Credit card in credit!

bmfenner

Hi guys,

A bit of help appreciated here!

My credit card limit is £1300 but I may have an expense coming up that's between £1800-£1900 - the people only take Credit Card, definitely not debit cards.

My question is this: can I pay £600 in to my credit card account (so it's effectively £600 in credit) to pay this bill?

Any help would be great!

Thanks

Ben

manami_mnm

Incase that your card issuer doesn't allow your account to be in credit, you can pay them in installments: Pay them £950 now and pay the same amount into your card account. Wait till it gets credited to your account, then pay them the rest. This way your card account will not be in credit.

[Deleted User]

Technically no. You may get away with it if you time the credit and purchase very closely, but I would suggest you speak to your card provider.

Would the merchant accept two payments, a few days apart.

Out of interest, who is it that accepts only credit cards?

YorkshireBoy

manami_mnm wrote: »

Pay them £950 now and pay the same amount into your card account. Wait till it gets credited to your account, then pay them the rest.

Deleted_User wrote: »

Would the merchant accept two payments, a few days apart.

Some providers (Amex from memory...there may be others?) limit your purchases to your credit limit in any statement period.

If OP's card is one of these the payments would have to span two statement periods.

MrWillyWonka

In my credit card T&C (Halifax) it states I am not allowed to purposely put my credit card into credit. I can't say what the consequences would be or if other issuers have the same T&C but it might be worth checking just in case you end up with a suspended account!

thenudeone

CC companies are not licenced to act as deposit takers.

Deliberately putting a card in credit is a breach of the terms and whilst a small credit is unlikely to cause any problems a large balance almost certainly would.

Worst case is the card could be frozen pending their fraud and money laundering checks, and the money could be returned.

CKhalvashi

thenudeone wrote: »

Deliberately putting a card in credit is a breach of the terms and whilst a small credit is unlikely to cause any problems a large balance almost certainly would.

I always round up to the next £10, as I have a strange psychological issue with odd numbers; never had a problem yet.

Bear in mind, that the £5 average they have isn't protected if they go bumb, however.

CK

bmfenner

Thanks guys - you've been very helpful! I'll be ringing Barclaycard to see what they say. I always have the options of a bank cheque. It's the Australian High Commision in London - only credit cards or bank cheques! Thanks again