Charge card monthly spending limits
If you qualify for a Charge Card, we will set you a monthly spending limit.
This is the maximum amount that you can borrow and spend on the card in any one month. For example, if your card has a monthly limit of £2,000, then you can spend up to £2,000 in transactions on the card before you are unable to use it further in that same month.
Your monthly spending limit will reset itself on the monthly payment due date (which is always the 8th calendar day of the month), so if you have reached the monthly spending limit in any one month, the balance will be debited from your Island Gold Account on the next due date, and you will be able from that date to start using your card again.
In the month that your card is issued, the annual membership fee will reduce your available monthly spending limit in the first month and on each anniversary when the fee is debited from your card.
How we set your monthly spending limit
We will set your limit according to your circumstances, your account history, information we receive from credit reference agencies, and using any other information we think is relevant to assess your ability to repay the full amount on a monthly basis. How you meet the eligibility criteria for the Charge Card will also determine the monthly spending limit that we can offer.
If we change your monthly spending limit, we will tell you before we do so.
How will you know what your monthly spending limit is?
We will tell you your monthly spending limit when we confirm whether your application has been successful.
You can also use the Charge Card app or web portal to view your monthly spending limit and your available balance against the limit.
Allocating your monthly spending limit
If you are a sole account holder and you want only one Charge Card, you will simply be notified of your monthly spending limit.
If you require more than one Charge Card (for example, another card in a different currency), either as part of your initial application or subsequently, we will ask you how you wish your monthly spending limit to be allocated between your main and supplemental card(s).
If you have a joint account and you both want a Charge Card, and you are either
-
- meeting the product eligibility criteria by jointly held deposit balances, or
- only one of you is mandating your salary to the associated Island Gold Account
we will ask you to tell us how you wish your joint monthly spending limit to be allocated across your cards.
Can you amend your monthly spending limit?
If you wish to decrease your monthly limit for any reason, you can contact us to request this.
We may consider an increase in your spending limit if you request this, but we will be under no obligations to either consider or act on your request.
We may also, at our discretion, agree to amend your monthly spending limit on a temporary basis to enable a one-off exceptional transaction above your limit (for example, if you want to use your Charge Card to pay for a holiday). You must hold the required funds for the full transaction amount on your Island Gold Account before we will consider your request.
Please contact us if you need to consider changing your monthly spending limit.
