Credit card posting and balance

asad11

I've stupidly gone over my credit limit on my Virgin Money 0% purchase card. Having looked at the terms it seems they only withdraw the introductory offer for late/missed payments. But my question is this.

There is a transaction which has not yet posted (pending), this transaction will take me over my credit limit. I immediately paid some money via debit card and faster payments. Both those are showing as pending.

I saw something on the virgin money website saying interest is charged based on the average end of day balance. 

If my payment and transaction post on the same day. My end of day balance will not be over the credit limit. Does this mean I have not breached my credit limit?

kaMelo

asad11 said:

I've stupidly gone over my credit limit on my Virgin Money 0% purchase card. Having looked at the terms it seems they only withdraw the introductory offer for late/missed payments. But my question is this.

There is a transaction which has not yet posted (pending), this transaction will take me over my credit limit. I immediately paid some money via debit card and faster payments. Both those are showing as pending.

I saw something on the virgin money website saying interest is charged based on the average end of day balance. 

If my payment and transaction post on the same day. My end of day balance will not be over the credit limit. Does this mean I have not breached my credit limit?

It's usually the balance at close of business so assuming what you say happens then no, you will not have gone over your credit limit but whilst faster payments are usually instant payments via debit card can take a day or two to credit your account.
Hopefully the payments will credit your account faster than what you spent debits your account.

asad11

So just for clarity this is the current situation

Fri 14:00 transaction has posted on Sunday (today)
Sat 11:00 direct debit payment still shows as pending
Sat 11:00 Faster Payment posted today

It seems that the available balance hasn't been updated yet as it still shows as over credit limit. But the payment and transaction have posted on the same day.

I guess its a waiting game till my statement to see if I'm charge a credit limit break fee

kaMelo

What about the debit card payment you mentioned?

asad11

The debit card payment has posted today (Monday). So I'll be using faster payments (bank transfer) from now on.

My statement is issued on the 5th so just waiting on that. I got so worried I was going to lose my 0% when I thought I'd breached the credit limit. Was running around finding the terms to double check. 

kaMelo

Are you still over your limit on Sunday night if you don't include the debit card payment?

asad11

Oh no. I was only £7 over my credit limit. I panicked and paid £50 via debit card. And then a couple of seconds later had a feeling that it was going to be slower than bank transfer so did the same with that

As of now both payments are reflected in my available balance. On Sunday night it was a little glitchy where it didn't show the payment in the available balance but the posted transactions were doubled up. One pending and one posted. I think if I look at it at the wrong time it's weird

Earlier today it had the debit card payment doubled but now the pending one has vanished.