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

Discussion in 'Community Discussion' started by GNMac, Feb 15, 2012.

  1. GNMac macrumors newbie

    Joined:
    Feb 8, 2012
    #1
    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? :confused:

    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
     
  2. r.j.s Moderator emeritus

    r.j.s

    Joined:
    Mar 7, 2007
    Location:
    Texas
    #2
    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.
     
  3. GNMac thread starter macrumors newbie

    Joined:
    Feb 8, 2012
    #3
    what if the store was Apple?:confused:
     
  4. SuperCachetes macrumors 6502a

    SuperCachetes

    Joined:
    Nov 28, 2010
    Location:
    Away from you
    #4
    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.
     
  5. siurpeeman macrumors 603

    siurpeeman

    Joined:
    Dec 2, 2006
    Location:
    the OC
    #5
    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.
     
  6. iJohnHenry macrumors P6

    iJohnHenry

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    #6
    Yes. :)
     
  7. GNMac thread starter macrumors newbie

    Joined:
    Feb 8, 2012
    #7
    thanks yall for solving the problem

    buying a giftcard is a brilliant idea:D
     
  8. cantthinkofone macrumors 65816

    cantthinkofone

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    Jul 25, 2004
    Location:
    Missouri, USA
    #8
    Don't ever go over your limit. The fees alone will kill you. Not to mention the interest rate.
     
  9. Football Junkie macrumors newbie

    Joined:
    Feb 15, 2012
    #9
    Most major retailers will allow mulitple forms of payment. I recently paid with cash and credit card at Best Buy.
     
  10. fireshot91 macrumors 601

    fireshot91

    Joined:
    Jul 31, 2008
    Location:
    Northern VA
    #10
    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.
     
  11. Demosthenes X macrumors 68000

    Demosthenes X

    Joined:
    Oct 21, 2008
    #11
    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.

    You pay interest when you don't pay off your bill, not when you go over your credit limit... :confused:
     
  12. wonderspark macrumors 68030

    wonderspark

    Joined:
    Feb 4, 2010
    Location:
    Oregon
    #12
    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?
     
  13. dontwalkhand macrumors 601

    dontwalkhand

    Joined:
    Jul 5, 2007
    Location:
    Phoenix, AZ
    #13
    You can use up to 6 different types of payment methods at Apple. So combine Cash, Credit Cards, Debit Cards altogether to make your payment.
     
  14. miles01110 macrumors Core

    miles01110

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    The Ivory Tower (I'm not coming down)
    #14
    If you have a credit card with a $600 limit, something tells me that buying a Mac is not your first priority.
     
  15. Capt Underpants macrumors 68030

    Capt Underpants

    Joined:
    Jul 23, 2003
    Location:
    Austin, Texas
    #15
    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.
     
  16. elpmas macrumors 68000

    elpmas

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    Where the fresh snow don't go.
    #16
    There's a limit so don't go over it. The low limit is to test if you'll do something irresponsible. :)
     
  17. wvuwhat macrumors 65816

    wvuwhat

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    Sep 26, 2007
    #17
    I have now lost all faith in the people of this world...
     
  18. Illuminated macrumors 6502a

    Illuminated

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  19. Tsuchiya macrumors 68020

    Tsuchiya

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    Jun 7, 2008
    #19
    I just wanted to add that emailing your vendor about this isn't going to get you anywhere, always phone in.
     
  20. zioxide macrumors 603

    zioxide

    Joined:
    Dec 11, 2006
    #20
    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.
     
  21. Macky-Mac macrumors 68030

    Macky-Mac

    Joined:
    May 18, 2004
    #21
    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
     
  22. yg17 macrumors G5

    yg17

    Joined:
    Aug 1, 2004
    Location:
    St. Louis, MO
    #22
    Even if you could, why in god's name would you do that? :confused:

    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.
     
  23. ILikeTurtles macrumors 6502

    Joined:
    Feb 17, 2010
    #23
    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
     
  24. yg17 macrumors G5

    yg17

    Joined:
    Aug 1, 2004
    Location:
    St. Louis, MO
    #24
    Are you serious? That's terrible advice and why people get into massive amounts of credit card debt that they can't repay.
     
  25. ILikeTurtles macrumors 6502

    Joined:
    Feb 17, 2010
    #25
    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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