Jun 8, 2012
My card was swiped at your merchant terminal, but shows “over limit”. what do I do now?
Whats an over limit? The maximum amount of credit that a bank or other lender will extend to a customer, or the maximum that a credit card company will allow a card holder to borrow on a single card
what this really means Normally every card(credit), has a predetermined limit assigned to it.If the card is used often, in general shopping or to make purchases, then a part of this predetermined credit limit may have been previously reached.Beyond this credit limit, any transaction may be charged at a higher percentage of interest.
How does it effect me? In case a card is swiped over limit , we cannot convert the amount into EMI as bank does not accept over limit cases.
Solution In such rare cases, the swiped amount is returned & the card (or a different card) is reswiped for the transaction on the specific terminal, with the correct options.
You can also try contacting the bank to find a quick resolution to the said overlimit interest charge.
Incase you still have a query,you can raise it at our website.
learn how to raise an online query here.