An over-limit fee is a charge that may be applied when you exceed your credit limit. If you opt in for over-limit protection, then your card issuer can charge you this fee. A creditor may opt to allow charges that exceed the credit limit, up to a specified percentage, and will assess an over-limit fee if the balance goes above that amount. The fee is typically a certain percentage of the amount by which you've exceeded your credit limit (say, 3%), with a minimum dollar amount (say, $25).
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