over the limit?

[Anonymous]

i have a 2K chase ihg card. can i spend over $2k? 

[gdale6]

---

@Anonymous wrote:

i have a 2K chase ihg card. can i spend over $2k? 

---

If its a Siggy or World card yes if not no its a hard limit. Just remember amounts over CL on a Siggy/World must be repaid in full on the next statement+regular min payment amount. The bank may limit how much you can actually go over that 2K limit.

[Anonymous]

Gdale- Maybe it's just Siggy's because I have a Bank of America World Travel Card and I tried to go $10 over my limit (not joking) and got a declined message. Tried again and still declined. I called in and they said there was nothing they could do, they said I could request a HP CLI right then and there if I wanted more credit available. Like seriously over $10? Lesson learned.

[HeavenOhio]

How cards handle going over the limit is controlled by law. I believe that if you agree to an over-the-limit fee, you'll be allowed to go over the limit. If you agree to the fee, you can only be charged once in a given statement cycle. If you decline to be charged an over-the-limit fee, you won't be allowed to exceed the limit. And some cards will allow you to exceed the limit and not bother with a fee. The OP's question has to do with how his particular card fits into all this.

Of course, it's best not to exceed a card's limit. Lenders get spooked, and scores get hit hard.

[Anonymous]

Heaven - I think you're referring to debit cards.

I've never once been asked or have seen any over the limit option at account opening for a credit card. Some cards allow it as a bonus feature, some don't is what I've heard.

But any over the limit portion must be paid in full in addition to any minimum payment.

[noobody]

Yes, there used to be a over limit fee.

Most banks get rid of them now days, they either decline charge or approve it without penalty.

[Anonymous]

---

@Anonymous wrote:
Heaven - I think you're referring to debit cards.

I've never once been asked or have seen any over the limit option at account opening for a credit card. Some cards allow it as a bonus feature, some don't is what I've heard.

But any over the limit portion must be paid in full in addition to any minimum payment.

---

You are sort of both right.   The CARD Act requires that you  have to opt-in to an over-the-limit fee before one can be charged (OTL  fees used to be a revenue stream for issuers).   If you don't opt-in, then they cannot charge you (but they can approve the charge without fee).   If you do opt-in, then they can charge you if they approve the transaction (but, like ANY transaction, they don't need to approve it).

However, as Matt4200 says, we have never seen anyone report here being asked to opt-in, it's not there on any application have seen.   So issuers may have decided it's more effort than it's worth.

[HeavenOhio]

I've never been asked to opt in. I think most cards will likely let users go a bit over the limit but probably wouldn't let it go on indefinitely.

[happypill]

A Visa signature or World (elite) Mastercard can sometimes have no preset spending limit.  In those cases, you may be able to go over your limit, but it's at the discretion of the lender.  It's impossible to know for sure, but since your limit is $2k, I would guess it's not likely they'll allow you to go another $2k over.  Now, if your limit were $20k, my guess would be $2k probalby wouldn't be a problem if your payment history has been strong in the past.

[galahad15]

IIRC, virtually all FNBO VISA siggys and some BoA WMCs that formerly had a flexible spending limit no longer offer that feature, and so I don't think cardholders can currently exceed their CLs with those cards.  OTOH, my non-WMC Cap1 NHM MC technically allows me to exceed my CL without any penalty...and so YMMV...

The last time I think I exceeded my CL on any of my flexible spending limit cards was ~2009; I haven't done so since then though.