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Should I set a spending cap or decrease my limit?

See all Credit cards FAQs

Last updated 28 September 2017


Setting a spending cap can be useful as a temporary restriction on your spending – if, for example, you’d like to cap your spending for a night out or while you’re travelling. It can also come in handy for reducing the amount that could be spent on your card should it be stolen or misplaced. Keep in mind that if you’ve set your cap below your account balance, you won’t be able to make new purchases. Direct debits, BPAY® and scheduled payments will still go through.

Decreasing your card’s limit permanently may be helpful if, for example, you’re applying for new credit (perhaps a home loan or personal loan) and wish to present lower credit levels you hold to potential lenders. Remember that once you’ve completed a credit limit decrease you will need to apply to increase your limit again.

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