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Credit limits

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GKW | 21:33 Thu 24th Feb 2011 | Personal Finance
4 Answers
Are credit limits monthly or annual?

TIA
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Avatar Image boxtops
on what - phone, credit card?
21:34 Thu 24th Feb 2011
Avatar Image GKW
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Credit card
21:36 Thu 24th Feb 2011
Avatar Image boxtops
The credit limit on a credit card is the total they will let you borrow on it, ever. You can spend it all in the first week if you want to, but then you can't use the card again until you have cleared some of the balance. (Going over the limit on your credit card is horrendously expensive and wrecks any special balance transfer or special offer rates you might be on, btw.)
21:39 Thu 24th Feb 2011
Avatar Image factor-fiction
No- they are ongoing and apply at all times. Boxtops' answer probably covers it. If not, GWK, please can you clarify what exactly is it you need to know.
23:14 Thu 24th Feb 2011

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