According to a recent CardHub.com study, in the absence of a true credit limit, issuers report to credit bureaus either the highest balance reached with an NPSL card over a certain period of time or its revolving credit limit for the determination of credit utilization.

FORBES: The Pitfalls of No Pre-Set Spending Limit Credit Cards

"As a younger teen, I actually received a credit card and didn't know my spending limit and that kind of thing, so I maxed out the credit card and was penalized for it, and that's why I don't have one now, " Shaw said, explaining her previous troubles with credit.

CNN: College can be a crash course in debt

If your revolving credit limit is reported and your spending ends up surpassing it as a result of all the encouragement from your credit card company, your credit utilization will reach 100 percent.

FORBES: The Pitfalls of No Pre-Set Spending Limit Credit Cards

Money transfers outside Cyprus are prohibited, with a few very specific exceptions, and there is a limit of 5, 000 euros a month in credit or debit card purchases while abroad.

BBC: Cyprus banks to reopen on Thursday after bailout closure

Mortgage companies can cancel home equity lines of credit and credit card companies can reduce your credit limit.

FORBES: Ugly Truths about the Recession and How to Deal with Them

American Express, as well as Visa and MasterCard, are expectant of Federal Reserve regulation on credit card transactions which could limit their interchange fee, or their capacity to charge different fees to different vendors.

FORBES

But there are a number of steps that consumers can take to prevent and limit credit card fraud.

FORBES: Identity Theft: What You Need to Know

At the teller window a friendly lady informs you that, according to the extensively detailed profile of you on her computer, you are eligible for a credit card with a tall limit.

FORBES: Magazine Article