Getting cash off credit card

Moggles_2

lisyloo wrote: »

Sorry if I'm repeating stuff you already know, but Egg money is a hybrid debit/credit card and it IS designed to carry a positive balance.
I agree with you about plain "credit" cards though. Money in credit is often not insured.

Okay, I've edited my post for those out there who may not know about this exceptional and very useful card

Richard019

abulhasnat wrote: »

I have balance transferred 6000 pnds from one credit card to another at 0%. Now, the balance on the card was actually 4500 pnds. The reason for this was that I have to make a payment of 1300 pnds using my credit card and was trying to be clever. Unfortunately he funds are not going to transfer in time. I wanted to ask if I can withdraw this 'extra' 1500 pnds credit as cash without any penalty? Thanks for any help, I am desparate!

Let me get this right.

Credit card 1 had a balance of £4,500 on it.
Credit Card 2 had nothing on it but had a 0% deal on transfers so you moved £6k to Card 1.

In theory this is what you would have:

Credit Card 1 - £1,500 positive balance.
Credit Card 2 - £6,000 balance at 0%.

Now your problem is that the BT isn't going to go through in time to cover the payment you need to make so effectively you you've got this:

CC1 - £4,500 balance
floating in the middle with no way of accessing it £6,000
CC2 - £6,000 balance at 0%

I assume the payment you're needing to make is needing to be made on CC1 or you wouldn't have been putting the credit there. The only important question I can see is what's the credit limit on CC1?

If it's £6k or more then you can put the fee on it as you were planning to and when the BT arrives it will pay it off in the same way.

If the limit on CC1 is too small to do that then you won't be able to do it. That would raise the question of where you intended to take the £1,500 surplus cash from?

jpwjpw

I've had a positive balance a few times on my credit card. I just asked them to put it into my bank account. I gave them my details and they just transferred it over.

Moggles_2

jpwjpw wrote: »

I've had a positive balance a few times on my credit card. I just asked them to put it into my bank account. I gave them my details and they just transferred it over.

How recently and which credit card company was involved?

Amy83

I had a positive balance of £700 on Capital One up until a few days ago. Like JPW, I just called up and asked them to transfer it to my current account. It arrived yesterday after it had to apparently be stationary in my account for ten working days...

Not sure if it makes a difference, but mine wasn't a balance transfer that caused the positive balance, it was a winning bet that I'd used my credit card for, so the winnings had to be returned to the same card.

Moggles_2

Originally Posted by jpwjpw
I've had a positive balance a few times on my credit card. I just asked them to put it into my bank account. I gave them my details and they just transferred it over.

Moggles wrote: »

How recently and which credit card company was involved?

I guess we'll never know.

NickX

Moggles wrote: »

I guess we'll never know.

No ideas on which cards the OP was talking about either

scott_lithgows

My wife did this to a much smaller scale,left with £100 positive balance she closed the credit card account down and the money was transferred to her bank account with no fee,s.

Moggles_2

scott_lithgows wrote: »

My wife did this to a much smaller scale,left with £100 positive balance she closed the credit card account down and the money was transferred to her bank account with no fees.

Once again, this post raises more questions than it answers.

The thing is most credit card providers are relaxed about a positive balance arising temporarily, if this is clearly accidental. (This can happen easily through refunds, making a one-off payment too close to a direct debit payment date etc) In these circumstances, they will usually post you a cheque if requested or allow you to spend your way out of the predicament, but this is not the same thing at all as making a payment or transferring a balance (as the OP has set out to do) which deliberately puts the account in credit.

scott_lithgows

Moggles wrote: »

Once again, this post raises more questions than it answers.

The thing is most credit card providers are relaxed about a positive balance arising temporarily, if this is clearly accidental. (This can happen easily through refunds, making a one-off payment too close to a direct debit payment date etc) In these circumstances, they will usually post you a cheque if requested or allow you to spend your way out of the predicament, but this is not the same thing at all as making a payment or transferring a balance (as the OP has set out to do) which deliberately puts the account in credit.

I can tell you it was done deliberately,basically it was to shift £150 to a Leeds BS lob from Virgin after they changed the rate to 38%,Leeds minimum BT was £250,hence £100 credit on the Virgin card,which was then closed and money returned