A user on TikTok is calling out Chase Bank after they increased her credit limit, a move she describes as “predatory.”
TikTok user Brittney Reynolds (@brit_reynolds) had previously sparked discussion after discussing issues with Wells Fargo. Now, Reynolds says that Chase increased her credit limit on one card from $23,200 to $26,700, pushing her total overall credit limit to $43,000.
“This is so f*cking predatory because they act like they just did you a service,” she says in a video with over 438,000 views as of Saturday. “They’re like, ‘Oh my god, you have so much extra money now.’”
Not only does she call these high credit limits “unnecessary,” but she alleges that the bank only began raising her credit limit after she paid off a substantial amount of credit card debt. The bank, she theorizes, is trying to draw her back into spending money and accruing interest by raising her credit limit.
“They, like, literally love people who are in debt, because they’re making so much money from us,” she explains. “That is why my credit limit is so high—because I was always maxing out my cards and making my payments on time.”
“CREDIT CARD COMPANIES ARE NOT ON YOUR SIDE,” she declared in the caption.
In the comments section, some users stated that, even if this could be considered a predatory move, there may be benefits to having a higher credit limit.
“It will make your credit score better though at least,” said a user. This may be true, as having a higher limit with the same amount of purchases lowers utilization; this is a factor in calculating credit scores.
@brit_reynolds CREDIT CARD COMPANIES ARE NOT ON YOUR SIDE #debtpayoff #debtfreejourney #creditcarddebt #creditcard #greenscreen ♬ original sound – Brittney Reynolds
That said, many shared similar complaints to Reynolds.
“They can increase it without your approval?” questioned a user.
“My credit limit is literally 80K for no reason. They always trying to make me spend more smh,” added another.
“My husband hates it when they do that!” exclaimed a third. “He’s not responsible enough to not almost max it out.”
“They always do this when they see you making progress with paying it off!!!!! Evil!!” shared a further TikToker.
The Daily Dot reached out to Reynolds and Chase via email.
Update 10:49am CT, Jan. 20, 2023:
In an email to the Daily Dot, Reynolds elaborated on the points she made in her video.
“I described the credit limit increase as predatory because big banks make money from people who have high credit limits,” she wrote. “For someone who is already in debt, a credit limit increase can often mean more debt and higher monthly interest charges. I know it varies per person, but most of the time they don’t ask you if you want a credit increase.”
Reynolds continued by noting that she’s currently on her own debt repayment journey.
“I’m in the process of paying off my credit cards and the interest charges are outrageous,” she detailed. “I’m lucky that I have the means to cover them, but a lot of people don’t.”
