In case the item that you want to buy is priced more than your credit limit, your card may allow it depending on the repayment history you have.
However, you will have to incur hefty charges for this extra amount.
Once you select the EMI plan and swipe the card, instant approvals are provided.
Can I purchase more than my credit limit on EMI?
Buying a product that is more than the credit card limit can bring out several outcomes. The transaction may simply get declined or might be passed but would be charged a fee. There are chances that your transactions might even get cleared without any fees.
Can I purchase more than my credit limit?
If you go over your credit limit, your card issuer may simply decline the transaction. Some card issuers may allow charges that exceed your credit limit, but they typically charge an over-limit fee of up to $25 the first time you go over your limit and up to $35 if you do it again within six months.
How much can you go over your credit limit?
If you go over your limit, you’re charged an over-limit fee of up to $25 for the first instance and up to $35 for the second, according to the Consumer Financial Protection Bureau. Your credit score can also end up taking a hit.
Can we take EMI on credit card?
Forms of EMI payment:
Most EMI options on credit cards carry an interest rate. This interest rate is generally lower than the normal interest rate on the credit card. You can avail an interest-free EMI option on certain purchases. So if the purchase amount is Rs.