they embarass me!! LOL. As bad as I hate to get hit with CL decreases, I guess its just a sign of the times and more encouragement for me to become debt free.

And Colonative, I've read some of those articles, especially on the CNN.Money page, and even on NABE website (I'm a member there too). And your exactly right on what you stated on your last post. What it boils down to, is having the financial backings to secure these credit lines. So I guess AMEX is recouping for past, present, and future losses by making such decreases in the first place. This whole things a mess. Rockin35!

Hello,

I have 3 AMEX accounts, one is the Student American Express,Blue From American Express, and the Costco. I had this card since I graduated college 10 years ago, only had $700 limit then later moved to $1000 from 2 years ago. Here in the last year of 2008 I didn't use it but once back in February 2008.

I used it 2 weeks ago and spent $19.10. I logged in today to pay the account, and noticed the Credit Available was no longer $1000 but $480.90???? I paid the balance, waited 5 minutes, logged back in and sure enough the "available" limit was $500.

My TrueBlue ($1100) limit remains the same, and my Costco AMEX remains at $2000.

So I guess it is true they are slashing credit lines regardless of payment history, they are surely cutting limits where-ever they can cut the cost of monthly maintenance and for those that are not really using the product.

Rockin35!

I was reading about this on Wikipedia (not that it is always 100% correct), but it was interesting what they said about the CLD's. American Express, GEMB and Citibank don't have a huge deposit base (checking/savings/CD's etc) like other banks do (Chase, BofA etc). The banks with large deposit bases can turn around and lend that money out. Amex and Citi were selling bundled securities which included credit card balances and it was very lucrative until the housing bubble. So now Amex has found themselves not properly funded (because nobody is buying these securities)for credit lines. So, it sort of makes sense and also doesn't. Especially since you don't have a $20,000 credit line and they only touched one account. Who knows, but it does sound like it could be a reason. I just wish they would be a little more honest about it instead of coming up with all of these excuses. Just tell us, "we don't have the $ to lend right now and we have found it necessary to reduce credit limits."

Rockin35, thanks for sharing that with us.