X1 card bye bye

[Jnbmom]

I have had this  for awhile uses run around 1K on always pay in full . 10K SL never moved , got an email they cut my limit to 5K .

I decided to close have other better cards . Closed for  Not utilizing my credit limit .

[alocksley]

Their loss

[Hipployta]

I got the same email. They cut from $20k to $10k. I too am considering closing it.

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@Jnbmom wrote:

I have had this  for awhile uses run around 1K on always pay in full . 10K SL never moved , got an email they cut my limit to 5K .

I decided to close have other better cards . Closed for  Not utilizing my credit limit .

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[CreditCuriosity]

Funny that was their selling point of card when launched big credit lilnes and they started to slash them a year or two ago and continue.   Not many person can use a huge CL every month .  X1 kinda imho ended up being a joke at the end cool concepts with it such as virutal cards etc.  Just like 95% of fintechs they sell or go under in time.  RIP Blispay.

[Anonymous]

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@alocksley wrote:

Their loss

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In what way?   Probably a sound financial decision by them, perhaps allocating that limit to those that use the card

[odd_dog]

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@Anonymous wrote:

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@alocksley wrote:

Their loss

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In what way?   Probably a sound financial decision by them, perhaps allocating that limit to those that use the card

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Maybe since they actually USED the card for 1K monthly and paid the balance....not late, no pay, careless spend??? Stuff like that? Just guessing here... I would think "a sound financial decision by them" would have been to give LOW credit lines in the first place and see how the customer spends, actually, this seems so............back peddle.......

OP I dumped my X1 awhile ago, not because of CLD....but because the rewards were lackluster at best.....

[Anonymous]

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@odd_dog wrote:

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@Anonymous wrote:

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@alocksley wrote:

Their loss

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In what way?   Probably a sound financial decision by them, perhaps allocating that limit to those that use the card

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Maybe since they actually USED the card for 1K monthly and paid the balance....not late, no pay, careless spend??? Stuff like that? Just guessing here... I would think "a sound financial decision by them" would have been to give LOW credit lines in the first place and see how the customer spends, actually, this seems so............back peddle.......

OP I dumped my X1 awhile ago, not because of CLD....but because the rewards were lackluster at best.....

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And how significant a loss do you imagine that to be for an issuer.   It's not as if THEY are getting the $1000 a month, maybe $10-20, minus any costs of rewards, customer maintenance etc and the risk of a default.   They can now give some of the credit to a more active user.

I agree that a sensible approach would be to start with lower CLs but think how that plays here!   Loads of questions each month about who provides the highest SLs and cards being panned for lenders being mean.   But the key point is that CLs aren't just "free" to the issuers, they have to have reserves against some portion of them, it's not just credit risks that prevent them giving everyone $100K.   So, from time to time, we see issuers wanting significant use.

[Jnbmom]

Thanks all . Yes I understand their reasoning and they understand mine .

[Janneman]

I have this card for the last 3 years with $41k limit and never charged more than $10 on it...I guess next I would be for sure....My mom had the card with $35k limit which they canceled an month and half ago for non-use...even though my mom used the card but not more than $30...I understand but I have too many more rewarding cards to use than this one....I am sure my card would be either closed out or they would reduce its limit...Oh well...

[cashorcharge]

Welcome to the Club!  I closed it as well when I got CLD and then just asked for CLI's on other accounts to make up the difference.