#CreditCardPayment

[hitchzone]

What happens when you go over your Credit Card Limit?

A "credit limit" is the maximum amount of money you can borrow using your credit card. Each time you use your card for a purchase, the amount is subtracted from your available credit. You may eventually exceed this limit if you continue making purchases without paying off the balance. This is what’s commonly referred to as going "over" your credit limit.

For example, if your credit card has a limit of INR 10,000 and you spend INR 1,500, your remaining credit is INR 8,500. If you then spend more than INR 8,500, you surpass your credit limit. This then could lead to fees and negatively impacting your credit score. So, what exactly happens when you go over your credit card limit? Let’s break it down.

Declined Transactions

One of the first things you’ll notice when you exceed your credit card limit is transactions getting declined. Here’s a scenario: you’re standing at the checkout line at a store, ready to make a purchase, only to have your card rejected. It’s a frustrating and potentially embarrassing experience.

When you hit your credit card limit, your card issuer might also block further transactions to prevent you from going even deeper into debt. This safeguard is meant to protect you and the issuer, but it can be inconvenient if you rely on your card for essential purchases.

Penalties

Going over the credit card limit can also result in hefty penalties. Many issuers charge an over-limit fee, an additional cost you incur for exceeding your credit line. The fee can range from Rs. 500 to Rs. 1,000. What’s more, this fee might be charged every month that your balance remains over the limit.

The penalties don’t stop there either! Some issuers might also increase your interest rate as a result of going over your limit. This turns what was once a manageable balance into a costly debt. This penalty interest rate (sometimes referred to as the default APR) can be significantly higher than your regular rate. It’s a way for the issuer to mitigate the risk they see in lending you more than you were initially approved for.

Credit Score Impact – A Drop in Numbers

Exceeding your credit card limit can hurt your credit score in several ways. First, your credit utilization ratio – the amount of credit you are using compared to your total available credit will spike. A high credit utilization ratio signals to lenders that you may be overextended and struggle to pay your debts.

Credit scoring models, like those from CIBIL or Experian view high credit utilization as a risk factor and your score may drop as a result. This dip in your score can make it harder to secure favourable terms on future loans. You may not even get approved for new credit cards. In some cases, your over-limit status may get reported to credit bureaus and further damage your score.

Worst Case Scenario – Account Freeze or Closure

If you consistently go over your limit or if you’re unable to bring your balance back under control, your issuer might decide that you are too risky to lend to. They could freeze your account. This means you will not be able to make any new purchases until you’ve paid down your balance. Worse, they might close your account entirely. This wouldn’t just leave you without the credit line but could also harm your credit score further.

How to Recover – Paying down your Balance

If you’ve gone over your credit limit, the first thing you should do is prioritize paying down your balance. The goal here is twofold:

Open up more room on your credit line

Lower your overall credit usage

By paying off a substantial portion of your balance, you can reduce the impact on your credit score and avoid additional fees.

Start by reviewing your budget to see where you can cut back on spending. Redirect those funds toward your credit card payments. If possible, make more than the minimum payment each month. Doing so will help you pay down your balance faster and reduce the amount of interest you’ll pay over time.

Exploring Alternatives

If your credit card debt is becoming unmanageable, consider transferring your balance to a card with a lower interest rate. Balance transfer cards typically offer a low or 0% introductory interest rate for a certain period. What this does is gives you some breathing room to pay off your debt without accumulating additional interest.

However, balance transfers aren’t free. Most cards charge a fee of 3% to 5% of the amount transferred. Still, if you’re carrying a high-interest balance, the savings from the lower interest rate can outweigh the transfer fee. Just be sure to read the fine print and understand when the introductory rate will expire.

Prevention Is Better Than Cure: Tips for Avoiding Over-Limit Fees

To avoid the stress and financial strain of exceeding your credit limit, it’s essential to monitor your spending closely. Keep track of your purchases and know how much credit you have available at all times. Many credit card issuers offer tools, such as mobile apps or online portals. They allow you to check your balance in real time.

Setting up account alerts can also be helpful. You can receive notifications when you’re approaching your limit. Finally, consider opting out of over-limit protection if your card issuer offers this service. While this protection allows transactions to go through even when you’re over your limit, it also means you’ll be charged fees. For example, SBI Credit Card has a 2.5% or INR 600 (whichever is higher) over-limit fees. Opting out can help you avoid these charges because transactions will simply be declined instead.

Final Thoughts

Credit cards are great for managing your finances and building credit, but they come with the responsibility of mindful usage. Keeping your spending well below your credit limit is significant to avoiding over-limit fees and protecting your credit score. By staying aware of your credit limit and maintaining a low balance, you can better manage your finances and avoid potential drawbacks. Always aim to make your payments on time and in full to be clear of debt.

[kredit4all]

Festive seasons often bring out the shopaholic in us, but it's essential to stay mindful of our spending habits, especially when using credit cards. In my latest blog post, I share practical tips on how to enjoy the celebrations without overspending. From setting a budget to tracking your purchases, learn effective ways to keep your finances in check this festive season.

[hitchzone24]

Can I pay my rent with a credit card?

Credit cards come in quite handy for making purchases of any kind. Nearly all credit card transactions allow you to accrue reward points, cashback, and other incentives. Thus, you may use your credit card to save money if you pay your bills on time. Additionally, you can pay your landlord's rent with a credit card. Using a credit card to pay rent may seem like a new idea. Nevertheless, increasing your credit score and earning reward points can be beneficial.

 Using a credit card to pay rent has several advantages, such as:

Reward Points

Paying your rent with your credit card might be a terrific method to rapidly accrue rewards if you have a card that offers cashback or reward points for purchases. You can use this to earn cashback that can be used for future purchases, free flights, or hotel stays.

Easy accessibility

If you don't want to set up an automatic bank transfer or don't have access to a real cheque, paying your rent with a credit card can be a convenient choice. You won't have to bother about writing and mailing a cheque when paying your rent each month if you use this quick and simple method.

Develop Credit

When you use a credit card to pay your rent on time every month, you can establish a good credit history that will come in handy if you ever need a loan or want to apply for credit.

Postponed Payment

Using a credit card to pay your rent may allow you to extend the time you have to pay without facing any penalties or late fees, depending on the billing cycle of your credit card. When your income arrives after your rent is due, this can be useful.

One must decide whether to pay the rent with a credit card after weighing the pros and cons well.

[stevedidier]

Boost Credit Score by Understanding Credit Utilization & Payment Dates

[newsbites]

News from Marseille, France, 11 July.

A transformer fire in Marseille has left thousands of residents without electricity, resulting in closed businesses, limited access to essential services, and uncomfortable living conditions.

The lack of electricity has caused significant inconvenience and frustration for residents, who are unable to charge their phones, access information, or properly cool their homes.

Enedis is working to restore power, but the exact cause of the transformer fire is still unknown, leaving affected households uncertain about when they can expect a return to normalcy.

2. Aix-Marseille will soon implement open payment for public transportation, allowing passengers to pay with their phone or credit card, eliminating the need for cash or physical tickets.

The open payment system will be gradually rolled out across the entire metropolitan network, making it more convenient for residents and tourists to use public transportation.

The open payment system will be tested by a panel of users from July 17-30 on buses, trams, and metros in Marseille, as well as the Aix-Marseille and airport lines.

3. Several towns in France have decided to cancel their Bastille Day celebrations, including fireworks and firefighter balls, due to concerns over potential riots and urban violence.

Some municipalities are also canceling fireworks displays to minimize the risk of wildfires, while others are opting to replace fireworks with drone shows.

A decree has been issued banning the sale, possession, transportation, and use of fireworks and pyrotechnics nationwide until July 15th to prevent serious disturbances to public order during the festivities.

4. A man in his fifties died after a collision with a bus while riding an electric scooter in Marseille.

This is the second serious accident involving a scooter and a bus in two months in the city. The man lost control of the scooter and fell onto the road, where he was hit by the bus. Despite attempts to revive him, he was pronounced dead at the scene.

In 2022, there have been 34 scooter-related deaths in France, which is a significant increase compared to previous years. The rise in accidents is a concern for road safety authorities.

5. The results of the French National Diploma for academies in Aix-Marseille, Dijon, and Strasbourg have been released, with the exception of Guyane.

In 2022, 87.5% of candidates passed the exam, with 24.4% receiving the highest distinction of "très bien."

6. The results of the Baccalaureat 2023 dropped last week. With a success rate of 91.8%, the Aix-Marseille Academy is doing better than in 2022 (89.1 %) and exceeds the national average (85 %) .

[quickfinserv]

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[edel-mf]

Razorpay Payment Links is the easiest way to accept payments without a website or an app.

A Payment Link can be created from the Razorpay Dashboard and shared instantly via SMS, email, WhatsApp, or chatbots.

Customers can use this Payment Link to make payments using different payment modes like debit cards, credit cards, wallets, UPI, and net banking.

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Accepting payments online is crucial for modern businesses. By integrating an online payment gateway, companies can securely and conveniently process payments from customers around the world. This increases sales and enhances customer satisfaction, while also streamlining the payment collection process. Read this blog to know more advantages of accepting payment online.

[rathucreditcardtocash]

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[kredit4all]

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[lallulalnews]

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[payg-payment-gateway]

Credit Card Payment Processing | Digital Payments Benefiting Customers and Businesses

By accepting credit card payment, merchants are actually maximizing their opportunities, Digital Payments processing via credit cards attracting impulse and unplanned purchases because the buyer doesn’t need to pay out of his pocket at the time of purchase

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