I have a Credit Card with a credit limit of Theres an overlimit fee of $25.?

Question

My Credit Card has a credit limit of $300. I went over it by $300 putting $600 onto it. I have a overlimit fee of $25. What Happens now. Do I get charged 25$ extra every month till my credit limit is back to normal???

Answer 1

I would guess YES. Also, the creditor could cancel (close) your credit card and demand payment in full. It would be best to try to get back under the limit as soon as possible. GOOD LUCK

Answer 2

Definitely call the credit card issuer and ask this question. The reason is because some companies now have a limit as far as how many OL fees they will charge you in a row. (thanks to a recent court suit) One thing you can do is if they say that yes, they will charge you every month, then see if you can possibly take a loan from your bank to pay it off or transfer the balance to another credit card. Being overlimit this many months in a row will not only make your balance bigger, but will also affect your credit negatively.

Answer 3

yep, you'll definately be paying 25 every single month. It won't hurt your credit as long as you keep making the payments on time. Although, it will report to your credit that the card is over the limit by 300 dollars. I don't think thats as bad as paying it late/not paying, but it shouldn't destroy your credit record.

Answer 4

You might get charged $25 for each purchase where the balance was over the limit. Read your contract, or check their website or the back of your bill which might have a definition of the over-the-limit fee.

Answer 5

#1 call your bank and ask if they can raise your credit limit.
#2 Ask if they have a overdraft protection account that you would qualify for based on your normal account balance and deposits.

Answer 6

u will pay 25/month till its under 300...wow wrecking your credit over 300 dollars....live long and prosper....

Answer 7

yes