Secured credit cards An online exploration
Data shows that by the end of 2008, nearly half of banks decreased credit limits for current customers. American Express is currently incenting some customers it perceives as risky to pay off their balances and cancel their accounts in exchange for cash. For its customers who carry large outstanding balances, Chase raised the required minimum payment from 2 to 5 percent. Citigroup says it is decreasing credit limits to due to the current state of the economy. Many cardholders have found that their credit scores have taken a hit, as their debt to credit ratio has increased due to those lower credit limits.