Question
Suppose I have a credit limit of $1000,
and I have a $500 credit at the beginning
of the cycle, can I spend $1500 during
the month, or am I still limited to the
$1000 limit?
Also, anyone know where I can find
detailed terms and conditions for Citi
cards online? I didn't get one when they
send me my card, and I can't seem to
find it on their website.
Thanks.
Answer
assuming you mean that you have a 500 positive balance
yes you can use that + your entire credit line!
Answer
If you go to citicards.com there's a pull down menu for your specific card. Then you can click for further information about specific features of your card. It's not as detailed as what you usually get in the mail, but it will answer most questions.
Answer
Originally posted by captain_nemo:
Suppose I have a credit limit of $1000,
and I have a $500 credit at the beginning
of the cycle, can I spend $1500 during
the month, or am I still limited to the
$1000 limit?
Also, anyone know where I can find
detailed terms and conditions for Citi
cards online? I didn't get one when they
send me my card, and I can't seem to
find it on their website.
Thanks.
Yes, you can spend the full $1,500 and with the Citi AAdvantage card you'll get the full 1,500 miles. If you don't have a T&C booklet, you can call Cust Svc and they will send you a new one. Or visit the website like Jilz suggested
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I Love New York
Answer
As shown below (in the Visa references), you can effectively eliminate your credit limit by paying off a balance.
http://www.flyertalk.com/forum/Forum69/HTML/000963.html
Answer
On my platinum card (and it's probably the same on other personal Citibank cards), there's a difference between a credit limit and a spending limit. My spending limit is currently 3.5x my credit limit (and it keeps going up). I have to pay my balance down below my credit limit every month (no problem - I pay off my balance every month), but then I can turn around and charge my brains out.
The Citibank credit managers said the spending limit was based on my payment history - it equals the most $$$ I've paid on the card in a single billing cycle. Obviously I've been making extra payments (sometimes up to $20K per month).
If you want to increase your spending limit, make extra payments. Also look at signing up for the autopay feature. It'll make your life a lot easier.
Answer
singlemalt is sounds as if you are talking about either a MasterCard WorldCard or a Visa Signature card - both of which are offered by Citibank as a Citi AAdvantage card.
It is true that these two types of cards have no pre-set limit - this is the "spending limit" that you are referring to. This means that you may charge over your revolving credit line each month so long as you pay everything charged above that limit plus at least your minimum on the credit line. for example, let's say you have a Citi AAdvantage Gold World MasterCard with a $5,000 limit. One month you spend $6,000 (there is no over the limit fee since you have a WorldCard). When your bill comes due, you must pay a minimum of $1,250 ($1,000 over your credit line and $250 minimum payment assuming 5% minimum on your credit line).
The amount you may spend over your credit line will vary based on your past spending behaviour - as you mentioned.
Other types of credit cards, including the old standard Citi AAdvantage Silver and Gold cards do not have this feature. You may not spend over your credit limit without incurring a fee. The only way to do this is to pre-pay your balance.
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I Love New York
Answer
Red:
You are correct - I have a World MC. The "no pre-set spending limit" they advertise really isn't true - they're not going to let a new cardholder spend 2X their credit limit without a payment history or proving "ability to pay" (personal assets and/or income), which is how I got my initial increase. But it has been relatively easy to keep raising the limit.
Just as point of reference, the last time I talked to a credit manager (I call them once a month to see what my limit is), she said it's not uncommon for people to have a "spending limit" of $150K; she said she's seen a couple of accounts over $200K. That's some serious mileage.
Answer
Very interesting thread, with some great information. How do you reach a credit manager by phone, do you call the regular customer service number and ask for one?
Answer
In answer to the original question, yes you can "force feed" a Visa/MC account. This is one of the main advantages over AmEx Optima.
Answer
Gaucho:
Correct - call customer service and ask to speak to someone about your spending limit (not credit limit). They will tell you that your spending limit is subject to change based on your payment history, but my experience has been that if you pay off your balance every month, it never goes down.