How much over can you go?

ellzman

is there a general threshold of how much you can go over your credit limit? £10? £50? £100? £1000?

I am with capital one and have a credit limit of £200 and was merely wondering.

Thanks in advance

stephane_2

Not even 1p, if you do very likely that they'll charge you £12 for the privilege....best thing is to request a credit limit increase

Bob_the_Saver

Credit LIMIT

chattychappy

Most will allow a margin. Difficult to know what it is, though.

The reality is people make mistakes, forget about interest that is about to be applied, a payment goes astray, miscalculate a foreign exchange transaction etc. Also depends on the transaction: if it's an internet transaction it might be easy to decline. If it's at a petrol station, it could be very awkward for the merchant. Some transactions don't get authorised at all. Generally they charge if you go over (and remove any promotional offers), but do nothing if they decline. So if they feel comfortable they'll let you over.

You can't rely on them declining, you can't rely on them letting it through. You can rely on them charging if you go over.

Suggest you call up and request a limit rise, as already suggested.

freeoffers

Its unlikely your card will even be allowed to go over the agreed limit. You will be charged, however, if by some quirk it does.

chexum

ellzman wrote: »

is there a general threshold of how much you can go over your credit limit? £10? £50? £100? £1000?

I am with capital one and have a credit limit of £200 and was merely wondering.

You probably mean "without consequences", as most lenders would appear more than happy to charge you fees (push your balance even higher up) once you actually exceed the agreed limit.

The current Capital One CCA is quite straightforward in this regard:
https://www.capitalone.co.uk/creditcards/secure/terms-and-conditions.jsf

"13. Other charges and default sums
...
We may require you to pay our reasonable charges for the following:
...
(c) Overlimit default sum: a charge for each statement period during which the outstanding balance is over your credit limit by £1 or more. "

Please note - your CCA may actually be quite different. Some lenders are known to have several different lines of product with the same marketing name, but with different contents. If in doubt, you need to check the copies that you were sent.

INT1

It is typically anything up to 5% of your limit.

Some companies go by a in house shadowing score. You wouldn't normally be charged for keeping within this threshold, but if you somehow manage to exceed the threshold then you would be slapped with an overlimit fee

ellzman

going over the limit does that affect your credit score...? or is that just something which you just have to pay to the credit card company £12 here and there?

Wutang_2

ellzman wrote: »

going over the limit does that affect your credit score...?

Take a massively wild guess..

Hax

Bear in mind that on Experian, there's now a history of your balances and your payment amounts in addition to the usual account status - so going over limit may be something that gets seen by other lenders.