Positive balance on credit card help

laurence.cockayne

Hi,

I have a student mastercard with natwest although i am no longer student. I use this card as it is the only credit card account i have open and i can not seem to get accepted for any other credit despite having a decent income and what Experian and Equifax describe as 'an excellent credit score: you should have no issues with getting credit'

I am going to New York in January and planning to spend a large sum of money on a piece of jewellery for a lady while i am out there. For this i want to use my credit card for the additional protection. As my mastercard has a limit £500, this is not enough and as it is a student credit card Natwest will not increase it. They suggested i apply for a a different credit card. a 'grown up's one as it may.

I did the application and as expected they said they need to assess my application and will write to me in 10 days. I await the letter telling me i have been unsuccessful.

The issue i have is i do not need the credit as it where. i have the money in cash. i just want the protection of the credit card when buying abroad, especially a large purchase.

So the long and short of it is i can't get a credit card. So could i pay the cash i have onto the credit card, creating a large positive balance which i can then use abroad to get the protection?

McKneff

Are you actually sure that the protection covers things bought abroad.

Could you not just buy it online from here........

lisyloo

There are a couple of issues with this

1) Your cash will probably not be insured by lender if your card is stolen or used fraudulently.
2) It's a gainst terms and conditions to put your card in credit so the card might be blocked or cancelled.
3) The amount might trigger money laundering checks and get refused.

In this country you only have to pay SOME of the purchase on credit card ot get the cover, so that's an option. If it's a shop they should be able to take part payment by cash and part payment by credit card.

laurence.cockayne

Buying it online isn't really in the spirit of the reason why i am buying it. It does need to be bought while we are in new york. if she says yes that is!

lisyloo

Congratulations (in advance :-)

I believe the answer is to pay part by card.

What if I only pay the deposit on the card?

The law's very specific, you get the protection for the whole thing even if you only pay for a part of it on the card, provided what you pay for costs more than £100 and less than £30,000.


Are overseas and web purchases protected?

Yes. This used to be a hot potato, but in 2006 this got to the Court of Appeal and it confirmed this applies to everything you buy. Whether it’s in the UK, abroad or on a foreign website, Section 75 applies.



Source:
http://www.moneysavingexpert.com/shopping/section75-protect-your-purchases

laurence.cockayne

I think i will do that then! Thanks for you're help!