The credit limit is the maximum amount of money you are authorized by the issuer to use on your credit card. You and the bank agree on what the limit should be. What credit limit you are offered will be decided by the bank, and is based on your credit score, your wishes, other loan terms, etc.
Even if there is a credit limit, it could happen that you exceed the limit. If you for example write a credit card cheque or overdraw your card before the last purchases are registered, you could end up exceeding the limit. If you do so you will normally be charged with a fee.
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