Credit Card Limit: Going over for a purchase, need some info

[vps]

Hey guys, I tried searching around and couldn't find any definite answers, so I'm just seeing if anyone knows this:

The situation is that I'm looking to make a large purchase and the total would be a bit higher than my limit ~$1500. I just want to put it on my credit card because I got that 2% money back feature and was wondering if I transfer an extra $1500 to my credit card prior to the purchase, would that work? And also would there be any extra fees?

Thanks

[dj_rice]

You can call your credit card company and ask for ur limit to be raised just for that day or a certain time limit so you can make a purchase, but they will review your card and previous purchase history and make a decision

[dirtsniffer]

when i over pay it says i have more than my limit available. But you might also have daily limits or something, phoning your bank would be the best bet.
I would say that the place only takes cash or credit or something like that. the bank might be so caring if they know you're doing it for the rebate

[2002civic]

some credit cards can charge you a fee for going over the limit so I would check first

[brown911]

Not too long ago I was purchasing airplane tickets, and they were about 50$ over my limit. I phoned the bank to raise my limit, but the rule was that since I owned my card for less than 6 months they would not be able to do so (this is CIBC).

What the lady on the phone said I could do is, make an over-payment so my available funds would be higher than my limit, then buy my airplane tickets, and I would be fine. She also said to pay it off immediately or at least cover the "overage" right away with another payment.

I didn't, and the very next day at 9 am i got a call from CIBC visa services, then at 3pm i got another one, and i was like ok ill just pay it right now.

Its fine to do it, but they will hound you if you dont pay pretty much instantly.

[Grogador]

Scotiabank dinged me $20 or $25 for going over, but it was their stupid fault so I got it back eventually...

[TC2002]

My husband I and decided to pay for our wedding banquet on our VISA to collect points out of it, and it was WAY beyond our usual limit on our card. I called VISA, talked to security to let them know about the big purchase. They put a note on my file so that the transaction would go through (I was specific with the restaurant name, amount and time when I would be making the transaction...approximately). I also told them to transfer the amount that I was about to put on my card from my bank (TD/TD VISA) and it was no problem at all. No holding period either for transferring the funds, and no extra fees. They actually gave me a $50 credit in points too because they put me on hold for a while.

[trieuth]

just overpay your account, if you have a 1500 dollar limit, overpay by 1500, your balance will be -1500. then you will have 3000 on your credit card to work with

[The Wanderer]

depending on the cc, if you overpay your account they will actually freeze the account due to potential fraud. I know, when I worked customer service for a cc compnmay it was done regularly (admitedly this was ages ago)

call yuor cc and find out there suggestions

[C_Dave45]

Originally posted by The Wanderer
depending on the cc, if you overpay your account they will actually freeze the account due to potential fraud. I know, when I worked customer service for a cc compnmay it was done regularly (admitedly this was ages ago)

call yuor cc and find out there suggestions

^This. Call them first. If they see an overpayment they call it "suspicious activity". I did this with my Visa when we were on our anniversary. I just made an overpayment of a couple of grand, checked into the hotel, then we went out for dinner. My card was frozen and when we got back to our room, "key" wouldn't work, as the Hotel also was denied. Took a few phone calls to get it straightened out.

[vps]

Ok thanks for the answers guys and just one more question, should I call my bank or Visa?

[gqmw]

Call your visa...I'm sure people just assumed you got your visa from the same bank that you hold your bank account.

[TC2002]

Originally posted by vps
Ok thanks for the answers guys and just one more question, should I call my bank or Visa?

Call Visa and make sure you talk to security at some point.

[jemmyfoster]

Give them a call, and tell them the problem.

[ReasonOne]

Just curious.

Doesn't your credit rating/credit score take a hit every time your card exceeds the limit?

According to the FCAC it does.

http://www.fcac-acfc.gc.ca/eng/publi...istory-eng.asp

[Awd-Tsi]

Mine won't even go over 2000 it will say reached limit.

[cam_wmh]

I'll throw in my $0.02
This just happened a few days ago.

I had to make a large purchase that was substantially more than my limit. I called VISA, and asked if I should transfer funds to my credit card to give it a negative balance, and use have the entire allocated funds on the card to make the purchase.

They representative said that the portion of purchase that was not part of my credit limit, would not be covered by VISA's payment protection. That was a smaller concern than I needed it raised immediately.

So she put me on hold, and came back and it was raised, in real time.

[Cos]

Also if you transfer money onto the card it wont show up right away. So if you need it sooner rather than later you would be better off calling.

[t-im]

Just a question (out of curiosity)..instead of what some posters have done in the past (trying to overpay a cc in order to have a higher limit), or requesting a temporary raise in your limit..

What's wrong with just having a higher limit in general, to avoid these kind of circumstances?

[Cos]

Originally posted by t-im
Just a question (out of curiosity)..instead of what some posters have done in the past (trying to overpay a cc in order to have a higher limit), or requesting a temporary raise in your limit..

What's wrong with just having a higher limit in general, to avoid these kind of circumstances?

I have never had to do it personally, I have about 20k on one card and 15k on another so it has never been a problem. I think the biggest I have ever had on the card is about 5k so why they keep bumping it I dont know.


Only thing I can see is that the average age of some members is around 16 - 20 and my cards back then were 500 to maybe 1000 limit you would have to do some fiddling to buy something over this.