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Is it possible to buy something that costs more than your credit limit?

ZoolanderZoolander Registered User
edited October 2009 in Help / Advice Forum
So I'm looking to make a large purchase, and there is no payment option but credit card. Unfortunately my credit limit is smaller than the cost of the purchase.

I have enough money in my bank account to make that purchase though. If I put the money on the credit card before I make the purchase, would that transaction go through?

Zoolander on
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Posts

  • DaenrisDaenris Registered User regular
    edited October 2009
    That's not how credit cards work. If you don't have a balance, you can't "put money on the card" to try to give you a bigger spending limit.

    Do you (or can you get) a debit card linked to your bank account? In most cases, a debit card will be backed by Visa or MC and will allow you to use it like a credit card.

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  • ScrubletScrublet Registered User regular
    edited October 2009
    Do you not have a debit card tied to your bank account that you could use instead?

    Also, you could try putting it through. You can usually overextend your credit limit by a certain amount (though I've never really been clear on how that works).

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  • KevdogKevdog Registered User regular
    edited October 2009
    How far over your limit is the purchase and how good have you been about paying your bill? It's very likely you'd be able to call your credit card company and get the limit raised.

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  • MalkorMalkor Registered User regular
    edited October 2009
    If you call your credit card company they might be willing to work with you. Definitely a long-shot though, and I'm sure they'd try to find some way to stick it to you.

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  • ZoolanderZoolander Registered User
    edited October 2009
    Daenris wrote: »
    That's not how credit cards work. If you don't have a balance, you can't "put money on the card" to try to give you a bigger spending limit.

    Do you (or can you get) a debit card linked to your bank account? In most cases, a debit card will be backed by Visa or MC and will allow you to use it like a credit card.
    That's the funny thing. My credit card is linked to my online account and I am able to transfer money instantly between my checking account and credit card at any time. I have very often made a purchase on the credit card, then transferred the money into the credit card before the purchase even appears on my online bill. The credit limit shown on the online credit card page actually increases by the appropriate amount. I've often had negative balances appear on my actual printed bill because I put the money on the card before the billing went through.

    I always pay my credit card on time, so I'm sure I would qualify for a credit limit increase. But the purchase I am looking to make is several hundred dollars above my credit limit, so it's kind of extreme.

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  • EskimoDaveEskimoDave Registered User regular
    edited October 2009
    I can go over the limit of my credit card. It costs me $20 though. It's a Visa card.

    edit - oh, and it goes on my credit report.

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  • CauldCauld Registered User regular
    edited October 2009
    Call them and ask. If I understand how you're describing your card works I think if you transferred the money in first it would also work, but I'd still call and ask. I used to work at a credit card call center, but not one servicing regular people. Calls like this about credit limits were extremely common.

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  • PeregrineFalconPeregrineFalcon Registered User regular
    edited October 2009
    I see no one has mentioned it yet, so I'll be That Guy

    What is this large purchase that is more than your credit card can cover, why are you making this large purchase, and why is it important that you have it Right Now?

    Because I'm seeing a setup for future H/A threads entitled "OH GOD I'M IN DEBT AND SCREWED."

    Humour me?

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  • ZoolanderZoolander Registered User
    edited October 2009
    I see no one has mentioned it yet, so I'll be That Guy

    What is this large purchase that is more than your credit card can cover, why are you making this large purchase, and why is it important that you have it Right Now?

    Because I'm seeing a setup for future H/A threads entitled "OH GOD I'M IN DEBT AND SCREWED."

    Humour me?

    I'm buying an international airplane ticket for a trip in three months. Don't worry about debt, as I said I have plenty of money in my bank account to cover it.

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  • GdiguyGdiguy San Diego, CARegistered User regular
    edited October 2009
    Probably calling your credit card company to raise your credit limit is going to be your best bet (especially if it's relatively close, though I forget if that's immediate), getting a debit card with your bank account would also work (but might take longer)

    You could also as a last resort buy a pre-paid credit card with a check/cash, then pay it with that; I think there are places that sell them in larger amounts, and if you do it at a bank they can probably do a specific amount

    http://usa.visa.com/locators/gift-card-locations.jsp

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  • EskimoDaveEskimoDave Registered User regular
    edited October 2009
    Just ask to raise your limit. My credit card does that automatically when I don't use it. Credit cards are awesome!

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  • PeregrineFalconPeregrineFalcon Registered User regular
    edited October 2009
    Zoolander wrote: »
    I see no one has mentioned it yet, so I'll be That Guy

    What is this large purchase that is more than your credit card can cover, why are you making this large purchase, and why is it important that you have it Right Now?

    Because I'm seeing a setup for future H/A threads entitled "OH GOD I'M IN DEBT AND SCREWED."

    Humour me?

    I'm buying an international airplane ticket for a trip in three months. Don't worry about debt, as I said I have plenty of money in my bank account to cover it.

    Fair enough, and thanks for the response. Call me jaded by typical H/A threads but I was expecting "I need to buy a 103" plasma HDTV for the World Series right now" or something similarly asinine.

    Have you tried calling the airline to ask them about a bank-to-bank transfer? Given that you're buying an airline ticket and not something from another person I'd be less wary about using that method.

    Failing that, call your CC company - if you've got good credit and give them a reason "I need this for a plane ticket, I have the money in my account to pay for it (especially if it's your bank's card) - that's probably your best chance.

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  • ProPatriaMoriProPatriaMori Registered User regular
    edited October 2009
    Zoolander wrote: »
    I always pay my credit card on time, so I'm sure I would qualify for a credit limit increase. But the purchase I am looking to make is several hundred dollars above my credit limit, so it's kind of extreme.

    Christ, what's your limit? Every time my limit has been raised it's been thousands of dollars more than the old one.

    Just ask for the limit to be raised. If you've been good about paying your bills they will be thrilled to do this and salivate at the prospect of you giving them more money.

    EDIT: I don't actually care what your limit is and obviously you shouldn't say. That question was rhetorical.

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  • ZoolanderZoolander Registered User
    edited October 2009
    Zoolander wrote: »
    I always pay my credit card on time, so I'm sure I would qualify for a credit limit increase. But the purchase I am looking to make is several hundred dollars above my credit limit, so it's kind of extreme.

    Christ, what's your limit? Every time my limit has been raised it's been thousands of dollars more than the old one.

    Just ask for the limit to be raised. If you've been good about paying your bills they will be thrilled to do this and salivate at the prospect of you giving them more money.

    EDIT: I don't actually care what your limit is and obviously you shouldn't say. That question was rhetorical.

    Well I'm fresh out of university and I guess my bank is extremely stingy with credit. It's a Canadian bank if that makes any difference.

    I will definitely call them and see.

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  • rockmonkeyrockmonkey Registered User regular
    edited October 2009
    First thing you should try is calling and asking them to raise your credit limit. Like others have said the smallest amount my credit limit has ever gone up was 1-2k.

    If that doesn't work, no harm, no foul. See about getting a reloadable visa/mc. They're popular now a days. You basically buy it like a gift card but it's not tied to a store and instead it's just a Visa or MC with $XXX.XX loaded on it.

    If THAT doesn't work then see if the airline's site allows for paying by paypal or something then just transfer from you bank account into your paypal account and then pay it.

    Lastly you could get a Debit card for your checking account as it's the year 2009 and I don't know anyone over the age of 15 that doesn't have a debit card. This is the last choice, it's the best solution, but will likey take a week or so for your card to come in the mail.

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  • ZoolanderZoolander Registered User
    edited October 2009
    Ok, everyone keeps mentioning debit card. Now I actually do have a bank card, but I don't see any place on the website I'm using (Expedia.ca) where I can enter my bank card information. The only options are Visa, Master Card and Amex. Actually, I've very rarely seen websites that accept debit cards. Is that an American thing? I think online debit card use is much less common in Canada.

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  • DaenrisDaenris Registered User regular
    edited October 2009
    Zoolander wrote: »
    Ok, everyone keeps mentioning debit card. Now I actually do have a bank card, but I don't see any place on the website I'm using (Expedia.ca) where I can enter my bank card information. The only options are Visa, Master Card and Amex. Actually, I've very rarely seen websites that accept debit cards. Is that an American thing? I think online debit card use is much less common in Canada.

    Does your debit card have a Visa or MC logo on it?

    It may be a US thing, but nearly all debit cards here also function as a Visa or MC.

    edit: yeah, a quick Google seems to indicate that -- at least as of early this year -- Visa/MC debit cards weren't offered in Canada, so this likely isn't an option for you.

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  • ZoolanderZoolander Registered User
    edited October 2009
    Daenris wrote: »
    Zoolander wrote: »
    Ok, everyone keeps mentioning debit card. Now I actually do have a bank card, but I don't see any place on the website I'm using (Expedia.ca) where I can enter my bank card information. The only options are Visa, Master Card and Amex. Actually, I've very rarely seen websites that accept debit cards. Is that an American thing? I think online debit card use is much less common in Canada.

    Does your debit card have a Visa or MC logo on it?

    It may be a US thing, but nearly all debit cards here also function as a Visa or MC.
    Nope, it has the Interac logo. Hmm so debit cards in the US are issued by Visa/MC. I didn't know that. The more you know.

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  • SzechuanosaurusSzechuanosaurus Registered User, ClubPA regular
    edited October 2009
    Yeah, Visa and MC are the most common debit cards these days (the UK also has Maestro, not sure if that's an international thing though). It may be an exception because it's airline tickets, but I'm not sure why it would be necessarily. Usually anywhere that accepts Visa will also accept Visa Debit in my experience.

    What you can do is ask them to raise the limit on your credit card as advised by others. If it's by a considerable amount, they might only be willing to raise it temporarily. I've done this when going on holiday before. They may also want to see evidence that you'll be able to pay the greater amount, so explaining that it's a one off purchase and that you have the money in your bank account to pay the bill virtually instantly and can provide evidence that the money exists should be sufficient to get the limit bumped up for 30 days.

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  • supertallsupertall Registered User regular
    edited October 2009
    Just call and explain it to your credit card company. I was in a simliar situation to you, where I needed an extra few hundred dollars and had just finished school. They offered to increase my student card from $1000 to $4000. A few hundred dollars is small potatoes to them.

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  • oncelingonceling Registered User
    edited October 2009
    I'm with Scotiabank and my card works this way, transfer onto it, check the available balance, and it's always the credit I just transferred, PLUS my credit limit itself. Made several large purchases this way before my limit was increased.

    EDIT: just to clarify, I do keep a $0 balance

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  • Sir Headless VIISir Headless VII Registered User regular
    edited October 2009
    Call your credit card company and ask them. Doing what you described will probably work. I have had the credit card company owe me money before it just shows you owe them negative money. I haven't use my negative balance to buy something huge but you should be able to work something out with the credit card company.

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  • eternalbleternalbl Registered User
    edited October 2009
    In Canada out debit cards are on a system different from the states, they aren't on the same system as Visa or Mastercard.

    Seriously, even in Canada credit increases are insane. My first credit card was $2400 limit and in the 8 years or so I've had it, it's been raised by $2000 twice without me even asking. Just call and ask for them to raise the limit already!

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  • an_altan_alt Registered User regular
    edited October 2009
    I kept a $500 limit on my RBC Visa for years and pre-paid for larger purchases many times. Like Headless said, it just shows up as negative amount owing. Debit cards have transaction limits ($500/day or whatever) while credit cards have credit limits (we won't let you owe us more than X).

    You could call the credit card company first, but it really shouldn't be necessary.

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  • ArtreusArtreus I'm a wizard And that looks fucked upRegistered User regular
    edited October 2009
    Zoolander wrote: »
    I see no one has mentioned it yet, so I'll be That Guy

    What is this large purchase that is more than your credit card can cover, why are you making this large purchase, and why is it important that you have it Right Now?

    Because I'm seeing a setup for future H/A threads entitled "OH GOD I'M IN DEBT AND SCREWED."

    Humour me?

    I'm buying an international airplane ticket for a trip in three months. Don't worry about debt, as I said I have plenty of money in my bank account to cover it.

    Fair enough, and thanks for the response. Call me jaded by typical H/A threads but I was expecting "I need to buy a 103" plasma HDTV for the World Series right now" or something similarly asinine.

    Have you tried calling the airline to ask them about a bank-to-bank transfer? Given that you're buying an airline ticket and not something from another person I'd be less wary about using that method.

    Failing that, call your CC company - if you've got good credit and give them a reason "I need this for a plane ticket, I have the money in my account to pay for it (especially if it's your bank's card) - that's probably your best chance.

    Yeah, nobody brought it up because he mentioned that he had more than enough money in his bank account, he just has a card with a low limit, and the only method of payment they take is credit card.

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  • ProPatriaMoriProPatriaMori Registered User regular
    edited October 2009
    Just going to note that I'll be really surprised if they don't happily raise your limit, without asking what for or why. If you're paying your bills on time you're a good risk for them.

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  • Al_watAl_wat Registered User regular
    edited October 2009
    Yeah call and ask for a credit limit increase. If they even ask why, just tell them the real reason. They will probably be happy to increase your credit.

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  • ZeonZeon Registered User
    edited October 2009
    The limit the OP is talking about, is it the limit on the card (5000 max chargable, for example), or the limit of one time charges? I know both my debit card and credit card have max one time charge limits (both are 1000 dollars). Im canadian as well.

    The way i work around it is to pay half with the debit card and half with the credit card. This gives me a maximum chargable limit of 2000 dollars which should cover almost anything. Not sure if it will work with expedia though. Do they have an option to pick up the tickets early and pay at the counter?

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  • ArtreusArtreus I'm a wizard And that looks fucked upRegistered User regular
    edited October 2009
    Zeon wrote: »
    The limit the OP is talking about, is it the limit on the card (5000 max chargable, for example), or the limit of one time charges? I know both my debit card and credit card have max one time charge limits (both are 1000 dollars). Im canadian as well.

    The way i work around it is to pay half with the debit card and half with the credit card. This gives me a maximum chargable limit of 2000 dollars which should cover almost anything. Not sure if it will work with expedia though. Do they have an option to pick up the tickets early and pay at the counter?

    Yeah, in those cases you have to call them and have them temporarily raise the limit to whatever you need.

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  • Gilbert0Gilbert0 North of SeattleRegistered User regular
    edited October 2009
    I did the exact thing you are. I had a student visa (from TD) with a $1000 limit. Needed to buy a laptop for school that was $999 plus tax so I only needed a small increase. Asked for $500 ($1500 total) increase but they offered $2000 increase ($3000 total).

    Called up and they ask you a couple questions like how much you make at your job how long your working there. It should take no time at all.

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  • MichaelLCMichaelLC In what furnace was thy brain? ChicagoRegistered User regular
    edited October 2009
    I think someone said it already, but US banks sell Visa gift cards - essentially a card that can be used anywhere a Visa card is accepted. Sort of the super lazy-man's gift card.

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  • Blake TBlake T Registered User regular
    edited October 2009
    I've always with big purchases just thrown extra cash onto the credit card so I have a negative amount owing.

    However I have had a friend who tried to do this one with his AmEx and they froze his account. He then cancelled. For reference I do this all the time with my Visa and it works fine.

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  • GothicLargoGothicLargo Registered User regular
    edited October 2009
    Just going to note that I'll be really surprised if they don't happily raise your limit, without asking what for or why. If you're paying your bills on time you're a good risk for them.

    I agree, most credit card companies are generally giddy at the prospect of people spending more money and thus netting them more fees (credit card companies charge retailers a percent fee on every purchase made through their network, on the reasoning that they 'enabled' the sale; even if you never pay a dime in interest, if you spend a lot on your card, you've made them money). You can probably get your credit limit raised within about an hour by contacting them by phone or through whatever web tools they offer you.

    Cards also have various behaviors on what happens when you hit your limit. Most will happily accept one or two overcharges while socking you with an outrageous fee. Occasionally they will instead raise your credit limit, some will reject the charge outright, and some business cards will bounce the charge but allow the cardholder to call in and authorize it.

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  • WezoinWezoin Registered User regular
    edited October 2009
    Instead of working with the credit card company try to work with the company selling you the ticket - tell them your credit limit and ask to pay in instalments (they put through your limit now, you pay off, they put through the balance after) this requires that you have at least enough to cover your credit limit in your account though.

    That said, my credit card allowed me to pay $1000 more than I owed when I picked up my macbook, but I'm not sure if my limit went up $1000 because of it (I only did it because I wanted to make sure I didn't spend the money before the charge went through.) So YMMV, basically my macbook came to $1700, I had a credit card balance of -1000, so when it went through I had a balance of $700, I'm just not sure if it would have allowed me to charge the extra $1000 in the same transaction though.

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  • EliminationElimination Registered User regular
    edited October 2009
    Zoolander wrote: »
    Ok, everyone keeps mentioning debit card. Now I actually do have a bank card, but I don't see any place on the website I'm using (Expedia.ca) where I can enter my bank card information. The only options are Visa, Master Card and Amex. Actually, I've very rarely seen websites that accept debit cards. Is that an American thing? I think online debit card use is much less common in Canada.

    The thing they are talking about with the Logo's doesnt exsist in Canada fyi. So their info wont work for you/ or me. :P

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  • exmelloexmello Registered User regular
    edited October 2009
    I once accidentally paid my wrong credit card off and my statement showed that I had $950 available on the card instead of the limit of $700.

    These are the type of people who get to Google by Googling "Google"
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  • JeanJean Nerdy québécois bear Gatineau, QuébecRegistered User regular
    edited October 2009
    I don't know if you use a Visa-Desjardins, but these guys are quite generous when it comes to credit limit. They offered to raise mine to $10K from $5K but I refused because I have no need for such a high limit.

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  • Hey AshtrayHey Ashtray Registered User regular
    edited October 2009
    Hey, fellow Canadian. I'm with CIBC, and when I transfer too much from my savings onto my credit card, the card has a surplus balance. Like once, instead of transferring 70 dollars, i sent over 700, but by card was 630 dollars more, and I could have used it. So I'd say, just give it a shot!

    Also, I called CIBC once to get my credit raised, and I didn't even talk to a person. Just an automated service that asked how much a year I made, and how much I wanted to raise my limit. I was honest, and modest, so it worked and my limit was immediately raised, but you could easily lie like crazy. Maybe yours has the same function.

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  • ZoolanderZoolander Registered User
    edited October 2009
    So I found a button online to increase my credit limit, filled out the small application and bam, 1 day later my credit limit has increased. Thanks very much guys!

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  • LavaKnightLavaKnight Registered User regular
    edited October 2009
    Where can we find this magical button and press it a million times.

    Glad it worked out for you.

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