Can you pre load a credit card

dickdasdedly

Hi
I'm looking at getting a bit of extra cash for my hols. I've got a nationwide classic credit card i use for spending abroad. I've also got a santandar credit card that's offering 0% for 12 month on balance transfers. All though i have no debt on the nationwide card i was going to balance transfer £1000 from my nationwide to my santander to effectively put £1000 credit in my nationwide card. Are you aloud to do this. I would much rather have the money put into my bank but these card don't have that facility. I have a couple of other cards that i have low interest debt on so carnt use them. I also have a capitalone card which has a permanent low 5.9 % but i don't think they have the facility ether to balance transfer to my bank.. So that's what i want to do and can it be done. Ie there's nothing in credit card terms and conditions to say i carnt do this ?
Thanks Richard

Foxn86

No you can't ! yes you can make the payment but it will be refunded by CC they do not like your credit card to be in credit ever, unless in something small like a few pounds. But you most certainly cannot put your credit card £1000 in credit.

PLog86

This seems to vary between cards/companies. I have put a card several hundred pounds in credit before I went on holiday and it didn't cause any problems.

I have heard of others who have done this and had snotty letters from their CC company.

dickdasdedly

Ok Thanks and its back to the drawing board then. I will most likely balance transfer to my capitalone card after my holls if there is no offer on the santander card. I will cancel the santander then so there's a chance they will offer something then to keep me hopefully.
Cheers Richard

Paul_Herring

One other problem that there used to be some while back (I don't know if it still is), but if your CC is in credit (i.e. a positive balance) then any purchases made while in that state may not covered by Section 75, since technically you aren't creating a debt at that point in time.

Willing to be enlightened as to if this has changed.

itsanne

All the above is true, but I put £1000 onto a Halifax Clarity card before going on holiday last summer with no problem. It might be worth trying half of what you were thinking.

PLog86

Another possibility (assuming you have internet banking set up) is to simply make payments using phone/internet cafe as you use up your credit limit.

chattychappy

There is also the risk of getting the card frozen pending an investigation/assessment of money laundering issues.

Paul_Herring wrote: »

One other problem that there used to be some while back (I don't know if it still is), but if your CC is in credit (i.e. a positive balance) then any purchases made while in that state may not covered by Section 75, since technically you aren't creating a debt at that point in time.

Willing to be enlightened as to if this has changed.

I think it's in S75(1) itself:

If the debtor under a debtor-creditor-supplier agreement falling within section 12(b) or (c) has, in relation to a transaction financed by the agreement, any claim against the supplier in respect of a misrepresentation or breach of contract, he shall have a like claim against the creditor, who, with the supplier, shall accordingly be jointly and severally liable to the debtor.[My emphasis added.]

The theory goes that if you've put the CC into credit then the CC is no longer "financing" the transaction. It is arguable though, because "financing" isn't clearly defined. The transaction is still governed by an agreement under the act and monies are still being delivered to the merchant via the network. I'm not aware of any litigation on this except for some rulings by the FOS on the use of CCs as credit tokens (slightly different issue - the context was unauthorised use).

dickdasdedly

Hi
Thanks for your reply's everyone. Don`t want to risk the card being frozen before or while I'm away. So ill try after the holls with santander and if they don't offer anything i will cancel it and put on my capitalone card for a couple of months then look about then for something.
cheers all, Richard

jonnyb

I have twice put my tesco clubcard credit card into credit, to save having to pay it off in full for several months (which is what we normally do).
Last time I managed to get it £4,000 into credit, and have spent that down over the last 6 months or so, as I had a few big purchases to go on it.
No hassle at all from tesco about it being in credit. And I knew about the S75 issues - they were not a concern to me.

In my opinion, no harm in trying it.:D

jonesMUFCforever

jonnyb wrote: »

I have twice put my tesco clubcard credit card into credit, to save having to pay it off in full for several months (which is what we normally do).
Last time I managed to get it £4,000 into credit, and have spent that down over the last 6 months or so, as I had a few big purchases to go on it.
No hassle at all from tesco about it being in credit. And I knew about the S75 issues - they were not a concern to me.

In my opinion, no harm in trying it.:D

Stupid advice if you don't mind me saying - what if the card was blocked while OP was abroad - its a lot more of a hassle trying to phone from abroad?