Earth Plus Platinum - Credit Crisis? What credit Crisis!

[medhead]

Interesting - AmEx just did the same for me.

My experience with Earth is the reverse of everyone else here; an unusefully low credit limit that they weren't interested in increasing for me. Can't say as I'll be too sorry to close that account...

I had the $500 thing again with the Earth limit = total of other CC limits + $500. Massive

As I'd recently got a new ANZ visa, and AMEX which both doubled my existing limits and then got the earth, went from about $6000 in limits to $60,000 in a couple of months :shock:

 

[Deleted member 18152]

How about two unemployed eighteen year olds not only being approved instantly but receiving an $8,000 credit limit!

Albeit the primary card holder does have a substantial trust fund...

And we got rejected by Amex!

 

[significance]

When I got my first full-time job about 10 years ago, I asked NAB to upgrade my Visa from my student limit of $1000 to $5000. This would have been perfectly affordable for me, but they turned me down. So I applied to Westpac, who immediately offered me an Altitude gold card with a $20K limit. With no assets, this would have been enough to get me into serious financial straights quickly if I'd been the kind to spend it all. I accepted the card anyway. And of course they've sent regular offers to upgrade my credit limit since.

I suspect it's partly about encouraging me to spend more on their cards, but more about customer loyalty. If I already have a Westpac card with a very high credit limit, another bank is much less likely to accept an application to get one of their cards as well. And cancelling my Westpac card before applying to another bank would be a hassle, which makes me more likely to stay with Westpac.

 

[Diesellife]

I suspect it's partly about encouraging me to spend more on their cards, but more about customer loyalty. If I already have a Westpac card with a very high credit limit, another bank is much less likely to accept an application to get one of their cards as well. And cancelling my Westpac card before applying to another bank would be a hassle, which makes me more likely to stay with Westpac.

Well in contrast, the majority of the "good customers" (from the bank's perspective) are those who has a good credit history...Given that, they can easily to obtain credit with most of the competitors regardless how high your limit goes (as long as they manage it of course) and thus a higher limit does not necessary retain the customer loyalty.