My Credit Card Company Said i was over my limit?
i spent $144
they sent me the bill, but i have to go to orientation at my college, and it will cost lots to travel there. so i just paid the minimum. which was about $32. unfortunately the payment arrived late and the fee was an extra $37
so 144-32=112 then 112+37=149 that is not 70 over my limit
i don't understand.
what are they talking about? they said i should hurry and pay it, i'm paying it after next week...but where did they get 70 from?
Answers:
I'm guessing it's finance charges and probably other fees. Your available credit will more than likely not go up unless you pay more than the minimum payment due.
There's something you're not telling me. Call the customer service # on the statement and ask them.
They charged the late fee as soon as the payment was due, and they did not recieve it. So you had 144, plus 37 = 181. So they added an over the limit fee as well.
What was your interest charge this month? With the interest fee, you could very well be over the limit, even if they had gotten your payment on time.
Then they got your payment 181-32 = 149 (plus interest). You have to add the late fee before you subtract your payment...since it was late.
If that doesn't put you over your limit though. you'd better call and ask them. I was just pointing out that they charge the late fee right away, so it could put you over the limit.
You would need to make a much bigger payment to cover the over the limit fee, late fee, and your min. payment. So call them, find out exactly what you owe right now, and how much you need to pay. Make sure they include any of these fees, plus any interest that will be added. and make a large enough payment to cover all of that, or it will happen again next month. If you are sitting at 149 (plus any interest charges, and the over the limit fee) right now.
I had someone tell me how much to pay before, and I did, and was charged the same fees again the next month. The payment they told me to pay, brought me under the limit, but when interest was added on the next month, I was over the limit again.before I even got the new bill!
$150 and you spent $144. There is probably a finance charge of at least $6 causing you to go over. You may have been charged an OVER LIMIT FEE and your late fee was calculated BEFORE your payment of $32 was received. If your late fee was $37 see if they charged you an OVER LIMIT FEE of $33
They someone else said it can better and best be explained by your card providers customer service.
If you had a statement with $144.00 and didn't pay by the due date you would be hit with a late fee. This would bring your balance to $181.00 + a few bucks interest. This is over the limit. You then likely were charged an over the limit fee of another $37.00. Many bank credit cards, such as Fifth Third, will charge you an over the limit fee if your card is over the limit any day during the billing cycle. To really ramp up their fees, what they do is charge interest and fees on the last day of the current billing cycle. If those fees happen to put you over the limit, you are stuck paying two months of over the limit fees. They will say you were over the limit the last day of the previous billing cycle and the first day of the new cycle. This is true even if you make the payment the day you get the statement.
My guess is you got charged 111 (1 late fee and 2 over the limit fees) in fees and a few bucks interest.
$144 purchases + 111.00 fees -32 = 123 which is about 73 over your limit.
You have a right to see exactly how their total was calculated and it should be on your statement as well.
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