A little known fact: You can change your "Over the limit" policy by simply calling an automated 800 number.
By default, your Capital One card allows you to charge slightly over your credit limit however, you will be assessed an overlimit fee.
You can change the default setting so that most overlimit charges will be declined. Say you checkout at a retail store and your total purchase was $100. If your available credit is $98, -under the default setting - you will be charged an overlimit fee for going over by $2. However, by changing your default setting, your transaction will be declined and no fee will be assessed. (you will need to provide another form of payment)
Call (866) 540-2505 to change your policy default. With this change most overlimit charges will be declined&
*There are some EXCEPTIONS*
Certain charges could still put over your limit such as:
- Finance charges
- Monthly/annual fees
- Pre-authorized charges
- Automatic recurring charges
- If there is a lag between a charge authorization and posting of the transaction affecting your balance.
You can find this information at the Capital One website:
http://www.capitalone.com/financialeducation/fees/minimize_fee_tips.php
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