How does a credit limit work, I just got my first credit card?

I just got my first credit card and it has a $2,500 limit on it. I have charged $2,225 on it. I will only be able to pay the minimum payment this bill cycle of $50. Though I should be able to pay it off in full by late September. In the mean time I need to pay some bills. Will I get a $2,500 credit limit the following cycle or just the remaining $275 until I pay the bill?|||The credit limit is the highest balance you can have on the card at any one time. If your balance goes over the limit, you will most likely be hit with a service charge. To figure out how much you can use the card, subtract the current balance from $2,500 and that is your available credit (right now, it is $275...when you pay the $50, your balance will come down a little (probably about $20 with finance charge) and your available credit will go up a similar amount (assuming you haven't charged more in the meantime).|||Don't even think of charging any more on the credit card until you significantly pay down the balance. If you accidentally go over the credit limit you will be charged a large overdraft fee and your interest rate will likely be raised. Since this is your first credit card and have a limited credit history, the bank may also close down the account.|||Neither. The $2500 is the limit on the total that you are allowed to owe at any one time, not the limit on the amount that you can use per cycle. The amount available to you during the next cycle will be the $275 currently available plus the $50 that you will have paid minus whatever finance charges the bank assesses.|||Why in the world are you getting a credit card if you don't understand how it works?


$2500 is the limit. You can't exceed it. When you pay your credit card bill, you will have to pay it completely off before your limit is back to $2500.|||No your limit is 2500 total. Do not put another penny on that charge card till it is paid in full. Going to the limit or over will increase your interest and the company will charge you a penalty and then cancel your card. Read the paperwork you signed.