What happens when you get to the limit on your credit card?

Question

Say your credit card limit is $500, and you spend $500 on it. What happens? I don't have a credit card, I'm just curious.

Answer 1

If you pay the bill, then you drop below the limit, and can spend more.

If you do not pay the bill, then the fee for being late puts you over the limit, so you owe an overlimit fee, in addition to the late fee.

Answer 2

it depends... if you are a good cardholder who pays their bill on time and pays more than the minimum  payment.... they will raise your credit limit and keep on raising it until you owe them $5000, $10,000, $15,000.00 or more!   if you pay late or pay the minimum... they will leave your limit at $500 and tack on a $30 late fee every month which will put you over the limit; but, you wont owe $530! They will tack on a $30 over-the-limit fee; but, you won't owe $560... because they add interest every month too!   you'll end up owing about $600 that month and you had better pay it down to about $400

before the next due date or they've got you!   how do you like that... if you couldn't afford to pay for one month.. they hit you with at least $60.00 in fees!!!