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random credit card question...

G

GeneValgene

Diamond Member
anyone know if it's possible for me to execute a single transaction on my credit card that is greater than my credit limit, assuming i have prepaid an adequate amount to my account to create a positive balance?

for example:

1. credit limit = $5,000
2. pay with my bank account to credit card in the amount of $10,000
3. positive balance of $10,000 with $5000 credit limit
4. execute a $15,000 transaction

anyone know if this is possible?
 
Originally posted by: spacejamz
why don't you pay the $10K in cash to the Kia dealer, and then max out your credit card for the difference?
Click to expand...

so basically the situation is this. i just applied for a amex blue cash, and they gave me a stupid 5K credit limit....even though my other amex costco card has a 25K limit. i asked if they could redistribute the credit, and they said no.

i want to use the amex blue cash to pay my tuition, which is 15K. i have been told by CSR that the transaction that pushes the amex blue cash over $6500 will be eligible for the 1.25% cashback rebate for the entire amount of that transaction. i was hoping to pay my entire tuition with the amex blue cash as a single 15K transaction, so i could get the 1.25% cash back. i have the money to pay my tuition in full, but was hoping i could get around this somehow.
 
In 1998, I has a limit of $2500 on a new business CC; I made a payment of $5K and purchased a $7K vehicle at the end of the week.
 
Man, I'm taking a wild guess here and I'm going to say that there's probably an 800 number on the back of your card that might (possibly, I could be wrong) let you talk to the issuing institution whereby you might be able to ask questions about your account.

 
You might want to check if they accept AMEX for the tuition (the 3 colleges I have attended at one point or another only took Visa/MC). The other thing you will want to check is what they charge to use a credit card. Most schools I've seen charge 1-2% fee for using the credit card. Also, you realize the extra .5% for teh AMEX blue card is only $75 more than what you will get from the 1% on the Costco AMEX?
 
Originally posted by: Hoober
Originally posted by: Insomniator
Why don't you call and ask instead of asking random ATOT people who are likely to be idiots?
Click to expand...

What are you insinuating, sir?
Click to expand...

so the thing is, i've talked to CSR already. two in fact, and they gave me conflicting info. one person said yes no problem. another person said no way jose.
 
You should not be able to do this...it's a big fraud thing. People mail in $10K cashiers checks on a 0 balance, ask for a credit balance refund and then the cashiers check bounces.
 
Originally posted by: SoulAssassin
You should not be able to do this...it's a big fraud thing. People mail in $10K cashiers checks on a 0 balance, ask for a credit balance refund and then the cashiers check bounces.
Click to expand...
I had this happen to me when my credit card was stolen.

I logged into my account before I actually got the card in the mail.
I had a +$5000 deposit into my credit account.
Then I had $8000 in charges from a ton of electronics stores.
My credit limit was $4000, so they deposited $5000 into the account so they could scam more money out.

Of course, the check bounced and my credit account was $-8000.
I canceled the card and never had to pay anything.
 
There is no blanket rule, but the way AmEx has been cancelling people left and right I would only try it if I was prepared to lose the card.
 
Originally posted by: GeneValgene
Originally posted by: spacejamz
why don't you pay the $10K in cash to the Kia dealer, and then max out your credit card for the difference?
Click to expand...

so basically the situation is this. i just applied for a amex blue cash, and they gave me a stupid 5K credit limit....even though my other amex costco card has a 25K limit. i asked if they could redistribute the credit, and they said no.

i want to use the amex blue cash to pay my tuition, which is 15K. i have been told by CSR that the transaction that pushes the amex blue cash over $6500 will be eligible for the 1.25% cashback rebate for the entire amount of that transaction. i was hoping to pay my entire tuition with the amex blue cash as a single 15K transaction, so i could get the 1.25% cash back. i have the money to pay my tuition in full, but was hoping i could get around this somehow.
Click to expand...

Charge $1501
Pay it off
Charge $5000
Pay it off
Charge $5000
Pay it off
Charge rest of tuition
Pay it off
 
Originally posted by: mugs
Originally posted by: GeneValgene
Originally posted by: spacejamz
why don't you pay the $10K in cash to the Kia dealer, and then max out your credit card for the difference?
Click to expand...

so basically the situation is this. i just applied for a amex blue cash, and they gave me a stupid 5K credit limit....even though my other amex costco card has a 25K limit. i asked if they could redistribute the credit, and they said no.

i want to use the amex blue cash to pay my tuition, which is 15K. i have been told by CSR that the transaction that pushes the amex blue cash over $6500 will be eligible for the 1.25% cashback rebate for the entire amount of that transaction. i was hoping to pay my entire tuition with the amex blue cash as a single 15K transaction, so i could get the 1.25% cash back. i have the money to pay my tuition in full, but was hoping i could get around this somehow.
Click to expand...

Charge $1501
Pay it off
Charge $5000
Pay it off
Charge $5000
Pay it off
Charge rest of tuition
Pay it off
Click to expand...

you the man mugs. i think this is what i'm going to try!
 
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