Question
I've been putting most of my business and personal expenses on my British Airways Visa Signature card lately...pretty soon I'll reach the 25,000 mile threshold needed for a transatlantic mileage upgrade on BA (thanks to the 15,000 mile opening bonus).
I have a $2000 limit due to my relatively limited credit history. But it's a Visa Signature card, which permits me to go over that limit to a certain extent. I pay everything in full each month, and am reimbursed for many of the charges on this card, so I'm curious to figure out how far over my limit I can go. I'm addicted to miles, after all. ;)
My last billing cycle just closed and I was able to charge about $2400 in the February-March cycle before my card started getting declined. Once that happened mid-cycle, I sent in a payment for $1000 (to put me back under my limit) and charged the balance up to $1800 or so, below my limit, until the end of the billing cycle.
This coming month I'm hoping to be able to charge more than $2400 before making a payment, if necessary.
Is there any rhyme or reason to how far over my stated revolving limit I can go with a Visa Signature card? I've called Bank One/Chase and they won't reveal that information to me. A friend of mine, with a $6000 limit Bank One Signature card, was able to charge an $8000 business class ticket to her card with no problems a while back, so perhaps the longer your account history the more Bank One will let you go over your limit each month.
What are your experiences with the Visa Signature "no preset spending limit?"
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It depends on the company. A while back, I tried to get a hefty charge posted to my Citi HHonors Visa Signature card, and I got a call from a CSR saying that "no limit" means that you can charge about 10% over your credit limit. I don't know what other banks' policies are though.
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Wahooflyer what are your fico scores and length of history? Any negatives on your accounts currently. With your limits I'm guessing 680- 699 range?
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I am able to charge up to 10,000 before getting declined on my 5,000 limit card....
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Wahooflyer what are your fico scores and length of history? Any negatives on your accounts currently. With your limits I'm guessing 680- 699 range?
Somewhere around there. I haven't checked my score in the past few months so I'm not sure exactly. No negatives other than the high monthly balance/credit limit ratio on the BA card.
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thanks for the info guys!
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I didn't know you could go overlimit. Fee free, I mean. What I do is pay off the items when transaction post to get new high limit :)
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I didn't even know they issued Visa Signature Cards with limits as low as $2000. Yet another diluted card product. I have the Bank of America US Airways Visa Signature with $16,700 limit. I managed to reach $24,000 when they called for verification but they didn't shut down the card. It depends on tenure, payments, and credit score.
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I didn't even know they issued Visa Signature Cards with limits as low as $2000. Yet another diluted card product. I have the Bank of America US Airways Visa Signature with $16,700 limit. I managed to reach $24,000 when they called for verification but they didn't shut down the card. It depends on tenure, payments, and credit score.
Sounds similar to American Express's policy for its charge cards.
I too am surprised that Bank One issued me a BA Visa Signature with only a $2000 revolving limit, as the application said something to the effect of, "if you don't meet our credit standards for a Signature card, this also serves as an application for a Visa Platinum card." But I've only had a credit history for three years, so I'm not complaining! :D
For a $75 annual fee, I'm glad to have the Signature benefits.
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Sounds similar to American Express's policy for its charge cards.
I too am surprised that Bank One issued me a BA Visa Signature with only a $2000 revolving limit, as the application said something to the effect of, "if you don't meet our credit standards for a Signature card, this also serves as an application for a Visa Platinum card." But I've only had a credit history for three years, so I'm not complaining! :D
For a $75 annual fee, I'm glad to have the Signature benefits.
Yes I agree. Well nothing surprises me these days. Visa developed a great card product and yet allows it's member banks to issue them like free candy. This is exactly why AmEx retains the market on exlusive card products. Signature is over, perhaps Infinite will remain elite. I thought Signature would be at least $15,000+. Good to know, enjoy the Sig benefits :p
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I have an Alaska Airlines (Bank of America) Signature Card with a $20K limit, I've charged almost $35K without any decline (then again, I called to tell them to expect a large charge and not to decline any charges). They responded, "No Problem Mr. JAGMAP, have a great day and thank you for being one of our most loyal customers!" :D
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Heh. This is news to me, I assumed that going over the limit would entail a fee. As a result I've never put more than 40k on my UA Visa, larger charges go on the Amex.
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Heh. This is news to me, I assumed that going over the limit would entail a fee. As a result I've never put more than 40k on my UA Visa, larger charges go on the Amex.
Yes, there's no fee for going over the limit on Sig. cards. I noticed it long time ago in fine prints when Visa started issuing them. Of course, they don't advertise this part so that people don't abuse it. It's all in the fine prints, isn't? ;) A very cool benefit. Does anybody know any Visa Sig. card not charging annual fee ever besides Citi Hilton Visa?
What I like more in Sig. cards in fact is many of them provide $1M travel accident insurance for free when you charge the tix on the Sig. card. A lot of Plat. cards now only offer $500,000 travel insurance or even $250,000. So I charge plane tix, rental car or cruise tix on Sig. cards.
In addition, you get travel delay benefits up to $300. I got meal reimbursements from Xmas trip due to increment weather and I didnt' fly out until the next day. I think hotel and cab fees are included in the $300 limit as well. Baggage damage might still be part of the benefits as well if I recall correctly.
Btw, I could charge up to $6,000 on my $5,000 revolving credit line on my Citi Hilton Visa card according to Citi bank. So it's a 20% over the limit.
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I think it all depends on which bank issues the card and your relationship to that bank. I also have the Citi Hilton Visa Signature with a 15K limit, the rep told me that I can charge up to 30K.
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A lot of Plat. cards now only offer $500,000 travel insurance or even $250,000.
Many have been offering only $100,000 for a long time...