So this has never happened before — I went over my credit limit by $13.45. Doh!
Enjoy the default APR rate of 89.95%, sucka!
I have been charging a lot on this card lately (textbooks) — getting ready to sock drawer it once I get close to the limit. I guess I’m definitely near the limit now. The Chase VISA in question has a 15 months 0% APR on balance transfer and purchase (ends Sept 06). Knowing that I was getting close to the limit, I went ahead and cancelled all scheduled bill payments that was going to be made with this card — or so I thought.
While I was busy complaining to Time Warner about my cable on Friday, I forgot to cancel my scheduled online payment to them. The charge was made on Friday and went through on Saturday. Along with that bill pay, these pending charges will most likely be posted to the account on Monday.
As most of us know, you can have your APR rate bump up to the default rate (in my case its about 21%) for many reasons, and going over your credit limit is definitely one of them. Though whether I’ll have my rate bumped up or not is up to Chase. I have made a payment of $100 that will also be posted on Monday (according to the new Chase site) along with the pending charges, so I wonder what will happen?
Will I get the $35 over limit fee? Will my 0% rate be bump to the default rate? Let’s find out on Monday!
P.S. Oh yeah, if the rate does go up, I’m just going to pay off the card.
5 Comments to “Uh Oh. I Went Over Credit Limit!”
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August 21st, 2005 at 12:04 pm
hurry up and make a payment to the card! sometimes if you are over the limit, but have found a way to be back under the limit by the time your statement comes, you won’t get hit with fees and penalties.
August 21st, 2005 at 12:20 pm
yeah the minute I found out I made a payment online right away. I’ll be seeing what the account summary is on Monday, and call in to see if my rate has gone up, the account’s closing on the 26th so I guess I’ll find out soon!
sigh I really should have been more careful.
August 21st, 2005 at 12:27 pm
Or make a quick return. Buy anything for $15 lately that you could return and re-buy? It might make it in time, as many cards don’t look for overlimit problems until the end to the billing cycle.
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fivecentnickel.com
August 21st, 2005 at 8:47 pm
ah thats a good idea, unfortunately there’s nothign I can return right now quickly..
most of the charges for this month are also from eating out.. uh yeah
August 30th, 2005 at 10:37 am
I’d call them and ask them pre-emptively to see what will happen. They won’t do anything bad to you, the computer decides when to smack you with fees. They might even be able to tell you how to avoid any fees or rate hikes if their feeling nice.