topic Re: Capital One closes accounts for over the limit? in Credit Cards

Capital One closes accounts for over the limit?

IcyCool7227 — Sat, 25 Mar 2023 21:02:06 GMT

I am wondering if Capital One closes accounts that go over the limit at all? I recently maxed out my card and made a $20 payment just now to bring it down. I def want to avoid that in the future.

Re: Capital One closes accounts for over the limit?

OmarGB9 — Sat, 25 Mar 2023 21:20:04 GMT

No. In fact, according to @Horseshoez, they even give CLIs after going over in some instances.

Re: Capital One closes accounts for over the limit?

GZG — Sat, 25 Mar 2023 22:24:12 GMT

@IcyCool7227 wrote:
I am wondering if Capital One closes accounts that go over the limit at all? I recently maxed out my card and made a $20 payment just now to bring it down. I def want to avoid that in the future.

do you have the overlimit setting enabled on your card?

I certainly wouldn't let the statement close over the limit, but Cap1 probably isn't going to aggressively AA you for it

Re: Capital One closes accounts for over the limit?

NoMoreE46 — Sat, 25 Mar 2023 23:57:45 GMT

How Long has your Savor One been over 89% of your CL?

Re: Capital One closes accounts for over the limit?

Horseshoez — Sun, 26 Mar 2023 04:14:53 GMT

@IcyCool7227 wrote:
I am wondering if Capital One closes accounts that go over the limit at all? I recently maxed out my card and made a $20 payment just now to bring it down. I def want to avoid that in the future.

As hinted at by @OmarGB9, I went significantly over the limit on my Quicksilver card last summer when paying for plane and hotel tickets for a vacation; as soon as I realized I'd crossed over the limit I sent a push payment to pay the balance in full, the next month CapOne gave me a 50% CLI and then threw another $1,500 on top of that earlier this year.

Re: Capital One closes accounts for over the limit?

FireMedic1 — Sun, 26 Mar 2023 10:19:47 GMT

With Cap1. If you have a NSPL account. You can go over but it must be paid the next month back down to the CL.

Re: Capital One closes accounts for over the limit?

TimFlorida — Sun, 26 Mar 2023 15:28:08 GMT

@FireMedic1 wrote:
With Cap1. If you have a NSPL account. You can go over but it must be paid the next month back down to the CL.

Nitpicking but I think that's Flexible Spending Credit Card as opposed to NPSL. That's how my VentureOne reports on my CR.

Re: Capital One closes accounts for over the limit?

Horseshoez — Sun, 26 Mar 2023 17:00:05 GMT

@TimFlorida wrote:
@FireMedic1 wrote:
With Cap1. If you have a NSPL account. You can go over but it must be paid the next month back down to the CL.
Nitpicking but I think that's Flexible Spending Credit Card as opposed to NPSL. That's how my VentureOne reports on my CR.

Both my Quicksilver and SavorOne are coded with a "Credit Limit", however, CapOne allows you to spend over the limit with no penalty or other negative action, assuming you bring the balance down below your limit by your next due date.

Re: Capital One closes accounts for over the limit?

Lou-natic — Sun, 26 Mar 2023 17:00:50 GMT

@OmarGB9 wrote:
No. In fact, according to @Horseshoez, they even give CLIs after going over in some instances.

This. Your more likely to get a CLI than AA.

Re: Capital One closes accounts for over the limit?

TimFlorida — Sun, 26 Mar 2023 17:26:59 GMT

@Horseshoez wrote:
@TimFlorida wrote:
@FireMedic1 wrote:
With Cap1. If you have a NSPL account. You can go over but it must be paid the next month back down to the CL.
Nitpicking but I think that's Flexible Spending Credit Card as opposed to NPSL. That's how my VentureOne reports on my CR.
Both my Quicksilver and SavorOne are coded with a "Credit Limit", however, CapOne allows you to spend over the limit with no penalty or other negative action, assuming you bring the balance down below your limit by your next due date.

Both my Quicksilver and VentureOne are coded with credit limits but the VentureOne reports the type as "Flexible Limit Credit Card" vs the QS just reporting type as "Credit Card."

I don't know if this makes a difference as to Capital One allowing charges over the limit?

Re: Capital One closes accounts for over the limit?

CreditMarathoner — Sun, 26 Mar 2023 21:00:05 GMT

"Flexible spending" is a feature usually associated with Visa Signature and World (or World Elite?) Mastercard I think. It lets you go overlimit but you will have to pay the overlimit part of the balance by the next due date (it's added to the minimum payment).

How far you can go over depends on the institution and your profile most likely.

Regular credit cards may also let you go overlimit, or they may decline unless you opt in to allow for overlimit fees.

Re: Capital One closes accounts for over the limit?

Horseshoez — Mon, 27 Mar 2023 00:41:09 GMT

@CreditMarathoner wrote:
"Flexible spending" is a feature usually associated with Visa Signature and World (or World Elite?) Mastercard I think. It lets you go overlimit but you will have to pay the overlimit part of the balance by the next due date (it's added to the minimum payment).

How far you can go over depends on the institution and your profile most likely.

Regular credit cards may also let you go overlimit, or they may decline unless you opt in to allow for overlimit fees.

I never checked the secured Platinum CapOne MasterCard I had for a whopping 6-weeks before I closed it, but both my Quicksilver and SavorOne MasterCards have the following option:

Re: Capital One closes accounts for over the limit?

FireMedic1 — Mon, 27 Mar 2023 08:54:57 GMT

@TimFlorida wrote:
@FireMedic1 wrote:
With Cap1. If you have a NSPL account. You can go over but it must be paid the next month back down to the CL.
Nitpicking but I think that's Flexible Spending Credit Card as opposed to NPSL. That's how my VentureOne reports on my CR.

@TimFlorida

NPSL = No Pre-Set Spending Limit (an available feature on AmEx charge cards and some Visa Signature/Infinite and/or World/World Elite MCs) typo

https://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/td-p/88458