Can I transfer positive credit on credit card to current account?

funkyhitman

If I have positive credit on my credit card is there any way to transfer/pay it into my current account?

Thank you.

leicsmarkyr

funkyhitman wrote: »

If I have positive credit on my credit card is there any way to transfer/pay it into my current account?

Thank you.

Phone up the card company and ask them to issue the money to you; will either be BACS or (more likely) a cheque

DestroyingAngel_2

Just ring your cc provider and ask for a Credit Balance Refund (CBR). You'll need to provide your bank account number and sort code for the money to be refunded.

khalid

Like DestroyingAngel stated, just ask for a a credit balance refund and then give them your account details to transfer the money. It will take 2-3 days for the money to transfer. For peace of mind, also ask them if there is any charge and I am quite sure that they will confirm that there isn't any.

Also note that having credit on your credit card is not protected against fraud because it is your money and not the cc provider. Therefore move it out at the earliest opportunity. Alternatively, just spend the money you have in credit if you are planning to make a purchase.

HamiltonL

khalid wrote: »

Like DestroyingAngel stated, just ask for a a credit balance refund and then give them your account details to transfer the money. It will take 2-3 days for the money to transfer. For peace of mind, also ask them if there is any charge and I am quite sure that they will confirm that there isn't any.

On our system (Abbey) there is an automatic charge of three pounds minimum, but we can refund that immediately when the transfer is done. We don't send cheques. We only use the BACS method, unless it's an Abbey current account.

Pound

Is there anything to prevent people doing balance transfers onto credit cards without debts on them then withdrawing and sticking the money in a savings account?

NickX

Pound wrote: »

Is there anything to prevent people doing balance transfers onto credit cards without debts on them then withdrawing and sticking the money in a savings account?

You may get away with this once or twice, but eventually the Credit Card company will notice what you are doing and may either freeze the account or send the funds back to their source. The reasoning could be for "anti money laundering measures".

However, there is one exception to this - the Egg Money card allows positive balances and can be used in this way. For this reason it is a favourite of the stoozers. In fact what you have described is the essence of the fast stooze.