What happens if you exceed the limit?
12-29-2012 11:01 AM
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?