Credit card limit

EriT

Hi guys
Just got my first credit card in the post the bank of Ireland clear credit card with a tinny limit of €500 :mad:
im 22 live at home pay little rent and earn 30K salary also just paid off my credit union loan and have no other dept I applied for the credit card for use online booking a holiday which should cost me €1800 do you think id have a chance of them upping the limit straight away in the current environment?

Thanks for your help

pjmn

Not sure if they'd increase straight away - ask first and find out for sure...

If not - you could pre-fund same to allow you pay for holiday...

Last point - don't use the card to borrow - use for convenience, but clear off every month and avoid penal interest charges...

best of luck...

EriT

pjmn wrote: »

Not sure if they'd increase straight away - ask first and find out for sure...

If not - you could pre-fund same to allow you pay for holiday...

Last point - don't use the card to borrow - use for convenience, but clear off every month and avoid penal interest charges...

best of luck...

cheers for the reply

yeah I'll ask alright its weird i have friend in college with part time jobs who have recently got student credit cards from BOI with limits higher than mine I dont understand that

on the pre funding i was sure this couldn't be done as i read before (possible on boards) it did not work.so in my case if i put 1300 on to my credit card i could use it up to €1800? that would be an option although the price of flights will rise the longer i wait

Yes completely agree i have the means and fully intend to pay back as soon as possible

pjmn

Pre-funding should work...

My own daughter did this last year when she went on holidays abroad - her limit E400, so she prefunded in advance and there was no problem with same...

Cookie_Monster

pre loading on a BOI card is fine. I've done it several times

coffee_cake

pre load the thing, a low limit on a credit card is a good thing

Fol20

My limit if 450 and when i bought a mac last year i was able to put in 1k bring my spending power up to 1450.

EriT

Cheers guys dont no where i read you couldnt pre-load it maybe i didnt

TheUsual

Sounds small but it actually handy to have if you are buying stuff from the internet a lot and buying low price things with your mobile phone like apps.

The problem with a big limit is that you are more open to fraud and you will be taken for more cash before you get your bill and notice you have been hacked.

I think a credit card for internet shopping with that limit is a good thing myself anyway. Maybe get another card in a year with a higher limit for flights and work, and don't ever use it on the internet (except airlines).

DAT64

Careful with pre loading, if your card gets skimmed or a fraud happens the bank may only cover you for the limit on your card.
Limits are usually given according to the turnover on your bank account.
Usually you can only apply for limit increase after 6 months but check this with your bank they may be able to appeal.
Hope this helps

Pablo1802

whatever amount you lodge to your cc acc,you cant spend more than your cc limit in one transaction
i.e. with 500 limit you cant make one transaction with 1000

coffee_cake

Pablo1802 wrote: »

whatever amount you lodge to your cc acc,you cant spend more than your cc limit in one transaction
i.e. with 500 limit you cant make one transaction with 1000

Yeah you can, i bought my laptop off my credit card, that was 300 over my "limit" but I had preloaded

Pablo1802

with Visa card definitely you cant,
with BOI Mastercard you can,but its an exception

Lady Chatterton

The bank have deliberately given you a low limit until they see how you behave with your new credit card. If you clear your balance on time every month, they will increase your limit. If you preload for the moment you will be able to get around the low limit.

m.j.w

EriT wrote: »

Hi guys
Just got my first credit card in the post the bank of Ireland clear credit card with a tinny limit of €500 :mad:
im 22 live at home pay little rent and earn 30K salary also just paid off my credit union loan and have no other dept I applied for the credit card for use online booking a holiday which should cost me €1800 do you think id have a chance of them upping the limit straight away in the current environment?

Thanks for your help

That is some difference from what they give me. I was in nearly the same situation, 21 earning 35k a year but I was paying 700 a month rent and normal bills with no debt. BOI give me a credit limit of 15000 on my card. When the letter came I could not believe it, just shows you how careless they were with thier lending before the recession. I was in the army so was a steady job but even so there is no way I should have got that credit limit!!!

daithijjj

EriT wrote: »

Hi guys
Just got my first credit card in the post the bank of Ireland clear credit card with a tinny limit of €500 :mad:
im 22 live at home pay little rent and earn 30K salary also just paid off my credit union loan and have no other dept I applied for the credit card for use online booking a holiday which should cost me €1800 do you think id have a chance of them upping the limit straight away in the current environment?

Thanks for your help

I dont have a clue about BOI but i will just say this. I used to work for a large credit card company, had 80+ credit cards around the globe. I had a call one day from a gentleman asking to up his credit limit, this particular gentleman had received a new limit 2 months previously, it was 15k sterling. He requested a new limit but i told him his limit could not be altered twice within a 6 month period (standard then, i dont know about now). He asked if he could speak to somebody else, my superior. I said no problem, passed him onto my boss. Boss told him the same thing but i stayed on the call in a listen only capacity. He turned out to be a milllionaire and my boss actually had spoken to him before. Made no difference, system was set up to not amend an increase in limit within a 6 month period of the last increase. After the call, my boss just said, yea i know him, he is actually a millionaire and if it was up to me id give him the increase but the system cannot be altered by me.

Thats a long time ago now and i dont know the story these days but i cant imagine it has changed much, i tried upping my own limit online a few times before but always ran into the 6 month timeline. Its been a 6 month timeline for a long time now i think.

RaoulPuke

Hi all,
I'd be interested in the details of the whole pre-loading thing as well. I was of the opinion, as was already mentioned in this post, that you were not strictly covered for any disputed transaction (i.e. theft, skimming or defective or undelivered items) made on over what your limit is, i.e. 500europes in the question raised here.
I can only find conflicting anecdotal reference to this. Has anyone a link to any info on this, probably different from different institutions but any example would be appreciated.
thanks

daithijjj

RaoulPuke wrote: »

Hi all,
I'd be interested in the details of the whole pre-loading thing as well. I was of the opinion, as was already mentioned in this post, that you were not strictly covered for any disputed transaction (i.e. theft, skimming or defective or undelivered items) made on over what your limit is, i.e. 500europes in the question raised here.
I can only find conflicting anecdotal reference to this. Has anyone a link to any info on this, probably different from different institutions but any example would be appreciated.
thanks

My advice to anyone would be to call your particular card issuer and/or get a magnifying glass out and look at the t&c's. Its not unheard of that a card could be 'stopped' for this. And also, providers are trying to lessen their own risk these days in comparison to the good days and are 'tighter' with accounts. Ive never heard of one instance where a provider covered more than the limit of the card. Having said that, i think a provider will review individual cases and base the result on merit of case. ATM fraud will be stricter than a purchase from a shop.

However, its not uncommon for say a payment of 1000 to be on an account a day before a purchase for the same amount came out, sometimes cash, sometimes a balance transfer from another credit card, at a more preferable rate id imagine.

Edit. I forgot to bring up section 75 protection. Under that, you are protected for purchases over 100. However, and i cant be 100% on this, i think if you make a purchase with a pre loaded positive balance this will negate any Section 75 protection you could otherwise benefit from.

Fol20

EriT wrote: »

Cheers guys dont no where i read you couldnt pre-load it maybe i didnt

I wouldnt do it too often though,banks dont like it when you do that,and one time when i talked to them they brought it up and even though i was fine,they told me that in some cases it could be used for money laundering.

The above comment is correct as well, when they brought up me overloading the card,they told me that any amount over the limit isnt covered..so for example in my case limit 450,put in 1k..the 1k wasnt covered

shockwave

You can increase your limit every six months.

Marcusm

Different banks and different card systems (visa, mc, Amex, diners) have different rules so it's set to take recent actual experience. A quick call to the cc dept of the issuer s likely to be useful.

Most banks will reduce limits proactively now by reference to past spending practices. This s not just to reduce potential exposures in case of default but also because unutilised credit limits costume bank capital without the associated income. This is particularly sensitive for domestic banks at the moment.