Can I spend more then credit limit by paying in advance?

223°
Flame
Xhaster

Sorry, if duplicate.

Needed to know if I have a limit of 50K and spend 45K and immediately pay 45K, will I be able to spend again till 50K?

If yes, can I do this many times or is there something I should know, any charges etc.


Thanks in advance

Disclaimer
We are not SEBI/IRDA registered. The information provided herein is for education purposes only. We will not be responsible for any of your profit/loss with this channel's suggestions. Consult your financial advisor before making any decisions.
Top Comments
Flame Flame
Link Copied
Over limit facility attract charges right?
Helpful Helpful
Link Copied
@Xhaster If the current outstanding is more than ur limit.  So if ur outstanding is less than ur limit and prepay extra amount then spend no charges. But beaware. Heavy charges if u miscalculate .
Btw I'm talking about idfc first card. Other card tnc may vary
Flame Flame
Link Copied
Over limit facility attract charges right?
Deal Lieutenant Deal Lieutenant
Link Copied
@Xhaster

Yes it does, but you dont need to enable it. That is for when you want to do a single transaction of amount higher than limit. For normal small transactions, you can pay and use again as much as you want

Deal Cadet Deal Cadet
Link Copied

Anyways banks Not Allowing Overpay of Credit Card Dues; Refunding Excess Money. As per reports, leading banks like HDFC Bank, SBI Card, and Axis Bank have updated their applications to disallow customers from exceeding their outstanding amounts through their apps. A spokesperson from HDFC Bank emphasized the rationale behind this policy, stating that customers cannot hold excess funds within their credit cards, clarifying that credit cards are intended as lending products, not savings accounts. 

They referenced recent guidelines mandating banks to refund any excess credit balances within a specified period. The spokesperson emphasized that a credit card operates differently from a prepaid card product, which permits loading and utilization of funds

38 Comments  |  
12 Dimers
  • Sort By
Post Tycoon Post Tycoon
Link Copied

Yes 💯

Helpful Helpful
Link Copied

Just gotta enable over limit facility

Flame Flame
Link Copied
Over limit facility attract charges right?
View 11 more replies
Flame Flame
Link Copied

Roger that. Thanks

Deal Cadet Deal Cadet
Link Copied

Anyways banks Not Allowing Overpay of Credit Card Dues; Refunding Excess Money. As per reports, leading banks like HDFC Bank, SBI Card, and Axis Bank have updated their applications to disallow customers from exceeding their outstanding amounts through their apps. A spokesperson from HDFC Bank emphasized the rationale behind this policy, stating that customers cannot hold excess funds within their credit cards, clarifying that credit cards are intended as lending products, not savings accounts. 

They referenced recent guidelines mandating banks to refund any excess credit balances within a specified period. The spokesperson emphasized that a credit card operates differently from a prepaid card product, which permits loading and utilization of funds

Helpful Helpful
Link Copied

Where will they refund they don't have bank account details 😂

View 2 more replies
Deal Cadet Deal Cadet
Link Copied

Don't breach credit limit..

Don't repay and use also.. Banks have started to take these things seriously in audit.. 

Instead use anybody else's card to take benefit.. 

Follow @ nebula_world on twitter for more info



Talk-Of-The-Town Talk-Of-The-Town
Link Copied

I have a limit of 20k and I want to purchase a product of 27k... Can I pay an advance of 8-10k and do the transaction... Plz let me know fast....
Mine is Sbi cashback credit card
@neel648 @Demon_slayer

Deal Cadet Deal Cadet
Link Copied
no you cant.
better is,  pay 7000 with gift card and remaining with sbi cc
View 16 more replies
replyuser
Click here to reply
Reply