Credit card limit enhancement - OVER LIMIT CONSENT

Axis started overlimit usage. Means you can use beyond your cards limit for purchases.

decideaim wrote:
Axis started overlimit usage. Means you can use beyond your cards limit for purchases.

Do they charge extra for this? For all cards?

decideaim wrote:
Axis started overlimit usage. Means you can use beyond your cards limit for purchases.

And pay heavy charges I guess. Good to keep it disabled. 

decideaim wrote:
Axis started overlimit usage. Means you can use beyond your cards limit for purchases.

so no over limit penalty

kapaalaa wrote:
so no over limit penalty

That I don't know. Usually overlimit has charges, except if they explicitly mention there are no charges involved. 

@kukdookoo 22g

kapaalaa wrote:
so no over limit penalty

Technically there has to be charges, else what's the meaning of credit limit.

decideaim wrote:
That I don't know. Usually overlimit has charges, except if they explicitly mention there are no charges involved. 

@kukdookoo 22g

Axis to dimers

Nobody does it better where does it=lootna

Its for using your card more than total allowed credit limit. now its officially allowed by RBI & banks. Use carefully as it may attract some charges also.

Its for using your card more than total allowed credit limit. now its officially allowed by RBI & banks. Use carefully as it may attract some charges also.

ontherocks wrote:
Technically there has to be charges, else what's the meaning of credit limit.

it's a trap..... Enabling this option is not risky for users with higher limit but...it might be a trap for user with very low limit

Is over limit: (with 1L limit card) 

1. Spending 1.1L with 1L limit

Or

2. Spending 1L + paying 1L bill and spending 1L again (2L) in a single cycle

??? 

This could mean multiple things (Since there isn't any specific RBI directive for the same). Only Trial & Error can confirm the actual scenario

1. Per transaction limit and monthly usage limits are gone (Max upto approved limit till date)

2. Over-limit fee for transactions above the sanctioned limit (None if the excess amount is limited to 1% of the limit/5000)

3. No Over-limit fee.. if you've paid excess amount via cc bill payments (usual case with other banks)

Card-issuers shall ensure that the credit limit as sanctioned and advised to the cardholder is not breached at any point in time without seeking explicit consent from the cardholder.

Card-issuers shall seek explicit consent of the cardholder to adjust credit amount beyond a cut-off, one percent of the credit limit or ₹5000, whichever is lower, arising out of refund/failed/reversed transactions or similar transactions against the credit limit for which payment has already been made by the cardholder. The consent shall be obtained through e-mail or SMS within seven days of the credit transaction. The card-issuers shall reverse the credit transaction to the cardholder’s bank account, if no consent/response is received from the cardholder. Notwithstanding the cut-off, if a cardholder makes a request to the card-issuer for reversal of the credit amount outstanding in the card account into his/her bank account, the card-issuer shall do it within three working days from the receipt of such request.

YoYoDesiBeat wrote:

Is over limit: (with 1L limit card) 

1. Spending 1.1L with 1L limit

Or

2. Spending 1L + paying 1L bill and spending 1L again (2L) in a single cycle

??? 

1

single transaction

Got limit enhancement for axis Airtel card

getready wrote:

This could mean multiple things (Since there isn't any specific RBI directive for the same). Only Trial & Error can confirm the actual scenario

1. Per transaction limit and monthly usage limits are gone (Max upto approved limit till date)

2. Over-limit fee for transactions above the sanctioned limit (None if the excess amount is limited to 1% of the limit/5000)

3. No Over-limit fee.. if you've paid excess amount via cc bill payments (usual case with other banks)

Card-issuers shall ensure that the credit limit as sanctioned and advised to the cardholder is not breached at any point in time without seeking explicit consent from the cardholder.

Card-issuers shall seek explicit consent of the cardholder to adjust credit amount beyond a cut-off, one percent of the credit limit or ₹5000, whichever is lower, arising out of refund/failed/reversed transactions or similar transactions against the credit limit for which payment has already been made by the cardholder. The consent shall be obtained through e-mail or SMS within seven days of the credit transaction. The card-issuers shall reverse the credit transaction to the cardholder’s bank account, if no consent/response is received from the cardholder. Notwithstanding the cut-off, if a cardholder makes a request to the card-issuer for reversal of the credit amount outstanding in the card account into his/her bank account, the card-issuer shall do it within three working days from the receipt of such request.

I have freecharge axis cc 10k , if I overpay 2k and pay total bill of 12k.

Would they charge overlimit use charges which is minimum 500rs?

While Keeping over limit option disabled.

And also would I get freecharge 5% cb as usual for 12k ?