Aqua 3% (but low credit limit). Can you overpay?

Sillychuckie

I want to purchase something worth £900, on my Aqua card which pays 3% cashback. Unfortunately, my credit limit is only £500.

Can I over pay my credit card by £400 before the purchase (meaning Aqua would owe me, and my balance would be positive), and then put a purchase through of £900?

Has anyone ever tried purchasing a value which exceeds their credit limit, (but wouldn't actually exceed the limit on the card, due to a previous overpayment)?

If their software does:
IF(purchaseCost > limit) : reject
then it wont work..
but more likely, it would do:
IF(purchaseCost > limit - current balance) : reject
then it would work..

Any thoughts?
The limits these guys start you off at are so rubbish.

Thanks.
SC.

edinburgher

I'm pretty sure that you're breaching the T&Cs if you allow your card to rack up a positive balance, but I agree that the limits are pants. I only got £250, but considering I just bought a house and had a default struck off my credit report this year, it'll do

Sillychuckie

My £900 purchase was just an example really to keep the question simple.

In actual fact, I want to put a £3,333 mortgage overpayment on the card (so that 3% cashback will be my £100 - which is the cashback limit).

That will mean 7 phone calls to Natwest home lones, to make overpayments of £500 (6 times), and 333.33 the final time, with me paying the card off after each call.

Works out as £14.28 cashback per phone call - so still worth my time and effort.
I do hope they won't mind. Shame it can't be done online.
Oh well! I guess I should be glad I didn't get a limit of £250!:rotfl:

edinburgher

I know it was just an example. I'm fairly sure that they'd cry shenanigans before letting you bounce 6x your limit through the account when cashback is on offer.

Wouldn't you need to space the calls out with gaps in between? I've noticed that when I make a debit card payment to the card, it takes 1-2 working days to clear.

The low limit is a nuisance, but I'm using the card for groceries etc. and it's nice to get a few pounds back.

I like the fact that they show cashback on each statement, but would prefer a cheque than an account credit if I'm honest.

Sillychuckie

edinburgher wrote: »

Wouldn't you need to space the calls out with gaps in between? I've noticed that when I make a debit card payment to the card, it takes 1-2 working days to clear.

Yes, almost certainly. I'll space it out, and probably end up completing it over a 1-2 week period.
It may be quicker to pay it off using BACS than an online payment using a debit card though. I'll try it and see how long it takes to show against my online account.

SC.

Mids_Costcutter

edinburgher wrote: »

I'm pretty sure that you're breaching the T&Cs if you allow your card to rack up a positive balance, but I agree that the limits are pants. I only got £250, but considering I just bought a house and had a default struck off my credit report this year, it'll do

You're right. I received a £500 credit limit and tried last month to make an overpayment in order to have a positive balance and so in effect a greater credit limit while travelling. Customer services told me that simply wasn't allowed!

Sillychuckie

Mids_Costcutter wrote: »

and tried last month to make an overpayment in order to have a positive balance and so in effect a greater credit limit while travelling.

Well, they would say that of course. But how did you try, and how did they stop you? You could just make an over payment using BACS direct to mastercard. I'll check the terms again, but might try it. If the terms say no though, I wont, since I don't want to put my cashback at risk.

It is a shame they stop this though, because an agreed 'Credit Limit' is exactly that. An agreed amount, of a limit, to which they will extend you credit.
I'm never asking them for more credit than that. Any money over the limit, is of course mine, and a value I have already given to them.
Effectively, they are putting on a 'transaction limit' (to match my credit limit) - but if the 'in credit' balance is so short term, its a shame they wont allow it.

Oh well. I'm happy to make 7 payments if it comes to that.
Thanks for the answers - just wanted to see if anyone else had tried it. I'll follow the terms.

SC

Mids_Costcutter

Sillychuckie wrote: »

Well, they would say that of course. But how did you try, and how did they stop you? You could just make an over payment using BACS direct to mastercard. I'll check the terms again, but might try it. If the terms say no though, I wont, since I don't want to put my cashback at risk.

It is a shame they stop this though, because an agreed 'Credit Limit' is exactly that. An agreed amount, of a limit, to which they will extend you credit.
I'm never asking them for more credit than that. Any money over the limit, is of course mine, and a value I have already given to them.
Effectively, they are putting on a 'transaction limit' (to match my credit limit) - but if the 'in credit' balance is so short term, its a shame they wont allow it.

Oh well. I'm happy to make 7 payments if it comes to that.
Thanks for the answers - just wanted to see if anyone else had tried it. I'll follow the terms.

SC

I made a payment using a debit card by phone to Customer Services. Let us know what happens if you make an (over)payment yourself.

sabretoothtigger

Dont Natwest charge you extra for using a credit card. If not it sounds good but I would spread those payments out over a month and not in one day

Sillychuckie

sabretoothtigger wrote: »

Dont Natwest charge you extra for using a credit card.

No, they don't. I have done this for previous over payments.

Sillychuckie

Their official reply when I asked them via email:

"
Thank you for your recent communication.
I can confirm it is possible to make a purchase for your whole balance including any credit balance on the account, I must advise though that any large credits to your account may be declined as your credit card is not meant to be run with a credit balance.
"

So, if you are able to get the balance in credit, they wont reject the transaction. I tried a BACS transfer and have indeed pushed it into credit.

I shall have a go at a > limit payment.