The credit limit is the maximum amount of money that may be charged to your credit card account. The issuer will usually allow you to carry the full amount as an unpaid balance provided you make minimum payments and pay the finance charges due each month. Most charge additional fees if your account exceeds the credit limit.
Related Fool Articles
- 60-Second Guide to Getting Out of Debt
- 60-Second Guide to Perfect Credit
- How-To Guide: Reduce Your Debt
Recent Mentions on Fool.com
- Did ?True Detective? Deliver for HBO?
- Cheerios Could Face a Shortage Thanks to Oil's Overabundance
- Why Falling Ferrari Sales Are Good for Fiat Chrysler
- How to Get Rich Off Real Estate Like Warren Buffett
- The Complete Guide to 2014 Tax Filing for Same-Sex Married Couples
- The Ford Focus Continues to Be a Superstar in China