Soft CL on Visa Sig and World MC rules?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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CarefulBuilder14
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Soft CL on Visa Sig and World MC rules?

Postby CarefulBuilder14 » Sat Sep 19, 2015 10:52 pm

Can someone clarify for me exactly what the rules are regarding the soft CL feature (what charges might possibly be approved, when certain payments need to be made, etc.) on VS/WMC cards?

I'm particularly interested in the rules around CSP VS, Chase IHG WMC, and Barclaycard Arrival WMC.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when


Vermonster
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Re: Soft CL on Visa Sig and World MC rules?

Postby Vermonster » Sun Sep 20, 2015 8:47 am

The amount that you can go over will vary. I was able to put about $3500 on a $2700 limit Freedom. Others have been told they can only go over by 10%. I'm sure lots of little charges would get you farther than a single charge that goes over the limit.

The important part is that your next minimum payment will be the balance over the limit plus your normal minimum payment. Payments will also be applied in that order. So when we went over, our payment was listed at almost $1000, $800 for over limit, and about $180 for normal minimum.
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k

dragon452
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Re: Soft CL on Visa Sig and World MC rules?

Postby dragon452 » Sun Sep 20, 2015 10:28 am

Vermonster wrote:The important part is that your next minimum payment will be the balance over the limit plus your normal minimum payment. Payments will also be applied in that order. So when we went over, our payment was listed at almost $1000, $800 for over limit, and about $180 for normal minimum.


Vermonster is correct here: the rules of a No Present Spending Limit are in the payments you make with the next statement. How much extra the bank will allow, and on what they will allow it is entirely up to the bank. My two antique Chase accounts had the spending limits removed years before "Signature" Visa or "World" Mastercard were introduced, and were reported to the credit bureaus as charge cards, not credit cards. Even then, Chase told me it was best to contact them and let them know in advance if I was going over the regular credit limit, and they would give me an answer on how much they were willing to approve. I'm sure its pretty much the same way now.

flan
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Re: Soft CL on Visa Sig and World MC rules?

Postby flan » Sun Sep 20, 2015 11:31 am

Vermonster wrote:The amount that you can go over will vary. I was able to put about $3500 on a $2700 limit Freedom. Others have been told they can only go over by 10%. I'm sure lots of little charges would get you farther than a single charge that goes over the limit.
.


I would think it's the opposite, actually. "I'm going to buy this 50K bauble for my wife, and I don't want to liquidate the brokerage account until the end of the month" makes more sense than "I ran up a 50K in restrauant dinnes.". That may say something about my credit limits compared to my normal spend, though.


When I got my current amex credit card, I put something like twice the limit on it as pretty much the first purchase. (It had a 2k limit; I was buying plane tickets for several people to Europe.) I called, told the rep what I wanted to do, he typed something, and I bought the tickets, and made a payment a couple days later.

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CarefulBuilder14
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Re: Soft CL on Visa Sig and World MC rules?

Postby CarefulBuilder14 » Sun Sep 20, 2015 12:24 pm

It sounds like the important things are:

Nothing is guaranteed, and I should not expect (with much confidence, at least) purchasing power like I have on PRG.
I should call the issuer in advance.
I don't need to make an early payment to get back under the nominal CL before the statement cuts.

Good to know!
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

Vermonster
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Re: Soft CL on Visa Sig and World MC rules?

Postby Vermonster » Sun Sep 20, 2015 4:56 pm

flan wrote:
Vermonster wrote:The amount that you can go over will vary. I was able to put about $3500 on a $2700 limit Freedom. Others have been told they can only go over by 10%. I'm sure lots of little charges would get you farther than a single charge that goes over the limit.
.


I would think it's the opposite, actually. "I'm going to buy this 50K bauble for my wife, and I don't want to liquidate the brokerage account until the end of the month" makes more sense than "I ran up a 50K in restrauant dinnes.". That may say something about my credit limits compared to my normal spend, though.


When I got my current amex credit card, I put something like twice the limit on it as pretty much the first purchase. (It had a 2k limit; I was buying plane tickets for several people to Europe.) I called, told the rep what I wanted to do, he typed something, and I bought the tickets, and made a payment a couple days later.


I guess if you are calling ahead then the single payment makes sense. If you were to just drop a $50k charge on a card out of the blue I would expect a decline.

When we did it, Chase knew that we were on vacation. So a lot of little charges made sense.
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k

Vermonster
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Re: Soft CL on Visa Sig and World MC rules?

Postby Vermonster » Tue Sep 22, 2015 8:02 pm

I just found out that after all this time my Freedom was a Visa Platinum, even when I went over limit. Apparently all Freedoms have a soft limit based on your profile. So the benefits of Visa Sig seem to be VERY dependent on the card and bank.
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k

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CarefulBuilder14
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Re: Soft CL on Visa Sig and World MC rules?

Postby CarefulBuilder14 » Tue Sep 22, 2015 9:48 pm

Vermonster wrote:I just found out that after all this time my Freedom was a Visa Platinum, even when I went over limit. Apparently all Freedoms have a soft limit based on your profile. So the benefits of Visa Sig seem to be VERY dependent on the card and bank.

It goes to show how meaningless VS/WMC are, since the good perks come from the issuing bank. Visa Sig benefits are, by definition, the same on Ritz-Carlton as they are on Williams-Sonoma.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when



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