Over Limit Question

Dan:_4

Hi all, please can someone advice:

I went over my credit limit today and immediately made a debit card payment to the account to cover it. Will I still be charged an over limit fee?

pinnit2014

Depends on who the provider is...Natwest i think offer a £12 buffer fee, so they will not charge, some simply charge you for going over....best check the t&c's.

If you ring them to explain they may waive it...its unlikely that a debit card payment will show on the day you made it.

Dan:_4

pinnit2014 wrote: »

Depends on who the provider is...Natwest i think offer a £12 buffer fee, so they will not charge, some simply charge you for going over....best check the t&c's.

If you ring them to explain they may waive it...its unlikely that a debit card payment will show on the day you made it.

Thanks. It is Tescos.

pinnit2014

I would just ring them once your payment shows as cleared and see if they'll waive it as a measure of goodwill. Though don't expect that they will, but worth a bash.

PeacefulWaters

Next time send a Faster Payment as well.

Belt and braces.

YorkshireBoy

Dan: wrote: »

I went over my credit limit today

As a result of a transaction made today?...Or once a transaction made last Thursday/Friday had been formally posted to your account today?

In other words, were you only overlimit 'technically' (only available credit affected), and not actually (balance showing as such)?

As has been posted above, an FP will almost certainly credit the account faster than a debit card payment.

home_bird

Me and my husband went over the limit on our Tesco credit card last year (Hubby is first holder) and didn't realise until they sent a letter sayng they were going to charge an overlimit fee. Got on the phone to them as soon as we got the letter, paid over the phone and they agreed to waive the overlimit fee as a gesture of goodwill as it was the first time we had gone over the limit.

Definitely worth giving them a call.

Dan:_4

YorkshireBoy wrote: »

In other words, were you only overlimit 'technically' (only available credit affected), and not actually (balance showing as such)?

Thats Correct mate.

Aquamania

Dan: wrote: »

Hi all, please can someone advice:

I went over my credit limit today and immediately made a debit card payment to the account to cover it. Will I still be charged an over limit fee?

How exactly did you pay via debit card?

Presumably you called them to pay and if so that would have been a great opportunity to ask them

Anyway Tesco say whilst they will action such a telephone request immediately, they will credit the funds to your account as soon as they receive them from your bank. Tesco recommend you allow at least 2 full working days for the payment to reach them

Sounds like time for another call to your card company (and do be nice with your begging/sob story).

For future reference, whilst not guaranteed, faster payments are usually the best way in such a situation as they are usually received within 2 hours.
(or just keep a tighter control over your credit card account)

bengal-stripe

Aquamania wrote: »

For future reference, whilst not guaranteed, faster payments are usually the best way in such a situation as they are usually received within 2 hours. (or just keep a tighter control over your credit card account)

But Faster Payments, although received at the bank, might only be allocated to to the CC account during working days/hours. So if you've sent a FP today, it will probably (I don't know how Tesco CC operates) get allocated to your account by tomorrow morning.

Aquamania

bengal-stripe wrote: »

But Faster Payments, although received at the bank, might only be allocated to to the CC account during working days/hours. So if you've sent a FP today, it will probably (I don't know how Tesco CC operates) get allocated to your account by tomorrow morning.

Sorry for not making it entirely clear.

Tesco say they will credit your account as soon as they receive the money from your bank when paying over the phone, online (using their website), at any bank or by other remote payments.

Tesco also advise:

Tesco participates in the industry-wide Faster Payments service. This means standing orders, immediate and future dated payments made via the internet or telephone banking from any participating bank will (on most occasions) be applied to your credit card within two hours, regardless of when the request is received. Payments must fall within the Faster Payments rules applied by the bank from which payment is made