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Am I allow to pay a $1000 laptop with a caedit card (with $600 credit limit)

G

GNMac

macrumors newbie
Original poster
hi everyone, my Credit card limit is $600 USD. Say if I want to buy a laptop which costs $1000, will I be able to pay with my credit card? will there be any penalty exceeding the limit? or is it possible to pay the vendor $600 with credit card, then add $400 in cash? 😕

BTW I use Wells Fargo, I already contacted them via Email, but I never get a respond, so I was wondering if anyone in here uses credit card alot, and encounter this situation before. I am student and want to build up a reliable credit score.

thanks you
 
No, you cannot buy the laptop with that credit card.

Depending on the store, you may be able to put $600 on the card and pay the rest with another means - but that will depend on the store.
 
r.j.s said:
No, you cannot buy the laptop with that credit card.

Depending on the store, you may be able to put $600 on the card and pay the rest with another means - but that will depend on the store.
Click to expand...

what if the store was Apple?😕
 
Even if the $1000 credit transaction were to go through - which it probably won't - exceeding your credit limit is not going to help your credit rating. Thought that would be common sense, but okay.

Credit agencies look at your ratio of credit available vs. credit used, among a host of other things, to compute your credit score. Being "tapped out" doesn't look good for a lot of reasons, but IMHO it would show you have no responsibility, no respect for limits, and no desire to have any kind of cushion for available credit. Make sense?

For the same reasons, I wouldn't charge $600 on a $600 limit, either, but I would think Apple will let you split the payment between cash/credit.
 
if they won't let you, you can buy a $600 apple gift card with your credit card and use that towards the laptop. you can pay the remainder in cash.
 
cantthinkofone said:
Don't ever go over your limit. The fees alone will kill you. Not to mention the interest rate.
Click to expand...

Yupp, exactly. IIRC, they charge something like 30% interest?

That's 30% of $400 -> Or, $120.

So, you're paying $1175 at least (Including tax), on a laptop that costs $1000.
 
It's called a credit limit for a reason. If you try and go over it, chances are the transaction will be declined. 😉

Some banks/credit cards will let you build up a buffer, though. So if you paid an extra $400 on your credit card bill, you'd then be able to put $1000 on the card. But that's not universally true, it depends on your card.

cantthinkofone said:
Don't ever go over your limit. The fees alone will kill you. Not to mention the interest rate.
Click to expand...

fireshot91 said:
Yupp, exactly. IIRC, they charge something like 30% interest?

That's 30% of $400 -> Or, $120.

So, you're paying $1175 at least (Including tax), on a laptop that costs $1000.
Click to expand...

You pay interest when you don't pay off your bill, not when you go over your credit limit... 😕
 
I wonder if I can buy an Aston Martin with my credit card. Apple needs to make Aston Martins.

My limit is a little shy of the full price... does it matter?
 
GNMac said:
thanks yall for solving the problem

buying a giftcard is a brilliant idea😀
Click to expand...

Buying a gift card won't get you anywhere. You can only spend a maximum of $600 with your credit card. So if you buy a $600 apple gift card with your credit card, you won't have any money left on your credit card to pay for the rest of your computer.

It seems like you have absolutely no idea what you've gotten yourself into. Save your money until you can pay in cash. If you absolutely can't live without this mac, max out your credit card with a $600 charge and pay the rest in cash. But be aware that credit card debt is throwing money down the drain -- especially with the 20% interest rate you're likely getting charged.

Educate yourself and start being proactive about your finances. Don't buy things you can't afford.
 
There's a limit so don't go over it. The low limit is to test if you'll do something irresponsible. 🙂
 
I just wanted to add that emailing your vendor about this isn't going to get you anywhere, always phone in.
 
GNMac said:
I am student and want to build up a reliable credit score.
Click to expand...

If you want to build up a good credit rating the WORST thing you can do is try to buy this laptop with this credit card.

First, you can't go over your limit.

Second, using more than a third of your available credit limit (especially for an extended period of time) will hurt your score rather than help it. I wouldn't keep a balance of more than $200-250 on that card. Use it on low transactions, keep a low balance, and pay your bills on time for a year, and then you can call your bank and request them to raise your limit. If you exhibit good credit practices on your history, they'll probably do it.

I started with a $900 limit student card, and about eight months in I was going on a trip and wanted more. Called them and requested $1500, and because of my perfect history, I was approved.
 
Demosthenes X said:
It's called a credit limit for a reason. If you try and go over it, chances are the transaction will be declined. 😉....
Click to expand...

elpmas said:
There's a limit so don't go over it. The low limit is to test if you'll do something irresponsible. 🙂
Click to expand...

considering a nephew's experience with low limit credit cards, I know there are banks that will definitely allow you to go over your limit...... call me cynical if you want, but I suspect it's a strategy to collect high "over the limit" fees over and over again
 
Even if you could, why in god's name would you do that? 😕

Unless you have $1000 in cash, and your intent is to use your credit card to purchase the laptop and pay it off immediately to take advantage of a card's extended warranty or cash back benefits.
 
Oh hogwash! I say "Charge It!"

If it's something you really want - get it now. Don't wait months to save up the cash. Seriously. Charging is not an evil thing to do (regardless of what they say here), it's not paying more than your minimum amount due each month that's bad.

Charge it - pay more than the minimum due each month and you're golden. Enjoy your new purchase now, while Mr. Poindexter saves all his change over the next two years to pay cash. LOL
 
ILikeTurtles said:
Oh hogwash! I say "Charge It!"

If it's something you really want - get it now. Don't wait months to save up the cash. Seriously. Charging is not an evil thing to do (regardless of what they say here), it's not paying more than your minimum amount due each month that's bad.

Charge it - pay more than the minimum due each month and you're golden. Enjoy your new purchase now, while Mr. Poindexter saves all his change over the next two years to pay cash. LOL
Click to expand...

Are you serious? That's terrible advice and why people get into massive amounts of credit card debt that they can't repay.
 
yg17 said:
Are you serious? That's terrible advice and why people get into massive amounts of credit card debt that they can't repay.
Click to expand...

I am absolutely serious.

I didn't tell him to go out and charge like the world was going to end on 12/2012. Credit is there for a reason, and when used responsibly, it's NOT a bad thing.
 
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