If your credit line is $500, does that mean you can't spend more than $500 for the entire time that you have the card. What does it mean.
2007-07-05 12:10:01 · 14 answers · asked by cherryblossoms 3 in Business & Finance ➔ Credit
It means that the cardowner is willing to extend up to $500 credit at any one time to you.
You can buy something for $500, and start making payments. Later, while you still owe $300, you can buy something else for $200, taking your balance back to $500.
2007-07-05 12:14:49 · answer #1 · answered by Stuart 7 · 0⤊ 0⤋
you might be able to but usually if you go over they charge u very high and crazy fees some just dont let u purchase above the limit in this case 500... you should call you whoever you got the credit card from and ask just to be safe. oh yeah and its 500 for the month.. meaning when you first get it if you use 500 and pay 500 at the end of the month you will have 500 for th following month... if you use 300 and pay 100 you will have 300 to use the following month...get it?
2007-07-05 12:13:32 · answer #2 · answered by Anonymous · 0⤊ 1⤋
you can owe up to 500 at a time. Pay it in full every month and you can spend 500 a month but you shouldn't because your credit score will suffer if you spend more than 30% of your limit and it might make it hard to pay.
If you spend more than the limit you will pay huge amounts of overlimit fees just don't do it.
2007-07-05 12:13:56 · answer #3 · answered by shipwreck 7 · 0⤊ 0⤋
No matter what you credit card has a balance of $2500.00 . That is the maximum you can charge. Your total charges can cannot exceed $2500.00. Be careful in todays economy if you are planning on purchasing anything major home, car, whatever don't exceed 30% of your limit. $750.00. Pay off your balances every month. Its just a suggestion but only charge what you can pay at the end of the month. Live within your means
2016-05-19 01:52:44 · answer #4 · answered by loris 3 · 0⤊ 0⤋
It means you can give me up to $500.
2007-07-05 12:14:28 · answer #5 · answered by Anonymous · 0⤊ 0⤋
It means that 500 (net of applicable fees), is the most can spend without getting hit with stratospheric "over the limit" fees.
2007-07-05 12:14:12 · answer #6 · answered by Anonymous · 0⤊ 0⤋
$500 is the max you can spend in a month, but if you pay that off, you can spend $500 again the next month.
2007-07-05 12:13:21 · answer #7 · answered by mel s 6 · 0⤊ 1⤋
Your spend limit is up to 500$ and no more. Thanks for reminding me I need to make a payment on my credit card.
2007-07-05 12:13:19 · answer #8 · answered by Anonymous · 0⤊ 0⤋
It means you will be denied approval if any of your purchases takes your debt beyond a total of $500.
2007-07-05 12:14:15 · answer #9 · answered by John M 3 · 0⤊ 0⤋
it means your running balance can not go above $500 at any given time.
2007-07-05 12:13:19 · answer #10 · answered by Mother of 2 3 · 0⤊ 0⤋