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Friday, July 24, 2009
Credit Card Overlimit Fees
What do you think the credit limit on your credit card means? If you are like me, you think it is a limit to your credit. Credit. Limit. Credit Limit. Get it?
Well, it seems I am wrong. We are doing renovations at home, and so, the credit card comes out fast and furiously. We bought hardwood floors, only to have the transaction rejected because it exceeded the credit limit. So, what’s the problem you ask? I have a credit limit, the transaction was rejected. Ergo, I did not go over the limit. I decided to call the credit card company to see how much credit I had left. It was zero. I seems that I was 500$ over the limit.
It seems that what happens is that credit card companies will give you the “courtesy” of going over your credit limit by a certain amount, but not by too much. Just enough to shaft you with a 39$ overlimit fee, but not enough that you can run rampant on your credit limit. They are learning from banks. Except of course, they are not a bank.
Checking the web, and I see I am not alone. What you should do is to call your credit card company and ask for this “benefit” to be removed from your card. And if you got hit by this charge, the Sixth Court of Appeals has declared this charge to be a finance charge.
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