How much can I go over my credit card limit?

This question is about Credit Cards

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@WalletHub 02/19/21 This answer was first published on 09/01/16 and it was last updated on 02/19/21.For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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How much you can go over your credit limit depends on the credit card you have.

Most credit cards will not allow you to spend over the limit. While some issuers allow you to opt-in to go over the limit, you will be charged over the limit fees that are usually quite high.

It is best to avoid spending over your credit limit. Not only does it indicate unsustainable spending habits and desperation to borrow, but it’s also bad for your credit standing.

Keep in mind that if your current credit limit isn’t high enough to meet your everyday spending needs, you may want to request a credit line increase.

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What happens if you go over your credit limit?

Going over your credit limit can result in your credit score taking a hit, as credit utilization (i.e. how much of your available credit you use on a monthly basis) accounts for about 15% of your overall score.

Other than this, going over your credit limit could result in over-the-limit fees, a decrease in your credit limit, or other penalties imposed by the credit card provider since this can be regarded as poor credit management and high lending risk.… read full answer

You should always be careful when using your credit cards to the limit, as maxing it out carries with it similar effects on your credit.

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