credit limits News and Advice

Many credit cards advertise “no pre-set spending” limits. But if you think you can just sign up for the card and go out and charge a Ferrari, watch out. No pre-set spending limit does not meet no credit limit. It means there is no pre-set spending limit.

The Fine Print

In fact, most no pre-set spending limit credit cards come with a credit limit. The card then gives the card holder the ability to exceed that credit limit in some instances if the amount of the balance over the credit limit is paid in full before the due date.