Credit Card Limit

[Diesel2005]

So how does it work if a credit card goes over the limit. Do you just pay a fee?

[Kobe]

It wont let u go over unless its interest that is accumulated on your balance

[Diesel2005]

Originally posted by Kobe
It wont let u go over unless its interest that is accumulated on your balance

i don't think thats true.

[Diesel2005]

oh by the way this is Mosaik BMO mastercard

[Disoblige]

http://credit.about.com/od/usingcreditcards/qt/creditlimitcost.htm

Charges apply I believe.

But just give a quick call to your bank and it'll give you the right answers :thumbsup:

EDIT: I also found this link:

http://creditcardinnews.blogspot.com/2009/07/bmo-mosaik-gold-air-miles-master-card.html

So for yours, it might be similar or higher?

[Recca168]

You're correct it's not true. If you go over your limit you'll get charged some BS fee. This happened to me years ago on my BMO mastercard when I had to pay for tutition. I ended up $10 over and i think i was charged $25. I was able to get them to credit back the fee though.

If figure if you purchase something and go too far over your limit though the transaction would just get denied.

[cancer man]

I believe it's 10% of what your limit is and service charges vary.

[Super_Geo]

Does going over affect your credit score at all? I think I heard somewhere that it does...

[adam c]

Originally posted by Super_Geo
Does going over affect your credit score at all? I think I heard somewhere that it does...

it does

[topmade]

If you have been paying off most of your balances and you know you are going to go over, you can always call them to see if they'll bump it up for you. If they say yes, it'll be done on the spot.

[cocoabrova]

Originally posted by adam c


it does
I think if you pay the balance out (or at least bring it below your limit) before the next billing cycle it doesn't affect your credit score....

[urban.one]

i dont think it does other than it will increase your credit utilization ratio. go to equifax or trans union and it explains the variables used in calculating credit score. theres no such thing such as a 25 point ding for going over your limit.


Originally posted by Super_Geo
Does going over affect your credit score at all? I think I heard somewhere that it does...

[prae]

visa charges me a $20 overlimit fee. I usually cant book one single transaction greater than my limit but if i do a couple of smaller ones, then they all post, accumulating a balance greater than the limit, thats when that fee kicks in.

I think visa's got $40 out of me that way haha. $2000 credit limit doesnt get you very far these days

[Zero102]

My wife has a BMO mastercard, one time she went over by ~$4 and they charged her a $25 over-limit fee and they also added interest to every other item bought that month instead of being interest-free for the first month. She called in and gave them shit and they waived the over-limit fee and interest costs, then changed her account so that they no longer let her go over the limit if she tries.

[Amysicle]

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