Allowed to go over Credit Limit

sharpy2010

To the people saying to the OP about credit limits and staying under them, it seems he has tried this and its purely a mistake by the electrician which has caused this.

How on earth the bank have authorised £3500 OVER his credit limit is insane and should never have happened. A few quid, a few hundred, yes, but not thousands and thousands.

k12479

sharpy2010 wrote: »

How on earth the bank have authorised £3500 OVER his credit limit is insane and should never have happened. A few quid, a few hundred, yes, but not thousands and thousands.

Depends on the credit limit. £3,500 over on a £500 limit is substantial, not so much if the limit £20,000.

scootw1

k12479 wrote: »

Depends on the credit limit. £3,500 over on a £500 limit is substantial, not so much if the limit £20,000.

Tbh, it should not matter if the limit is a million it is supposed to be the limit. The card should not allow it. This is the banks fault. Perhaps the banks need a dictionary to look up the meaning of the word:

http://dictionary.reference.com/browse/limit?s=t:

k12479

I don't think they need a dictionary. It's pretty well known it can be exceeded either because they think your worthy of it and will repay it, or because not all transactions are carried out in real-time.

Credit card companies can't win on this, if people are allowed to go over they complain they get fined, if people aren't allowed to go over they complain they got stranded/humiliated/starved/incurred fines elsewhere.

sharpy2010

k12479 wrote: »

Credit card companies can't win on this, if people are allowed to go over they complain they get fined, if people aren't allowed to go over they complain they got stranded/humiliated/starved/incurred fines elsewhere.

If the card company declines a transaction that would take the customer over the limit, the customer should be aware that this will happen - there is no complaint for a bank turning down a transaction that will make the customer go overlimit.

If the card company authorises a transaction which takes the customer massively over their limit, then questions need to be asked of the bank as to why this was allowed to occur.

sharpy2010

As a point worthy of note, there is no way a transaction for £3,500 would have gone underneath a floor limit, i.e. not be processed in real time.

The bank would DEFINITELY have had to authorise this in real time.

opinions4u

sharpy2010 wrote: »

As a point worthy of note, there is no way a transaction for £3,500 would have gone underneath a floor limit, i.e. not be processed in real time.

The bank would DEFINITELY have had to authorise this in real time.

It's unusual but not impossible.