Is it possible to make payment of amount over the card limit by over paying the cc

[hpatelg]

Hi There,
My Credit card limit for my citibank platinum is $10,000 and I have to make a payment of $15,000, Can I pay $5000 extra in credit card (so my available balance becomes $15,000) and make single transaction of $15,000.

I dont want to increase my liability by increasing the credit card limit but I still want to make the bigger payment so I can earn reward points.

Is there any limit on how much over the limit can you pay via transaction or deposit to credit card?

Any suggestions would be appreciated...

Thanks in advance.

 

[Hvr]

Re: Is it possible to make payment of amount over the card limit by over paying the c

I did this last year when I purchased my Circle Asia ticket. I spoke to my credit card company (Earth plus) first and they were cool when I explained what I wanted to do and the time frame.

All the points came through on time.

Upper limit? No idea but I suggest your card company would tell you quickly. Although if it was going to be a regular thing then expect them to want to increase your limit.

 

[spunkarooney]

Re: Is it possible to make payment of amount over the card limit by over paying the c

What you’re wanting to do sounds perfectly in order (and I don’t expect that there is any upper limit).

However, I would suggest that you contact your card issuer so that notes can be placed on your account regarding the expected large transaction – you don’t want that declined due to some anti-fraud system (like “Falcon”) kicking in.

 

[albatross710]

Re: Is it possible to make payment of amount over the card limit by over paying the c

Hi There,
My Credit card limit for my citibank platinum is $10,000 and I have to make a payment of $15,000, Can I pay $5000 extra in credit card (so my available balance becomes $15,000) and make single transaction of $15,000.

I dont want to increase my liability by increasing the credit card limit but I still want to make the bigger payment so I can earn reward points.

Is there any limit on how much over the limit can you pay via transaction or deposit to credit card?

Any suggestions would be appreciated...

Thanks in advance.

I have been breaking payments down to the credit limit and processing a Bpay payment the same day making the balance payment the following day.

The times where my Westpac credit card has been in debit, then the credit limit is increased so I assume I would be able to make a single payment of say 150% of the card limit. I think it is a 'credit' limit not a transaction limit.

 

[spunkarooney]

Re: Is it possible to make payment of amount over the card limit by over paying the c

I have been breaking payments down to the credit limit and processing a Bpay payment the same day making the balance payment the following day.

The times where my Westpac credit card has been in debit, then the credit limit is increased so I assume I would be able to make a single payment of say 150% of the card limit. I think it is a 'credit' limit not a transaction limit.

To be honest, I’m not really sure what you’re trying to say in the early part of your response.

With credit cards there is no maximum transaction limit (unlike Australia’s EFTPOS system where maximum individual transaction and coughulative daily transaction limits apply). For a credit card (or a scheme debit card), the maximum is the available credit.

I suggested phoning customer service beforehand, not because there is a maximum transaction limit, but because the anti-fraud system Falcon may flag such a large transaction as suspicious.

 

[Mal]

Re: Is it possible to make payment of amount over the card limit by over paying the c

Hi There,
My Credit card limit for my citibank platinum is $10,000 and I have to make a payment of $15,000, Can I pay $5000 extra in credit card (so my available balance becomes $15,000) and make single transaction of $15,000.

Some banks won't allow this, some will. No specific idea of whether Citibank will or won't though.

 

[albatross710]

Re: Is it possible to make payment of amount over the card limit by over paying the c

To be honest, I’m not really sure what you’re trying to say in the early part of your response.

What I have been doing is this:

$30k supplier bill on a $25k limit card. One charge of $20K to the card and a Bpay payment onto my card same day. By the following day the $20k charge and payment have been processed on the card and I make the balance of the transaction, in this case $10k to the supplier.

I hope that is clearer.

 

[wxxnxs]

Re: Is it possible to make payment of amount over the card limit by over paying the c

Some banks won't allow this, some will. No specific idea of whether Citibank will or won't though.

Every bank does allow you to top up your limit and I do this all the time when I pay my school fees. The only institution does not allow this is AMEX.

 

[spunkarooney]

Re: Is it possible to make payment of amount over the card limit by over paying the c

Some banks won't allow this, some will. No specific idea of whether Citibank will or won't though.

I’m going to have to disagree with you here.

Any payment you make goes toward your available credit.

If your credit limit is $10,000 and your balance is zero and you make a payment of $5,000 this takes your available credit to $15,000. You can make a transaction of $15,000 and all will be fine (anti-fraud considerations aside).

The main point of all of this is that the OP should contact his card issuer, Citibank, to check.

 

[spunkarooney]

Re: Is it possible to make payment of amount over the card limit by over paying the c

Every bank does allow you to top up your limit and I do this all the time when I pay my school fees. The only institution does not allow this is AMEX.

I think you are referring to an Amex charge card, not an Amex credit card.

Even with the charge card, I’m sure I’ve read somewhere that Amex can authorise large transactions so long as you phone them to make arrangements beforehand.

 

[straitman]

Re: Is it possible to make payment of amount over the card limit by over paying the c

If your credit limit is $10,000 and your balance is zero and you make a payment of $5,000 this takes your available credit to $15,000. You can make a transaction of $15,000 and all will be fine (anti-fraud considerations aside).

The main point of all of this is that the OP should contact his card issuer, Citibank, to check.

The anti-fraud considerations are where it potentially will/may come unstuck. I'm surprised nobody has mentioned this earlier.

 

[Mal]

Re: Is it possible to make payment of amount over the card limit by over paying the c

You can make a transaction of $15,000 and all will be fine (anti-fraud considerations aside).

Commbank has previously advised me that this type of transaction is not possible. That information could be wrong.

The main point of all of this is that the OP should contact his card issuer, Citibank, to check.

Indeed ! (Although some Citibank specific examples would help clear things up first!)

 

[albatross710]

Re: Is it possible to make payment of amount over the card limit by over paying the c

The anti-fraud considerations are where it potentially will/may come unstuck. I'm surprised nobody has mentioned this earlier.

Another consideration is the 'merchant t&cs' which usually say something to the effect that merchants aren't supposed to spread payments over 2 cards or 2 transactions for the same invoice. That said I've never had a problem paying my supplier bills this way.

As a merchant though we don't allow new customers to spread payments across cards. If we have an established trading history then we let it through.

 

[medhead]

Re: Is it possible to make payment of amount over the card limit by over paying the c

The anti-fraud considerations are where it potentially will/may come unstuck. I'm surprised nobody has mentioned this earlier.

What besides where it was mentioned in posts #3 and #5.

To the OP what your suggesting should work fine, in principle, with a credit card. But as mentioned you're going to have to ring Citibank to confirm and advise them of this transaction.

Even with a sufficent credit limit, I've heard of cases of large payments being blocked until the bank was contacted.

 

[spunkarooney]

Re: Is it possible to make payment of amount over the card limit by over paying the c

Even with a sufficent credit limit, I've heard of cases of large payments being blocked until the bank was contacted.

I have never heard of a payment being blocked. A debit transaction yes, but never a credit.

 

[oz_mark]

Re: Is it possible to make payment of amount over the card limit by over paying the c

I’m going to have to disagree with you here.

Any payment you make goes toward your available credit.

If your credit limit is $10,000 and your balance is zero and you make a payment of $5,000 this takes your available credit to $15,000. You can make a transaction of $15,000 and all will be fine (anti-fraud considerations aside).

Not always true. For example, I believe, GE will not authorise a transaction greater than the credit limit regardless of how much extra funds you have in there.

Of course, GE is not Citibank Citibank, do however, have a clause allowing them to close accounts that are in credit.

 

[spunkarooney]

Re: Is it possible to make payment of amount over the card limit by over paying the c

Citibank, do however, have a clause allowing them to close accounts that are in credit.

Only after a set period, like 30 days, from what I recall.

They're not going to close an account that goes into credit for a few days then back into debit.

 

[medhead]

Re: Is it possible to make payment of amount over the card limit by over paying the c

I have never heard of a payment being blocked. A debit transaction yes, but never a credit.

Sorry, I should have been more clear in my language. I have heard of cases of large payments to a business by an individual using their credit card being blocked. i.e. what you call a debit transaction, and the type of transaction that the OP has asked about.

 

[spunkarooney]

Re: Is it possible to make payment of amount over the card limit by over paying the c

Sorry, I should have been more clear in my language. I have heard of cases of large payments to a business by an individual using their credit card. i.e. what you call a debit transaction, and the type of transaction that the OP has asked about.

Just to be clearer, the OP has asked about two transactions

A payment to his credit card and a purchase transaction from his credit card.

 

[straitman]

Re: Is it possible to make payment of amount over the card limit by over paying the c

What besides where it was mentioned in posts #3 and #5.

They are the ones I missed :!:

Oops.