can i over pay CC?

bbelt

if i have a balance of £250 and i pay £300 - what would happen? woudl my accoutn just show as £50 in credit?

Jakg

Depends on the company - BarclayCard wont let you overpay.

cifpower

The payment could be bounced back to you

Debt_Free_Dreamer

Why would you want to do this?

I have been in credit with Barclaycard and I just rang up and asked for the money back. No payments were bounced back to me automatically.

wontfallforit

bbelt wrote: »

if i have a balance of £250 and i pay £300 - what would happen? woudl my accoutn just show as £50 in credit?

Sometimes you can, sometimes you can't. It depends on the company, and the amount, and it's most common when you accidentally overpay a small amount (i.e. your total outstanding balance is £26.50, but you've paid £30).

If 'successful', yes, your statement will simply read "outstanding balance: - [minus] £xx".

The only advantage I can see to purposely overpaying is for those occasions when you need a credit card (shopping trips overseas, hotel rooms, etc.). But even then, surely the best option would be to simply spend as normal, and pay off the bill in good time, to avoid interest?

chattychappy

wontfallforit wrote: »

The only advantage I can see to purposely overpaying is for those occasions when you need a credit card

You can always pay in advance of your statement date so you can spend more than your credit limit in a month - ie cycle more quickly.

What you can't (necessarily) do is overpay to increase your spending power in a short time. Eg if your limit is £1000 and you overpay by £200, you might assume you can now spend £1200. This is not necessarily the case. Assuming they accept the £200 (questionable, as above), they might restrict spending to your original limit, ie £1000, for a period.

I think most CC don't have a problem with small overpayments or credit balances as a result of refunds even if they explicitly say you mustn't overpay.

chattychappy

Forgot to say, one advantage is with a card like Abbey Zero which doesn't charge a fee for ATM cash withdrawals or load foreign transactions. They do charge interest from the date of a cash withdrawal though.

If they permitted pre-loading, this would make it a good way of getting free cash withdrawals outside of Europe - the only way I can think of - since Nationwide started charging 1% on their non-Europe visa debit withdrawals.

But Zero don't allow pre-loading (not that I've tried).

Mr.Mulla

bbelt wrote: »

if i have a balance of £250 and i pay £300 - what would happen? woudl my accoutn just show as £50 in credit?

No. They will either refund you that money or credit you the money on your next statement.

mancini601

Mr.Mulla wrote: »

No. They will either refund you that money or credit you the money on your next statement.

I accidentally overpaid once. They blocked my card and wanted bank statements proiving where the money came from as they suspected money laundering.

I explained the error and they backed off but basically I paid off my card before all debiting transactions had been applied which inadvertently put me in credit.

bbelt

thanks for all replies, its vanquis who the cc is with.

bbelt

Debt_Free_Dreamer wrote: »

Why would you want to do this?

I didnt say i wanted to?