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Over the limit fee.

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FixMyCredit1992
Established Contributor
‎02-04-2014 08:42 PM
‎02-04-2014 08:42 PM

Over the limit fee.

I had a $500 CL on the quack card.

 

Spent $500.31. (paying most of it w/ tax refund).

 

The site and the terms I got don't mention a OTL fee.

 

What will happen?

Farm and Fleet $3,000 (AU) Paypal Extras MC $1,500
Barclay's Apple Visa $1,200 QVC Qcard $800
Amazon Store Card $600 Discover $500
Walmart MC $400 Victoria's Secret $350
Credit One $300 Fingerhut $200
TU Fico 626



Message 1 of 20
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19 REPLIES 19
Creditaddict
Legendary Contributor
‎02-04-2014 08:46 PM
‎02-04-2014 08:46 PM

Re: Over the limit fee.

@FixMyCredit1992 wrote:

I had a $500 CL on the quack card.

 

Spent $500.31. (paying most of it w/ tax refund).

 

The site and the terms I got don't mention a OTL fee.

 

What will happen?

I thought just 2 days ago you were talking about closing because it was frozen?

anyway, it's a credit union so probably doesn't have the over limit fees, etc.

 

Message 2 of 20
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-Wade-
Valued Contributor
‎02-04-2014 08:47 PM
‎02-04-2014 08:47 PM

Re: Over the limit fee.

@FixMyCredit1992 wrote:

I had a $500 CL on the quack card.

 

Spent $500.31. (paying most of it w/ tax refund).

 

The site and the terms I got don't mention a OTL fee.

 

What will happen?

More and likey you will be charge between $25 - $35 over the limit fee.......Sorry Smiley Sad

"Garden Club Member " Old user name newportguy*** Current Score: myFico EQ - 830 (07/16/2015) Discover TU Fico - 833 (09/03/2016) EX Fico - 839 ( 09/01/2016 ) ******* Amex - BCP 11.5K * Discover - IT 43.5 K * U.S. Bank Cash + Visa Signature 15.3 K * PenFed - Cash Rewards 15K *PenFed Power Cash 19K ** Amex - GDSM 10K ******FICO 800 Club Member ******* EQ 830 *** TU 833 *** EX 839 ***
****** Last HP & New TL was March 6th 2014 *** GOAL: No HP's or New TL's for 2 + years and 840's Scores ******
Message 3 of 20
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longtimelurker
Epic Contributor
‎02-04-2014 08:49 PM
‎02-04-2014 08:49 PM

Re: Over the limit fee.

@Wade64 wrote:
@FixMyCredit1992 wrote:

I had a $500 CL on the quack card.

 

Spent $500.31. (paying most of it w/ tax refund).

 

The site and the terms I got don't mention a OTL fee.

 

What will happen?

More and likey you will be charge between $25 - $35 over the limit fee.......Sorry Smiley Sad

Don't you now have to opt-in for over the limit stuff?  (The alternative being the charge is declined).  Or am I thinking of something else?

Message 4 of 20
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FixMyCredit1992
Established Contributor
‎02-04-2014 08:51 PM
‎02-04-2014 08:51 PM

Re: Over the limit fee.

That's on debt cards.

 

It's weird that there is no mention of one.

 

If I pay down the balance before the statement cuts, will I not be charged a fee?

Farm and Fleet $3,000 (AU) Paypal Extras MC $1,500
Barclay's Apple Visa $1,200 QVC Qcard $800
Amazon Store Card $600 Discover $500
Walmart MC $400 Victoria's Secret $350
Credit One $300 Fingerhut $200
TU Fico 626



Message 5 of 20
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bribro
Valued Contributor
‎02-04-2014 08:53 PM
‎02-04-2014 08:53 PM

Re: Over the limit fee.

@longtimelurker wrote:
@Wade64 wrote:
@FixMyCredit1992 wrote:

I had a $500 CL on the quack card.

 

Spent $500.31. (paying most of it w/ tax refund).

 

The site and the terms I got don't mention a OTL fee.

 

What will happen?

More and likey you will be charge between $25 - $35 over the limit fee.......Sorry Smiley Sad

Don't you now have to opt-in for over the limit stuff?  (The alternative being the charge is declined).  Or am I thinking of something else?

I think you might be thinking of debit card overdrafts, which consumers now have to explicitly opt-in to.

 

OP, check your card T&Cs. It's likely you'll get dinged with a small fee.

TU FICO: 800 (2/1/14) | CK Score: 802 (2/1/14) | CS Score: 805 (2/1/14)

J.P. Morgan Palladium ($250k) | AmEx Platinum (NPSL) | AmEx SPG Personal/Business ($50k/$50k) | Citi Executive AAdvantage WEMC ($50k) | Citi Dividend WEMC ($50k) | Chase Sapphire Preferred VS ($50k) | Chase Ink Bold WEMC ($50k Flex) | Chase Ink Plus WEMC ($25k) | Chase Freedom VS ($25k) | Chase Freedom WMC ($25k) | Chase MileagePlus Explorer ($25k) | Chase Southwest RR Plus Business/Personal ($15k/$15k) | Barclays US Airways ($25k) | Barclays Hawaiian Airlines ($25k) | BofA Alaska Airlines ($10k) | Lexus Financial Services ($30k) | Mercedes-Benz Financial Services ($50k)
Message 6 of 20
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Creditaddict
Legendary Contributor
‎02-04-2014 08:55 PM
‎02-04-2014 08:55 PM

Re: Over the limit fee.

No you do have to opt in for credit cards too.

otherwise no fee will be charged if they let you go over.

Message 7 of 20
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bribro
Valued Contributor
‎02-04-2014 09:06 PM
‎02-04-2014 09:06 PM

Re: Over the limit fee.

@Creditaddict wrote:

No you do have to opt in for credit cards too.

otherwise no fee will be charged if they let you go over.

AFAIK, over the limit fees on credit cards can be simply mentioned in the T&Cs. Contrast this with a debit card overdraft which has a separate form you now have to sign as part of a 2010 revision to the Federal Reserve's Regulation E.

TU FICO: 800 (2/1/14) | CK Score: 802 (2/1/14) | CS Score: 805 (2/1/14)

J.P. Morgan Palladium ($250k) | AmEx Platinum (NPSL) | AmEx SPG Personal/Business ($50k/$50k) | Citi Executive AAdvantage WEMC ($50k) | Citi Dividend WEMC ($50k) | Chase Sapphire Preferred VS ($50k) | Chase Ink Bold WEMC ($50k Flex) | Chase Ink Plus WEMC ($25k) | Chase Freedom VS ($25k) | Chase Freedom WMC ($25k) | Chase MileagePlus Explorer ($25k) | Chase Southwest RR Plus Business/Personal ($15k/$15k) | Barclays US Airways ($25k) | Barclays Hawaiian Airlines ($25k) | BofA Alaska Airlines ($10k) | Lexus Financial Services ($30k) | Mercedes-Benz Financial Services ($50k)
Message 8 of 20
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bribro
Valued Contributor
‎02-04-2014 09:10 PM
‎02-04-2014 09:10 PM

Re: Over the limit fee.

I stand corrected, the CARD Act also requires disclosures and opting-in of for overdraft fees. Funny I can't recall a credit card issuer ever asking me for permission. Maybe the OP is safe after all.

TU FICO: 800 (2/1/14) | CK Score: 802 (2/1/14) | CS Score: 805 (2/1/14)

J.P. Morgan Palladium ($250k) | AmEx Platinum (NPSL) | AmEx SPG Personal/Business ($50k/$50k) | Citi Executive AAdvantage WEMC ($50k) | Citi Dividend WEMC ($50k) | Chase Sapphire Preferred VS ($50k) | Chase Ink Bold WEMC ($50k Flex) | Chase Ink Plus WEMC ($25k) | Chase Freedom VS ($25k) | Chase Freedom WMC ($25k) | Chase MileagePlus Explorer ($25k) | Chase Southwest RR Plus Business/Personal ($15k/$15k) | Barclays US Airways ($25k) | Barclays Hawaiian Airlines ($25k) | BofA Alaska Airlines ($10k) | Lexus Financial Services ($30k) | Mercedes-Benz Financial Services ($50k)
Message 9 of 20
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gdale6
Moderator Emeritus
‎02-04-2014 09:11 PM
‎02-04-2014 09:11 PM

Re: Over the limit fee.

If the charges have not yet actually posted to the account initiate an immediate payment of $10 to bring it below and you will most likely avoid any OL fee

Message 10 of 20
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