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Low Limit Credit Card


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#1 Silvaa

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Posted 12 July 2011 - 08:13 PM

We are looking to get a low limit credit card to use for online purchasing only and to connect to our paypal account so that if any security was breached there would be no connection to our usual money.

Hubby applied for a Virgin Credit Card and we got approved, but when it was approved it was approved for $10k! We were looking for $1000 at the most.

Anyone know of a bank/institution that has a low limit one?

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#2 ~AnA~

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Posted 12 July 2011 - 08:34 PM

Have you asked virgin to lower the credit? They can do this pretty easily.

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#3 beachgurl

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Posted 12 July 2011 - 08:46 PM

All of the majors will offer a low limit credit card. Of course they will offer you 5K or so but if you ask for a lower amount they will give it to you. One of my clients has a $500 limit with which bank.

#4 {Manda}

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Posted 13 July 2011 - 08:48 AM

Virgin should send you correspondence to confirm the new limit, and I believe there is a spot to accept a lower limit. At least that was how it was when I worked for a Bank. You don't have to accept the higher limit, you just say "no thanks, $1k will be fine".

#5 mango

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Posted 13 July 2011 - 09:08 AM

Its all well and good to take a lower limit card but I'm having alot of trouble with my bank letting me go over my limit atm. They keep telling me I can make my limit higher (but I don't want to) and so they keep letting me go over then they want to charge me fees for doing so. Ummmm no you are meant to refuse the transaction!

#6 claire_p

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Posted 13 July 2011 - 09:14 AM

I agree that you should be able to set the limit to whatever you like, so just call Virgin and tell them you only want a $1k limit. I also agree with Jazy that they usually let you go over your limit by a certain % and then you get an overlimit fee charged to it. So you may want to check with Virgin to see if they do this or you will have to keep an eye on it to make sure you never go over.
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#7 BeenTooLong

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Posted 13 July 2011 - 11:34 AM

I agree with the others. Once it is approved for any limit, you can call them and ask for it to be lower.

My credit card limit was $5000 while I was working, but when I stopped working I lowered the limit to $2000 with no questions asked.

I think some banks offer the higher limits and the card comes with perks - like points or a reward scheme.

#8 {Manda}

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Posted 13 July 2011 - 04:10 PM

QUOTE(Jazy84 @ Jul 13 2011, 09:08 AM) View Post

Its all well and good to take a lower limit card but I'm having alot of trouble with my bank letting me go over my limit atm. They keep telling me I can make my limit higher (but I don't want to) and so they keep letting me go over then they want to charge me fees for doing so. Ummmm no you are meant to refuse the transaction!


Banks just can't win! If they declined you'd be bitching and moaning that "it's only $20! @rseholes could have just let me go over". Accept personal responsibility and keep track of whether you are near your limit or not and don't go over! It's not really that hard. rolleyes.gif


#9 mango

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Posted 13 July 2011 - 07:27 PM

QUOTE({Manda} @ Jul 13 2011, 04:10 PM) View Post

Banks just can't win! If they declined you'd be bitching and moaning that "it's only $20! @rseholes could have just let me go over". Accept personal responsibility and keep track of whether you are near your limit or not and don't go over! It's not really that hard. rolleyes.gif

You have a limit for a reason!

I do take personal responsibility and know what is available on my card most of the time, all the time now. I would rather them decline it thankyou very much. I have choosen not to extend my credit for a reason! They have a responsibilty to not allow it, and I would have no right to bitch if they didn't allow it, if I don't have the funds then too bad so sad. rolleyes.gif

#10 Silvaa

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Posted 13 July 2011 - 09:41 PM

QUOTE({Manda} @ Jul 13 2011, 04:10 PM) View Post

Banks just can't win! If they declined you'd be bitching and moaning that "it's only $20! @rseholes could have just let me go over". Accept personal responsibility and keep track of whether you are near your limit or not and don't go over! It's not really that hard. rolleyes.gif


Woah, I didn't think this topic was that controversial that it required that sort of response! huh.gif

I have had that trouble too that I have been allowed to go over my limit, but then charged $25 a day that I was over and if you have more then one person using the card sometimes it is hard to keep track. If I got declined due to lack of funds even for $20 I wouldn't be ecstatically happy, but I would be glad that I had not gone over.

Probably ringing virgin is the best thing to do - hubby is into doing everything online so probably won't want to!

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#11 -Sophie-

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Posted 13 July 2011 - 10:12 PM

All banks are required to allow you to opt out of going over your limit - ask them (firmly) and they must comply. It will come with a clause saying it isn't fool-proof but your less likely to go over.

Virgin will easily drop your limit unless the particular card has a high minimum limit. I am surprised as you should be given the option of an upper limit when applying.
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#12 Silvaa

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Posted 14 July 2011 - 09:30 PM

Just a quick update, I ended up opening a separate account with our bank and joining a Visa Debit card to it and that's what I am going to use for online shopping and only have a small amount of money in there. Apparently lots of ppl are doing this.
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