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Egg Visa Card
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andy-dobbsy
Posts: 3 Newbie
in Credit cards
Can anyone tell me whether or not if I had a £1000 limit on the card, had never used it, but wanted to put £100 of my own money onto the account therefore effectively having £1100 pounds on the account of which £100 wasn't the banks money this is possible? Hope this makes sense... seems clear as mud to me!
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it would be clear as mud if it were the egg money card. I dont know if egg visa card allows whats known as a positive balance..0
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No it isn't possible, but would be with the Egg Money card.0
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I disagree, you can have a positive balance on the card short term (presumably OP wants to make a large purchase that is bigger than their credit limit)0
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Much easier IMO just to ask for a small increased limit on the card even if only temporary.0
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If this is about a purchase for £1100 (or thereabouts) with Section 75 protection but the card's limit being insufficient, remember that Section 75 applies to any part payment (of at least £100) - you can pay the merchant by a combination of cash and card and its still covered.
(And it's a simpler solution in any case).....under construction.... COVID is a [discontinued] scam0 -
If this is about a purchase for £1100 (or thereabouts) with Section 75 protection but the card's limit being insufficient, remember that Section 75 applies to any part payment (of at least £100) - you can pay the merchant by a combination of cash and card and its still covered.
Just to be clear on this, while Section 75 will cover the whole purchase if part payment is made while the card does not have a positive balance, Section 75 will NOT cover the purchase if the card does have a positive balance (this applies not only to Egg Card, but Egg Money as well.)Conjugating the verb 'to be":
-o I am humble -o You are attention seeking -o She is Nadine Dorries0 -
Where is your evidence for this point? (see my interpretation of Section 75 (4) here)Paul_Herring wrote: »Just to be clear.. Section 75 will NOT cover the purchase if the card does have a positive balance (this applies not only to Egg Card, but Egg Money as well.).....under construction.... COVID is a [discontinued] scam0 -
Where is your evidence for this point?
A rather nice letter from Egg themselves when I asked them to clarify the point.
The point being that Section 75 only applies to credit. If you have a positive balance on a credit card, you clearly aren't using credit, making your observations in your referenced post somewhat moot.Conjugating the verb 'to be":
-o I am humble -o You are attention seeking -o She is Nadine Dorries0 -
Paul_Herring wrote: »A rather nice letter from Egg themselves when I asked them to clarify the point.
The point being that Section 75 only applies to credit. If you have a positive balance on a credit card, you clearly aren't using credit, making your observations in your referenced post somewhat moot.
That doesn't say they aren't covered though does it? They say themselves they can't provide an exact answer.
For me, rather than giving a definitive answer, they've simply dodged the question.
The OP hasn't come back and confirmed yet but the assumption is they would want to create a positive balance because their credit limit isn't enough for a purchase they want to make.
If that is the case then I personally believe in this situation it would be covered. This is only my own personal belief but it's based on these points:
1. The purchase would use the credit facility of the card (it would create a negative balance).
2. As long as the transaction is more than £100 only part of it needs to be paid on the credit card. Whether or not the 'positive' balance is treated as the OPs cash/money is irrelevant in this case because it'll all be covered anyway due to creating a negative balance.0 -
To be safe, the OP would be best to use the Credit Card for £1000 and pay the retailer the additional £100 in cash.
Under Section 75 of the Consumer Credit Act, the entire £1100 would benefit from protection and there is no grey areas with regard to using a positive balance on the Credit Card.0
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