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Over Your Credit Limit? Purchase not approved

February 5, 2010 By Jill Russo Foster

The New Credit Card Act of 2009 takes effect on February 22, 2010. To help you prepare, my blog will feature Nine Tips over the next three weeks.

Tip Number Three

In the past, you wouldn’t know if a purchase put you over your credit limit until you received a big fee on credit card statement.

But that’s changed. Now, if a purchase will put you over your climit, your purchase will be declined. With the new Credit Card Act of 2009, only pre-authorized purchases will be approved.

(Remember, this doesn’t apply to your debit card. You’ll receive no warnings if a purchase will overdraw your checking account. )

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Filed Under: Credit Card Act of 2009 Tagged With: credit card act, Credit Cards, Credit Management, Credit Report

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