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FIs to either:

(a) ask borrowers what their preferred credit limits are; or

(b) obtain borrowers’ consent for the amounts of the credit limits to be granted.

What is the purpose of this rule?

This rule enables a borrower to request a credit limit that he is comfortable with when he is applying for a new credit card or unsecured credit facility, or when asking for a credit limit increase. Some borrowers have given feedback that they would prefer to have lower credit limits to better control their expenditure or for security reasons.

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