I'm making a purchase on my credit card, but the purchase will be about $100 over my limit. If I make a $100 payment to my credit card that currently has a 0 balance (so my balance will be -$100), and then charge it for the full amount, is that allowed?
2007-02-11 09:08:42 · 12 answers · asked by Vivian 1 in Business & Finance ➔ Credit
No, a lot of financial company's are aware of this process. Some people think that it will increase their credit limit. Most credit cards wont let you go over the limit any way and if they do you will most likely pay a fee for it.
2007-02-11 10:25:16 · answer #1 · answered by pinksmycolor 2 · 0⤊ 0⤋
First, I would call the credit card company and ask them if this would be acceptable. I paid one charge card more than what was owed because I planned to make a purchase and didn't want a high payment. They sent me a check for the overpayment. They credited my account for what was actually owed but could not carry the credit since my balance was paid off at that time.
If you make a purchase on a credit card that allows you to go over your limit, you will have additional charges added to your account for doing this no matter what you do.
If you have the $100 on hand, why not pay $100 cash toward the purchase and charge the balance to your card. You would stay within your account limits without a problem (except figuring out how you are gonna pay it off-LOL)
2007-02-11 09:28:38 · answer #2 · answered by moekittykitty 7 · 0⤊ 0⤋
Why don't you just pay the $100 and use the credit card for the balance. On another note, it's not good to use your credit card up to the full balance. It lowers your credit score anytime you use more than 30%.
2007-02-11 09:13:20 · answer #3 · answered by cleo_michelle73 2 · 0⤊ 0⤋
That will probably be fine, but to find out for sure call the customer service # on your card and ask them. They may even be willing to increase your credit limit right then (if you have good payment history) so it won't be an issue at all.
2007-02-11 09:17:00 · answer #4 · answered by . 7 · 0⤊ 0⤋
Call the credit card company and explain your situation. Then you'll know for sure, and maybe you can make a safisfactory arrangement in advance. I've found that they are very willing to work with their customers because there is so much competition out there. They want to keep their business!
2007-02-11 09:18:27 · answer #5 · answered by stonecutter 5 · 0⤊ 0⤋
It would work, but make sure the payment gets to your account before the purchase.
2007-02-11 09:12:41 · answer #6 · answered by John G 4 · 1⤊ 0⤋
I'd say stop buying stuff you cannot afford. Pay off your credit card before making further purchases.
2007-02-11 09:14:33 · answer #7 · answered by Johnny A 5 · 1⤊ 1⤋
I've done it before
but if you have a 0 balance, then they might just send the check back, but I think it depends on the bank
2007-02-11 09:13:01 · answer #8 · answered by You may be right 7 · 0⤊ 0⤋
Yes, it'll just show up as credit in the meantime.
2007-02-11 09:16:03 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Most credit cards do not work that way... I don't know any that do.
2007-02-11 09:11:47 · answer #10 · answered by greecevaca 4 · 0⤊ 0⤋