Credit Card Limit Query

Credit Card Limit Query

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Just few months ago I got my very first credit card for bank offers and stuff. I use Cred to pay and earn more as well. During these months I noticed my credit limit increases temporarily as I pay more than the outstanding and that gets adjusted in the next billed statement.

I just had a thought, what if I can buy something more than my credit limit allows me to. For example, suppose I had a credit limit of Rs. 20,000 on my card, but I really need to purchase something that’s worth Rs. 30,000 from my card. Suppose my full limit is available, that is of Rs. 20,000 and I pay Rs. 10,000 before only to my card. That way my available credit limit may get increased to Rs. 30,000. Then can I buy the product that I want to after I pay the remaining already? I really need your help and experiences in doing this, would this actually work?

10 Comments  |  
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Yes it would work bro
Welcome to the world of credit cards

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rahulkothu wrote:

Yes it would work bro
Welcome to the world of credit cards

Bro, have you ever tried it personally?

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I recommend not to try this. Single Transactions higher than credit limit will raise red flag. And banks may block your card citing reasons of misuse.

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WALL-E wrote:

I recommend not to try this. Single Transactions higher than credit limit will raise red flag. And banks may block your card citing reasons of misuse.

What if I pay the whole amount before only, for this example Rs. 30,000 and ignore my credit limit completely. Will they still may block me? I am asking this because I really want the bank discount sometimes, but my credit limit doesn’t allow me to do the purchase.

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1. You can’t buy any product whose price is more than your credit limit even you have advance payment.
2. Transaction will be rejected if you buy much more than your credit limit even after your advance payment.
3. Yes some transaction may successful that depends on credit card as some extra limit is provided like you can shop credit limit + extra 500 totally depends on cc.

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Expand
Thunder766 wrote:

What if I pay the whole amount before only, for this example Rs. 30,000 and ignore my credit limit completely. Will they still may block me? I am asking this because I really want the bank discount sometimes, but my credit limit doesn’t allow me to do the purchase.

Credit limit is the whole deciding factor. Some banks will block the transactions higher than credit limit immediately even if you have additional amount in the CC. Some banks will allow the transaction and decide later to block ur card if you do this more frequently. And also total transactions summation in a month exceeding your credit limit frequently might also raise flags. I would say, trying it occasionally is fine but don’t overdo it.

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Deal Newbie
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Some banks will charge you overlimit fees 500 – 750 plus gst. Bettet you buy gv’s and add it in your Flipkart or Amazon account and pay the balance by credit card.

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