Credit Card Overpayment

Richy_S

Help! I noticed an erroneous credit to my October credit card bill which placed me £1600 in credit. I called the card company and alerted them and insisted on paying the £1600 I owed as the other £1600 was nothing to do with me. They allowed me to, but told me they may struggle to identify the source of the payment. I am continuing to 'overpay' ie make payments based on my spending, and ignoring the £1600 as they have not taken it out of my credit card account. Where do i stand? Is there a time when this becomes mine and i say 'thanks mystery santa?' or will at some point this money be clawed back?

Moggles_2

No experience personally, but mysterious transactions of this sort have been reported from time to time by forum users.

Could you have requested a balance transfer during a credit card application? Some providers (eg. Santander) take so long to process, applicants sometimes assume wrongly their application has been declined.

If you're positive it's not your error, I wouldn't worry. The money was probably destined for a credit card account with a similar account number to yours. If so, the transaction will probably disappear again before long.

lisyloo

After 6 years you can keep the money.

However putting your account in credit is risky.
Most lenders do not insure credit balances so YOUR money might not be insured against thefit/fraud.
In your posistion I would withdraw the money and earn interest on it in a savings account, but keep it earmarked for paying back at some stage.