What is a credit limit

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asked Sep 19, 2019 45.6k views

2 Answers

Glaslos · Answer 1 · 2019-09-22T01:55:12+0000

Credit limit refers to the maximum amount of credit a financial institution extends to a client through a line of credit as well as the maximum amount a credit card company allows a borrower to spend on a single card.

Sumitsu · Answer 2 · 2019-09-22T23:49:45+0000

Each credit card has a credit limit. The limit is the greatest amount of money a person can spend using the card. Spending more than the card's limit can result in a penalty fee.

What is a credit limit

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