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Additional Details
i do agree .debts must be paid and not going on holidays it isnt me . i was asking for a ... |
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dhblewis | A credit card question? |
If I get a visa credit card how do I pay it off?? I've heard people say they put money 'on' there credit card before they go away? what does that do?
Thanks!
Additional Details
also can you pay by bank transfer. and if you put money on your c/c does your limit increase.
for example i have a limit of 20,000 and put on 5,000. can i now spen 25,000? |
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free_2_bsweet
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When you get a credit card and you spend money on it...example you have a $500.00 limit and you spend $80.00 you have a grace period to pay off the $80 before it accumulates interest...you don't have to pay off the full $80.00 but it will have interest added on after the grace period has passed ( grace period is like having 21 days to pay before interest is added on). If you don't pay the full $80 you will get a statement and you will have to make a minimum payment the statement will tell you what that minimum payment is like depending on what your credit card interest rate is your minimum payment is usually $10.00 or greater which ever comes first so you minimum payment should roughly be $15.00 for the $80.00 spent.
It's always best to pay it off before the grace period is up the interest will accumulate after a period of time.
So putting money "on" your credit card means making a payment to bring your balance down.
$500.00 limit and you spend $80 leaves only $420 left to spend on the card and when you put money "on" the card which is make a payment and you make a $20 payment it will leave you $440.00 left on the card to spend if you make a full payment then you will have $500 to spend with a $0.00 balance.
If you have a $20,000 limit and you put $5000 on the card without spending the $20,000 then you end up having a credit balance because now there is more money on the card beyond the credit limit. There would be no point in doing that. |
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alatoruk
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re your idea about putting 5K on a card to give you more than your limit.
seems fine in principle BUT when you buy using the credit cards money you are covered by their insurance, so if the airline goes bust you get your money back, or the hoover doesnt work they replace it. if you have pre-loaded your card you are buying things with your own money.... so you aint got no insurance.
double negative I know in that last sentance, but i wanted you to understand IT IS NOT A GOOD IDEA |
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gavmel259
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You get a statement every month. You can either go in to your bank to either pay the minimum amount or any amount greater, to make payment.
Your other option is to get in contact with your credit card company and you can make a payment over the phone with your bank debit card. |
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danesgirl74
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This is a complicated question. The wording and your interpretation leads me to believe that they have a secured credit card so the credit limit is whatever they have in the security amount. If that is not the case it simply means that they have paid off some of the debt on their credit card account to free up more available credit; this does not increase the credit limit of the account. |
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bud
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if you are going away and you know your bill will be due and has to be paid while your away if you owe say £50 then go to the bank with your last statement and pay another £50 then you won`t have any charges when you come back. you can spend 25,000 but you will only be charged on the 20,000 because the 5,000 is yours anyway. |
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Chris
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Q1 put money on your credit card? for holidays it would be like putting it in the bank, and can spend it anywhere in the world.
Q2
In theory yes, if your card limit is £20,000 and you credit the account with £5,000 then you effectivly can spend the £20,000 limit plus the £5000 you put in as the balance would be in credit at the start |
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Sgt Big Red
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The only reason for paying more on ones credit card is to ensure there is enough of a overpayment to take care of the minimum payment due each month if they are unable to make payment arrangements while out of the country.
If they have no access to Internet or mail while on vacation.
Some credit card accounts have a minimum monthly fee even if the balance is $0 so people will pay enough to cover any bank fees while away.
Now as to paying more then what your credit limit is, this will NOT raise your credit limit, it will make more funds available to charge on the card, but only the bank can raise your credit limit.
Hope this answers your question. |
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Eamz
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It means they have money on the credit card so they dont go into debt. |
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