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Reading This Could Save You 29 BUCKSJul 27 '01 (Updated Jul 28 '01) Write an essay on this topic.The Bottom Line Find out if your credit card account is set up to allow you to hang yourself. Then disable that feature if you don't want it to happen to you. If you are approaching the limit on your any of your credit cards, then you need to read this short epinion. It lets you know how one phone call could end up saving you money. In the last two years I have made some good strides in turning around my credit. One of the most important things that I learned is that you need to have a good understanding of the processes surrounding the use of your credit card. Specifically, this opinion deals with your account when it approaches or exceeds your credit limit. Lets say that you have a credit card with a $1000 limit and your current balance is $950. If you were to try and charge something for $160, you would probably be declined. If you were to try and charge something for $60, you may just get approved. A bank customer service agent informed me that most credit card accounts will allow you a small window to exceed your credit limit. If you happen to exceed your credit limit by a small amount, your bank will likely approve the transaction, then charge you a over limit fee which will run you another $29.00. I found this out by chance when a company inadvertently placed two authorizations for a small amount on my account. Both authorizations were approved, but the second one brought my balance above my credit limit by dollar. Luckily the second transaction did not settle. However, I did call to inquire about it and was then informed of that policy. The good news is that you can request to have that feature disabled, in which case any authorizations that will cause you to exceed your limit will be declined. For more information about my credit experiences check out my other reviews on the subject. "Secure in my decision": http://looknforward.epinions.com/content_1135648900 "A Capital Idea": http://looknforward.epinions.com/content_14403473028  |
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