Urban myth. True or false?

Fingerbobs

I had a credit card with a small credit balance on it (less than £50) for over a year. It showed on my credit files as zero. When I closed the account, they sent me a cheque for it, and seemed delighted that I wanted to close the card, making no attempt to "retain" me - which is very unusual.

InsideInsurance

Fingerbobs wrote: »

seemed delighted that I wanted to close the card, making no attempt to "retain" me - which is very unusual.

I've recently closed 4 credit accounts (2 credit cards, 1 store card and one catalogue account). None at all attempted to retain the business, the store and 1 credit card was even done by the automated system (both issued by the same bank)

dealer_wins

I seem to remember being told ages ago that if you "preload" your credit card and suffer a fraud, you would not be covered for the amount.

thenudeone

dealer_wins wrote: »

I seem to remember being told ages ago that if you "preload" your credit card and suffer a fraud, you would not be covered for the amount.

It relates to the meaning of "Credit Token" under the Consumer Credit Act 1974, as explained here: http://www.financial-ombudsman.org.uk/publications/ombudsman-news/46/46_plastic_cards.htm

If you have funds in your account, the card is probably no longer a "credit token" and therefore CCA does not apply.

MSE_Martin

Its very unlikely to hit your credit score. However it is often in breach of the t&cs of many cards if you are deliberately pre-loading. Plus it can trigger fraud and money laundering issues - so it isn't without risk.

joedenise

I've just had a problem with my Nationwide credit card. I transferred quite a lot of money on-line accidentally to my credit card account instead of my savings account.

It has taken me nearly 3 weeks to get the money back from them. I am not happy about this as I have lost a fair bit of interest because of this.

Denise

jon1965

dealer_wins wrote: »

I seem to remember being told ages ago that if you "preload" your credit card and suffer a fraud, you would not be covered for the amount.

My OH has the halifax credit card for when he goes abroad. He asked about preloading (to avoid the interest charges) but was told he would not be covered if there was a fraud.
This week he has has an attempted fraud on his MBNA CC...so it can happen.

thenudeone

joedenise wrote: »

I've just had a problem with my Nationwide credit card. I transferred quite a lot of money on-line accidentally to my credit card account instead of my savings account.

It has taken me nearly 3 weeks to get the money back from them. I am not happy about this as I have lost a fair bit of interest because of this.

Denise

Sorry but you can't really blame than for this. They're not meant to hold positive balances. You are the one who's made the mistake. They have to ensure that the card isn't being used for fraud or money laundering.

Three weeks interest at current savings rates is hardly a lot of money.

Tight_as_a_Drum

joedenise wrote: »

I've just had a problem with my Nationwide credit card. I transferred quite a lot of money on-line accidentally to my credit card account instead of my savings account.

It has taken me nearly 3 weeks to get the money back from them. I am not happy about this as I have lost a fair bit of interest because of this.

Denise

You make it sound like it was their fault!

heloid

Tight_as_a_Drum wrote: »

You make it sound like it was their fault!

It is his fault, but how hard is it for a BANK to transfer money from one account to another?
I've worked hands on with the latest versions of Vision+ (a major credit card banking software package) and pretty damn simple.