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Is CC Limit per month or total?

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  • 29-03-2011 2:49pm
    #1
    barnaclebill
    Closed Accounts Posts: 67 ✭✭


    I just got a clear credit card a couple of weeks ago and it's my first CC. Just wondering if you might know. My credit card limit is 500 and I've paid off 60 euros. Is this 500 a monthly limit (meaning I can spend 500 a month) or a total limit, meaning current money available to me 60? Not really sure


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    #2
    SteoL
    Closed Accounts Posts: 1,545 ✭✭✭SteoL


    barnaclebill wrote: »
    I just got a clear credit card a couple of weeks ago and it's my first CC. Just wondering if you might know. My credit card limit is 500 and I've paid off 60 euros. Is this 500 a monthly limit (meaning I can spend 500 a month) or a total limit, meaning current money available to me 60? Not really sure

    It's a total limit. If it were a monthly limit the country would be even more down the crapper than it is. So yeah €60 will be available to you (or whatever is left after interest has been added to your balance).


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    #3
    gandalf
    Registered Users Posts: 26,458 ✭✭✭✭gandalf


    You're limit is up to €500 owed on the card at any one time. So if you have spent €300 you have a limit of €200 left. At the end of the month if you pay the €300 off then your limit is €500 again.


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    #4
    Cookie_Monster
    Registered Users Posts: 24,476 ✭✭✭✭Cookie_Monster


    and also if you have spent nothing and paid 60 to it you effectivly have 560 limit now.

    You can spend as much as you want on the card so long as you pay down the balance to less than the 500 limit. So if you spend 5,000 during the month and pay off 5,000 and never go above the 500 limit you're fine :)


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    #5
    SteoL
    Closed Accounts Posts: 1,545 ✭✭✭SteoL


    Cookie_Monster wrote: »
    and also if you have spent nothing and paid 60 to it you effectivly have 560 limit now.

    You can spend as much as you want on the card so long as you pay down the balance to less than the 500 limit. So if you spend 5,000 during the month and pay off 5,000 and never go above the 500 limit you're fine :)

    How can you spend 5K on a card with a 500 limit? Once you go beyond the 500 it would be declined. Or are you implying topping up the cc account by 5K and then spending it?


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    #6
    Cookie_Monster
    Registered Users Posts: 24,476 ✭✭✭✭Cookie_Monster


    SteoL wrote: »
    How can you spend 5K on a card with a 500 limit? Once you go beyond the 500 it would be declined. Or are you implying topping up the cc account by 5K and then spending it?

    I meant that if you spread it out over the month.

    For example (and not really realistic)

    Day 1 spend 500
    Day 2 pay off 500
    Day 3 spend 500
    Day 4 pay off 500

    etc (assuming everything clears instantly, which it doesn't, takes of couple of days)

    can also preload it with the 5k too


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    #7
    SteoL
    Closed Accounts Posts: 1,545 ✭✭✭SteoL


    Cookie_Monster wrote: »
    I meant that if you spread it out over the month.

    For example (and not really realistic)

    Day 1 spend 500
    Day 2 pay off 500
    Day 3 spend 500
    Day 4 pay off 500

    etc (assuming everything clears instantly, which it doesn't, takes of couple of days)

    can also preload it with the 5k too

    Ah right, get ye.


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