Okay, I signed up for a credit card, and it's coming in the mail shortly. It's got a $50 credit limit on it. Well, originally it was $350 but they charge you $250 in fees (for those with not-so-good or limited credit) so you're then left with $50 in credit.
What does this mean, exactly? If I go $30 over the $50 limit, will it stop me? Will the cashier tell me my card has been declined or it says "over limit"? ???
Or will it keep letting me purchase things, and later on the bill will reflect that I went over the limit and charge me extra fees? I know there are Over Limit fees for going over the credit limit on credit cards generally, but if a card has a limit, does that mean you can't go over it?
I was kinda thinking, how is it possible to go over the limit if the card has a limit? If you could wouldn't the limit be kinda pointless? Someone explain this to me, I'm confused.