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Thursday
September 9, 2010
What Is Overdraft Protection Using My Credit Card?
14 Oct2009
My bank has online banking and has the option to add overdraft protection using my credit card. You have to request it on the online banking website. They ask you to choose the credit card you have and than click on which account you will be using? Why would they ask me to choose the checking account I will be using for my credit card overdraft protection, when my credit card is completely different my checking account? If I overdraft my credit card, do they automatically take money from my checking account to pay the fee or something? I don’t understand quite how overdraft protection works on credit cards as opposed to a checking account.
Written by Credit card consolidation
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4 Responses to What Is Overdraft Protection Using My Credit Card?
?infinit
October 14th, 2009 at 9:11 am
No, if you overdraw you checking account, they will charge the overdraft to your credit card.
There is no such thing as “overdraft” protection on credit cards. If you go over your limit, the bank will charge you over the limit fees.
bdancer2
October 14th, 2009 at 9:11 am
There is no such thing as overdraft protection for your credit card. You can’t overdraft a credit card. You might be able to go overlimit which would cost you an overlimit fee.
The overdraft protection your bank is talking about is for your checking account. If you overdraft your bank account, the overage will be charged to your credit card.
FRANK
October 14th, 2009 at 9:11 am
The overdraft protection is a cash advance, charged to your credit card. That means your credit card will charge you a cash advance fee, plus interest. Plus, unless you have a zero balance on the card, you may be charged interest on you outstanding balance, plus ALL charges made.
This is a very expensive plan. I would not used it.
bud68
October 14th, 2009 at 9:11 am
The overdraft protection is for the checking account, not the credit card. If you overdraft the checking account, they will charge your credit card and add that amount back into the checking account.