If my credit card limit is 1000... is that how much I can spend per month or is that my grand total I have?

Answer 1

That is the grand total. If you borrow $999 and haven't yet paid it back you only have $1 left to borrow, for example.

if you paid your full balance every month then you could use the $1000 every month but if not, only the remainder (if you paid it every month the credit card company would be very disappointed since they won't collect any interest from you).

Answer 2

Well, if you charge $1000 per month and then pay it all off, then you could consider that a monthly amount.

But no, a credit limit is just that a limit. You can' t go above that.

If you plan on paying it all off at the end of the month, then you have to wonder why would you need to do that on a credit card....you could pay cash or write checks for that.

Why bother with a card.

I certainly hope you don't plan to run it up to $1000 right away and then worry about how to pay it off.

Remember 65% of your credit score is determined by how promptly you pay your bills and how much outstanding credit you have.

Maxing out your card right away and then not paying the monthly payments in a timely manner is a ticket to screwing yourself on your credit score and you will have a hard, hard time ever finding a credit card on good terms again.

So do yourself a favor....take it very very easy on the first card.

Answer 3

That is your Grand total, not per month. That is the total you can spend, and if you spend all 1000, and they apply an interest fee before you make a payment, you can go over your limit, so be careful.

Answer 4

That is the grand total that you can spend on that card. To keep your credit good, always leave at least 25%. You can carry up to $750 on that card but make sure you can meet your monthly payments. You should be able to triple the minimum payment due. If you only pay the minimum, it'll take you 16 years to pay it off. They figure it that way to make their money from you.

Answer 5

this is your credit line of 1000 can,t go over you spend 900$ you only have left is 100$ you get the billing of the 900$ you pay back the 900$now you back to 1000$ again when ever you use your cc to buy anything t he credit limit go down plus you pay the int erst keep in mind the the int rest on th\e m oney you borrow will be add on your prnciple

Answer 6

that is your grand total for the card. 1000 is the max. you can spend up to that amount, pay off some and then you can spend again up to but not over that amount 1000.

Answer 7

It is the grand total. Why are you interested in painting yourself in a corner? Use the card for emergencies, not for impulse spending. Careful, or you will find yourself in some very serious debt.

Answer 8

That is your grand total and you should try not to use more than $300 of it at any one time and definitely not more than you can pay in full at the end of the month.

Educate yourself before you get into trouble.

Personal Finance for Dummies is a good starter book.

Good luck!

Answer 9

That is your grand total you can spend on that card. You also need to be careful on how high of a balance you carry from month to month. It will report derogatory on your credit report if your balance from month to month over is over 50%.

Answer 10

You can't 'spend credit', but you can certainly accrue debt. The limit is the total.