Advice Needed! In positive on CC, how do I get it?!

Tebbisimo

Hello, I'm new to credit cards, being a student (and obviously not going for the 'student' rip off card) and only recently got a 0% Halifax card. Now, I used 150pounds on a bet that I knew would win through some tips I found. I won 450 pounds back. However the website (365) wouldnt let me deposit the 'winnings' of 300 into another account. So 450 went on the credit card. This leaves me £300+ on my credit card and throws up something I never really thought about with a credit card! (Seeing as I bought it to tide me over Xmas while I wait for January loan to pay it all back.)

How do I get the £300? Will that transfer/refund count as a payment, and mean I wont need to 'pay' this month's statement amount. If my other account is with halifax (which it is) can they transfer that for free? Should I just do a balance transfer, take the 3% whack and be happy anyway. I don't want to spend on the card because I'm scared of them, and want to keep track of what I spend, I dont want thousands of receipts for milk and bread and fags, so I just want it in my current account.

Essay over! Hope this helps you help me x

michaelvintner

Spend it, that waht I have done when this has happened to me.

Tebbisimo

yeh i spose it sounds like a dumb question :P I just wondered if there are any free and easy ways of just moving it into another account (with the same bank) and if this will count towards my monthly payment?

cifpower

I suppose you could always ring them and ask for a refund cheque or see if they can transfer it into your bank account

michael1983l

If you were issued with credit card cheques, write yourself a cheque.

firsttimestudent

michael1983l wrote: »

If you were issued with credit card cheques, write yourself a cheque.

Do NOT do this - it will incur you a fee of about 3%.


To the OP: If you contact Halifax Card Services (number at the back of the card), they should be able to refund it back to your current account - do you bank with Halifax also?

One more thing though- are you sure that the deposit that you placed into your betting account count as purchases? I have a feeling it counts as Cash Advances as it is a gambling transaction - you would have incurred a 'cash withdrawal' fee + interest from day 0 if I'm not mistaken. Has it been one statement since your last deposit of that money (so that you can see if you were charged any interest)?

Zack1

Just checking (as I know 0% on cash advances do exist), have you checked the 0% terms? As gambling *may* not count towards any 0% deal (some are purchases and balance transfers only).

As for 365, if you were to add a new debit card and set that as your active deposit method (I have 3 (the max) on my account), then when you go to withdraw your winnings it should go onto that card (although you may need to make a bet from the card first (deposit and straight withdraw won't work as they'll charge you)). In theory that would work, as I have winnings in my account and whenever I change my payment method and go to withdraw it says they'll go there, however, when withdrawing they can block this (by looking where the money came from in the first place). Although manual review generally only happens for bigger amounts (a lot for several hundred have gone through fine for me, but they called me (missed call though, but I googled the number and it's them) when I withdrew 3k). If it displays a warning, or (looking in history) says "Withdrawal Request" rather than "Withdrawal" then it's gone for approval

Edit: After writing that, I now see person above me wanted to check about purchases too!

Tebbisimo

Hmmm, I literally used it on Tuesday at 3pm, and once the scores came in withdrew it at about 11pm. I recieved the card at the beginning of the month and this was my first use. Its 0% on balance transfers for 9mths and 12mths for purchases. Im not sure what bet 365 counts as.
So is the best bet (no pun intended) just to ring them up and see whats a free way of doing it? I sort of wanted to split the winnings fifty fifty with the missus so she has some more xmas spending money (but no way am i letting her near my credit card after my arcadia card was maxed! )

And surely bet 365 will just count it as a purchase? Paddy Power used to do it like this on my halifax debit account (from my student account) and then just file it as a 'refund' when I withdraw it out.

And yes my other account is halifax, which is why I was wondering if theyd charge me for transferring it between the two, if at all possible. Cheers for the advice so far

Tebbisimo

Zack1 wrote: »

If it displays a warning, or (looking in history) says "Withdrawal Request" rather than "Withdrawal" then it's gone for approval

Yeh Zack, thats what I tried to do :P I added a card, withdrew the stake i put on to my credit card, and then withdrew the winnings into current account. however, that happened, and perhaps cause i did it at like 11, i didnt get a phonecall, just an email saying they'd put it on my credit card. Was only for 300 as well..

Zack1

Tebbisimo wrote: »

Yeh Zack, thats what I tried to do :P I added a card, withdrew the stake i put on to my credit card, and then withdrew the winnings into current account. however, that happened, and perhaps cause i did it at like 11, i didnt get a phonecall, just an email saying they'd put it on my credit card. Was only for 300 as well..

They probably know what you're up to then, whereas I've used all 3 cards on my account a bit, so although they can see that for me, it's not a big deal because I've used all of them (and their T&Cs do say they may split it how they see fit).

As for purchases, nope. Each place has a merchant code, helps to prevent underage betting (solo cards etc won't always work with certain codes). The gambling ones are almost always counted as cash advances, even things like football pools stupidly count

firsttimestudent

Tebbismo - do you have online access to your credit card statement? If yes, once you see that on your statement, give Halifax a ring to confirm if it is a purchase/cash advance. If purchase, fine - if it's cash advance, read on...

When you use a credit card for cash advance, it will always be the last to be paid off. As I suspect the refund (of the winning money) will hit your account a few days later than the debit (of depositing the money), you will have incurred a few days interest. It's best to leave say £2 (credit balance! - means don't withdraw the whole profit) in your credit card account, wait till your next statement is produced, before using your card for the purchases/balance transfers. If not, you will always be accruing interest on the cash advance/interest as it will be the last to be paid off!