Can a credit card lower my limit without notifying me?

So my credit card company said I was late on a payment. They lowered my credit limit but didn't tell me. I found out when I looked at the regular facts and figures on my credit card statement. Are they allowed to do that?|||Yes, credit card companies can do virtually whatever they want.





They can lower your credit limit and increase your APR without notifying you.





Read your cardholder agreement and any subsequent inserts added to your monthly statements.|||The recent downturn in the American economy, which has placed financial strain on banks and other lending institutions, has resulted in many credit granters trying to control their exposure to risk by cutting back on new lending and reducing or canceling the credit limits of existing customers on products such as credit cards and home equity loans. The New York Times ran a story in June, 2008, exploring the reasons behind these reductions; you can read this article by visiting http://www.nytimes.com/2008/06/21/busine鈥?/a>|||Yes they can. "Most banks are cutting their credit limits," says Carol Kaplan, spokeswoman for the American Bankers Association. "They're doing it to everyone."





Smaller credit lines spell trouble for consumers on several fronts. Lower credit limits shrink consumers' ability to spend. And should an emergency arise, consumers will have less credit to cover those costs. Consumers also could trigger penalties for going over a newly lower limit.|||Putting your new limit on your statement IS notifying you. Yes they can do it that way, don't need to send you a separate letter.|||They notified you on your statement.|||yes because it was in the small print of the application and the welcome packet you got