Posts: 3,367
Registered: ‎10-19-2012
What happens if you exceed the limit?

I have several questions:


1. If you go over the limit on a credit card and maintain the excess through the statement cut date, is the over-the-limit balance reported to the CRA's, assuming the card is not a Visa Signature?

2. Do creditors charge you for exceeding the limit? I think I read somewhere that if a creditor approves a payment that pushes the balance over the limit, the creditor has to either notify the card user of any penalty fee before approving or not charge a penalty fee at all. Is this correct? 

3. What types of cards do not allow users to exceed the limit?

4. Are there other meaningful questions I couldn't think of?