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Credit card limits 'could be reduced before Christmas'

Lenders are expected to reduce limits for credit card holders as Christmas approaches, it has been reported.

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7 October 2009

Credit card limits 'could be reduced before Christmas'”

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According to the Credit Conditions Survey by the Bank of England, lenders will also put stricter limits on who they will lend money to in the run up to the festive period.

A senior economist at the Royal Institution of Chartered Surveyors, Oliver Gilmartin, told the Daily Telegraph: "The survey is yet to signal any significant improvements in the availability of credit to households."

The report also revealed credit availability for businesses has improved during the third quarter of this year and is expected to improve further in the next three months.

Default rates on unsecured credit such as on consumer loans, overdrafts and credit cards increased over the same period in line with the bank's expectations.

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Credit Cards	0% Balance Transfers	0% Purchases	APR Representative (Variable)
	Tesco ClubCard Credit Card
	9 months	15 months	16.9^%
16.9% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.9% p.a(variable).
	Virgin Credit Card
	20 months	3 months	16.8^%
16.8% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.8% p.a(variable).
	Barclaycard Platinum with BT
	22 months	3 months	17.5^%
17.5% APR representative (variable). Based on a credit limit of 1200 and purchase rate 17.5% p.a(variable).
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