I'm pretty sure they have to send you a letter letting you know that they reduced your line. If my memory serves me correctly (I used to work in credit cards), they have to notify you something like 45 days before they lower your line. You may have just missed the letter as it is often sent in an unmarked envelope. It is highly unlikely it was unannounced.
They can lower it at their discretion and don't need a reason to do so.
They aren't going to tell you in advance of lowering it. If you are actually a bad credit risk, then you would go out and run up all the "available credit" before the lowering date. I believe they are required to let you know that they have lowered your credit, but there is no obligation nor does it make sense for them to do it BEFORE they lower your credit.
No time notice required under any of my Chase agreements. Chase is NOTORIOUS for lowering the credit limt, then sending you the letter. It just happened to us while we were at Disney in May. I was planning on using my Disney Visa for our incidentals. Placed it on record. I wondered why I never got a receipt at check out, so I called and the desk said one would be emailed to me at home. Never got one, then I discovered that Chase had lowered my available credit from $10,000 to $100.00 on the 2nd day of my vacation. I didn't receive the letter notifying me of this until 10 days after we returned from vacation. Chase has done it repeatedly to my husband and I since 2008. They have done more harm to our credit rating than anything we have done. It angers me the most that they cut my ratio from 30% balance to 98% balance to limit, then use their actions to justify cutting the limit on another Chase card, which creates another ding on my credit. I didn't charge up the percentage; they changed it to my detriment.
DON'T USE CREDIT CARDS THERES A NEAT IDEA FOR YA.
DON'T USE CREDIT CARDS THERES A NEAT IDEA FOR YA.
Why would I stop using credit cards?? I've earned almost $1000 in Disney Dream rewards dollars in the last year, enough points on my SWA Visa to pay for our flights to WDW next month, and I haven't paid them one penny of interest. My debit card number gets compromised & I'm cleaned out and it's a huge PITA, whereas my Visas have $0 fraud liability.
Curious if any other Disney Chase Visa Card holders through Chase Bank recently experienced an unannounced credit line reduction.
As I went to book my Disney vacation for Late Sept into Oct I gave the agent my Disney Visa card number, only to find out it was declined. I knew I had $3500 worth of credit that should secure a one night reservation.
After securing the reservation with another card I called Disney Visa to find out that Chase had cut my credit line by $3000 with no notification. I was told I have to wait and call Monday morning.
Luckily I have other cards, but very disheartening to be shot down by Disney Visa while trying to book a Disney vacation.