Uninformed Consent

So I got this letter from my credit card company yesterday:


Click photo to embiggenate

Since I’m so awesome at paying my credit card off every month, they want to up my credit limit. Now, based on new laws, they can’t just jack up the limit without you noticing anymore; they have to ask your permission and if you don’t respond, they have to take that as a “no, don’t increase my credit limit” – both of which are definitely a good things. But what I find troubling is that if I fill out this form and sign it, it would be my “approval to accept this credit limit increase offer.” This credit limit increase of an unspecified amount!

I’m assuming that their argument would be that they need the updated information on my income to know how much they are going to increase my credit limit by, but if that’s the case, then I think they should ask for that information first and then tell me how much they want to up my credit limit before asking me to consent to the increase. I mean, I thought that the point of the law requiring credit card companies to ask people’s permission before upping their credit limit was to prevent credit card companies from increasing limits beyond what people can really afford without their knowledge. To me, asking for my approval to “accept” a credit limit increase of some unspecified amount does not fit within the spirit of this law.

Am I off-base on this?

Comments |2|

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  • You are so totally not off-base on this.. it’s ridiculous. Before the law, they raised my credit limit all the time without getting updated info from me so this is obviously a ploy to get people to agree to whatever increase they feel like giving. How unfortunate it’s from Vancity. *sigh*

    In related news, you needed to obscure their fax number? o_O


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