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CreditDrama85 wrote:
i received a call from capital one saying i could opt in or keep the option to go over my credit line for $19 fee instead of $39 fee. they said that if i did not opt in any charge over the credit line would be denied with the new law going into effect next year. has anyone else that has gotten the call been able to clarify how much you can go over your limit by? is it 10%? 20%?
Yes, others have gotten this call. You have to opt in so they can charge you an O/L fee, otherwise they cannot impose the fee under any circumstances. This is not an extension of your CL and I doubt it goes any further than one or two minor charges past the CL. It is just their way of "inviting" you to waive some of the consumer protections included in the Credit CARD Act of 2009.
The way I understand it is that if you "opt in", they will allow a charge that takes you over your credit limit to go through, and will impose a fee. If you "opt out", any charge that takes you over your limit will be declined.
I opted in, simply because in case of an emergency, I'd like to have the flexibility.
@QueenBean wrote:The way I understand it is that if you "opt in", they will allow a charge that takes you over your credit limit to go through, and will impose a fee. If you "opt out", any charge that takes you over your limit will be declined.
I opted in, simply because in case of an emergency, I'd like to have the flexibility.
You only have to opt in. The default situation is that no fee may be imposed for going overlimit. Many issuers have totally removed OL fees from the picture. (DFS mainly comes to mind.) The issuers that are calling you to get you to opt in are attempting to persuade you to give up your rights. They are not granting you the privilege of going OL. (Each charge you make will be individually scrutinized and approved/declined if it will make you go OL.) You are granting them the privilege of charging you a fee if their finance charges put you over your CL. If you do not opt in an issuer can never charge you an OL fee for any reason. Why give up a right in exchange for nothing?
@laz98 wrote:
& there's nothing to lose by opting in if you are responsible with your credit.
Yup. That's what the man always says when he asks you to give up your rights. Just say no!
@creditwherecreditisdue wrote:
There is nothing to be gained by opt in other than future headaches.
And the choir said AMEN!
@laz98 wrote:
& there's nothing to lose by opting in if you are responsible with your credit.
Some do not think about tomorrow. Some are addicted to credit cards and spending. Some find a need to shop because it's a sunny and warm day. Some need to relieve stress so they continue to shop. Unfortunately, that same 'some' continue to shop with credit and cannot repay in all back in one lump sum. Those "some" have everything to lose. They give up their rights and will continue to be succumb by the banks. The govt stepped in and it's time to stop the cycle. I'm just saying.