Thursday, December 15, 2011

What is the difference between available credit and credit limit?

my card came with a $250.00 Credit Limit. Over the weekend I used it for $113.96, but online the Available credit reads "$23.00". what gives? is there something I'm not aware of?|||Available Credit = Credit Limit - Account Balance





Yeah, something is awry here. From the information you give, your available credit should be $136.04 ($250.00 - $113.96).





Credit cards typically also have a Cash Advance Limit, which would be a portion of your Credit Limit. Is the $23.00 actually your Cash Advance Limit? Otherwise, maybe the issuing bank lowered your credit limit. Call the customer service number (usually printed on the back of the card) and ask.|||Yea, something is not sound right here. Your available credit should be your credit limit - credit used.

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