will Halifax/Barclaycard/Mint/Natwest pay a positive balance to my current account

TBeckett100

I have several cards with zero balance (just in case the worst ever happens). could I BT to one of these cards and the provider pay the credit balance to my bank?

Moggles_2

Mint allows you to transfer an overdraft to the card, (in other words, transfer cash from the credit card to your current account.)

Money transfers are charged at your standard purchase rate, whatever that happens to be, and they're fee-free.

Be aware that interest accrues from day one and that money transfers are locked in behind purchases in the payment hierarchy. Also, you're restricted to 50% of your credit limit.

Moggles_2

Barclaycard and Halifax issue credit card cheques periodically, which can be paid directly into your current account. Unfortunately, the cheques cannot be ordered and you never know when the next ones will turn up in the post.

Caution: check Ts & Cs carefully, as these vary with each promotion.

TBeckett100

sorry i meant if i bt'd to my exsiting card , will they (as a provider) accept an overpayment which will put me in credit and pay it to my bank

Moggles_2

TBeckett100 wrote: »

Sorry i meant if i bt'd to my existing card, will they (as a provider) accept an overpayment which will put me in credit and pay it to my bank

Ah, gotcha.

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 and the Ts & Cs of some cards
[eg. Halifax] specifically prohibit payments that deliberately place the account in credit.

Most lenders are relaxed about modest sums that arise temporarily (due to a refund, for instance, or making a one-off manual payment too close to your direct debit payment date). That said, those same lenders may take a different view if your BT calculations were out by a four figure sum, as many forum users have discovered the hard way.

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. 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, if your card were stolen, you wouldn't be covered for fraudulent transactions.