A Positive Balance on a CC?

Late_To_Bed

Hi,

About 3 months ago I deposited £200 onto a Poker Site using my credit card.

I have a direct debit which clears my balance every month.

So the current balance is zero.

At the weekend I came 3rd in a tournament on the site winning about £1000. (Obvious brag!)

I just tried to withdraw my winnings to my bank account, but in order "to guard against money laundering" the site insisted that £200 went to my credit card and only £800 could go to my bank.

Now I was under the impression that Credit Card companies didn't allow you to have a positive balance. Am I right?

Any ideas what might happen to my £200?

Thanks

LTB

sariebeth

Erm is there a way to transfer this to you bank account? I'm wondering the same thing as I paid off my CC last month but halifax have still taken my monthly DD for the card so I have a positive balance. I think I may just spend it...

SnowTiger

Late_To_Bed wrote: »

Now I was under the impression that Credit Card companies didn't allow you to have a positive balance. Am I right?

Any ideas what might happen to my £200?

Usually having a positive balance on a credit card is against the T&Cs. However sometimes, such as the case you highlight, it's unavoidable.

The £200 would probably just sit in your account as a positive balance. You could either spend it or contact your credit card company, explain what's happen, and ask them to refund it to you.

SnowTiger

sariebeth wrote: »

Erm is there a way to transfer this to you bank account? I'm wondering the same thing as I paid off my CC last month but halifax have still taken my monthly DD for the card so I have a positive balance. I think I may just spend it...

This has happened to me a few times. You could ask for a refund, but it's probably easier to spend it.

chattychappy

Late_To_Bed wrote: »

Now I was under the impression that Credit Card companies didn't allow you to have a positive balance. Am I right?

Not quite. It comes down to the specific T+Cs but the usual rule is that you must not make payments that cause a positive balance. One reason for this is that deposit taking comes into a different area of regulation. However in this instance, it is the merchant's refund that is causes a positive balance. The CC hasn't taken your money, is has taken the merchant's money which it is now holding for your benefit.

Easiest way is just to spend it out. If you take it out as cash at an ATM you will be charged.

spicetheice

In such cases, using a debit card is much more advisable. If you win, then you get a straight credit in your account. But, be careful while doing debit card transactions on such sites. They might just try to fleece you. In fact, nowadays most banks and building societies issue a debit card specifically for use over the internet. Such debit cards normally have low balances in your debit account making it difficult for fraudulent transactions.

Another thing, credit card companies generally do not encourage positive balances. If its a one-off case then they do, otherwise they either simply refuse the transaction or ask you to spend that amount asap (yes, it happened with a friend)

iAMaLONDONER

spicetheice wrote: »

In such cases, using a debit card is much more advisable. If you win, then you get a straight credit in your account. But, be careful while doing debit card transactions on such sites. They might just try to fleece you. In fact, nowadays most banks and building societies issue a debit card specifically for use over the internet. Such debit cards normally have low balances in your debit account making it difficult for fraudulent transactions.

Another thing, credit card companies generally do not encourage positive balances. If its a one-off case then they do, otherwise they either simply refuse the transaction or ask you to spend that amount asap (yes, it happened with a friend)

I didn't know you could get an internet-only debit card?

Maybe in other countries but not the UK?

rartherinv

IF you call the company they can work around it. I had this problem with some gambling accounts having cards listed which I no longer had and the website telling me I must withdraw to them first before withdrawing by any other means. The operative can just delete the payment method and it will no longer require you to withdraw that way.

ChopperST

Same thing happened to me when I used to use my credit card for cashback on Paddy Power. However using a credit card for online gaming is now classed as a cash advance so its not worth it. Much more economical to use a debit card.

Just ring them and they will refund any positive balance to your linked bank account.

KRS291

Had a similar thing happen to me. I think somewhere between making the full payment and MasterCard's £5 "thank yous", I've ended up with +£9 in credit. Didn't know this was possible. I think it would be easier just to spend it. At least it was the credit card people that tipped me over and broke the Ts and Cs!

iAMaLONDONER

KRS291 wrote: »

Had a similar thing happen to me. I think somewhere between making the full payment and MasterCard's £5 "thank yous", I've ended up with +£9 in credit. Didn't know this was possible. I think it would be easier just to spend it. At least it was the credit card people that tipped me over and broke the Ts and Cs!

How do you get those MC thank you's?!