Question : credit limit?
is a credit limit on a credit card monthly or total? And if it is total, does it renew itself once you pay off your balance?
- asked by Tamara
All Answers:
Answer #1
It's the total balance you are allowed to chargeonto the card, including monthly interest charges. It is a rolling limit. For example, if you havea $1,000 limit, and in month 1 charge $250, inmonth 2 you can still spend $750 + whatever yousent in as a payment.
- answered by Michael B
Answer #2
Credit limit - The total amount you can use tospend with that card. It includes interests andall other finance charges and services fees.As youspend, your "available credit" decreases by thatamount. Once you pay off any charges, yourallowable credit increases by the amount ofpayment.If you pay in full, then your availablecredit is your total credit limit.Note: You canask for credit limit increases every 6 months onmost cards by calling the customer service number.When you access your credit card account online,you will often see a "request for credit limitincrease" link, you can use that as well.
- answered by jason f
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