How did you assess my credit limit?
Business Account: If you are a business customer, we may assign a credit limit based on the type of business you are, or by assessing your financial information.
Personal Account: Ruralco only offers Personal accounts upon special request. Before we can approve a Ruralco Credit Card for personal use, we are required under CCCFA (Credit Contracts and Consumer Finance Act) regulation to assess each customers suitability for this. We do this by reviewing your financial information and running an affordability check, based on your income and expenses. Credit Sense are a trusted partner who Ruralco are using to help with assessing customers financial information. Customers will provide 12 months’ worth of financial history, which Credit Sense pulls together into a summary report for Ruralco to review. This will help us to determine the credit limit we can offer you on your new Ruralco Card.
Can I change my credit limit?
You are able to apply to increase or decrease your credit limit at any time, we want to work with you to get the correct credit limit in place. Please note, any increases will be subject to an affordability assessment and credit checks, and also a suitability assessment for personal credit cards. To decrease your credit limit, you can do so at any time by letting us know what you would like to change this to. Please be aware that this does not guarantee that you will be approved for a higher limit again, if you wish to increase your limit at a later date. To apply for a credit limit increase or decrease, please contact us at membership@ruralco.co.nz
What happens if I go over my credit limit?
You will not be able to go over your credit limit when you swipe your card through a merchant’s EFTPOS terminal, so if the purchase exceeds your available limit, it will be declined. We will send you an SMS when you are within 80% of your credit limit, to minimise the potential for this to occur. However, there are some pre-defined circumstances that could cause you to go over your credit limit. If this happens and you are over your credit limit, you will not be able to purchase on your card until your total purchases are back within your credit limit. Any over limit amount is payable immediately.
Will spend on my Ruralco Mobilcard be counted towards the credit limit on my Ruralco Card?
Yes. Your credit limit is assigned to your account, not to each card.