Contributor
kekrre
Posts: 91
Registered: ‎10-31-2012
Re: What happens if you exceed the limit?

jsickz32 wrote:
Ive been charged over limit fee on my back then bofa student plat. My card was near maxed and got charged interest and that put me over the limit. However i once tried to charge something that would of put me over the limit and the card was denied. All this was back in 09 when i was 18.

A few years ago (I'm not sure when), BoA got rid of all over limit fees (at least, I'm pretty sure I received a mailing to that effect). I know because I floated myself about $100 over my limit during a rough patch. My experience was (similar to a flex spend card, I think) if I was under my limit, any charge would be approved, even if that charge brought me above (e.g. buying $50 of gas with $5 in available credit). My high balance was reported accurately, as exceeding my CL. Presumably, this wouldn't matter (as much, if at all?) if the "account type" was "flexible spending credit card" rather than "revolving credit card".

 

But BoA has always been very nice to me for some reason. My rate is prime + 3.99% (so 7.24% right now) on my BoA 1-2-3 Cash Rewards card (current offer seems to be 12.99%), Cash Advance/BT APR is reasonably low (14.24% - compare to 9.9% (!) on my USAA MC). They never reported me for being late during same said rough patch, although I was, and comped me a $19.99 SafePass card. I also have a couple of 0% APR cash advances, 0% APR BTs, and 1.99% APR versions of the same extending about 18 months from now (about 6 months left on the 0% offers, 1 year of the 1.99% rates thereafter).