TD Visa Question

[al3x89]

Oh man, am I ever confused.

Alright so here's the situation.

I went to my friends cottage on the weekend and we ended up going to Buffalo. I bought stuff, and my limit on my visa is $500 (so I personally don't get carried away with purchases), so I thought that I spent $500 max, and no more.

A few days after the trip, I come home and I see my statement is online.. sweet. I see it, $590. I thought that was fine, whatever... I paid it off immediately and my account was now showing 500 available credit.

Today I log into my account and it shows ($97.xx) in brackets, just like that... which from my understanding means I paid too much.

So I transfer $97.xx from my visa back into my chequings account and now I have $451 left.

What's going on?

1. I thought my max was $500 and I couldn't go over.
2. Since I did go over, are they slow to add the transactions that still occurred? I went through the list of stuff I bought and it's all correct, but there's still something going on with the account.

[YYZFA]

Call TD Visa and ask them!

[al3x89]

Can't now. I'm at work that's why I'm asking now to see if I can figure it out

[tkyoshi]

Oh man, am I ever confused.

Alright so here's the situation.

I went to my friends cottage on the weekend and we ended up going to Buffalo. I bought stuff, and my limit on my visa is $500 (so I personally don't get carried away with purchases), so I thought that I spent $500 max, and no more.

A few days after the trip, I come home and I see my statement is online.. sweet. I see it, $590. I thought that was fine, whatever... I paid it off immediately and my account was now showing 500 available credit.

Today I log into my account and it shows ($97.xx) in brackets, just like that... which from my understanding means I paid too much.

So I transfer $97.xx from my visa back into my chequings account and now I have $451 left. You may also want to double check with them for the "transfer" as it usually counts as a cash advance and a fee may apply. The normal way to get the credit back is to either use it up or call them up and they will mail you a cheque for the amount. However for $90, it's not worth the trouble, they will in same cases waive the cash advance fee so you can transfer the excess out.

Another reason you should call is now that you have effectively cash advanced you could have put your account into an interest accumulating postion.

What's going on?

1. I thought my max was $500 and I couldn't go over.
2. Since I did go over, are they slow to add the transactions that still occurred? I went through the list of stuff I bought and it's all correct, but there's still something going on with the account.

1) Yes it is, however depending on the amount card issuers may allow you to exceed the limit as a courtesy (i.e. so you don't get declined at the terminal). An over limit fee is usually assessed in this case.

2) No, TD Visa is noutouriously slow in general in posting transactions

What happened is maybe you purchased something else that has not posted yet to the acount. When your TD Visa is overpaid it won't tell you how much over you are meaning if you say overpay $100 your available credit will still only show $500/$500 available.

So something must be in the process of going through right now.

[CSK'sMom]

It's probably the currency conversions and an over limit fee. The over limit fee won't be posted till the end of the billing cycle, not immediately.

[tsatsa]

OP, with a limit of only $500, I will be very careful on how much to spend on that card.

[al3x89]

It's probably the currency conversions and an over limit fee. The over limit fee won't be posted till the end of the billing cycle, not immediately.

I already saw the currency conversion right away on each purchase. I've shopped in buffalo many times so I know it's not tht.

And couldn't I argue the going over fee? I mean, it's not my fault they allowed me to go ahead and make additional purchases.

[CSK'sMom]

Uhh No, Read your card agreement.

[YYC27]

And couldn't I argue the going over fee? I mean, it's not my fault they allowed me to go ahead and make additional purchases.
Sure it is. You shouldn't rely on the bank denying your transactions to know you're at your limit. It's irresponsible to blindly purchase without having any idea how much you already owe.

[tkyoshi]

Uhh No, Read your card agreement.

Sure it is. You shouldn't rely on the bank denying your transactions to know you're at your limit. It's irresponsible to blindly purchase without having any idea how much you already owe.

mm hmm, besides people complain on the flip side too. Stupid TD my purchase would have put me $10 over why didn't they let it go through.

Credit Limit and Overlimit Fee:We will determine the maximum
amount which may be charged to the Account (the Credit Limit).
The current Credit Limit is shown in the Disclosure Statement and
may change from time to time, without prior notice to you, as
shown on the monthly statement (the statement) that we provide to
you. The amount of credit that is available to you at any time (your
Available Credit) is the positive difference between the Credit Limit
and the Balance that is outstanding on the Account at such time.

You must not let the amount owing on the Account exceed the
Credit Limit. We may choose, from time to time and without notice
to you, to allow the Balance that is outstanding on the Account to
exceed the Credit Limit, but we are not required to do so even if we
have done so before. If we allow you to exceed the Credit Limit,
the Primary Cardholder is responsible for and must pay the amount
that exceeds the Credit Limit when the statement is received and
your Account may be charged an overlimit fee in the amount shown
in the Disclosure Statement. Only one overlimit fee will be charged
per statement period. The Primary Cardholder remains liable for the
entire Balance

[Noobzilla]

I already saw the currency conversion right away on each purchase. I've shopped in buffalo many times so I know it's not tht.

And couldn't I argue the going over fee? I mean, it's not my fault they allowed me to go ahead and make additional purchases.

You'll be charged a $20 over limit fee at the end of your statement period, but you can evade it by asking for a credit limit increase right now.

[al3x89]

Sure it is. You shouldn't rely on the bank denying your transactions to know you're at your limit. It's irresponsible to blindly purchase without having any idea how much you already owe.

I personally don't think it's irresponsible, but you and I have a different outlook on the matter so I'm not even going to bother arguing.

You'll be charged a $20 over limit fee at the end of your statement period, but you can evade it by asking for a credit limit increase right now.

I did, that's the thing...

My limit used to be $2500 but I lowered it to $500 because I work a seasonal job and didn't want to get carried away with my spending habits (I am 20 years old lol). Anyways, I asked 2 weeks ago to raise my limit up to $1000 but they declined it... didn't make any sense to me, but whatever.

[tkyoshi]

I personally don't think it's irresponsible, but you and I have a different outlook on the matter so I'm not even going to bother arguing.



I did, that's the thing...

My limit used to be $2500 but I lowered it to $500 because I work a seasonal job and didn't want to get carried away with my spending habits (I am 20 years old lol). Anyways, I asked 2 weeks ago to raise my limit up to $1000 but they declined it... didn't make any sense to me, but whatever.

Did you lower it within the last 6 months? If do a Credit Line Decrease is treated similar to a Credit Line Increase so there may be a waiting period before you can ask for an increase again.

Yes it is odd but that's the way it works.

[al3x89]

Did you lower it within the last 6 months? If do a Credit Line Decrease is treated similar to a Credit Line Increase so there may be a waiting period before you can ask for an increase again.

Yes it is odd but that's the way it works.

I did it last November.

[MoreMiles]

They don't look at what you used to have. They look at what you currently have. You are only worth $500 to them, not $2500! So, they usually do not increase 50% in a typical request.. so you may be granted for $750 but not $1000.... the moral of the story, do not lower it unless you really don't need it.

The only way out is you can ask for a complete ressessment... which now requires a new credit check, income proof with pay stub and T4, Notice of Assessment, etc. You are essentially requesting a new application of credit.

[YYC27]

They don't look at what you used to have. They look at what you currently have. You are only worth $500 to them, not $2500! So, they usually do not increase 50% in a typical request.. so you may be granted for $750 but not $1000.... the moral of the story, do not lower it unless you really don't need it.

The only way out is you can ask for a complete ressessment... which now requires a new credit check, income proof with pay stub and T4, Notice of Assessment, etc. You are essentially requesting a new application of credit.

I don't think going from $500 to $2,500 is completely unreasonable on a limit increase request. I recently had my six-month old card increased from $1,000 to $5,000 just by going through the automated telephone process.

Besides, even if they won't give you the full amount you want, they'll generally give you up to what you would qualify for. So if they were unwilling to give him any increase from $500, that could mean they don't see him anywhere near as credit-worthy as they did when he originally qualified for the $2,500 limit.

[al3x89]

They don't look at what you used to have. They look at what you currently have. You are only worth $500 to them, not $2500! So, they usually do not increase 50% in a typical request.. so you may be granted for $750 but not $1000.... the moral of the story, do not lower it unless you really don't need it.

The only way out is you can ask for a complete ressessment... which now requires a new credit check, income proof with pay stub and T4, Notice of Assessment, etc. You are essentially requesting a new application of credit.

Thanks for the info.

I don't think going from $500 to $2,500 is completely unreasonable on a limit increase request. I recently had my six-month old card increased from $1,000 to $5,000 just by going through the automated telephone process.

Besides, even if they won't give you the full amount you want, they'll generally give you up to what you would qualify for. So if they were unwilling to give him any increase from $500, that could mean they don't see him anywhere near as credit-worthy as they did when he originally qualified for the $2,500 limit.

I got a credit card back in 2007. I went from $500 to $1000 to $2500 in a matter of half a year... I only accepted the credit increases because I had steady income and I was able to pay it off without a problem.

[VivienM]

I got a credit card back in 2007. I went from $500 to $1000 to $2500 in a matter of half a year... I only accepted the credit increases because I had steady income and I was able to pay it off without a problem.

I don't understand this reasoning.

Is it really that distracting to open your statement or log into the online banking and see a big number next to "available credit"? That seems to be your logic: 'if there's a big number there, that'll make me spend money I don't have'.

There are at least two major downsides to having low credit limits:
a) it lowers your credit score (by increasing your utilization)
b) if you're planning to make a huge purchase, ooops, it won't fit (so byebye rewards, ext. warranties, etc)

I just don't see the upside. It's not like a low limit will stop you from overspending, either: the bank will just let the transaction through and charge you a steep fee...

[YYC27]

I got a credit card back in 2007. I went from $500 to $1000 to $2500 in a matter of half a year... I only accepted the credit increases because I had steady income and I was able to pay it off without a problem.

I think something has changed that they're no longer willing to extend a larger limit to you. It could just be that they've tightened their lending criteria. That wouldn't really be unprecedented, these days. ;) I don't think it has anything to do with how much you were asking for, though.

[al3x89]

I don't understand this reasoning.

Is it really that distracting to open your statement or log into the online banking and see a big number next to "available credit"? That seems to be your logic: 'if there's a big number there, that'll make me spend money I don't have'.

There are at least two major downsides to having low credit limits:
a) it lowers your credit score (by increasing your utilization)
b) if you're planning to make a huge purchase, ooops, it won't fit (so byebye rewards, ext. warranties, etc)

I just don't see the upside. It's not like a low limit will stop you from overspending, either: the bank will just let the transaction through and charge you a steep fee...

I didn't think I needed it, but clearly I was wrong ... well partially. I don't need $2500, more like $1000.

[VivienM]

I didn't think I needed it, but clearly I was wrong ... well partially. I don't need $2500, more like $1000.

But what I still don't get is what "need" has to do with this?

Let me give you an example: I have this MasterCard. All I've used it for in the last 6 months is Tim Hortons (which doesn't do Visa). Average spending, maybe $20-25/month. They just increased the limit on that card yet again to something obscene (reasonably over $10K). What's wrong with that situation? By your logic, I should be calling them up and asking them to reduce the limit to the lowest possible amount?

[al3x89]

But what I still don't get is what "need" has to do with this?

Let me give you an example: I have this MasterCard. All I've used it for in the last 6 months is Tim Hortons (which doesn't do Visa). Average spending, maybe $20-25/month. They just increased the limit on that card yet again to something obscene (reasonably over $10K). What's wrong with that situation? By your logic, I should be calling them up and asking them to reduce the limit to the lowest possible amount?

Well, I didn't see it like this back in November when I decreased the limit.

Anyways, I just logged into my account and I'm now even: $500/$500

[Thalo]

Sure it is. You shouldn't rely on the bank denying your transactions to know you're at your limit. It's irresponsible to blindly purchase without having any idea how much you already owe.

This is what you get from living in the nanny-state of Toronto. You expect your bank to protect you from doing stupid stuff and going broke.

If the $500 limit truly is a voluntarily low limit (given your spending habits my bet is it's restricted by your credit worthiness), then maybe bump it up to a "grown up" limit of $1000 or more. Are you seriously that bad with money that you can't handle a $1000 limit?

Regarding transactions posting on Easyweb, if you look at your Visa card there you'll see two numbers: your balance as well as your credit available. When you subtract balance from your credit limit, it doesn't always equal credit available. The difference is your pending transactions (or in some cases holds put on your visa, ie: from a rental car company).

[YYZFA]

This is what you get from living in the nanny-state of Toronto. You expect your bank to protect you from doing stupid stuff and going broke.

Nice! What has this got to do with living in Toronto? Seems like an off topic cheap shot to me. I honestly would not have expected a post like that from you. Are people from Alberta or elsewhere really smarter than people from Toronto?

[Thalo]

Nothing wrong with the people from Toronto; it's your city government. It's been well documented in the National Post that Toronto is a nanny-state. I can't think of examples right now, but I googled it for you: http://lmgtfy.com/?q=toronto+is+a+nanny+state

[randomthoughts]

*snerf* National Post.

I don't think the objection was in relation to whether or not Toronto was a nanny state or not, but just in your argument that because Toronto is a nanny state, people in Toronto are stupid and expect the bank to protect them from going broke.

I also didn't really expect that from Thalo, since he doesn't in general make gross generalizations about entire cities of people.

Edit: Though I suppose Thalo's argument was specific to to original poster, that the city government had made HIM stupid. I'm not sure that's any more of a logical argument, but it is much less offensive. It all depends on the possible plurality of the "you" pronoun.

[Thalo]

In truth the problem is rampant, it's not just in Toronto, it's a North America and perhaps world-wide phenomenon of people relying on governments and expecting corporations to keep them "safe" at all times.

And yeah, I took a cheap shop at Toronto. I'll take every shot I can get! :twisted: Did I mention you're all smug and look down on people outside of T.O. who read the Post?

[Just Confused]

In truth the problem is rampant, it's not just in Toronto, it's a North America and perhaps world-wide phenomenon of people relying on governments and expecting corporations to keep them "safe" at all times.

And yeah, I took a cheap shop at Toronto. I'll take every shot I can get! :twisted: Did I mention you're all smug and look down on people outside of T.O. who read the Post?

Hey, you're making us red-necks out here look like sensitive gentlemen!

However, I do agree that there is a growing expectation these days by people (young and old) that somebody else (i.e. governments and corporations) is responsible for protecting them from all situations.

And that is not aimed at the OP, it's just a generalization on my part