Eek help! Gone over limit on Credit Card

niki23

I just used my Platinum Barclays credit card by mistake in an online transaction ; I was very close to the limit and had no intention of using this card for purchases as it only has a balance transfer on it.

The transaction has shown up already on my Barclays online banking, although it says the transaction is pending, but it will be £38.85 over the limit. I realised my mistake straight afterwards and tried to make a payment online with my debit card but it will take until monday to go through.

Could this affect my credit rating? I will ring Barclays tomorrow to see if I can sort it out. I am really worried though, I have been working on building up my credit rating since I left uni (as I had no credit rating), and after two years using the Capital One Classic I got quite a good deal on this Barclays card. I will be gutted if it is all brought back down again

Ben8282

I am not an expert on this but my feeling is that if the transaction is debited on Monday and your payment is credited on Monday, the end of day balance will be less than your credit limit and it may not even show up in their system that the limit has been exceeded.

chattychappy

These days it's by no means fatal to mix purchases with a BT. There will be some purchase interest, but payments will be applied to purchases first (usually once they have been statemented).

Also, a single missed payment or over limit doesn't send you back to square one in terms of credit ratings. It might not even show up on the record.

The risk is that you will lose the promotional deal. Looking back at my payments, office-hours debit card payments via the Barclays site have always gone through same day. Perhaps you'll get away with it!

izools

You can make a FP to Barclaycard which is credited to the account the same day and reflected on their online banking the following day

I always recommend FP to credit cards over and above debit card payments as they go through faster.

niki23

Not so happy about losing my interest rate either as it was 0%! My bank Natwest is part of the faster payment scheme but Barclays isn't, so I expect the payment will go through on Monday. Apparently 95% of financial institutions are on the scheme, damn Barclays for being in the 5%

I just ran up customer services to chat to a very unhelpful lady who told me despite my online Barclays saying the overdue amount was 'pending', they had on the account that I had gone over my limit. Even though I explained the situation, my purchase in error and immediate move to pay the money back in, she told me that I would lose my promotional deal so my interest will go up to 19.9%. Compassion I think not. I am going to try again to see if I can talk to someone else.

niki23

Ok I think it is sorted now, spoke to a much nicer man on the customer services (after trying a different customer service number) and he told me that the transaction had not gone through yet, it was due to go through on the 9th, and he told me that the payment I had made would go through latest on the 6th, so it shouldn't affect my rate. Phew!

He also told me that if there was a problem and I lost my promotional rate that I should ring back to talk to someone and they would most likely give it back to me, as "these things are always negotiable anyway". What a relief.

The credit card is now out of my wallet and in a safe place away from any purchases! Thanks for the support guys.

chattychappy

and.. you've managed to get through the thread without someone saying you should have signed a DD!

Yep, there is a good track record of people getting promotional rates restored or at least compromised on.... but hopefully it won't come to that.

niki23

Pardon my ignorance but what do you mean a DD? All I can think of is Direct Debit!

chexum

Yep, it's an in-joke, there's a bunch of us that keep reiterating that all problems related to missed payments are solved by using direct debit. Which is true (apart from the other problems caused by direct debit), but it wouldn't help in your case, as you didn't miss the payment.

loveandlight

If you read the back of your Barclaycard statement it will tell you the different ways you can make a payment that will credit your Barclaycard credit card account the same day.

afzaal1988

niki23 wrote: »

Not so happy about losing my interest rate either as it was 0%! My bank Natwest is part of the faster payment scheme but Barclays isn't, so I expect the payment will go through on Monday. Apparently 95% of financial institutions are on the scheme, damn Barclays for being in the 5%

are you sure? when i send payment from my Llyods Tsb current account, it goes through FP.
You can check the sort code online if it accepts FP payment http://www.ukpayments.org.uk/sort_code_checker/