How to best use a credit card 'credit' balance?

Rich73000

Hi, I have managed to over-stooze a card I was paying off, and now have a significant 'credit' balance on the card. Does anyone have any good ideas of how this can be best used? Ideally I don't want to incur additional transfer fees, but would like to try to use it in some way (perhaps to offset against my mortgage for a while). Thanks for any help! Rich

NickX

If you speak to them and request a refund of the positive balance, they should either issue a cheque or send the funds to your Current Account. I have not known a fee charged for this before now as it is your money.

Don't be tempted to take it out as cash because this will probably incurr a Cash Advance fee.

LongTermLurker

NickX wrote: »

If you speak to them and request a refund of the positive balance, they should either issue a cheque or send the funds to your Current Account. I have not known a fee charged for this before now as it is your money.

But aren't they likely to refuse on the (unstated) grounds that while it's in there it means you have to use their card, and earn them commission, to get your money back?

Don't be tempted to take it out as cash because this will probably incurr a Cash Advance fee.

An interesting point, because I was wondering how I can get my amex cashback turned into hard money when they credit the card - I'd be surprised (but not that surprised) if they charged a Cash Advance fee for a Cash Return - does anyone know for sure?

NickX

LongTermLurker wrote: »

But aren't they likely to refuse on the (unstated) grounds that while it's in there it means you have to use their card, and earn them commission, to get your money back?

An interesting point, because I was wondering how I can get my amex cashback turned into hard money when they credit the card - I'd be surprised (but not that surprised) if they charged a Cash Advance fee for a Cash Return - does anyone know for sure?

Well my argument would be simple, "Its my money and I want you to send it to me".

I once had a substantial postive balance with Lloyds TSB and one call and they issued a cheque to me within a few days.

Funnily enough there is a report from poster CannyJock on the stoozing board where AMEX refused to refund a positive balance on money laundering grounds. So the policy obviously does vary from provider to provider.

I am pretty sure that most cards will charge the Cash Advance fee when withdrawing the funds from an ATM (obviously no interest will be charged because there is no debt). However there are a couple of exceptions :

(a) Egg Money will not charge for withdrawing cash provided the balance remains positive. This is because Egg Money is designed to take a postive balance unlike other cards.

(b) Abbey Zero do not charge for cash withdrawals even when the balance is negative.

LongTermLurker

Thanks, I'll try the cheque route (or better still, a direct credit) and if that doesn't work I'll just have to carefully manage what I spend on it to use the cashback only.