Exceeding your credit limit multiple times can result in more severe consequences than a single infraction.
If you repeatedly exceed your credit limit, your credit card issuer may close your account or reduce your credit limit.
This can negatively impact your credit score, as it reduces your available credit and increases your credit utilization ratio.
You may face higher interest rates and higher minimum payments, which can make it difficult to pay off your balance.
If you have opted for over-limit protection, you may be able to make the purchase, but you will incur over-limit fees.
These fees can be as high as $35 per transaction, and the penalty cap may increase for subsequent infractions.
It is important to monitor your credit card usage and stay within your credit limit to avoid these consequences.
If you find yourself repeatedly exceeding your credit limit, make sure you set up reminders when you're approaching it.
You may also need to reevaluate your spending habits and create a budget to help you stay on track.