Can you go over your credit limit and should you?
If you've ever thought about going over your credit limit or if you recently had it cut, CNBC Select explains what an over-the-limit fee is and gives alternatives to going over your credit limit.The majority of credit cards assign you a credit limit when you open an account, typically starting at $200 and going up to tens of thousands of dollars.
Over-limit fees can't be charged without your consent, thanks to the CARD Act of 2009, which requires you to opt-in to approve it. As a result of these regulations, most card issuers have done away with over-limit fees. So the default for any transactions over your credit limit may be that the transaction is denied.
you can change your mind and opt-out at any time. If you don't opt-in, your card issuer will decline any purchases you attempt to make over your limit. And even if you opt-in to over-limit fees, transactions exceeding your credit limit may still be denied.While spending over your credit limit may provide short-term relief, it can cause long-term financial issues, including fees, debt and damage to your credit score.
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