Tommy asked in Business & FinanceCredit · 8 years ago

Question about credit cards - TD BANK?

I got a credit card not too long ago and I am trying to pay my school fees which is about $1800.

I have $1500 in my bank and my credit limit is $1000.

Does that mean I can still pay the $1500 and borrow $300 from the bank? Or have I gone past my credit limit?

2 Answers

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  • ?
    Lv 7
    8 years ago
    Favorite Answer

    The two are not explicitly joined. When you go to pay, you will have to specify that you want to pay $1500 from your bank account and charge the rest to your credit card. If you have $1500 of your own money in your own bank account that's different from the $1000 you can spend on your credit card.

  • 8 years ago

    Yes, the bank will loan you $300 out of the $1,000 credit limit you have.

    However, it is advisable to request the bank to deduct $1,500 from your account and to charge the $300 from your credit card credit entitlement prior to the transaction.

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