topic Re: Capitol One now offering confirm your purchase power feature? in Credit Cards

Capital One- checking purchasing power before large purchase

delaney1 — Sat, 10 Dec 2022 20:37:47 GMT

I noticed the other day that I could check my purchasing power on my Savor. I understand why charge cards offer this feature. Capital One is pretty easy going with letting charges through, interesting that they are now offering this feature. I guess it would be useful if you want to go over your limit, and don't want to have to pay down the balance first. I did check by putting in an amount that took me over my credit limit, and it approved me.

Re: Capital One- checking purchasing power before large purchase

Anonymalous — Sat, 10 Dec 2022 17:46:30 GMT

That could have been useful this holiday season. I like using my Quicksilver's virtual cards for online purchases, and I kept bumping up against my toy limit despite paying it off a couple times a month. But I definitely don't see that feature on my Quicksilver.

Re: Capital One- checking purchasing power before large purchase

Jnbmom — Sat, 10 Dec 2022 17:56:34 GMT

Maybe I am missing something here it's a credit card with a set limit, so they will allow you to see if you can go over your limit then charge you a feee if you do?

Re: Capital One- checking purchasing power before large purchase

Anonymous — Sat, 10 Dec 2022 18:05:52 GMT

my capital one savor is a flexible spending credit card(as is my Chase freedom flex) so I know I can go over the limit on those 2 cards. I haven't tried either card. I think a fee might involve but I never read too much into it.

Re: Capital One- checking purchasing power before large purchase

OmarGB9 — Sat, 10 Dec 2022 18:07:12 GMT

@Jnbmom wrote:
Maybe I am missing something here it's a credit card with a set limit, so they will allow you to see if you can go over your limit then charge you a feee if you do?

Capital One doesn't charge over limit fees.

OP, that's a cool feature I guess. I don't think I've seen it on my QS.

Re: Capital One- checking purchasing power before large purchase

Anonymalous — Sat, 10 Dec 2022 20:39:48 GMT

@Jnbmom wrote:
Maybe I am missing something here it's a credit card with a set limit, so they will allow you to see if you can go over your limit then charge you a feee if you do?

Not exactly. See below for what I see when I go into "Overlimit Preferences", and then choose "Learn More". Because of concerns like yours, I've currently got it turned off, which is probably why I don't see the option @delaney1 posted.

Re: Capital One- checking purchasing power before large purchase

OmarGB9 — Sat, 10 Dec 2022 20:41:24 GMT

@Anonymalous wrote:
@Jnbmom wrote:
Maybe I am missing something here it's a credit card with a set limit, so they will allow you to see if you can go over your limit then charge you a feee if you do?
Not exactly. See below for what I see when I go into "Overlimit Preferences", and then choose "Learn More". Because of concerns like yours, I've currently got it turned off, which is probably why I don't see the option @delaney1 posted.

But the second bullet clearly states they won't charge an overlimit fee.

Re: Capital One- checking purchasing power before large purchase

Anonymalous — Sat, 10 Dec 2022 18:14:32 GMT

@OmarGB9 wrote:
But the second bullet clearly states they won't charge an overlimit fee.

Yes, that's the point I was making. @Jnbmom said they charged a fee, and I posted a pic showing they do not. I have it turned off because I'm not sure if there are other implications or traps, like with overdraft protection on deposit accounts. It could be a positive feature, or it could be something where they tell the literal truth (that they won't charge an overdraft fee), but don't mention other negative consequences.

In general, I'd like to know more about how it works.

Re: Capital One- checking purchasing power before large purchase

Jnbmom — Sat, 10 Dec 2022 18:15:29 GMT

@OmarGB9 Thank you . I guess I am old school . Showing my age 🤣

Re: Capital One- checking purchasing power before large purchase

OmarGB9 — Sat, 10 Dec 2022 18:31:36 GMT

@Jnbmom wrote:
@OmarGB9 Thank you . I guess I am old school . Showing my age 🤣

No problem! I believe in the past they did charge overlimit fees, so that may be where the confusion stems from.

Re: Capital One- checking purchasing power before large purchase

delaney1 — Sat, 10 Dec 2022 18:43:22 GMT

@Anonymalous wrote:
That could have been useful this holiday season. I like using my Quicksilver's virtual cards for online purchases, and I kept bumping up against my toy limit despite paying it off a couple times a month. But I definitely don't see that feature on my Quicksilver.

So far this feature just appears on my Savor. I don't have this offfer on my QS either.

Re: Capital One- checking purchasing power before large purchase

OmarGB9 — Sat, 10 Dec 2022 18:46:13 GMT

@delaney1 wrote:
@Anonymalous wrote:
That could have been useful this holiday season. I like using my Quicksilver's virtual cards for online purchases, and I kept bumping up against my toy limit despite paying it off a couple times a month. But I definitely don't see that feature on my Quicksilver.

So far this feature just appears on my Savor. I don't have this offfer on my QS either.

I wonder if we could get other Savor cardholders to check and see if they have this as well.

Re: Capital One- checking purchasing power before large purchase

Anonymalous — Sat, 10 Dec 2022 19:08:51 GMT

@delaney1 wrote:
@Anonymalous wrote:
That could have been useful this holiday season. I like using my Quicksilver's virtual cards for online purchases, and I kept bumping up against my toy limit despite paying it off a couple times a month. But I definitely don't see that feature on my Quicksilver.

So far this feature just appears on my Savor. I don't have this offfer on my QS either.

Interesting. Do you have "Allow Overlimit Preferences" turned on for both cards?

Re: Capital One- checking purchasing power before large purchase

delaney1 — Sat, 10 Dec 2022 19:50:01 GMT

@Anonymalous wrote:
@delaney1 wrote:
@Anonymalous wrote:
That could have been useful this holiday season. I like using my Quicksilver's virtual cards for online purchases, and I kept bumping up against my toy limit despite paying it off a couple times a month. But I definitely don't see that feature on my Quicksilver.

So far this feature just appears on my Savor. I don't have this offfer on my QS either.
Interesting. Do you have "Allow Overlimit Preferences" turned on for both cards?

Yes, I do.

Re: Capital One- checking purchasing power before large purchase

IaBoy62 — Sun, 11 Dec 2022 08:48:05 GMT

Well, I just checked my Savor One MC....I have over limit charges turned on and my limit is $5000 with zero balance and it approved me to spend $6000 today!!

Re: Capital One- checking purchasing power before large purchase

BronzeTrader — Sun, 11 Dec 2022 13:39:30 GMT

Even if you could go over the CL without fee charged. The question is that, should you go beyong the credit limit?

The limit is set for a reason. The CC bank may not charge the fee. But I just do not think CC bank considers that to be a positive thing to go over limit.

Just my two cents.

Re: Capital One- checking purchasing power before large purchase

OmarGB9 — Thu, 15 Dec 2022 05:43:01 GMT

@BronzeTrader wrote:
Even if you could go over the CL without fee charged. The question is that, should you go beyong the credit limit?

The limit is set for a reason. The CC bank may not charge the fee. But I just do not think CC bank considers that to be a positive thing to go over limit.

Just my two cents.

As long as you bring it down below the limit before statement cuts (ideally way down, if not to zero, then at least below 50% or something), or at least bring it back below the limit + make at least the minimum payment as required, what's the issue?

Also, some banks such as Chase have "flexible spending limit" credit cards, meaning they regularly and automatically allow you to go over the limit, if you want, and their cards are purposely designed to allow for that. As long as you don't stay over the limit after your statement close, they don't seem to mind.

Re: Capital One- checking purchasing power before large purchase

Horseshoez — Sun, 11 Dec 2022 15:53:32 GMT

Interesting screen shot @delaney1; I have both a Quicksilver (two years old) and a Savor One (new), both cards have the "Allow over-limit purchases?" enabled and yet I've never seen the "Planning a large purchase?" link.

One datapoint which may be helpful for this thread is something I inadvertantly did last summer:

Until today I was completely unaware of the "Allow over-limit purchases?" feature of my two CapOne cards (so thanks for starting this thread).
One day this last June I set to work on booking a UK and Icelandic vacation for my wife and me and forgot to check my current balances before starting.
I booked the airfare and one hotel on my Quicksilver card and then attempted to book a second hotel when my card was declined.
I checked the CapOne web site and I was like, "Yikes! I'm several hundred dollars over my limit!"
I immediately scheduled a payment to pay the card in full, and then booked the additional hotels (and other stuff like car rentals and such) on a different card.
The day after my payment was posted to my Quicksilver card I requested a CLI and was granted a 50% bump on my limit.

Re: Capital One- checking purchasing power before large purchase

C6 — Sun, 11 Dec 2022 15:58:41 GMT

My Venture cards were always Flexible Spending cards. I have a limit of 25K and one month I need to charge 30K, as long as I pay down the excess 5k with the next statement Capital One and I are both good. At least with Capital One I always know I have at least 25K and maybe quite a bit more if needed. It sure beats flying by the seat of One's pants with Amex never knowing what they might approve or decline.

Re: Capital One- checking purchasing power before large purchase

NoMoreE46 — Thu, 15 Dec 2022 01:02:56 GMT

Thanks for noticing this option OP.

Neither my Savor nor my QS have this feature on the app or online.