This was a surprise because I didn’t ask for it. To be honest, when I saw the envelope, my first thought was, “Oh, geez. This must be a notification of a new and outrageously creative fee.” Yes, I’m a tad cynical these days.
Now, to be clear, I received a limit increase on a card that I pay in full every month. So it could be that the issuer feels there’s little risk involved in giving a limit increase to a customer who doesn’t carry a balance.
But, hey, it wasn’t too long ago that even the best cardholders were getting their limits slashed. So I’m hoping this is a sign that credit is loosening up a little out there. If so, perhaps others will get a surprise in the mail. And if you don’t spend up to your new limit, a credit limit increase can lower your revolving credit utilization ratio, a concept you can learn more about in this Credit Card Q&A.
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Image: Sarah_Ackerman, via Flickr.com