I got approved for a $1500 credit limit with WayFair one year ago exactly. I was on a 12 month 0% financing deal and everything was going well until last month, I missed the payment by a few days.
It was the holidays, I didn't think anything of it because 1) this was my first late payment since I've had the card, and 2) I'm still under the 0% financing and had planned to pay off before the deadline. When I go to make the payment (2 weeks after the due date), my credit limit had decreased to $630! I was beyond shocked. As someone who's had several credit cards the past 18 years and currently has 10 of them (not the norm), i have NEVER had this happen.
So I call them to get an understanding of this and the rep is uncertain but states when I make the payment I can request my line to be reinstated. Okay great, problem solved or so I thought. I end up making the full payment before the deal ends and I request the credit line increase as mentioned by the rep. Mind you, I'm at a zero balance at this point.
Not only do they not increase my credit line back, but they reduce it even further from $630 to $100!!! I could not believe it! I have never been more upset about something I feel is so trivial.
If they don't give an explanation within the next week, I am definitely planning to close my account. I'd rather take the hit on my credit than to have an untrustworthy company to do business with like them.
Product or Service Mentioned: Wayfair Credit Card.
Reason of review: Problems with payment.