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Hey guys,
As someone who holds 3 Visa Signatures and 1 World Elite MasterCard I have noticed that these designations are highly sought after on these boards. But I rarely ever hear of anybody actually utilizing the flex-spend feature on their cards. I know I have never even been close to my limits let alone made use of the flex-spend feature. So, how many of you MyFico'ers have made use of their no preset spending limit on these cards and by how much did you go over your designated limit? Thanks!
Never have, and I don't plan on ever doing it in the future either.
It just seems like one of those features that the lender offers you, but they don't actaully want you to use it.
You know how it is, some lenders give you a big limit, then get upset when you use it Same with Balance Transfers and Cash Advances, depending upon the Lender.
I wonder how much they'd let you go over your CL? I'd never consider it, personally.
I've only ever heard of one story on here and it was around November of someone running up the card to the max of the flex-spend and it let them double their original limit before cutting the card off and shutting it down I believe. It was a Chase Freedom Visa Signature and the cardholder said he needed the money and it was more important to him than the possible repercussions with the bank. So I believe he was stuck with a card that was cancelled and a large bill. Now obviously he took huge advantage of it and even was pulling small amounts towards the end of the total transaction before it cut off entirely. I believe he said it stopped approving $5k increments so he tried a couple $1k pulls and it went through then finally stopped.
Edit: This was all in one day I believe.
I don't tend to even go above about 8 or 9% utilization on any of my cards before PIFing, so I certainly don't expect to exceed my limit.
I've never actually used any of the benefits of a Visa Sig or WMC/WEMC. I do like the Visa Sig better than the regular Visa though...but it's for one very silly reason: the logo's prettier.
My old Citi Dividend was a World MC with flex spend. The limit, at the time ,was $1200 and wanted to charge school on it for the semester. Total was $1500 and already had a small balance on it. It went through fine. I then went to TacoBell after the school was charged and it was declined. No double decker tacos for me .
@Credit_hawk wrote:Hey guys,
As someone who holds 3 Visa Signatures and 1 World Elite MasterCard I have noticed that these designations are highly sought after on these boards. But I rarely ever hear of anybody actually utilizing the flex-spend feature on their cards. I know I have never even been close to my limits let alone made use of the flex-spend feature. So, how many of you MyFico'ers have made use of their no preset spending limit on these cards and by how much did you go over your designated limit? Thanks!
In the past 10 years, I have used the flex spend feature of my WMC cards at least twice, but I didn't go over by too much if I'm remembering right, maybe about $100 - $200 or so?
I doubt there are many that use the feauture but this is a forum full of people who love credit cards. If you come out with a better/flashier/more exclusive card or program with nicer rewards/prettier card/flashier logo/additional benefits then you bet we will be all over it.
@Credit_hawk wrote:I've only ever heard of one story on here and it was around November of someone running up the card to the max of the flex-spend and it let them double their original limit before cutting the card off and shutting it down I believe. It was a Chase Freedom Visa Signature and the cardholder said he needed the money and it was more important to him than the possible repercussions with the bank. So I believe he was stuck with a card that was cancelled and a large bill. Now obviously he took huge advantage of it and even was pulling small amounts towards the end of the total transaction before it cut off entirely. I believe he said it stopped approving $5k increments so he tried a couple $1k pulls and it went through then finally stopped.
Edit: This was all in one day I believe.
LOL, thanks for mentioning this thread. I Googled and found it and it was insanely entertaining and fun to read. It took Herculean effort not to bump it and add my own thoughts at the end, but I thought it better to let sleeping threads lie. Definitely a great read though.