First National Bank Omaha removed Revolving No Pre-set Credit Limits

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Replied by FrankN on topic No Pre-set credit limits

Yes, if you have a great credit score, a lot of them will allow you to set your own limits. Again its on the user to determine what the appropriate spend is and you should never spend the limit just because.
2 years 10 months ago #1

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Replied by FrugalFran on topic No Pre-set credit limits

Breakinger wrote: I've never heard of such a thing. Were they going to allow you to pick your own spending limit? I could see a lot of people getting into trouble with that one. I think maybe someone got confused when they were writing out the terms to this card. Don't you?


This is the way AmEx operated for many years. I think they still have a card that doesn't have a pre-set spending limit, but nowadays they also offer a variety of other cards that probably do.
2 years 11 months ago #2

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Replied by Wanderer on topic No Pre-set credit limits

FNBO eliminated ALL "no preset" spending limits (flexible spending) on all credit cards effective to August 1, 2015. They stated it was a business decision and the wanted eliminate the risk. Visa & Master Card eliminated the requirement that Visa Signature, Master Card World & World Elite no longer had to provide "no preset" spending limits. Also the requirement to have a minimum credit line of $5,000 if the lender was to offer "no preset" spending was eliminated. Times are changing.
2 years 11 months ago #3

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Replied by Breakinger on topic No Pre-set credit limits

I've never heard of such a thing. Were they going to allow you to pick your own spending limit? I could see a lot of people getting into trouble with that one. I think maybe someone got confused when they were writing out the terms to this card. Don't you?
2 years 11 months ago #4

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was created by Wanderer

Shock and awe! FNBO Omaha notices me on my current monthly statement that they are rewording the "No preset spending limit" language (the new language follows):

1. We are deleting the "Revolving Credit Limit/Authorizations" section of your Cardmember Agreement and replacing it with the following]CREDIT LIMIT/AUTHORIZATIONS][/I]We determine the overall credit limit for your account which will be shown on your monthly statement. You agree not to let your balance exceed your credit limit. If it does, you agree to make a payment that brings your balance within your credit limit. Any joint account owner may request a credit limit increase. We may adjust your credit limit and the amount of credit available for balance transfers and cash advances. We may decline any transaction without liability. To protect both you and us from fraud, risk, loss or unauthorized charges, we may limit credit availability.

2. We are deleting the first sentence of the "Balance Transfers" section of your Cardmember Agreement and replacing it with the following]
4 years 2 months ago #5

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