Credit Limit

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When you first receive your credit card, your card issuer will have set you a credit limit. This is the maximum amount you are allowed to spend on the credit card. Remember, this is a limit not a target!

The credit limit is determined by the information supplied on your application form and its own credit scoring process. The card issuer will, as a matter of course, have checked out your credit record with a credit reference agency.

Get your Credit Record from Experian

If you attempt to go over your credit limit you could find your credit card is refused by the retailer. If the transaction is allowed you may be faced with financial penalties from your card issuer.

If you think you are likely to go over your credit limit, for whatever reason, you may contact your card issuer and request a higher limit, which it may or may not grant.

See also: cash card , charge card, credit card , debit card , smart card .

Last Updated: September 2007 © Moneyextra.com

Our senior editor Robin Amlôt recommends you should consider taking independent financial advice before acting on any article. Please contact us for help with your individual circumstances if any assistance is required.