About credit card limit ?
So basically I want to spend 3000 bucks in one month with my credit card even though my credit limit is 500 bucks. I am thinking I can just use it and pay it off right away, and use it and pay it off right away, like that.
But maybe the rule is that i only get 500 bucks credit limit per month.
please help.
Answer:
The funds should be available as soon as they're posted -- meaning, once the payment clears, you can spend another 500 bucks.
The best way to do that is to set up your CC account on-line so you can make electronic payments.
If you're doing this in an effort to get better credit, I don't think that spending habit will make a difference. I think you'll get the same result by only spending the 500.00 on the card per month and just paying cash (if possible) for the rest of your needs.
Your limit for purchases is $500.
If I were you I would prepay $3000 and just charge $500 at a time, after one month they weill see your are ok and raise your limit to $5000. Also get another Credit Card, Capitol One is very good! American Express from BOA.
its 500 until you can pay that off and the balance be 0 and then you have another 500. depends on how long it takes to send the payment and for them to put the payment on your account then you will have it again.
No that's not how it works
Because once the credit limit is spent the card will be declined and your payment will not get processed as quickly as when you mail the check out
Read the terms of your credit card contract.
Basically, you will receive a bill once a month. If you pay your credit card bill off in full, there is usually no interest charged.
If you charge to your limit, you would have to cut a check to them immediately and then wait for it to post and clear. That pretty much negates your idea of charging $3000 in one month.
of course.
you may consider change other bank..however even the credit limit is higher,but you still need plan your spending..
no, it doesn't work that way, perhaps in 6 month they will increase it a little!
It might be possible. I have the same credit card, but with a higher limit.
You might want to just call them and ask them "If you use the $500 limit" and pay it off right away, can I use another $500? I dont think there is anything wrong with you asking them that question.
I would just call. No one on here would really know that question and will probably lead you in the wrong direction.
Good luck
i don't think the credit limit is per month. as long as you pay off your bill, your credit limit would be restored. just take into account that if you are mailing in your payment, there will be a lag from the time you mail it til they get it and sometimes again from when they receive it until they process the payment. you may reach a faster result if you pay the bill online or through the telephone with an electronic check.
why would you want to go through all of that? if you have the money to keep paying off your credits, then you have the money to just pay cash for anything you buy.
No, you can only spend up to the monthly limit of $500.
If you prepay into your account, you can expend up to that limit. You should also get the requisites to request an increased limit. If you have a track record & qualify, simply request a higher spending limit.( It took me one phone call and a couple of minutes to do this.) Good luck.
Your proposal will not work without human intervention. Banks and credit card companies are set up to do things automatically during the course of each billing cycle. Generally, once you reach your limit that's it for that particular billing cycle. If you want to carry out your plan I suggest calling your credit card company directly. They should be able to acknowledge credits to your account and thus allow you to use your card again.
If you continually pay off your balance and it is credited by the credit card company you should be able to use the card in the manner you would like. I don't understand, though, why you would want to do this. Would it not be better to ask the credit card company to raise your limit or save the money and pay cash for your items (seems like you have cash available)?
No, you can't. Even if you paid your full $500 dollar on your spend.
Once they give $500 dollars limit, that means you only allow to use $500. And if you over use, then you have to pay addition charges and which is not good , because it wills affect your credit history.
A credit limit does not mean that you cannot spend more than your limit. You can charge a lot more than your $500 limit, but your card issuer will charge you fees for going over the limit. Pay off your debt in a month and they will raise your limit. Before you know it, you'll have some ridiculous limit like $45,000!
A credit card limit is just that.$500 limit. Once you reach it, you will need to pay it in order to bring your balance to $0, which leaves you again with a $500 available balance. If you wish to do this, you will need to pay your statement online (most have that option). Even this typically takes a couple of days to post, but you will have immediate access to available balance as soon as it posts.
hey..you're sort of on the right track...I had a low limit as well. I tripled it every month . I did have to wait 2-4 days for the money to be available to me again as a limit. I wouldn't pay more then what you owe. You won't get your money any faster and the BoA doesn't like it. By the way, after 6 months of using 3 times my limit they quadrupled my CL after 6 months
The limit is not per month-- it's TOTAL.
It can take about a week for your payment to post, more or less- so you pay off the $500 but you have to wait for it to show as paid on your card before using it again.
its $500 per-month
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