Credit Cards

Overpaid on credit card bill!

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  • Mar 8th, 2017 9:37 am
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What the hell is up with these 1yr+ TRs? LMAO...talk about blast from the past.

I'm not subscribed to this thread anymore so I'm reading it from the beginning wondering why it's so familiar...then I see my own post from '08 haha.
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Feb 13, 2009
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Dragging up an old thread here....
What if I wish to make an online purchase that's more that the limit?
e.g card is $1000 and I wish to make a $1400 purchase.

If I were to overpay by say, $500 would the $1400 purchase go through, or would the card limit intercept that option?
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Jul 28, 2012
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Trois-Rivières, QC
Pottertons wrote: Dragging up an old thread here....
What if I wish to make an online purchase that's more that the limit?
e.g card is $1000 and I wish to make a $1400 purchase.

If I were to overpay by say, $500 would the $1400 purchase go through, or would the card limit intercept that option?
I've done it before and it worked just fine. However, YMMV: some financial institutions may flag an overpayment followed by a purchase as a fraud attempt and your transaction may be denied.

If possible, ask for a credit limit increase beforehand (even if it's temporary). It would save you all that hassle.
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Mar 9, 2012
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Drummondville, QC
The only downside of overpaying the card is you are covered for fraud up to the limit of the card. If you have a negative balance " ie: -1000 out of a limit of $2000, you are covered for $2000 for fraud, not $3000 so if there's $3000 worth of fraud going through the credit card account you lose $1000..... but you RFS highrollers probably don't need to worry about that since you make in the 6 figures every year.
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Aug 8, 2012
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Pottertons wrote: Dragging up an old thread here....
What if I wish to make an online purchase that's more that the limit?
e.g card is $1000 and I wish to make a $1400 purchase.

If I were to overpay by say, $500 would the $1400 purchase go through, or would the card limit intercept that option?
It depends on the bank. You need to ask your specific bank/card issuer to see what THEIR specific policy is.

Some won't allow any charge to be approved over your limit even if you have a credit balance. Some will.
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Mar 23, 2008
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Pottertons wrote: Dragging up an old thread here....
What if I wish to make an online purchase that's more that the limit?
e.g card is $1000 and I wish to make a $1400 purchase.

If I were to overpay by say, $500 would the $1400 purchase go through, or would the card limit intercept that option?
I asked RBC Visa about this when I was shopping for appliances last spring, but I was looking to purchase in-store. They said that it could be done as you describe.

But as mentioned, you would lose the fraud protection, and you would also not get bonuses for the amount over your limit. Possibly insurance would be affected as well (for extended warranty), but I don't recall. For in-store purchases, they suggested paying my balance down to zero, charging the full limit, paying it down again, charging the full amount again, repeat as necessary. Not sure what your approach could be for on-line purchases.

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Feb 10, 2013
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has to do with mastercard and visa. visa seems to allow overpayment to temp increase cc limit. Might be why canadian banks prefer visa. MasterCard doesn't allow this.

my brother needed to do a 2000 dollar transaction on a 500 dollar limit visa. He phoned up vancity about the overpayment beforehand what he was intending to do and they told him to go ahead and do it

. Might need to let the bank know beforehand so it doesn't get flagged
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Feb 13, 2009
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Thanks for the info people. I have a MasterCard so maybe I'll just use my visa debit instead.

I'm trying to rebuild my credit so it's unfortunate that I can't use this method.
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It's a THREADSSURECTION!
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bluebellrose wrote: has to do with mastercard and visa. visa seems to allow overpayment to temp increase cc limit. Might be why canadian banks prefer visa. MasterCard doesn't allow this.

my brother needed to do a 2000 dollar transaction on a 500 dollar limit visa. He phoned up vancity about the overpayment beforehand what he was intending to do and they told him to go ahead and do it

. Might need to let the bank know beforehand so it doesn't get flagged
MasterCard should do what visa does. The reason they don't do it is because they'd like to see you always carry a charge so that they can screw you if you're late or carrying over a balance. Some do allow small amount overpayment though, like $50. But if it's 100s they'll reject it or issue a check if it somehow gets thru.
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Feb 15, 2017
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Toronto
In September I wanted to buy an iPhone so I put the money on my Cap One secured card(limit was $300). Called to verify I could make the transaction over $300 as my credit balance was $1700. They said they couldn't do it but they raised my limit by $1000 right then, so it worked out.
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Jun 15, 2015
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Vancouver, BC
I've done this mulitple times with a newly applied Scotiabank Visa before they raised my limit, had to use the card for a $5000 purchase but the limit they gave me to start was $2000.
So I've always went to Scotiabank teller to pay $5000 cash to them so it clears right on the spot. Than make the purchase of $5000 and went thru no problem. (did this twice a week)
2 months later they call and said they can raise my limit to $10,000
Haven't done so with Mastercard so no data point for mastercard.
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Nov 1, 2010
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I'm actually curious as to whether this is a good/devious way to get a limit raised. Mind you, I guess one could simply ask.
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Dec 1, 2016
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so when folks'll ask you about your credit score, you say "Credit score?! Thos bitches OWE me money!" lol
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Sep 2, 2016
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bluebellrose wrote: has to do with mastercard and visa. visa seems to allow overpayment to temp increase cc limit. Might be why canadian banks prefer visa. MasterCard doesn't allow this.

my brother needed to do a 2000 dollar transaction on a 500 dollar limit visa. He phoned up vancity about the overpayment beforehand what he was intending to do and they told him to go ahead and do it

. Might need to let the bank know beforehand so it doesn't get flagged
Yes it is better to call first. I wanted to do a 4000$ transaction on my 1500$ Desjardins Visa a few years ago. I overpaid 3000$ my credit card more than one week in advance of the transaction. The transaction was refused.... When I called afterwards I was told that the transaction was flagged as fraud. So it is a good idea to overpay the CC to increase your credit limits, but I highly suggest to call be fore making the transaction.
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Nov 22, 2015
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Jucius Maximus wrote: Phone the bank and ask for convenience cheques for your CC. They will be only too happy to send then to you because those cheques act like highly profitable cash advances.

Just write yourself a cheque for the extra $800 and deposit it back into your account. The only risk is that if you made other purchases on the card and withdraw more then the negative balance, you will be earning interest on the overage.

And of course, unlike a cash advance, the convenience cheque probably has no fee!
Umm careful with convenience cheques. I worked as a bank teller and found that the majority of credit card issuers treat convenience cheques as a cash advance unless you're using it to pay another credit card (aka balance transfer).

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