Credit card payment question

[K-133]

marina628, I understand you point, but if this would be helpful, then it would make no sense for the cc companies to set up a credit limit at all! The charge for going over the credit limit is a source of their income.

If this would be that simple, every customer with a little credit, like $1.5 - 2k, could easily prepay her credit card about $3-4k and spend more than the cc actually allows them to.

behappytoday - I've done what marina is saying in the past. They don't have to allow this and some companies really don't like it. With that, your limit isn't there to limit your maximum purchase, it is there because it is what they are willing to provide to you based upon your history.

I've even gone so far in the past as to prepay what I thought I'd be spending for a month in advance. Eventually I got tired of it, but I never heard a peep from MBNA during those 8 months.

On another hand, I wanted to buy three fridges (don't ask) from Sears on a new Sears MC to apply a discount. We had asked for the the credit limit to be the cost of the fridges but forgot to include taxes. I asked whether I could pay in advance as is being described and they said no, the moment I overpay the system would automatically initiate a refund. I didn't test them as I needed to get this transaction completed fairly quickly.

[marina628]

That is why i said i call them and make the arrangement been doing it last 5 years and never an issue.I really do not know what they would do if it was a regular basis.The credit limit is what they will LOAN you that is why there is a credit limit .
IE right now my balance is -$8700 on my CIBC visa and my credit limit is $18,500 so if i want to spend $24,000 today I won't be over limit as i have a credit balance...

[Mall Guy]

behappytoday - I've done what marina is saying in the past. They don't have to allow this and some companies really don't like it.

On another hand, I wanted to buy three fridges (don't ask) from Sears on a new Sears MC to apply a discount. We had asked for the the credit limit to be the cost of the fridges but forgot to include taxes. I asked whether I could pay in advance as is being described and they said no, the moment I overpay the system would automatically initiate a refund. I didn't test them as I needed to get this transaction completed fairly quickly.

Two things, instead of prepaying, I have applied for a temporary increase in the credit limit, which over time has lead to a permanent increase in the limit.

As to Sear, they will apply a penalty if you carry a credit balance - found this out when I return some items, and did not immediately repurchase anything . . . seems to me Sears MC in now Chase under the Sears brand . . .

[marina628]

I do not have any store cards so not sure of their policies ,just use CIBC Visa for Aeroplan mostly.