loading a credit card

aphill24

Hi,can a credit card with a zero balance be credited with cash to be used at a future date.

lawrie7062

Yes, this is how Credit cards are mostly used in Australia.

Credit companies don't like you doing it though for obvious reasons. Remember that you don't get any benefits (interest) by doing it this way. Stick any excess funds in a 30 day notice account and take out the amount of your CC balance every month. Not much but better than nothing.

scottishblondie

Loading is probably against the T&Cs of your card - although obviously each one is different. Accidental overpayments which result in a small credit balance are generally ignored, but intentionally placing a large amount on the card will be noticed. At best they will ignore/return the payment, at worst they could cancel the card.

cos_2

I would think any company would be more than happy for you to give them money and not to ask for a return. So yes, pop some credit into your account. I've done it with three or four cc companies and had no problem at all.

jonesMUFCforever

I would disagree with above poster.
In most cases the T&C of the cards prohibit a credit balance on them.

The only way to get a definitive answer is to ask them.

One thing to remember is that if you buy something with a credit balance you might not get S75 cover under the CCA.

cos_2

I speak from experience, but I do agree with your advice to check with the company. I've never had a problem with paying more than I owe, and ending up with a credit balance, but I wonder if the OP's post isn't in line with that. The company should certainly make this clear in their T's and C's as you say.

aphill24

Ok Thanks for your advice,i think i will just use the card for the protection it offers and pay off in full the next day.

sareybox_2

Hi, I have a credit balance on one of my credit cards (HSBC) and I have been credited interest on it! Can't find anything in the T&Cs about doing or not doing this.

C_Mababejive

Why would you buffer a credit card?

sareybox_2

An accident in my case. Anyway, I've just done a bit of googling and it seems that some card providers may see this as a potential money laudering and freeze your card while they do a fraud investigation - not a great outcome. Think I might give them a call.