This is going to sound weird... but... lets say your credit card had a limit of, say, $3k, and you went $15k over that limit. Besides charging you the fixed over limit fee, will you get in trouble in some other way?
2006-11-08 12:55:54 · 7 answers · asked by jeffy373 1 in Business & Finance ➔ Credit
You would be charged an over the limit fee every single month you were above 3K... I hope you can pay it off fast, otherwise you are going to pay alot of finance charges. I don't think they can "punish" you though... just charge you and maybe close your account to new purchases.
2006-11-08 12:59:47 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If the credit card company ACCEPTS the charges, which all credit agreements allow that I'm familiar with, then they can continue to charge you the overlimit fee, along with the finance charges upon the higher amount. At current credit card rates, that will amount to a great deal more than on the $3k balance. If you don't pay it back; they can take legal action/other collection actions against you. But unless you in some manner defrauded the vendor, no criminal charges would be levied, if that's what you are concerned with.
Odds are in this electronic age, your charge will be denied. If the vendor still uses manual verification, the credit card company may not pay the vendor the extra above limit fee that you have but what vendor in his right mind would NOT check your limits by calling the credit card company for a $15k purchase. If you are trying to "get away" with something, I don't think it's going to be this way unless it's in collusion with an employee of the vendor or by some other surreptitious manner................LOL
2006-11-08 13:09:33 · answer #2 · answered by MJ 4 · 0⤊ 0⤋
1
2016-05-21 23:10:52 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You are allowed (usually) to go over your credit card limit by a small percentage of the limit, but you will also be charged an overlimit fee. As well, if you were to try and make a purchase of $15k over your limit, the vendor has to verify that you have the available credit and because you don't, the transaction is rejected. So you won't get into trouble, but the vendor will say,
"give your head a shake" what were you thinking dude?
2006-11-08 13:18:27 · answer #4 · answered by nudellbushgranny 1 · 0⤊ 0⤋
I don't see how they would let you do that. Sort of defeats the purpose of credit limit. I suppose the worst is that you can't pay it back and it goes to collections.
2006-11-08 12:59:45 · answer #5 · answered by jerry 5 · 0⤊ 0⤋
If you can't pay it, you might have a problem with the credit card company but you haven't broken any laws.
2006-11-08 13:38:30 · answer #6 · answered by Jack 6 · 0⤊ 0⤋
you wont get that far, the charges will be refused. The acct will freeze, youll be charged the max allowable interest rate til its paid off.
2006-11-08 12:59:51 · answer #7 · answered by David B 6 · 0⤊ 0⤋