Credit Card companies lowering limits to below current balances

[Greebo]

Thank you for posting that. As you said, without having the actual terms in front of us, this has all been a hypothetical discussion.

I do agree that P4 says "We can lower your credit limit, even on a whim", but only because the agreement says "we may reduce your credit limit from time to time with good cause" and "Good cause includes ... our adverse reevaluation of your creditworthiness".

Since how creditworthiness is not defined in the terms as far as I can tell (from a quick scan), it is a meaningless term that translates to "our whim".

I should have known the lawyers for the CC's would have that covered...

[prosperity]

Thank you for posting that. As you said, without having the actual terms in front of us, this has all been a hypothetical discussion.

I do agree that P4 says "We can lower your credit limit, even on a whim", but only because the agreement says "we may reduce your credit limit from time to time with good cause" and "Good cause includes ... our adverse reevaluation of your creditworthiness".

Since how creditworthiness is not defined in the terms as far as I can tell (from a quick scan), it is a meaningless term that translates to "our whim".

I should have known the lawyers for the CC's would have that covered...

It's called a unilateral contract. They're not new. One party must adhere to the terms of the contract while the other party may adhere to the terms of the contract. The difference is that one party can break or alter the contract with no adverse legal effects while the other party cannot. Both parties agree to those terms beforehand though. Is that what you are upset about?

All insurance contracts are unilateral contracts, but unilateral in the other way. But no one bitches when the shoe is on the other foot. Sheesh.