please help can i do this with credit card? add funds over balance limt.

michaelrs

hello

I have a quick question I have a barclaycard credit card with a limit of £400 and i want to buy a 50" tv online, i would rather use my card for this purchase even though i have the funds.

my question is can i over pay my credit card so I could make a larger purchase ie pay £600 to my card and then buy the tv for a grand. would they charge interest on the overpaid amount?

and does anyone know where I would stand with the credit card protection, because the £400 may be the only amount they will cover?

thanks in advance for any help.

gomer

The short answer is no. It's actually against the T&C of most credit cards to do this anyway.

Innocent_Guy

Although it is against the T&C's you CAN overpay....... The will be no penalties for doing so......

moneyursula

Why not give your credit card company a ring and ask them if they will increase your limit to £1000.

Innocent_Guy

moneyursula wrote: »

Why not give your credit card company a ring and ask them if they will increase your limit to £1000.

It is hard to get an increase from barclaycard at the moment. They are even reducing limits on there A1 customers cards.

gomer

I can't find the thread but this was discussed before. I am sure there were certain problems with over paying a credit account. I wish i could remember what thread we did this on before. ;-(

Innocent_Guy

gomer wrote: »

I can't find the thread but this was discussed before. I am sure there were certain problems with over paying a credit account. I wish i could remember what thread we did this on before. ;-(

Was it the one where they guy needed to pay for his hotel on CC and his limit was not high enough?

withnell

Why not ring Barclaycard and ask them if they will let you overpay with no charges or penalties? Write down the name of who told you and the time of the call, then that covers you if they try and charge you later!

Moggles_2

Not advisable. Credit card companies take a dim view of any activity which breaches their Ts & Cs.

More to the point, you cannot normally spend more than your entire credit limit in one day regardless of your actual balance (exceptions to this would be lots of transactions under floor limit and delayed transactions from abroad). You can't do it as the £400 limit on the card is the maximum that can be spent, even if you did pre-load the card with £600.

Everyone should have at least one back-up credit card, IMO. Why not apply for a cashback credit card and get paid to shop?

jacqui120d

Just wanted to add my experience on this one. In my darker days 3 years ago, I had a mere £200 limit on my cap one card. I added £800 to it with their permission and then bought a suite for £895 and it went through no problem. As I say, this was 3 years ago so things may have changed. I seem to remember it being a money laundering issue if anything, and it was a week or so before I could use the "cleared" funds.

Moggles_2

jacqui120d wrote: »

Just wanted to add my experience on this one. In my darker days 3 years ago, I had a mere £200 limit on my Cap One card. I added £800 to it with their permission and then bought a suite for £895 and it went through no problem. As I say, this was 3 years ago so things may have changed. I seem to remember it being a money laundering issue if anything and it was a week or so before I could use the "cleared" funds.

Thanks for posting. Perhaps Cap One is more relaxed about this than some card providers.

Personally, I wouldn't risk putting a credit card in credit. Credit cards - other than Egg Money - are not designed to carry a positive balance. Small amounts that arise temporarily (due to a refund, for instance) are okay, but the Ts & Cs of some cards (eg. HBOS, HSBC) specifically prohibit payments that deliberately place the account in credit.

The outcome certainly depends on the lender involved and their interpretation of anti-money laundering regulations. If you do this with some credit cards, their fraud dept will put a stop on the card and you won't be able to use it at all. From feedback here, these issues are not resolved quickly, so it pays to keep within your Ts & Cs.

Additionally, section 75 wouldn't apply if you spent from a positive balance, because technically it's not credit. Also, according to Abbey, if your card got stolen, you wouldn't be covered for fraudulent transactions.