Going over your credit limit

swayze

I know there is a standard charge of £12 with most companies when going over your credit limit but is there a grace period where if I make a payment asap then the £12 charge won't hit the account. Or does the £12 hit the account straight away.
How does it work with the following companies:-
Barclaycard
Halifax
Lloyds
HSBC
MBNA
Natwest
Capital One
Egg

Any experiences you have had would be really useful.

Thanks

Mukice

hey mate, a situation just yesterday and today has made me much wiser to how Natwest works.

basically for missing £5 i accrued over £80 in fines.

the over limit fee is add on each bank statement date. i for one know this as i went over my limit purely because they added fines on then i got them to refund them but even though they did that on the date of the statement my bank account was still not credited so i gained another £12 over limit fee, even though they refunded it.

so you have to be very careful, they added the following on my credit card account just for missing £5:

£10 return payment fee
£12 late payment fee
£12 over limit fee

now i ask you is this justifiable

sure they refunded them but because they added them on in the first place even though they refunded them, it takes a few days for it to credit your account, so in that time my statement was being generated or something so they added another £12 for late payment.

depending on how you pay your credit card i only no form my experience, if it comes directly from a debt card account if you have no money in there and a payment is due you will get fined on that account too.

so i warn you be very careful this is all very unlawful.

sorry if ive gone arround your problem i tend to do that alot

Mukice

tripled

You will be charged straight away, but it is usually not applied to the account until your next statement.

Mukice

well with me they charged me stright away on the 1st statement and they again on the 2nd because the refund took a few days to clear.

probably dont like me

Mukice

exel1966

No such thing as a 'grace period' on any card as the charges are automatically added by the system. Why should their be ? You're given enough notice as when to pay by.
Having said that depending on your card/circumstances/what type of customer you are it is possible to get these refunded occasionally by talking nicely to customer services.

SoozyJ22

I know of various banks who have a grace period for payments, though they're not in the UK. It's never a very large number of days - just 1 or 2 normally, but it's definitely possible.

exel1966

SoozyJ22 wrote: »

I know of various banks who have a grace period for payments, though they're not in the UK. It's never a very large number of days - just 1 or 2 normally, but it's definitely possible.

As we're in the UK, on a UK forum and the OP mentioned UK cards I think we can safely come to the conclusion I was talking about the UK where no such period exists.

SoozyJ22

How do you know that it doesn't exist? Have you checked them all? I've worked with UK banks before and their systems had the option to give grace days, but I just can't remember if they used it or not.

You say that grace periods aren't possible as they're added by the system, but the depending on the system used it may well allow them to set a grace period.