No Pre-set Limit" credit cards are a hoax?


Is there a catch with "No Pre-set Limit" credit cards?

Credit Cards
Credit Risk
Bo Chen
12 months ago

3 answers


They lure you in, so you feel like you have a lot of credit but then you continue to pay the interest, alomost forever.

Imane B
12 months ago
It the poor choice of people to be in this at the first place. Why would you apply if you dont need it? - Bo 12 months ago
People in need are not in a trap but reality. They want to ease out their credit worries. They should avail but carefully. - Hassan 11 months ago
Hassan Qudrat-Ullah, Well, Still if educated finacially, they will prefer to avoid it. It is in the fine print that people don't know and then fall into the trape.. - Imane 11 months ago

Just to attract cutomers and many be regretting it.

Hassan Qudrat-Ullah
12 months ago
But an astute customer can avail it by replacing the higher rate dept, why not? - Bo 12 months ago
It means clients' education abiut the implications of credts. - Imane 11 months ago

Credit card industry often takes advantage of those in need. There is no financial literacy or education available in our schools. We should empower and educate at early age preferably in schools.

Ali Qudrat
11 months ago
SO then it appears, edication of consumers is of prime importance. - Imane 11 months ago

Have some input?