Credit Card Thought?

dome

This is probably a strange idea that will leave most of you wondering why I'd want to. anyhoo....

Lets say I have a credit card, with a monthly direct debit of £50. It then falls down the back of the sofa and as I am rolling in cash and stupid, I don't see the card until I do my half yearly clean and find it with bits of old pizza and loads of buttons and marbles.

I should be in credit £300 on the card so its effectively like a debit card although I have previously topped it up.


Would this work indefinatly? If i was really grotty and didn't clean my sofa for 3 years or something? And are there any clauses that credit card companys have about if the card is unused etc?

Weird idea, I know

Any Info Welcome Thanks

Dome

financial_warrior

Essentially it depends on the issuer. Some may not allow you to have a positive balance, others will, but will pay you no interest. A very small number will pay a nominal interest rate on a positive balance, but these are the exception rather than the rule.

My question, as I'm sure you've already hinted at, is why you'd want to use a credit card to do what amounts to regular saving? There are plenty of savings accounts out there that you can open for £1, pay more than 0% interest, and don't insist on any regular deposit.